- EXCLUSIVE: Travis Kelce pumps gas into his Cadillac en route to the Chiefs’ team hotel ahead of clash against Daily Mail
- Kylie Kelce Told Travis Kelce to Fall in Love While Rocking His Mustache — and Then He Met Taylor Swift Yahoo Entertainment
- Taylor Swift to be joined by Travis Kelce during the international leg of her Eras tour: report Fox News
- EXCLUSIVE: Travis Kelce has his Rolls Royce washed at his mansion, fueling speculation he is preparing for Tay Daily Mail
- Taylor Swifts whirlwind romance with Travis Kelce: An astrologer weighs in Geo News
- View Full Coverage on Google News
Tag Archives: Pumps
Viola Davis Pumps Brakes on ‘G20’ in Solidarity With SAG-AFTRA Strike, Despite Guild Approving Production Waiver – Variety
- Viola Davis Pumps Brakes on ‘G20’ in Solidarity With SAG-AFTRA Strike, Despite Guild Approving Production Waiver Variety
- Viola Davis Steps Back From ‘G20’ Despite Pic’s SAG-AFTRA Waiver: Not “Appropriate For This Production To Move Forward During Strike” Deadline
- Viola Davis Opts to Pause On ‘G20’ Movie Despite Getting SAG Waiver TMZ
- Viola Davis Steps Back From ‘G20’ After Film Receives SAG-AFTRA Waiver to Start Production: “I Stand in Solidarity With Actors” Hollywood Reporter
- The fight over movies getting permission to film during the strike is getting messy The A.V. Club
- View Full Coverage on Google News
Vornado pumps brakes on Gov. Kathy Hochul’s Penn Station project
The powerful head of Vornado Realty Trust appeared to knock the wind out of Gov. Kathy Hochul’s plan to erect new office skyscrapers in the Penn Station area on Tuesday, when Chief Executive Steven Roth said the time is not right for major new development.
Publicly traded Vornado owns most of the 10 sites in the West 30s earmarked for large-scale rebuilding. Roth made the shocking retreat in an investors’ conference call on Tuesday. After he pointed out improvements Vornado has made in buildings near the station that it already owns, he seemed to call a pause in putting up any new ones.
“I must say that the headwinds in the current environment are not at all conducive to ground-up development,” Roth said.
Asked if it meant he would change or scale down the state-endorsed plan for the Penn Station neighborhood, he said, “That’s not something we’re going to get into now.” He apparently meant he wasn’t ready to discuss the matter.
But Evercore ISI analyst Steve Sakwa told Crain’s that Roth’s statement means the project is “certainly delayed” due to lack of office demand. “They won’t spend billions to build an empty building,” he said.
Roth’s retreat doesn’t mean the giant Penn district project is dead, since Vornado could not start building for several years in any case.
Although the proposal for 18 million square feet of new buildings was approved by the state’s Public Authority Control Board, it still faces a gauntlet of environmental and other reviews. At least three lawsuits were recently filed to block the scheme.
Even so, Roth’s statement cast shade on the controversial proposal to remake the Penn district, which calls for wholesale evictions of residents and businesses to make room for new towers that would spin off revenue to pay for a new Penn Station. Vornado has been regarded as the driving force behind the plan, which was blessed by Hochul and her predecessor, Andrew Cuomo. Roth donated heavily to both governors.
Critics say the Penn project would provide tax breaks for Vornado and enrich the company without sufficiently guaranteeing to create a new train station, which is the project’s supposed rationale.
Opinion: Elon Musk pumps Tesla stock with ridiculous $4 trillion target. Is a dump coming next?
Another Tesla Inc. earnings call, and another fanciful Elon Musk prediction that likely encouraged yet another open file at the Securities and Exchange Commission on Wednesday.
The chief executive of Tesla Inc.
TSLA,
+0.84%
told investors Wednesday that he believes the valuation of the electric-car maker will exceed the combined market capitalization of the two most valuable companies in the world: Apple Inc.
AAPL,
+0.08%
and Saudi Arabian Oil Co.
2222,
+0.42%.
“I am of the opinion that we can far exceed Apple’s current market cap,” Musk said. “In fact, I see a potential path for Tesla to be worth more than Apple and Saudi Aramco combined.”
