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Welcome back. Today we unpack why prices are likely to remain high even with a tentative deal to end the Iran war. Also in the news today: a B-52 bomber crash at a California military base kills eight people; Gavin Newsom says Trump’s Justice Department is investigating him and his wife; and a look at the 9-year-old DJ who is taking Japan by storm. Finally, if you haven’t seen Merlin the Duck, the World Cup’s viral, unofficial mascot, waddle through Mexico City, you should. It lightened up my morning.
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An employee works at a cash register in a grocery store in Schaumburg, Ill., May 14. (AP Photo/Nam Y. Huh) |
Higher prices for gas, groceries and flights will outlast the Iran war, experts say |
Even after oil starts flowing again from the Middle East, it could take a while for consumers to see a difference at local fuel pumps, supermarkets and other places they shop, according to economists and industry analysts. Read more. |
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Drivers can expect some gas price relief, but not immediately. Refineries typically pay for crude oil a month or more in advance, so even after oil prices drop, they won’t immediately be processing cheaper products.
Fighting over the Strait of Hormuz disrupted not only supplies of crude and refined fuel but also the supply chains for fertilizer, food and even footwear. “We’re likely still looking at inflationary pressure on food in the coming months,” said David Ortega, a professor of food economics and policy at Michigan State University. “There’s still a good deal of uncertainty about how the reopening will unfold, and it will take time for fuel, diesel and retail fertilizer prices to come back down.”
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8 people died in B-52 bomber crash at US Air Force base in Southern California, officials say |
Aerial footage showed virtually nothing left of the aircraft that went down Monday morning during a routine test mission at Edwards Air Force Base, which is north of Los Angeles. Read more. |
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It was not immediately clear what caused the crash, and it could take up to six months to complete an investigation, Col. James Hayes, the deputy commander for the 412 test wing at Edwards, said at a news conference.
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California Gov. Gavin Newsom says Trump’s Justice Department is investigating him and his wife |
Democratic California Gov. Gavin Newsom, a longtime political rival of the Republican president, on Monday, accused the Trump administration of launching a politically motivated investigation. Read more. |
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In a video posted on X, Newsom said that federal agents have knocked on the doors of his friends and former employees, and have asked for records. Newsom didn't provide specifics on the nature of the probe. He said the Trump administration was targeting him as he weighs a presidential bid.
A person familiar with the matter denied the existence of an investigation specifically targeting the governor, but said there are multiple federal probes into people around him, including one related to his wife’s taxes. That probe began last year, and political leadership in Washington was not involved in the decision to open it, said the person, who spoke on the condition of anonymity because they were not authorized to publicly discuss ongoing investigations.
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