Dollar Tree Aims Upward
After 35 years in operation, Dollar Tree is making a huge change to its pricing structure. By the first quarter of 2022, a majority of its items will have their prices raised from $1 to $1.25.
While the change is permanent, the company said in a press release that it was “not a reaction to short-term or transitory market conditions.” Many analysts and experts are unconvinced though, pointing to rising inflation rates as at least one piece of the puzzle.
Dollar Tree stock has surged over 8 percent in the immediate wake of the news with many predicting the upward momentum to continue. As one of America’s last true dollar store brands, the company believed the price point represented a constraint on their business and success, and that removing it will allow Dollar Tree to expand its offerings and continue providing value when it comes to everyday essentials.
Biden Releases Oil
Joe Biden will become the fourth U.S. president to have ordered the release of crude oil from the nation’s Strategic Petroleum Reserve. The reserve, which was created following the 1970s Arab oil embargo, is used to store a special supply that can be tapped in times of emergency.
During the Thanksgiving holiday weekend, often a time of busy travel, Americans are seeing some of the highest gas pump prices in the last seven years. The national average, as of Monday, Nov. 22, 2021, stood at $3.409, in comparison to $2.11 just one year ago.
The move, which was expected from the president, is a coordinated effort between various other countries to combat a global rise in energy prices. Biden had called on the Organization of the Petroleum Exporting Countries to boost their production in August, but even though they had increased their output since then, it had not been to the level that he recommended.
Parade Tragedy
On Sunday, Nov. 21, 2021, a vehicle plowed through the participants and spectators of a Christmas parade in Waukesha, Wisconsin. Six people have died and more than 60 were injured, ranging in age from 8 to 81.
While no motive has been identified, a suspect was quickly apprehended. The man has a history of offenses, and it is unknown at this time why he was in the area. He has been charged with 5 counts of intentional homicide. A Waukesha County Court Commissioner has ordered him held on $5 million cash bail. The investigation is ongoing.
The town’s Christmas parade has been a tradition for decades, and with the 2020 iteration cancelled due to COVID-19, residents were especially excited for this year’s event. Numerous fundraisers have been set up to support the victims.