Based on Wednesday’s closing prices, the combined market capitalization of those two companies is about $4.4 trillion U.S. dollars. But at least he added a caveat — “That doesn’t mean it will happen or that it will be easy, in fact it will be very difficult, require a lot of work, very creative new products, expansion and always good luck.”
Full earnings coverage: Elon Musk teases massive Tesla stock buyback as CFO trims forecast for annual deliveries and stock falls
This type of outrageous prediction is not new for Musk. He already predicted that Tesla would be worth as much as Apple, and its market cap now is roughly the same size as Apple’s was then, though his explanation for why Tesla would spike to that level was way off.
The situation Musk is in right now, though, is new. As the soap opera that has erupted from his deal to buy Twitter Inc.
TWTR,
+0.10%
draws to a close, he is believed to need somewhere between $5 billion and $8 billion to finish off that deal, as our colleagues at Barron’s recently reported, and his only real avenue to that kind of cash is to sell Tesla stock.
Musk was precluded from selling shares before Tesla’s earnings report due to SEC rules, so what better way to try and pump Tesla’s stock before that blackout ended than to make some far-out predictions on the company’s earnings call?
From Barron’s: A Tesla stock sale is coming. We know who, why and when, but not how much.
A $4 trillion-plus price target wasn’t the only eye-opening claim Musk made in Wednesday’s call. He also told investors that he expected Tesla to perform the first stock buyback in its corporate history next year, and a large one at that: $5 billion to $10 billion.
“Even in a downside scenario next year, given next year is very difficult, we still have the ability to do a $5 [billion] to $10 billion buyback. This is obviously pending board review and approval,” he said. “So it’s likely that we will do some meaningful buyback.”
It is very odd to announce a share repurchase plan before it is approved and officially put in place by a board of directors, though sharing the news early is not automatically a violation of securities laws, said Stephen Diamond, an associate professor at Santa Clara University School of Law.
“Best practices would suggest waiting until you have your ducks in a row before making such an announcement, but I doubt it creates any obvious legal problems,” he said.
He added that the Tesla board is likely seeking approval from its auditors and legal counsel for the share repurchase, which would be why it isn’t approved yet.
“There is an accounting test under Delaware law that the company must meet in order to buy back shares,” Diamond said in an email. “Generally, it can only buy back shares if there is a ‘surplus’ available. To assess that would require support from their internal finance team to the board and likely as well outside opinions from their auditors and legal counsel.”
While early disclosure of buyback plans would not register alarms at the SEC office automatically, these types of pronouncements from Musk specifically will perk up some ears at the regulator’s offices. Musk has already faced recriminations from the agency for earlier statements, and been targeted for failing to live up to the settlement he agreed to in that case. Musk is also reportedly actively being investigated for his behavior as he moved to acquire Twitter, which Twitter seemed to confirm in a legal filing earlier this month.
More: Elon Musk’s legal battle with Twitter may be over, but his war with the SEC continues
On the call, Musk would only say that he is “excited about the Twitter situation,” while admitting that “myself and the other investors are obviously overpaying for it right now.”
Tesla officials did not respond to a request for comment or answer a question about whether Musk does need to sell more Tesla shares to complete the Twitter deal.
The question for Tesla investors, though, is whether they have overpaid for Tesla stock before another round of stock sales from Musk, who has already offloaded billions in shares in the past year, which reportedly resulted in yet another SEC inquiry. On Wednesday, though, shares fell more than 6% in after-hours trading despite the chief executive’s boosterism, which seemed to be overshadowed by a revenue miss and trimmed forecast.
Perhaps investors are finally seeing through Musk’s earnings-call bloviating that boosted the value of Tesla’s shares in the past. But if Musk sells Tesla shares in the coming days after trying to talk up the company’s value, it won’t be the investors who knock on his door, it might be the SEC yet again.
Crypto pumps after Fed rate hike, Zuck pins hopes on Metaverse making hundreds of billions, and Tesla posts $64M BTC gain: Hodler’s Digest, July 24-30
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
‘Bullish rate hike’ — Why crypto spiked in the face of bad news
Despite the U.S. Federal Reserve announcing a 75-basis-point interest rate hike on Wednesday, the crypto markets pumped significantly on the same day with the momentum continuing through the week. Quantum Economics founder and CEO Mati Greenspan jokingly called it a “bullish rate hike” and stated that investors were clearly expecting far worse. Analysts such as Swyftx’s Pav Hundal suggested the recent rally may be due to an easing of inflationary pressures around gas and goods such as corn and wheat.
