US Labor Department proposes making jobless claimants log five job searches a week to get unemployment benefits

The stories

21 on this beat today.

Every story told the same way: what happened, who is involved, why it matters, how it works, the truth and the good news.

1. 01

   US Labor Department proposes making jobless claimants log five job searches a week to get unemployment benefits

   5

   job searches a week a claimant would have to log

   only 4 states ask for that many now [1]

   27.6%

   of jobless Americans out of work for over 6 months

   up from 20.5% three years earlier [1]

   7.1 million

   people in the US out of work and looking in October

   the jobless rate held at 4.1% [4]

   What happened

   • The US Labor Department proposed a new rule on Monday for people claiming unemployment benefits. [1]
   • Each claimant would have to log 5 job-search activities every week before being paid. [1]
   • Only 4 US states ask for that many now, a jobless workers' advocate says. [1] The rest ask for fewer. [1]
   • A search can be a job application, a profile on a jobs website or a networking event. [1]
   • Federal law makes every state set some search rule, but each state decides how strict it is. [1]
   • The rule arrives in a job market economists call low hire, low fire. [1]
   • New claims for the benefit fell to 194,000 in one October week, near the lowest since 1969. [3]
   • US employers added 165,000 jobs in October, and unemployment stayed at 4.1%. [4]
   • That is 7.1 million people out of work and looking for a job. [4]
   • About 27.6% of jobless Americans have been out of work for more than 6 months. [1] That share was 20.5% three years earlier. [1]
   • In almost every state the benefit stops after 6 months. [1]
   • On average it replaces less than 40% of a person's old pay. [5]

   Three years earlier20.5%

   October27.6%

   Who is involved

   Keith Sonderling runs the US Labor Department. [1] He wrote that the benefit is "not a permanent taxpayer-funded paycheck". [1]

   • Keith Sonderling the US labor secretary, head of the Labor Department; proposed the 5-search rule and in June warned states over fraud
   • Michele Evermore a senior director at the National Employment Law Project; says the rule will hurt claimants and cost states
   • The US states run the benefit and set its rules; only 4 ask for 5 searches a week now

   How it unfolded

   In June, Sonderling wrote to 53 states and territories demanding action on fraud in the benefit. [2]

   He threatened to hold back the money states use to run it, for the first time ever. [2]

   1. June Sonderling warns 53 states over fraud [2]
   2. Monday the 5-search rule is proposed [1]
   3. Monday rule proposed
   4. 60 days on public comments close [1]
   5. 2020 states drop search rules as the pandemic freezes hiring [7]

   Why it matters

   Michele Evermore, of the National Employment Law Project, says some claimants will not have 5 search options each week. [1]

   She says nearly every state must change its claim forms and computer systems. [1] That could cost states hundreds of thousands of dollars, she says. [1]

   How it works

   Economists call this the short side of a market: when one side is smaller, it sets how many deals happen.

   In 2020, as the pandemic froze hiring, most states dropped their search rules. [7] Maurice Emsellem, of the National Employment Law Project, called searching then a futile exercise. [7]

   Seen it before

   In musical chairs, running faster adds no chair. It only changes who gets a seat.

   The truth

   • What is really going on The US Labor Department wants every jobless claimant to log 5 job searches a week, at a time when employers are hiring slowly and 27.6% of the unemployed have looked for over 6 months. [1]
   • Why it works on people Calling a stricter rule a matter of integrity makes any objection sound like a defence of cheating. [1]
   • A Brookings paper found longer US benefits after 2008 raised unemployment by only 0.1 to 0.5 points. [6]
   • In June, Sonderling named California, New York and Illinois as the worst for fraud, without giving evidence. [2]
   • Who pays Jobless claimants in most US states — They would have to prove more searching every week before any payment, in a market with few openings. [1]
   • Who pays State unemployment offices — They would have to rewrite claim forms and computer systems, at a cost NELP puts at hundreds of thousands of dollars. [1]
   • Nobody knows yet

     How many claimants would lose benefits under the 5-search rule.

     CNBC's report of the proposal gives no estimate, and the 60-day comment period has only just begun. [1]

   • Nobody knows yet

     Whether the US Labor Department can impose the rule on the states at all.

