US is on ‘cusp of recession’ if not already there, oil analyst warns
Is the US in a recession amid elevated food, gas prices?
The Schork Group principal Stephen Schork weighs in, arguing that ‘we’ve never had an environment like this with these high prices.’
The Schork Group principal Stephen Schork warned on Tuesday that the United States is on the "cusp of recession" if it has not already started.
Schork made the argument as inflation sits at 40-year highs with the price of food and gas remaining at elevated levels.
Speaking on "Mornings with Maria," he stressed that gas prices are at "unprecedented" levels that Americans "simply cannot afford."
The national average for a gallon of gas was $4.96 on Tuesday, slightly lower than the day and week before, but 37 cents higher than the prior month and $1.89 higher than the year before, according to AAA.
GAS PRICES HIT $5 NATIONWIDE FOR FIRST TIME IN OVER 2 DECADES
Gas prices have been hitting records recently with the national average sitting above $5 a gallon last week, according to the association.
In fact, the average price for a gallon of gas remained below the $5 threshold for a fourth straight day on Tuesday, according to AAA.
UNITED STATES OIL FUND L.P.
UNITED STS BRENT OIL FD LP UNIT
Oil prices rose on Tuesday, clawing back more of last week's losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession potentially dampening future demand.
Brent crude futures rose more than 1% to $115.34 a barrel on Tuesday morning, adding to a 0.9% gain the day before. The international benchmark contract dropped 7.3% last week in its first weekly fall in five.
U.S. West Texas Intermediate crude futures rose to about $109 on Tuesday morning, up about 1.7% from Friday's close. There was no settlement on Monday, which was an American public holiday.