The high cost of gas was the focus of a congressional committee hearing on Wednesday, and six “Big Oil” executives were in the hot seat. U.S. Rep. Frank Pallone (D-6th) said oil companies are making billions of dollars and are using their big profits to benefit shareholders and not consumers. The executives stated they are not keeping prices artificially high to inflate their profits, and that prices are influenced by global oil supplies and other factors. Meantime Republicans on the House energy committee criticized the Biden administration for not doing more to support domestic oil production.
Pallone also announced Wednesday that New Jersey will receive 8$34 million in funding from the bipartisan infrastructure law to support public transportation. It’s a boost for NJ Transit, as money can be used to buy new buses and trains, and transition to clean-energy technology.
Mortgage rates continue to climb. At least one big real estate brokerage, Redfin, says it’s seeing signs the red-hot housing market is cooling. The rate for a 30-year fixed loan has gone above 5%; a year ago, 30-year mortgage rates were less than 3.5%. Redfin says mortgage rates are shooting up at the fastest pace in history, increasing the typical monthly mortgage payment for a homebuyer by more than $500 since the beginning of this year. Redfin says fewer people are applying for mortgages or doing online searches for homes.
New Jersey residents can now legally bet on competitive video gaming. Esports Entertainment Group has launched its esports online betting platform, after receiving approval from the State Division of Gaming Enforcement.
