You’re Paying More for Cheap Gas

Market Sizzle: Red Lobster’s shrimp woes, inflation crushes families, CEO pay skyrockets, Biden’s gas release, NY’s risky debt bill. ͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­ Forwarded this email? [Subscribe here]() for more [You’re Paying More for Cheap Gas]( Market Sizzle: Red Lobster’s shrimp woes, inflation crushes families, CEO pay skyrockets, Biden’s gas release, NY’s risky debt bill. [Josh Belanger]( May 22   [READ IN APP](   It’s Wednesday and remember Red Lobster’s endless shrimp? Well, turns out it’s not so endless after all! Red Lobster has filed for bankruptcy, and fans are rushing for one last bite of those famous coconut shrimp. Some are even snagging quirky souvenirs like lobster tanks. Talk about a last supper! Will this be the end for the legendary seafood chain? Only time (and a lot of cheddar biscuits) will tell. Biden’s Bold Gas Move The Biden administration will release 1 million barrels of gasoline from reserves. This aims to lower gas prices before the July 4th holiday. The Northeast will benefit from this release. Energy Secretary Jennifer Granholm said this will help hardworking Americans. Gas prices had risen 19% this year due to OPEC cuts and Middle East tensions. Prices peaked in April but have dropped recently. Gas averaged $3.59 per gallon on Tuesday, which is lower than last month but slightly higher than last year. The Department of Energy will distribute the gas by June 30. This release comes from the Northeast Gasoline Supply Reserve, created after Superstorm Sandy. It’s separate from the Strategic Petroleum Reserve, which is at its lowest level in decades due to past releases. CEO Pay Skyrockets in 2023 CEO pay reached new heights in 2023. Half of top CEOs earned at least $15.7 million. This is a record high. Many executives saw big raises, some over 25%. Their companies also had strong shareholder returns. Tech CEOs were among the highest earners. Hock Tan, Broadcom’s CEO, earned the most with $162 million. He must stay for five years to get it all. Nvidia’s CEO, Jensen Huang, saw his pay quadruple with rising stock prices. Most CEO pay came from stock awards, which can rise or fall with company performance. Even with high pay, CEO salaries stayed flat at $3.8 million. The gap between the best and worst-performing companies’ CEO pay was small. Women CEOs’ pay increased, but none ranked in the top 25. Inflation Crushes American Families Inflation hit Americans hard last year. Nearly two-thirds of adults said it made things worse. About 1 in 6 couldn’t pay all their bills. The Federal Reserve's report showed 72% of adults were “doing okay” financially. This is lower than last year and much lower than 2021. High inflation has hurt American wallets. In 2022, inflation hit 9.1%, the highest in over 40 years. Now, it’s down to 3.4%. Incomes grew in 2023, but so did spending. Many adults had no money left after paying their bills. Lower-income adults struggled the most. They often skipped meals and medical care. Child care costs were high in 2023. They took up 50% to 70% of parents' housing costs. This made it hard for families to manage. In 2023, 63% of adults could handle a $400 emergency expense. This is better than past years but still challenging for many. New York Targets Vulture Funds New York lawmakers want to limit “vulture fund” lawsuits. These funds buy cheap, defaulted bonds and sue for big payouts. A new bill aims to stop this. It targets investors who profit from countries in debt. The bill was introduced on Monday. The bill wants to lower how much investors can win in court. It also wants to revive a legal rule called “champerty.” This rule stops investors from buying debt just to sue. The bill also plans to cut penalty rates from 9% to about 5%. This change could save governments a lot of money. The bill follows Argentina's long battle with Elliott Management. Lawmakers hope this new approach will protect countries and be fairer for all. Hot Take: A Taxpayer's Nightmare? While the bill aims to curb exploitative practices, it could backfire. By reducing consequences for defaulting, governments might feel freer to spend recklessly. This lack of accountability could lead to more corruption and financial mismanagement. Ultimately, this hurts taxpayers who bear the brunt of poor fiscal policies. Instead of punishing exploitative investors, the bill might enable irresponsible governance. The devil is in the details, and taxpayers could end up paying the price. Quick Sizzles: - Lowe’s Sales Take a Hit: Big-ticket items drag down Lowe’s despite positive results. - Drugstores Close Amid Rising Theft: CVS, Walgreens, and Rite Aid shut stores due to theft and competition. - Crypto’s $85M Election Gambit: Crypto companies spend big to sway elections amid crackdown. - Utilities Surge on AI Boom: Utility stocks soar, driven by AI-driven electricity demand. - Ether Skyrockets on ETF Buzz: Ether jumps 16% on speculation of ETF approval. That’s today’s Market Sizzle; good trading, good life! 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