Oil, gas prices and Kroger layoffs squeeze US consumers
A widening Middle East war is keeping oil and gas prices high, and the pain is now showing up in American wallets, job cuts, and the housing-to-grocery squeeze — bad news for ordinary workers.
- Brent crude is holding above $100 as fighting in the Middle East threatens supply, and Saudi Arabia is fending off more attacks.
- A claimed Russia-Ukraine ceasefire briefly pushed oil down, then prices snapped right back when it turned out neither side had agreed.
- Kroger is cutting 37% of its corporate jobs over three years — 3,000 roles, one of the biggest cuts in its 143-year history — blaming simplification and AI.
- Gas at over $5 a gallon in some places has people putting a few dollars in the tank at a time, with workers saying their whole paycheck goes to rent, power, and the commute.
- Hiring is drying up too: job seekers report sending out dozens of applications with almost no replies, while big tech borrows heavily to build AI data centers.
Outlook: With oil supply at risk and companies still cutting staff, the squeeze on low-income Americans looks set to spread wider before the midterms.