American Petroleum Institute CEO Jack Gerard on why gas prices are rising, despite the growth in domestic oil production. And Economic Policy Institute Director Christian Dorsey and Beacon Economics’ Christopher Thornberg debate whether prices are keeping young people from home ownership. In case you missed it, here is a recap of some of the top newsmakers and expert analysis from last night on FOX Business Network.
1. Are Young Buyers Being Pushed Out of Housing Market?
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The spike in housing prices may be pricing first-time buyers out of the housing market. Right now, only 29% of buyers are first-time homeowners. Beacon Economics’ Christopher Thornberg says affordability is near an all-time high in the United States, though he says first-time buyers are facing a hurdle in obtaining credit. And EPI director Christian Dorsey says first-time buyers are unable to get the 30-year fixed-rate mortgage, and when they do, they are often scared off by the fear of spiking interest rates. Is buying a home necessarily a good thing anymore?
2. Taco Bell Says Adios to Kids’ Meals
Taco Bell is eliminating kids’ meals and toys. Did the health police push the meals off the menu? National Action Against Obesity founder Meme Roth says the company’s choice isn’t for the benefit of kids – it’s solely a business move, as kids’ meals were only 1% of total sales.
3. Why Are Gas Prices on the Rise?
Domestic oil production is on the rise in the western United States, causing a “true renaissance” in energy, says FBN's Lou Dobbs. American Petroleum Institute CEO Jack Gerard says new techniques and discoveries have made the U.S. the world’s no. 1 natural gas producer, and some predict that the U.S. could become the world’s foremost oil producer within seven years. So why are gas prices on the rise domestically?
4. Labor Unions Sue Detroit to Keep Pensions
Just days after the city filed bankruptcy, labor unions in Detroit are suing to keep their pensions. Union representative Edward McNeil says the city has not proven it is insolvent, as the city is spending millions on consultant fees, and employees continue to work overtime on a daily basis. Do the unions have a chance?