In today’s newsletter: Gas prices hit a new high for the year as the conflict with Iran continues. Legal experts condemn the charges against James Comey. And a Louisiana cop haunted for decades by a teen’s murder didn’t live long enough to see it be solved.
Here’s what to know today.
U.S. gas prices hit a new high since the start of the war with Iran, rising to $4.23 today, according to the motor club AAA.
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The milestone comes as oil prices have surged higher over the past week amid a dual blockade by the U.S. and Iran of the Strait of Hormuz, the critical chokepoint in the region for transporting crude and petroleum-based products out of the Persian Gulf region.
The price of Brent crude, the international benchmark that influences the price of U.S. gasoline prices, was above $114 this morning, up nearly 25% from the recent low seen on April 17 and not far from the four-year high of $119 in 2022, following Russia’s invasion of Ukraine.
A day earlier, AAA recorded the biggest single-day increase in more than a month, with prices rising $0.07. Gasoline prices have climbed $1.25 a gallon, or more than 30%, since prior to the war’s start in late February.
The surge in oil prices have compounded the typical price increases seen this time of year as refineries undergo maintenance and the spring-summer driving season begins to kick off.
Many gas stations have sought to artificially keep prices below the $4 threshold by reducing their own profit margins, said Tom Kloza, chief energy advisor to Gulf Oil. But they can only stomach lower margins for so long, he said.
More about the surge in gas prices.
Rich Democrats are tapping into rising populist sentiments by proposing higher taxes on themselves.
Tom Steyer, who’s running for governor in California, is calling for a one-time tax on billionaires like himself. Rep. Dan Goldman, an heir to the Levi Strauss & Co. fortune, has proposed taxes on capital-backed loans and lines of credit. And Rep. Sara Jacobs, whose grandfather co-founded Qualcomm, wants to increase the estate tax, a plan that she said would decrease her own inheritance.
They’re contrasting their ideas with Republicans, who for generations have fought to lower taxes and shrink or restrict the social safety net, at a time of growing class angst and warnings of a new Gilded Age.
02:27
Former and current prosecutors lambasted the indictment of ex-FBI Director James Comey yesterday, calling the charges “an embarrassment to the American criminal justice system” and “a waste of resources.”
The indictment charges Comey with threatening the life of President Donald Trump after he posted a photo of seashells arranged to spell out “86 47,” alleging that a reasonable person would interpret the image as “a serious expression of an intent to do harm.”
The charges come five months after a judge threw out a separate indictment against Comey and as Trump has made clear his frustration with the DOJ failing to prosecute his perceived political enemies.
Acting Attorney General Todd Blanche said the new indictment demonstrates that no one is above the law. Legal experts, however, disagreed. “I think they’re continuing to torture Comey,” said University of Richmond law professor Carl Tobias. A current DOJ official called the case “a complete loser” and that “No reasonable person could believe that Comey intended to threaten the president via seashells.” NBC News’ politics reporters spoke to several other experts who echoed disappointment over the indictment.
02:04
The Federal Reserve is expected to keep interest rates steady today at what is likely to be Chair Jerome Powell’s last policy meeting as the leader of the central bank.
Despite uncertainty in the U.S. economy triggered by the war with Iran, the meeting might be less consequential for investors, as questions about Powell’s next steps take center stage.
Last week, a clear path opened up for Trump’s pick to lead the central Bank, Kevin Warsh, to be confirmed by the Senate after the Justice Department said it would close a criminal investigation into Powell. The Senate Banking Committee is expected to vote this morning to advance Warsh’s nomination to the full chamber for final confirmation. While Powell’s tenure as Fed chair ends on May 15, it’s still possible he could remain at the Fed as a governor.
What Powell has previously said about his plans.
01:30
While looking around for a follow-up story on a 44-year-old cold case in Louisiana that was solved with the help of a podcast, I stumbled across an AP report that mentioned that Herbert Joiner, one of the first officers on the scene back in 1982, kept what was essentially a case file in a literal briefcase.
It was just one line, and I wanted to know more. Like, what kind of briefcase? What was inside?
I found a cellphone number for Joiner’s son, and after three tries I got him on the phone. He didn’t know what was in the brown leather briefcase. He said was not allowed to touch it. And then, he unspooled a story about how his father was tormented by the rape and murder of 16-year-old Roxanne Sharp and how he died in October knowing only that investigators were finally starting to, as he put it, connect the dots.
Most jarring, at least for me, was the revelation that Joiner and Sharp were “kin.” — Corky Siemaszko, senior reporter
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