Record Gas Prices, Thailand Legalizes Weed, Jan 6th Hearing

Your Daily Debrief

June 10th, 2022

Good morning, and congratulations–you made it to Friday! Today is National Iced Tea Day, so in the spirit of keeping it short and sweet, here’s what we have for you:

Today’s Highlights

Gas prices surpass a $5 national average for the first time ever
Thailand becomes the first Asian country to legalize marijuana
House Panel presents findings during first hearing on January 6th

New to Tip News? Get in on it here.

Gas prices surpass a $5 national average for the first time ever

The nationwide average for gas prices passed a record $5 per gallon yesterday for the first time ever, according to data from GasBuddy.

The national average for gas prices broke the previous all-time record (set in 2008) on March 7th when it hit $4.10 per gallon, per GasBuddy, which analyzes real-time fuel prices at more than 140,000 gas stations in the United States, Canada, and Australia.

Over the last month, prices have risen by 66 cents per gallon on average. AAA data shows that the average price per gallon in all 50 states is now above $4.40, with Georgia being the cheapest at an average price-per-gallon of $4.407. The national average is driven up by states on the higher end of the spectrum like California, where the average cost per gallon currently sits at $6.40.

In a statement, GasBudy’s head of petroleum analysis Patrick De Haan said rising gas prices are attributed to a global decline in refining capacity from the pandemic, increased demand ahead of summer, and the war in Ukraine. He also warned that “demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead.”

Thailand becomes the first Asian country to legalize marijuana

As of yesterday, Thailand has legalized marijuana for medical and industrial purposes.

The decision made by Thailand’s Food and Drug Administration to remove all parts of the plant from the narcotic drugs category makes it the first country in Asia to legalize weed for medical and industrial use. However, the country hasn’t legalized it for recreational use.

Since recreational use is still not legal, Thailand’s government discourages smoking in public, saying that it could be considered a nuisance, and has warned that people caught doing so may be subject to a potential 3-month jail sentence and a fine of 25,000 baht (roughly $780). In addition, marijuana extracts containing more than 0.2% of tetrahydrocannabinol–or THC–are still illegal throughout the country.

Thailand’s new stance comes one month after Public Health Minister Anutin Charnvirakul announced a plan to distribute one million cannabis plants to households for free, saying: “We should know how to use cannabis. If we have the right awareness, cannabis is like gold, something valuable, and should be promoted."

House Panel presents findings during first hearing on January 6th

The House select committee investigating the incident at the U.S. Capitol building that took place on January 6th, 2021 held its first hearing last night, in which it began highlighting the panel’s findings.

Last night’s hearing–which was broadcast live–was the first in a total of six installments. The two-hour period included testimony from Caroline Edwards, a Capitol Police officer injured during the event, as well as video interviews and depositions with members of former President Donald Trump’s administration, including former U.S. Attorney General William Barr and former White House advisor Ivanka Trump.

In addition to Officer Edwards’ testimony, a video clip of Barr being interviewed by members of the committee was shown, in which he said, “I made it clear to [former President Trump] that I did not agree with the idea of saying the election was stolen, and putting out this stuff, which I told the president was bullshit, and I didn’t want to be a part of it.”

The committee also played a clip from a deposition of the former president’s daughter, Ivanka Trump, in which she told congressional investigators that her perspective around the election results was “affected” after hearing the former attorney general’s conclusions, adding that, “I respect Attorney General Barr, so I accepted what he was saying.”

The next hearing is scheduled for Monday, June 13, at 10 a.m. ET.

Around the Globe

New Zealand lawmakers proposed a tax on sheep and cattle burps, a major source of greenhouse gasses in the country; it would be the first nation to charge farmers for their animals’ methane emissions
Shanghai is subjecting its residents to city-wide rounds of COVID-19 testing 10 days after ending a lockdown which lasted two months
Russia’s foreign ministry warned that any cyberattacks on the country’s infrastructure may be met with direct military confrontation, saying that “Russia will not leave aggressive actions unanswered”

On the Homefront

Median rent prices in Manhattan hit record highs of $4,000; industry insiders predict it will go higher as peak season approaches
Michigan gubernatorial candidate Ryan Kelley was arrested for his participation in the storming of the U.S. Capitol on January 6th, 2021; he is the first person running for election in a major state to be charged in connection with the incident
A gunman killed at least 3 and critically wounded a fourth when he opened fire in a Maryland manufacturing facility before being taken into police custody

Glitz and Games

The PGA Tour suspended 17 members who are participating in the first inaugural LIV Golf International Series, including Phil Mickelson, Dustin Johnson, and Sergio Garcia
Disney CEO Bob Chapek fires Chairman of General Entertainment Content Peter Rice and will replace him with Dana Walden as part of a larger executive restructuring
Golden State Warriors point guard Steph Curry says he will play in Game 4 against the Boston Celtics tonight despite a foot injury he incurred during Wednesday's game

Money Moves

Major indexes in the stock market took a nosedive in the final hour of trading, with the Dow closing down more than 600 points ahead of key inflation data (Dow -1.94%, Nasdaq -2.75%, S&P 500 -2.38%)
DocuSign stock (NASDAQ: DOCU) fell as much as 24% in extended trading after the company reported a net loss of $27.4 million in its fiscal first quarter
Online styling service Stitch Fix will cut nearly 4% of its total workforce, resulting in a net savings between $40-60 million for the company’s next fiscal year starting in August

Tip & Tricks

Binge Watch: Check out “Generation Why,” the first episode of Marvel’s new superhero show Ms. Marvel on Disney+
Bump This: Shuffle-play this #FeelGoodFriday playlist on Spotify to keep your spirits up going into the weekend
Rock On: The Foo Fighters announced that the band will perform a pair of tribute concerts in honor of late drummer Taylor Hawkins, who passed away on March 25th
Freak Out: An American tourist caused over $26,000 in damages when she and her friend hurled a scooter down the Spanish Steps in Rome
Say What: Actress Jamie Chung says “I was terrified of putting my life on hold” when sharing why she used a surrogate to carry her and her husband’s twins during an interview on The Today Show
Hot Goss: Rebel Wilson came out on Instagram and introduced followers to her girlfriend, Ramona Agruma
Life Hack: You can freeze a water-logged sponge inside of a Ziploc bag to use as an ice pack that won't drip all over when it melts

Question of the day

If you had to sum up your life in just one word, what would it be? Get reflective with us here:

@tipnewsdebrief

Looking Back…

On June 10th, 1692, Bridget Bishop became the first person to be hanged during the Salem witch trials in the Massachusetts Bay Colony after being found guilty of “certaine Detestable Arts called Witchcraft and Sorceries.”