Costco limits motor oil purchases as oil, gas prices continue to soar
This is the first time the Federal Reserve has raised its benchmark interest rate since 2023.
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The cost of living may have just gotten a little tougher.
For the first time since 2023, the Federal Reserve raised its benchmark interest rate to combat high inflation.
The quarter-point increase lifts the key rate to about 3.9%, which could result in higher costs for people getting a mortgage to buy a home, taking out a loan for a car and paying off credit cards.
The decision comes as gas prices across the nation soared again.
The national average today is $4.44, a seven-cent increase overnight.
Long Island's average is higher than that at $4.46, which is up 11 cents compared to this time last week, up 43 cents from this time last month and up $1.25 from this time last year.
In a shocking move, Costco announced it raised the price of its Kirkland motor oil. The decision nearly doubled the price from $30 to now around $58 for a 5-quart two-pack of full-synthetic motor oil.
The retail giant is also limiting customers to just two boxes a week, placing a limit on the product as people deal with the high cost of oil, gas, groceries and more.
