(The Center Square) – Transportation energy prices skyrocketed over the weekend in North Carolina, with a gallon of unleaded regular gasoline up 6 cents on average in the past week.

In some locations, the rise from Friday to Monday was 17 cents.

The state’s $2.92 average remains 30 cents below the national average of $3.22, with the highest averages in central northern border counties and along the coast. One stretch with the lowest is from Fayetteville to the southeast toward South Carolina’s perennially lower costs.

Combustion engine consumers, which make up more than 8 million vehicle registrations, are paying $3.53 on average for diesel. Nationally, it’s $3.67.

For those traveling out of state, among border states Tennessee ($2.85) and South Carolina ($2.89) are less on unleaded gasoline, and Georgia ($2.96) and Virginia ($3.09) are more. In three weeks, Georgia is up 8 cents, South Carolina 12 cents, Tennessee 15 cents, and Virginia 14 cents.

At the turn of the calendar new year, the statewide average was $2.86, and the national average was $3.04.

North Carolina’s electric vehicle charging rate average, according to AAA, is 33.1 cents per kilowatt-hour. The national average is 36.1 cents per kwh. More than 100,000 zero emission vehicles are registered in the state.

Eleven states have lower average prices for a gallon of unleaded; 19 are lower for diesel; and nine are lower in electric.

Among 14 major metro areas, the least expensive average for unleaded gas is in Jacksonville at $2.84. Most expensive is the Durham-Chapel Hill metro area ($2.97).

Diesel is the most consumer-friendly ($3.43) in Hickory-Lenoir-Morganton.

North Carolina’s 40.3 cents per gallon tax rate for 2025 is topped by California (59.6), Pennsylvania (57.6), Washington (49.4), Illinois (47), Maryland (46.1), and New Jersey (44.9).

The motor fuel excise tax rate in the state is the amount for the preceding calendar year (40.4), multiplied by a percentage. The percentage is plus or minus the sum of the annual percentage change in state population for the applicable calendar year, multiplied by 75% and the annual energy index percentage change in the Consumer Price Index for All Urban Consumers, multiplied by 25%, the state Department of Transportation explains on its website.

Motor fuel taxes in the state go to the Department of Transportation’s highway and multi-modal projects, adding up to just more than half of the state transportation resources. Specifically, the revenues go into the Highway Fund and the Highway Trust Fund.

(The Center Square) – The week begins with Federal Reserve Governor Christopher Waller’s upcoming speech. In his last remarks, Waller suggested that current monetary policy is restrictive enough to allow for a 25 basis point rate cut, followed by a pause to assess inflation trends. This gradual approach makes sense given the uncertainty around potential tariff impacts on the economy.

Housing Market in Focus

This week delivers a flood of housing data that should provide key insights into market dynamics.

Both existing and new home sales reports will likely confirm that new homes continue to capture an unusually large share of total sales. The existing home sales data reflects contracts signed in April, during peak uncertainty that sent stock markets tumbling. However, improved consumer confidence in May should show up as more homes going under contract that month.

The Case-Shiller home price index will confirm trends we already know from more timely data sources like Zillow – it typically lags by over a month. Nationally, home price growth is slowing and prices are expected to decline year-over-year.

Recent Zillow data shows home values rose month-over-month in 36 of the 50 largest metro areas in May. The biggest gains appeared in Buffalo and Cleveland (both 1.7%), Milwaukee (1.5%), Hartford (1.4%), and Pittsburgh (1.4%). The steepest declines hit San Jose (-0.8%), Miami (-0.4%), San Francisco (-0.3%), Austin (-0.2%), and Orlando (-0.1%).

Home builders continue adjusting profit margins to make their properties affordable for buyers. This should drive sustained – though more moderate – increases in new home sales, especially since builders face less competition from existing homeowners reluctant to sell.

The Big Event: PCE Inflation Data

The week’s most crucial release will be the PCE inflation report. The personal income and spending components will reveal how consumers are managing their finances. Any increase in precautionary savings could signal an economy poised to cool further in the second half of 2025.

The price index will likely show that goods inflation has firmed up somewhat, slowing the overall pace of disinflation. If inflation comes in higher than expected, it could heighten stagflation concerns – particularly if tariffs materialize – potentially keeping the Fed on the sidelines and preventing rate cuts.

Trump on Striking Iran: ‘Peace or Tragedy for Iran’

President Trump: “A short time ago, the U.S. military carried out massive, precision strikes on the three key nuclear facilities in the Iranian regime. Fordo, Natanz and Esfahan. Everybody heard those names for years as they built this horribly destructive enterprise.

Our objective was the destruction of Iran’s nuclear enrichment capacity and a stop to the nuclear threat posed by the world’s number one state sponsor of terror.

Tonight, I can report to the world that the strikes were a spectacular military success. Iran’s key nuclear enrichment facilities have been completely and totally obliterated. Iran, the bully of the Middle East, must now make peace. If they do not. Future attacks would be far greater and a lot easier.

For 40 years, Iran has been saying. Death to America, death to Israel. They have been killing our people, blowing off their arms, blowing off their legs, with roadside bombs. That was their specialty. We lost over 1,000 people and hundreds of thousands throughout the Middle East, and around the world have died as a direct result of their hate in particular. So many were killed by their general, Qassim Soleimani. I decided a long time ago that I would not let this happen. It will not continue.

I want to thank and congratulate Prime Minister Bibi Netanyahu. We worked as a team like perhaps no team has ever worked before, and we’ve gone a long way to erasing this horrible threat to Israel. I want to thank the Israeli military for the wonderful job they’ve done. And most importantly, I want to congratulate the great American patriots who flew those magnificent machines tonight, and all of the United States military on an operation the likes of which the world has not seen in many, many decades.

Hopefully, we will no longer need their services in this capacity. I hope that’s so. I also want to congratulate the chairman of the Joint Chiefs of Staff, General Dan ‘Razin’ Caine, spectacular general, and all of the brilliant military minds involved in this attack.

With all of that being said, this cannot continue. There will be either peace, or there will be tragedy for Iran, far greater than we have witnessed over the last eight days. Remember, there are many targets left. Tonight’s was the most difficult of them all, by far, and perhaps the most lethal. But if peace does not come quickly, we will go after those other targets with precision, speed and skill. Most of them can be taken out in a matter of minutes. There’s no military in the world that could have done what we did tonight. Not even close. There has never been a military that could do what took place just a little while ago.

Tomorrow, General Caine, Secretary of Defense Pete Hegseth will have a press conference at 8 a.m. at the Pentagon. And I want to just thank everybody. And, in particular, God. I want to just say, we love you, God, and we love our great military. Protect them. God bless the Middle East. God bless Israel and God bless America. Thank you very much. Thank you.”