     Michele Evermore says it is highly unusual to change state systems without clear direction from the US Congress. [1]

   What comes next

   The public can comment on the proposal for 60 days. [1]

1. 02

   Eleven US states add health-plan help

   What happened

   • At least 11 US states will pay part of some residents' health-plan bills in 2027, on top of federal help. [8]
   • The plans are sold on marketplaces under the Affordable Care Act, the US health law often called Obamacare. [8]
   • Rhode Island and Virginia are new to the list for 2027. [8]
   • California raised its fund from $190 million to $300 million, so 200,000 more people qualify. [8]

   Who is involved

   • Rhode Island new for 2027
   • Virginia new for 2027

   How it unfolded

   Extra federal help with these plans ended with 2025. [8] Average premiums then rose 58%, from $113 to $178 a month. [8]

   Enrollment fell 13% to 19.2 million people by February 2026. [8]

   1. 1 November sign-up opens
   2. 15 January sign-up closes

   Why it matters

   Experts say the state money could stop more people dropping their health cover. [8]

   The truth

   • States that gave their own help lost fewer members in 2026, says Justin Lo of KFF, a health research group. [8]
   • Nobody knows yet

     Whether states can keep paying their own health-plan help.

     Analyst Louise Norris says it depends on each state's budget. [8]

   Good news

   • New Mexico fully replaces the lost federal help, and was the only state whose sign-ups grew in 2026, by 14%. [8]
   • California raised its health-plan fund from $190 million to $300 million, so 200,000 more people qualify for help in 2027.

   What comes next

   Sign-up for 2027 plans runs from 1 November to 15 January in most states. [9]

2. 03

   Poundland cannot buy new stock

   What happened

   • Poundland, a UK discount chain, cannot buy new stock for its shelves. [10]
   • Its American owner, Gordon Brothers, has frozen about £50m in its bank accounts, the BBC understands. [10]
   • Its 600 shops are running out of goods. [10]
   • Poundland has until Thursday to find a rescue deal. [10] MPs will question Gordon Brothers in private on Wednesday. [10]

   How it unfolded

   Gordon Brothers bought Poundland for £1 last June. [10]

   1. Wednesday MPs question the owner
   2. Thursday rescue deadline

   Why it matters

   Poundland employs 11,000 people, and thousands of their jobs are at risk. [10]

   How it works

   Lawyers call it a conflict of interest: one party sits on both sides of a choice.

   A source said the owner's double role, as lender and as shareholder, limited Poundland's access to cash. [10]

   Seen it before

   A referee who also plays for one team cannot judge the match fairly.

   The truth

   • Gordon Brothers has made £18m from interest, fees and charges since it bought the chain. [10]
   • Who pays Poundland's 11,000 staff — Their jobs depend on a rescue deal while the shops run short of stock. [10]
   • Nobody knows yet

     Whether Poundland finds a rescue by Thursday.

     Its owner has frozen about £50m, and a source expects some funds to be released within two days. [10]

3. 04

   Northern Ireland school dinners rise again

   What happened

   • School dinners in Northern Ireland will cost more for the second time this year. [11]
   • A primary-school dinner will have gone from £2.60 to £3.40 since January. [11]
   • Secondary-school meals rise 15%, after a rise of nearly 20% in January. [11]
   • Northern Ireland's Education Authority says a meal costs over £5.20 to make. [11]
   • It hopes to save £20m this way, on top of £30m saved this year. [11]

   Who is involved

   Pupils who get free school meals are not affected. [11]

   Why it matters

   Head teacher Aine Leslie fears families with several children will struggle, especially before Christmas. [11]

   How it works

   Economists call a price kept below cost a subsidy: someone else pays the gap.

   Short of money, the Authority is moving more of each meal's cost onto parents. [11]

   Seen it before

   When a parent stops topping up pocket money, the child pays more of each treat.

