Memorial Day sticker shock: Gas prices near all-time highs

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Gas prices at a Mobil gas station on May 11

By Matt Egan, CNN

New York (CNN) — Tens of millions of Americans hitting the road this Memorial Day weekend will face historically high gas prices.

The war with Iran has destabilized the global energy system, pushing up pump prices across the country despite emergency steps from the Trump administration designed to limit the damage.

The sticker shock on Memorial Day, the unofficial start of the summer driving season, adds to the cost-of-living frustrations that have soured voters on the Trump economy.

GasBuddy, a crowdsourced fuel price platform, expects the national average will be about $4.48 a gallon this Memorial Day. That would be 42% above the price last Memorial Day and the second-highest on record, according to GasBuddy.

The only time gas was more expensive on Memorial Day was in 2022 when the average was $4.61 a gallon in the wake of Russia’s invasion of Ukraine.

Unfortunately, pump prices may not be done rising.

Patrick De Haan, GasBuddy’s head of petroleum analysis, told CNN he expects the national average for regular gas will hit $5 a gallon at some point next month if the Strait of Hormuz remains closed.

For the summer (between Memorial Day and Labor Day), GasBuddy expects a national average of $4.80 a gallon. That would surpass the prior summer record of $4.43 per gallon set under President Biden in 2022.

“Prices were incredibly stable last summer. This summer is probably the complete opposite, perhaps the most volatile,” De Haan said, adding that his summer forecast hinges on what happens with the Strait of Hormuz.

‘It’s just insane’

Despite the high cost of gas, a record 39.1 million Americans are expected to travel by car this Memorial Day weekend, according to AAA. That’s little changed from 39 million last year.

The spike in pump prices is especially painful for those who have long commutes. Chris Haenel, a Pittsburgh resident, estimates he spends $80 a week on gas compared to $50 before the Iran war.

“Every day, I drive by the gas station and it’s just insane,” said Haenel, who fixes computers for a living.

The surge in gas prices pushed the US inflation rate to nearly 4% in April. For the first time in three years, real wages (adjusted for inflation) are shrinking. In other words, consumer prices are going up faster than paychecks.

“Everything goes up – except the paycheck. My wife comes home with three bags of groceries and it’s $300,” Haenel said. “I’m 60 years old and trying to save for retirement, but this is limiting how much I can save.”

A $24 billion hit to consumers

Americans are facing an estimated $43 billion spike in energy costs since the Iran war started, according to estimates from Brown University’s Climate Solutions Lab. That estimate is based on the current price of gasoline and diesel relative to where prices would l

What’s next for Stephen Colbert after ‘The Late Show’?

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By Liam Reilly, CNN

(CNN) — Stephen Colbert’s final “Late Show” broadcast on Thursday will close out his run in the storied CBS late-night chair once occupied by David Letterman. What comes next remains an open question for one of television’s most prominent entertainers.

In the months leading up to his CBS farewell, Colbert has offered glimpses of his post-“Late Show” future while sidestepping other possibilities. He has announced at least one major project, left the door open to creating another show and repeatedly dismissed one of the more far-fetched ideas floated by fans.

But Colbert has barely had time to plan his next moves because, as he told The New York Times in April, hosting the CBS late-night show “takes all my time.”

Colbert heads to Middle-earth

For now, the clearest answer concerns hobbits.

Colbert has confirmed that he is co-writing a new “Lord of the Rings” movie for Warner Bros. alongside his son, Peter McGee.

Colbert announced the project in March alongside Peter Jackson, the director of the “Lord of the Rings” and “Hobbit” trilogies, saying the movie would draw from “the six chapters early on in ‘The Fellowship’” that Jackson did not adapt in the original trilogy.

Colbert’s “Lord of the Rings” project predates the CBS decision to end “The Late Show.” Colbert said in the announcement that he had first approached Jackson about the idea two years earlier.

Jackson confirmed that detail during a recent interview with Variety at the Cannes Film Festival, saying Colbert had called him “before he knew his show was going to finish” to discuss “an idea for a Tolkien movie based on the books.”

Staying in show biz

Colbert has also suggested that he wants to keep making television, though he has not committed to a specific format.

“I could see creating a show,” Colbert told The Hollywood Reporter in early May. “But I don’t know what form it would take. I’m still doing this show.”

In a November interview with GQ, Colbert made clear he has not fantasized about walking away from show business altogether. “No,” he said. “Because I love creating things and I still want to work with the people I work with.”

Colbert added: “I just love making things.”