Ethereum dev confirms Goerli merger date, the final update before the Merge
On Thursday, lead Ethereum developer Tim Beiko revealed that the final Goerli testnet merger ahead of Ethereum’s long-awaited Merge and switch to proof-of-stake will occur between Aug. 6-12. In what has been a long and much-delayed roadmap since late 2020, the Ethereum network is now in the final stages of completing its largest upgrade to date. The official Merge is slated for Sept. 19 but could be subject to further delays if there are issues with the Goerli testnet.
Zuckerberg unfazed about $2.8B metaverse division loss in Q2
Meta CEO Mark Zuckerberg stated that he was unfazed by the company copping a $2.8 billion loss on its Metaverse division in Q2. He highlighted that the company’s Metaverse goals will take several years to roll out, but he sees a “massive opportunity” to make hundreds of billions of dollars, or even trillions, over time as the sector matures. “I’m confident that we’re going to be glad that we played an important role in building this,” he said.
Cathie Wood sells Coinbase shares amid insider trading allegations
Cathie Wood’s investment firm Ark Investment Management, which is one of the largest shareholders of Coinbase (COIN), reportedly dumped 1.4 million COIN shares on Tuesday. The shedding was done via three of Ark’s exchange-traded funds (ETF), and the sale was estimated to be worth around $75 million. The firm reportedly held nearly 9 million COIN shares in late June and has continually snapped up the stock since it opened at roughly $350 last April. Since then, the price has tanked heavily to sit just below $63, and Ark probably should have shorted it when Jim Cramer called it “cheap” at $248 last August.
Tesla reports $64M profit from Bitcoin sale
The Elon Musk-led electric vehicle maker Tesla posted a respectable $64 million profit after selling 75% of its BTC holdings in Q2. The gains seem notable considering the company sold during the middle of a bear market; however, what’s more important and exciting is that Musk appears to be finally losing interest in crypto and we won’t need to hear from him anymore. The firm is said to still have 10,800 BTC on its books, which is worth around $255 million at the time of writing.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $23,559.86, Ether (ETH) at $1,674.34 and XRP at $0.36. The total market cap is at $1.08 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Optimism (OP) at 75.71%, Ethereum Classic (ETC) at 58.20% and Qtum (QTUM) at 41.89%.
The top three altcoin losers of the week are Huobi Token (HT) at 9.10%, Kusama (KSM) at 8.98% and NEAR Protocol (NEAR) at 7.76%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“A lot of NFT projects are just speculation with no real tangible spine, no real true story. Having a football club to root for every week? That’s a spine that people attach themselves to.”
Preston Johnson, co-owner of Crawley Town F.C. and co-founder of WAGMI United
“Industry shouldn’t be allowed to write the rules that they want to play by.”
Sherrod Brown, U.S. senator and chair of the Senate Banking Committee
“We think it is more relevant for local projects to benefit the local economy, and not just take products to the United States to benefit traders there, for example.”
Lou Yu, head of KuCoin Labs
“Powell is particularly skilled at delivering bad news. Clearly investors were expecting worse.”
Mati Greenspan, founder and CEO of Quantum Economics
“The Metaverse is a massive opportunity for a number of reasons. I feel even more strongly now that developing these platforms will unlock hundreds of billions of dollars, if not trillions, over time.”
Mark Zuckerberg, CEO of Meta
“I worry about things that are not directly related to blockchain and the Metaverse. I worry about climate change and about social fragmentation.”
Neal Stephenson, author of Snow Crash
Prediction of the Week
GameFi industry to see $2.8 billion valuation in six years
Absolute Reports published a GameFi-focused report this week estimating that the play-to-earn NFT gaming industry will be worth $2.8 billion by 2028. For it to reach the target, GameFi would need a compound annual growth rate of 20.4% over six years, given that the sector was estimated to be worth $776.9 million last year. The reasons for this lofty target, however, are locked behind a paywall.
FUD of the Week
Solana-based stablecoin NIRV drops 85% following $3.5M exploit
The algorithmic stablecoin from Solana-based adaptive yield protocol Nirvana Finance, NIRV, de-pegged by 85% this week after the protocol was hacked for $3.49 million worth of USDT. The incident was cited as a flash loan attack which resulted in the funds being siphoned from Nirvana’s treasury. Its native token, ANA, also dropped 85% as a result of the hack.
