California’s gasoline tax will rise by 2.2 cents per gallon on Wednesday to about 63 cents per gallon, keeping it the highest in the United States. The change is a routine adjustment required under the 2017 SB 1 law’s annual inflation mechanism. President Donald Trump urged retailers on Truth Social to cut prices and warned against price gouging, while Gov. Gavin Newsom’s office pushed back by citing Trump’s earlier remarks about benefiting from higher oil prices. Sen. Adam Schiff blamed high gas costs on U.S.-Iran hostilities, though CNN said California’s heavy tax burden is also a major factor, and the state’s retail gas price is currently the nation’s second-highest behind Hawaii.

Cotton futures ended June higher, with contracts up 22 to 43 points even after the USDA put spring cotton plantings at 9.85 million acres, above trade ideas of 9.6 million and the March figure of 9.64 million. The July contract settled at 72.22 cents per pound. Crop Progress data showed 9% of fields setting bolls and conditions at 48% good/excellent, down 5 percentage points on the week, with Texas ratings falling 14 points. Crude oil slipped $0.82/bbl to $69.83 and the U.S. dollar index rose $0.118 to $100.995.

President Donald Trump warned gasoline retailers they could face “big problems” if they do not quickly lower pump prices, arguing crude oil has fallen to $68 a barrel. He urged stations to aim for around $2.50 a gallon and accused some operators of price gouging. The national average price for regular gasoline is $3.91 per gallon, down for a fifth straight week. Forecasts for 2026 average oil prices were lowered to $84.50 a barrel for Brent and $79.49 for WTI after a U.S.-Iran ceasefire agreement and the reopening of the Strait of Hormuz.

Dish DBS, the parent of Dish Network, has filed for Chapter 11 bankruptcy protection and is winding down its Dish Wireless business. The move follows regulatory pressure from the FCC that the company said hindered its 5G buildout and forced it to sell wireless spectrum to AT&T and SpaceX at a low price, though the transactions have not closed as planned. Dish DBS said it could not repay $2 billion of senior secured notes maturing July 1 as a result. The filing does not include Dish Network, Sling TV or Hughes, which are continuing to operate normally.

Ford is recalling more than 741,000 SUVs and pickups, including 2018–2021 Expedition and Navigator, 2020–2021 Explorer and Aviator, and 2021 F-150 models, over a transmission defect that can allow a vehicle to roll away. The company has linked the issue to 24 reports of property damage and nine alleged injuries, including two reports involving emotional injuries. Dealers will install a software update and inspect and replace damaged transmission components at no cost, with interim owner letters expected to begin Aug. 3. Ford said a permanent repair is not expected to be available until April 2027.

Bloom Energy (BE) rose 13.97% to $345 in after-hours trading, bringing its gains to more than 24% on the day. The stock is up about 20.5% over the past month and roughly 269% year-to-date. The move followed partner Brookfield’s decision to raise its financing framework for AI infrastructure-related power projects from $5 billion to $25 billion, calling Bloom a key clean power provider for expanding AI compute.

The article says the Strait of Hormuz has been closed, disrupting flows that include 20% of global oil and natural gas, 30% of seaborne fertilizer trade, 30% of helium supply and transport linked to 10% of aluminum production. It says gasoline has risen more than 50% to around $4.50 a gallon and diesel is up more than 60%, while fertilizer and helium shortages could lift food prices and disrupt semiconductor production. The piece adds that U.S. CPI has climbed to 3.8% and wholesale prices are up 6%, with markets expecting the Federal Reserve may raise rates by year’s end.

Women are more likely than men to rely on Social Security for retirement income, but they receive about $4,800 less per year on average, according to research from the AARP Public Policy Institute. The report points to lower earnings and more time spent out of the workforce for caregiving as key drivers of the gap. Financial advisors say the disparity makes the timing and coordination of benefit-claiming decisions especially consequential for women.