Other opportunities

Colbert has said he’s received offers for new work, but that he has not been ready to seriously consider them while finishing “The Late Show.”

“People have called to say, ‘Do you want to do X, Y or Z?’ And I would say, like: ‘Hey, that’s great. I don’t think I could give you a good answer until I can really think about it,’” Colbert told The Times last month.

Colbert has not announced plans to appear on other late-night comedy shows, though he remains close with several of his peers — and so a future sit-down wouldn’t come as a surprise.

Colbert, Jimmy Kimmel, Jimmy Fallon, Seth Meyers and John Oliver teamed up in 2023 for the limited-series podcast “Strike Force Five,” and several of them have publicly criticized CBS’ decision to end Colbert’s show. The group also Read more

Las 5 cosas que debes saber este 20 de mayo

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CNN en Español

El caso por el que EE.UU. podría acusar formalmente a Raúl Castro. Arrestan al hijo del fundador de Mango. Las rivalidades más grandes de la historia del Mundial. Esto es lo que debes saber para comenzar el día. Primero la verdad.

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El presidente Donald Trump estableció una nueva fecha límite para posibles ataques a Irán, mientras los negociadores en la región trabajan hacia un posible acuerdo de paz. Añadió que está dispuesto a esperar hasta finales de esta semana para ver si las conversaciones avanzan, pero volvió a advertir que podría reanudar las operaciones de combate. “Tal vez tengamos que asestarles otro gran golpe”, dijo.

El exlíder cubano Raúl Castro podría ser acusado formalmente por su presunto papel en el derribo de dos aviones civiles hace 30 años, una acción que mató a tres estadounidenses y desencadenó el desplome de las relaciones entre Estados Unidos y Cuba. Los aviones, pertenecientes a una organización de voluntarios con sede en Miami llamada Hermanos al Rescate, fueron derribados en 1996, y su impacto político alcanzó al embargo de larga data contra Cuba que sigue vigente en la actualidad.

La victoria en una primaria de Kentucky de Ed Gallrein, un aspirante respaldado por Trump, demostró la influencia del presidente entre los votantes republicanos. Así, Trump desplazó a uno principales antagonistas internos de su partido, el representante Thomas Massie. Estas son las principales conclusiones de las primarias del martes.

El líder de China, Xi Jinping, elogió los lazos con Rusia como una fuerza de “calma en medio del caos” durante una reunión con Vladimir Putin en Beijing el miércoles, días después de que Xi recibiera al presidente Donald Trump para una cumbre histórica entre Estados Unidos y China.

Cinco buceadores se sumergieron bajo las olas en las Maldivas. ¿Por qué no volvieron a la superficie?

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Por Lex Harvey y Anna Chernova, CNN

En las profundidades de un mar cristalino de color turquesa, las playas de arena blanca y los bungalows con techo de paja de las Maldivas, se extiende un sistema de cuevas profundo y estrecho, desprovisto de luz y de la colorida vida marina que habita en aguas más hondas.

El mar estaba agitado y el viento arreciaba a última hora de la mañana del jueves cuando un equipo de cinco buceadores italianos experimentados se sumergió hacia estas cavernas completamente oscuras frente al atolón de Vaavu, a aproximadamente una hora al sur en lancha rápida de la capital, Malé.

El grupo estaba integrado por el instructor Gianluca Benedetti; Monica Montefalcone, profesora asociada de ecología en la Universidad de Génova; su hija Giorgia Sommacal; el biólogo marino Federico Gualtieri; y la investigadora Muriel Oddenino.

Los buceadores se adentraron en la red de cuevas, que se abre a una profundidad de unos 47 metros (154 pies) y desciende hasta unos 70 metros (230 pies) en su punto más bajo.

Nunca regresaron.

Los cuerpos de los cinco buceadores solo fueron encontrados después de una búsqueda que duró varios días, un proceso arduo y peligroso que se cobró una sexta víctima, el sargento Mohamed Mahudhee, buceador militar local.

Según las autoridades locales, el grupo tenía permiso para bucear a mayor profundidad que los 30 metros (98 pies) que permite el límite de buceo recreativo en las Maldivas.

Pero no está claro si descendieron más de lo previsto o si contaban con el equipo adecuado para una expedición de tan alto riesgo.

Los buceadores se alojaban a bordo de un yate de lujo de 36 metros llamado Duke of York, que ofrece cruceros personalizados para hasta 25 huéspedes.