Phishing risks escalate as Celsius confirms client emails leaked
On Tuesday, beleaguered and bankrupt crypto lending firm Celsius emailed its customers, informing them that a list of their emails had been leaked by an employee of one of its business data management and messaging vendors, Customer.io. The firm has played down the incident, stating that it did not “present any high risks to [its] clients,” adding that they just wanted users to “be aware” — although Celsius also said similar things regarding users’ assets after pausing withdrawals several weeks ago.
TikTok data policy debacle: Is user’s crypto at risk?
Popular social media app TikTok is facing backlash over its far-reaching data collection policies that could extract large amounts of sensitive info from a user’s smartphone or computer. As such, crypto users are now worried about whether TikTok is capable of scraping critical data such as private wallet keys. “TikTok is not just another video app. That’s the sheep’s clothing. It harvests swaths of sensitive data that new reports show are being accessed in Beijing,” claimed U.S. Federal Communications Commissioner Brendan Carr.
Best Cointelegraph Features
The Merge is Ethereum’s chance to take over Bitcoin, researcher says
Ethereum’s imminent transition to a proof-of-stake consensus mechanism will transform its monetary policy, potentially making ETH more scarce than Bitcoin.
Tokenomics not Ponzi-nomics: Influencing behavior, making money
Economics is the study of human behavior involving scarce resources — and the effects those behaviors have on those resources, explains Roderick McKinley.
When worlds collide: Joining Web3 and crypto from Web2
A friend of mine who is a seasoned Web2 tech executive joined a Web3 company in June. A switched-on operator, he asked to speak with all 16 staff before deciding to join the firm.
Dogecoin Pumps 8% After Elon Musk Says He’s Still Buying
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
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Judith Light Goes Dark in Ribbed Gown and Pointed Pumps at Tony Awards 2022
Judith Light went sleek at the 2022 Tony Awards.
The Emmy Award-winning star hit the red carpet at Radio City Music Hall in a textured black gown by Thom Browne. Light’s Browne number featured a long-sleeved silhouette in a satin-like texture that caught the light, elevated with horizontal panels that created a modern take on the classic ribbed texture. Finishing Light’s piece were sharp structured shoulders and a floor-length skirt.
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Finishing Light’s ensemble, styled by Kevin Michael Ericson, was a gleaming silver link necklace studded with diamonds from Briony Raymond New York, as well as a sparkling Verdura cocktail ring.
Michael Buckner for WWD
When it came to shoes, Light’s footwear wasn’t fully visible beneath her gown’s long train. However, while raising her foot in a one-legged pose, the “Ugly Betty” star’s footwear was revealed to be black pointed-toe pumps. Creating a streamlined appearance, the sharp style was finished with thin stiletto heels totaling 2-3 inches in height.
Michael Buckner for WWD
The Tony Awards 2022, which celebrate the top theater performances on Broadway, are held at Radio City Music Hall in New York City and air on CBS. The ceremony, hosted by Ariana DeBose, was preceded by “The Tony Awards: Act One” on Paramount+, which introduced special performances.
The top nominations were led by “A Strange Loop (11), followed by “MJ” and “Paradise Square” with 10 nominations each, “Company” (9) and “The Lehman Trilogy” (8). The evening included performances from all six nominated shows for Best Musical (“Six,” “Paradise Square,” “MJ,” “Mr. Saturday Night,” “Girl From the North Country” and “A Strange Loop”), as well as “Company” and “The Music Man” revivals and Billy Porter, Bernadette Peters, The New York City Gay Men’s Chorus, and the original Broadway cast of 2007’s “Spring Awakening.”
In addition to the program’s traditional “In Memoriam” segment, the broadcast also included a tribute to the understudies and swings who worked throughout the 2021 Broadway season. Among the star-studded array of presenters were Andrew Garfield, Bowen Yang, Jessica Chastain, Jennifer Hudson, Cynthia Erivo, Vanessa Hudgens and Paris and Prince Jackson.
Discover more Tony Awards 2022 red carpet arrivals in the gallery.
