In today's news: OPEC may help lower gas prices, the first hurricane may be here soon, your flight might not be, new government rules could hurt housing, and alcohol sales are doing just fine during the recession.
GAS PRICES: OPEC likely to increase oil production
You know the price of gasoline is too high when OPEC worries about it. “OPEC oil ministers have begun a meeting that will likely end with a decision to raise crude output levels to reduce international concerns about the high price of oil,” USA Today reports.
That was fast: Hurricane season started June 1, and the first hurricane is right around the corner. “The first tropical storm of the season in the eastern Pacific, Adrian, strengthened to just below hurricane level, prompting storm watches along the Mexican coast,” Bloomberg reports.
Last year, 85.5 percent of flights from 16 major airlines arrived on time. But last month, only 75.5 did. The reason: “Nearly a quarter of domestic airline flights arrived late to the gate in April as severe thunderstorms shut down major hubs,” USA Today reports.
Talk about unintended consequences. “Proposed rules sparked by the financial industry meltdown of 2008 could have the effect of clamping down credit so hard that lower-income buyers and many others would be shut out of the mortgage market,” MSNBC reports.
DRINKING: Alcohol sales thrive in hard times
Here’s the smallest surprise of the recession: “Alcohol sales climbed with little interruption throughout the recent recession, and have continued to expand in recent months,” CNN reports. “Alcoholic beverage sales grew by nearly 10 percent during the 12 months that ended May 31, even though the average unemployment rate during that time exceeded 9.3 percent.”