The U.S. consumes more than 130 billion gallons of gasoline annually, more than any other nation, making fuel prices an important issue for consumers and the broader economy. While gasoline prices spiked after the war with Iran began and remain roughly 30% above pre-war levels, the reopening of the Strait of Hormuz and the resumption of global oil flows have not brought prices back down. The charts below explain why, examining the key drivers behind gasoline prices and the factors that continue to keep them elevated.

Last week, the Social Security Trustees released their annual report, forecasting the program’s financial outlook over the next 75 years. However, recent projections indicate that Social Security is only six years from insolvency, necessitating urgent reforms.

While often grouped together, gold, silver, and copper play unique roles in the economy. Over the past month, all three have reached historic price milestones, raising important questions about what lies beneath the rally. We explore what is driving the surge in precious metals and what it may signal about the broader economy.

On Tuesday, the Census Bureau released its vintage 2025 population estimates, showing that U.S. population growth slowed markedly over the past year. Between July 1, 2024 and July 1, 2025, the population increased by just 1.8 million people, or 0.5%

This week’s “Three on Thursday” examines the semiconductor industry and American progress in independent chip manufacturing. Rising political tensions and supply chain issues pulled back the curtain on the entangled industry back in 2020. Two years later, demand surges for AI and data centers put semiconductors even further under the microscope.

The government officially shut down yesterday as Congress failed to pass—and the President failed to sign—appropriations bills (or a stopgap “continuing resolution”) to fund government operations for the start of the new fiscal year on October 1st.

Housing in America is becoming increasingly out of reach. Home prices have surged far faster than household incomes, mortgage rates remain stuck in the mid-6% range—roughly double what buyers faced before 2022—and the ongoing costs of ownership keep rising. Higher property-tax bills added yet another burden in 2024, tacking on hundreds of dollars a year for the typical owner.

Last week, the Social Security Trustees released their annual report, forecasting the program’s financial outlook over the next 75 years. In this week’s “Three on Thursday,” we delve into the state of Social Security.