Launch Gallery: All the Celebrity Arrivals at the Tony Awards 2022 Red Carpet
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River City Girl’s Sequel Adds Online, Pumps Up Anime, Wrestling
As an otaku, wrestling mark, and a gamer, my disparate interests rarely align neatly into one medium. While I’ve seen games, wrestlers, and anime cheekily reference one another, the overlap usually ends there without fully committing to crafting the perfect gumbo chock full of the high-octane action from anime, the over-the-top theatrics of professional wrestling, and the satisfying skill-based combat in video games. That is, until River City Girls answered my prayers in 2019.
River City Girls, developed by Wayforward, is a spin-off to the classic beat ‘em up series Kunio-Kun. But instead of playing as the series’ rough-and-tumble heroes Kunio and Riki, River City Girls turned the series’ formula on its head by having you play as their rambunctious girlfriends Misako and Kyoko as they lay the smackdown on the mean streets of River City in search of their kidnapped boyfriends.
Read More: River City Girls Is Like River City Ransom But With Girls
River City Girls was hands-down one of my top-three favorite games of 2019. What enthralled me from the jump with RCG were its hybrid beat ‘em up and RPG battles. Being able to pull off a Stone Cold stunner with Misako and unleashing a powerful dab followed by a rainbow trail after wombo comboing waves of enemies as Kyoko was immensely satisfying. If you or a friend who happens to be on the receiving end of a beatdown are in need of a revival, RCG hilariously went the extra mile by having you stomp the angel floating out of Kyoko and Misako back into their bodies so you can finish fighting the good fight.
Outside of the smooth combat animations of its heroines, RCG’s cool art direction deftly utilized anime and manga styles in cutscenes. RCG cutscenes were gorgeously animated with poppy colors and fluid motion. During fully-voiced flashbacks, RCG features black and white manga panels, often depicting Misako and Kyoko’s budding friendship or providing context as to why bosses have an insatiable desire to beat the pair into the dirt.
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Its catchy synth pop soundtrack by Megan McDuffee was the glue that held everything together. Each song, especially those from in-game musician Noize, effortlessly matched both the frenetic energy in combat and the lackadaisical exploration in River City.
Since Wayforward’s announcement of River City Girls 2, I’ve experienced a mix of hype and worry whether the sequel would live up to the high expectations set by its predecessor. Those fears were tempered after director Adam Tierney, project lead Bannon Rudis, and RCG2 producer Colleen Fannin shared new information on the upcoming release that set the game up to be a vast improvement to its predecessor.
In an interview with Co-Optimus, the Wayforward team revealed RCG2’s story takes place immediately after the events of the first game and will have Riki, Kunio, Misako, and Kyoko playable from the start. RCG2 also features Double Dragon heroine and RCG1’s shopkeeper with abs of steel, Marian, and River City Ransom: Underground’s Provie as playable characters.
In addition to overhauled accessories that improve weapons, RCG2 has couch and online co-op, something RCG1 didn’t offer despite fans’ demand for it.
“You’ll gain money and XP, keeping whatever accessories and items you buy, but none of the main storyline items are awarded to guest players,” Rudis told Co-Optimus. “That way, you don’t suddenly jump past story progression in your own game.”
But what of the music? According to Rudis, the soundtrack will receive an improvement as well, being “a lot more thought out to really capture the mood of each area players will visit.” Knowing composer Duffee will not only return to the sequel but also that players can listen to music while chilling at hideouts in RCG2 is a mondo-cool addition to the sequel in itself.
Overall, I’m optimistic about the trajectory the River City Girls series is taking and am especially curious about the saxophone weapon Rudis teased during the interview. One can only hope you’ll be able to serenade enemies with a powerful, and legally-distinct, soundwave of Careless Whisper.
River City Girls 2 is slated to release later this summer on Nintendo Switch, PlayStation 4, PlayStation 5, Xbox One, Xbox Series S/X, and PC.
Miranda Lambert Glitters in Blue Mini Dress & Hot Pink Pumps at CMT Awards 2022
Miranda Lambert set out to make a statement at the 2022 CMT Awards in Nashville on Monday night.
While backstage with husband Brendan McLoughlin, the “If I Was a Cowboy” singer wore a glamorous knee-length dress. The blue number featured long sleeves with structured padded shoulders, covered in glitter for allover sparkle. Giving the piece a sultry edge was a deep neckline and asymmetric thigh-high hem. Lambert’s look was complete with sparkling earrings and a blue cocktail ring.
