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Published 4:23 PM EST, Tue January 11, 2022
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warren powell
Warren uses 'econ 101' to grill Jerome Powell
03:35 - Source: CNN
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Published 4:23 PM EST, Tue January 11, 2022
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warren powell
Warren uses 'econ 101' to grill Jerome Powell
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Published 4:23 PM EST, Tue January 11, 2022
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A traveler looks at a flight information board at Ronald Reagan Washington National Airport on January 11, 2023 in Arlington, Virginia.
'The system is stressed to the max': United CEO weighs in on industry woes
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Published 4:23 PM EST, Tue January 11, 2022
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Published 4:23 PM EST, Tue January 11, 2022
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Published 4:23 PM EST, Tue January 11, 2022
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nightcap 011923 Clip 1 16x9
Disney just threw down the gauntlet in the WFH battle
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Published 4:23 PM EST, Tue January 11, 2022
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job report
Layoffs are making headlines. What's really going on in the job market
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Published 4:23 PM EST, Tue January 11, 2022
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Published 4:23 PM EST, Tue January 11, 2022
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MIRAMAR, FLORIDA - OCTOBER 27: In this aerial view, single family homes are shown in a residential neighborhood on October 27, 2022 in Miramar, Florida. The rate on the average 30-year fixed mortgage hit 7.08%, up from 6.94% the week prior, according to Freddie Mac. Mortgage rates surpassed 7% for the first time since April 2002. (Photo by Joe Raedle/Getty Images)
Is housing a buyer's market or a seller's market? CEO explains why it's neither
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Published 4:23 PM EST, Tue January 11, 2022
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David Schnitzler Yurkevich pkg1
Men are dropping out of the workforce. Here's why
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Published 4:23 PM EST, Tue January 11, 2022
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A person prepares to pump gas at a BP gas station on Coney Island Avenue on October 19, 2022 in the Flatbush neighborhood of Brooklyn borough in New York City. President Joe Biden announced the sale of an additional 15 million barrels from the Strategic Petroleum Reserve. The announcement was made three weeks before the Midterm Elections and the move is expected to meet the administrations goal of releasing 180 million barrels from the Strategic Petroleum Reserve to counter the rising gas prices due to Russia's invasion of Ukraine.
Is the economy as bad as it seems? Maybe not
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Bank of America CEO predicts 'mild recession' next year
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Published 4:23 PM EST, Tue January 11, 2022
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Some Americans being forced to pick between paying for groceries and heating their homes
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Customers browse racks of clothing as they shop inside a discount department retail store in Las Vegas, Nevada, on May 7, 2022. - The US economy added a better-than-expected 428,000 jobs in April, with the unemployment rate remaining at a low 3.6 percent, the Labor Department reported. The data pointed to continued strong employment growth and contained hints that some inflationary pressures may be easing, with workers' wages rising less than in March. But investors remain anxious that rising prices and higher interest rates will hit consumers, slowing the economy's expansion in the second half of 2022. (Photo by Patrick T. FALLON / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)
CNN reporter shows what consumer price growth means for inflation
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Published 4:23 PM EST, Tue January 11, 2022
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grocery shopper pandemic stew leonard's
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- Source: CNN Business
New York CNN  — 

US oil prices rose sharply on Tuesday, climbing above $81 a barrel for the first time in two months.

Crude closed at $81.22 a barrel, up nearly 4% on the day. It’s the highest level for oil since November 11.

The latest gains unwind a good chunk of the relief experienced in energy markets in recent weeks.

Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing, at the U.S. Capitol, in Washington, D.C., on Wednesday, December 1, 2021. With a government shutdown approaching on Friday, Congress is working to put together a short-term spending compromise while Democrats continue to negotiate President Biden's Build Back Better agenda in a hectic December on the Hill. (Graeme Sloan/Sipa USA)(Sipa via AP Images)
Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing, at the U.S. Capitol, in Washington, D.C., on Wednesday, December 1, 2021. With a government shutdown approaching on Friday, Congress is working to put together a short-term spending compromise while Democrats continue to negotiate President Biden's Build Back Better agenda in a hectic December on the Hill. (Graeme Sloan/Sipa USA)(Sipa via AP Images)
Graeme Sloan/Sipa USA/AP

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Prices at the pump have also paused their recent retreat. The national average stands at $3.30 a gallon, up by a penny from a week ago, according to AAA.

Government forecasters revised higher their gas price forecast on Tuesday.

The US Energy Information Administration now projects gasoline prices will average $3.06 a gallon in 2022. That’s up from the EIA’s early December forecast of $2.88 a gallon.

Oil prices began tumbling in early November on rumors that the White House would intervene to cool off energy markets. President Joe Biden announced the largest-ever release of barrels from the Strategic Petroleum Reserve on November 23.

Crude kept sliding on fears about the Omicron coronavirus variant, sinking to $65.75 a barrel on December 1.

But oil closed on Tuesday about 24% above the recent lows.