Este yate, un sueño para los amantes del océano, permite a los buceadores explorar de cerca las islas de coral de las Maldivas, mientras disfrutan de cenas de marisco y pasan los días descansando en las tumbonas de la cubierta superior.

Alrededor de la 1:30 de la tarde del jueves, alguien a bordo del barco emitió una señal de socorro, según declaró a CNN Mohamed Hussain Shareef, portavoz principal del Gobierno de Maldivas.

Los buzos llevaban aproximadamente dos horas bajo el agua y no habían logrado volver a la superficie.

Según Shareef, otro barco de buceo fue el primero en responder. En aproximadamente media hora, los buzos de ese barco localizaron el cuerpo de Benedetti en la entrada de la cueva.

La Guardia Costera de Maldivas inició una búsqueda por tierra y bajo el agua para encontrar a los cuatro buceadores restantes, pero una vez que se encontró el cuerpo de Benedetti, las autoridades comenzaron a trabajar bajo la suposición de que los cuatro buceadores restantes se encontraban dentro de la cueva.

Monica Montefalcone era una ecologista que había realizado investigaciones marinas en las Maldivas durante muchos años.

Su marido, Carlo Sommacal, padre de Giorgia, declaró que su esposa era “una de las mejores buceadoras del planeta”.

“Debe haber realizado 5.000 inmersiones”, declaró Sommacal al periódico italiano La Repubblica.

Antes de la inmersión, el Centro de Investigación Marina de las Maldivas había aprobado una propuesta de investigación de Montefalcone, Gualtieri y Oddenino para estudiar los corales blandos cerca del atolón de Vaavu, informó Shareef. Sommacal y Benedetti no figuraban en la solicitud.

Según Shareef, los investigadores italianos también habían obtenido permiso para realizar inmersiones técnicas, lo que significa que podían explorar a profundidades superiores a los 30 metros.

Pero las

How to recession-proof your life

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By Jeanne Sahadi, CNN

(CNN) — The United States is not in a recession, but the normal economic cycle means it will be at some point.

Exactly when is hard to predict. A nationwide recession is marked by a decline in economic activity over at least several months. Think lower consumer spending, higher job losses, tighter credit, sometimes a steep decline in stocks and often a gloomy mood on Main Street and Wall Street.

While you can never completely shield yourself from the negative effects of recessions (or even just a local or an industry downturn), you can focus on ways to mitigate them.

“It’s all about building financial resilience,” said Sheila Walsh, a certified financial planner who teaches at Georgetown University. “Preparation helps you to avoid making emotional decisions when times are more difficult.”

Step 1: Take a snapshot of your current financial situation

Figure out how much income you bring in every month and how much you spend.

Then break out how much you pay for essential expenses like housing, food, utilities and childcare. Do the same with what you spend on non-essential, lifestyle expenses (eg, eating out, gym memberships, entertainment, etc.)

The goal, Walsh said, is to “be aware of your cash flow: What’s coming in, what’s going out, what’s a need and what’s a want.”

If you’re regularly spending more than you take in, consider how you make up the difference, whether that’s pulling from savings or using credit cards.

“Get clear on your money habits and patterns,” she said.

Step 2: Get rid of credit card debt

With an average interest rate nearing 20%, carrying credit card debt is an albatross, so consider ways to pay it off sooner rather than later.

One option: Look at your discretionary spending and decide what can be cut. For instance, you’ll free up cash if you stop spending on things you don’t enjoy that much – or, in the case of subscriptions and streaming services, have forgotten about or rarely use.

Also, try this credit card payoff calculator to see how much you might save if you either take out a personal loan at a lower interest rate or move your debt to a balance transfer card, which lets you pay down your debt interest-free for up to 18 months.

Walsh recommends checking your credit report and credit score, too. That lets you see if there are any errors that need correcting on your report and gives you a better sense of how to improve your score.

A higher score can mean getting more favorable loan terms when you need more credit.

Step 3: Build an emergency fund

The standard advice is to have three to six months’ worth of essential living expenses in a liquid, high-yield savings account.

But how much to have at the ready depends on your personal needs and preferences, Walsh said.

For example, you may want to sock away more if:

  • You’re the sole breadwinner for your family.
  • You and your spouse both work in the same industry and are equally at risk for layoffs.
  • You don’t anticipate getting much severance if you lose your job.

As with paying off credit card debt, see where you can cut back in discretionary spending to free up some cash for emergencies.

Building a sufficient rainy day fund can be difficult. If yours falls short and you own your home, you might consider taking out a home equity line of credit as a break-the-glass backstop

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