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Christopher Polk for Variety
When it came to shoes, Lambert went similarly bold with a colorful pair of pointed-toe pumps. Her footwear featured sharp triangular toes, as well as metallic pink uppers. Both complementing and contrasting with her dress’ texture and color, Lambert’s pumps made a bold statement and were sleekly finished with stiletto heels likely totaling 3-4 inches in height.
Christopher Polk for Variety
Christopher Polk for Variety
The CMT Awards celebrate the top music videos and television performances by country musicians. The 2022 ceremony, broadcast from Nashville, will be hosted by Kane Brown, Anthony Mackie and Ballerini. This year’s event also includes numerous star-studded performances from Carrie Underwood, Miranda Lambert, Keith Urban and more. Nominations are led by Brown with four — including video of the year — as well as Ballerini, Mickey Guyton and Cody Johnson with three each. The show will be airing live from CBS and streaming in Paramount+ at 8 p.m. ET.
Discover more star arrivals at the 2022 CMT Awards in the gallery.
Launch Gallery: CMT Awards 2022 Red Carpet Celebrity Arrivals
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Gas prices: Americans should get ready for $5 a gallon at the pumps, analyst warns
Americans can expect increasing pain at the pump as rising oil costs — along with rising demand and a reduction in supply — continue to push up prices at gas stations across the U.S. That spike is unlikely to ease anytime soon as Russia’s war with Ukraine intensifies, experts say.
The current national average price of gas has soared to $3.78 a gallon, jumping 20 cents in the last week alone, according to Patrick De Haan, head of petroleum analysis at GasBuddy. Fuel costs are up roughly a dollar from a year ago, industry data show, a blow for millions of Americans grappling with a broad increase in inflation.
In U.S. states with the priciest fuel, motorists already are paying nearly $4.50 a gallon, according to price tracker GasBuddy.
De Haan, tweeted on February 28 that the average gas price in some U.S. cities will reach $5 a gallon “in the next couple of weeks.”
San Francisco on Thursday became the first U.S. city with an average gas price of more than $5 per gallon, an increase of over 30% in one year.
“BREAKING: for the first time ever a US city has breached the $5/gal per gallon average. San Francisco!” De Haan tweeted.
Fueling inflation
Oil prices surged another $7 per barrel on Wednesday after an agreement by the U.S. and other major governments to release 60 million barrels from their national reserves — half of them U.S. barrels — failed to quell supply concerns over Russia’s attack on Ukraine.
Oil prices spiked again on Thursday following a new round of U.S. sanctions targeting Russia’s oil-refinery sector. The price of Brent crude oil, the international benchmark, rose to nearly $120 a barrel — its highest level in 10 years — before dropping back down to $110.46 a barrel, Reuters reported.
The decision made by the 31 member nations of the International Energy Agency to release oil from emergency stockpiles was intended “to send a strong message to oil markets” that there will be “no shortfall in supplies” as a result of the invasion of Ukraine, but failed to move markets.
Oil traders were not impressed. “Markets dismissed the notion that 60 million barrels of strategic reserves released will be consequential to the risks of Russian supply jeopardized,” Tan Boon Heng of Mizuho Bank said in a report. “Russia pumps more than that in just six days.”
Russia is a major exporter of crude oil, accounting for about 12% of the world’s supply. Any disruption to those exports is likely to drive prices at the pump higher for consumers almost everywhere, experts said.
“We think the Russia-Ukraine war will intensify global and U.S. inflation pressures by pushing up oil and gas prices,” Brian Coulton, chief economist with credit rating agency Fitch, said in an email.
Despite the sharp increase in gas prices causing a drag on consumer spending, analysts for now do not see the latest surge in oil prices as an immediate danger to U.S. economic recovery.
“While sustained higher energy prices pose downside risk to the outlook, we do not see them as enough to derail the recovery,” investment bank Barclays found in a March report.
“Fortunately, the shock to energy prices is hitting when the U.S. economic recovery is on relatively solid footing, with many states removing restrictions on activity as vaccination rates increase and COVID cases decline, and labor markets displaying notable resiliency in the face of the Delta and Omicron variants,” economists wrote.
—The Associated Press contributed to this report.