The end of the Fourth of July weekend arrived with a blast of troubling economic developments as bonds flashed signs of a coming recession and oil prices plunged, suggesting that millions of consumers who have spent more than a year rocked by rising prices could face even more upheaval. Tuesday’s events suggest that gasoline prices could be poised for a sharp descent, though there could be a multiweek lag. While the U.S. average has pulled back from its June peak above $5 a gallon, further declines might not be of much consolation to consumers because they could run into an economic downturn that further pressures stocks and could spill into the labor market.
Oil prices fall sharply as recession worries grow
July 6, 2022