   The truth

   • What is really going on Across the day, help with household costs is being pulled back, from US health-plan help to Northern Ireland's school dinners and Portugal's fuel tax cut. [8][11][21]
   • Children's commissioner Chris Quinn said children "did not create the financial crisis in education". [11]
   • Who pays Northern Ireland families with several children — They pay the higher price for each child, every school day. [11]
4. 05

   Australia's watchdog checks Black Friday ads

   What happened

   • Australia's consumer watchdog, the ACCC, is checking Black Friday adverts on websites, emails and social media. [12]
   • It will look for false storewide claims, fake countdown timers and made-up earlier prices. [12]
   • Deputy chair Catriona Lowe said retailers should not rely on fine print to change a sale's headline. [13]

   Who is involved

   • Catriona Lowe deputy chair, ACCC

   How it unfolded

   About 6 million Australians spent about $39 billion over last year's month of sales. [12]

   Six retailers, including Michael Hill and MyHouse, were fined $217,800 in all over two years. [13]

   Jeweller Michael Hill paid $19,800 for a 25% off sitewide sale that left items out. [13]

   Why it matters

   The watchdog says shoppers should be able to trust that advertised savings are real. [12]

   How it works

   The ACCC calls it a false sense of urgency: a deadline that is not real. [12]

   Timers pressure shoppers to buy now, the ACCC says. [12] They mislead when the offer runs past the stated end date. [13]

   Seen it before

   A friend saying a film is on for one night only, when it plays all week.

   The truth

   • Lowe urged shoppers to look at the final price, not the sale sign. [12]

1. 06

   Royal Mail letters go missing in a village

   What happened

   • A reader in a Somerset village told The Guardian they had just 2 letter deliveries in 3 months. [14]
   • The post held a bank card, notices of an overdue bill and a letter about a cancer test. [14]
   • The postman said the Bridgwater sorting office stopped letter rounds there to put parcels first. [14]

   Why it matters

   For this reader, late letters meant an unpaid bill and a delayed cancer test result. [14]

   How it works

   Why the smaller side of a market sets how many deals get done

   Economists call it the short side of the market: when jobs are fewer than jobseekers, the jobs set how many people get hired.

   The twist

   When openings are few, more applications from each jobseeker mostly decide who gets the jobs that already exist.

   The picture

   88,460Condo buyers

   vsvs

   197,248Condo sellers

   Step by step

   1. 1 Every deal needs both sides
   2. 2 One side is smaller than the other
   3. 3 Deals cannot outnumber the smaller side
   4. 4 More effort from the bigger side mostly decides who gets one

   The same force, elsewhere today

   Where this chain is also running, in today's other stories.

   • US condo sellers outnumber buyers

     There are about 88,460 buyers for 197,248 condos, so the buyers set how many sell, and sellers compete by cutting prices.

   • A new home valuation form raises fees

     Few valuers can yet use the new form, so their number sets how many valuations get done, and buyers pay more for each.

   • Royal Mail letters go missing in a village

     With too few staff for every round, staff numbers set how many rounds get done, and the letters on the rest wait.

   Where you've seen this

   Taxi queues at night

   with 50 people and 5 cabs, waving harder decides who rides, not how many

   School places

   more applications per family leave the number of seats unchanged

   Concert tickets

   fans clicking faster cannot add seats to the hall

   The catch

   Search rules can still speed up hiring where jobs are open and people were holding back, and economists disagree on how big that effect is.

   And the whole of it

   The jobseeker logging a fifth search, the clerk checking the log and the manager deciding whether to hire each see only their own step. Whether more people find work next spring rests mostly on how many firms choose to hire.

   The truth

   • Royal Mail denies putting parcels first. [14] It admits staffing pressures left some rounds undone in September. [14]
   • The UK's communications regulator is investigating claims from whistleblowers and unions that it does put parcels first. [14]

   What comes next

   Royal Mail says extra staff and training have improved its service in the past month. [14]

1. 07

   California's billionaire tax is declared lost

   What happened

   • California's vote on a one-time tax on billionaires, Proposition 40, was declared lost on Monday. [15]
   • It would have taken 5% of the wealth of 214 billionaires living there. [15]
   • Backers said it would raise over $100 billion, mostly for healthcare. [15]

   Who is involved

   Google co-founder Sergey Brin gave at least $132m to the campaign against it, filings show. [17]

   • Sergey Brin Google co-founder, biggest donor against

   How it unfolded

   1. Monday Prop 40 declared lost
   2. Still counting Prop 42 ahead

   Why it matters

   About 46% of California voters backed the tax. [16] Supporters such as Tom Steyer now want a national tax instead. [16]

   How it works

   Public finance calls this a mobile tax base: when the people taxed can move, a tax can push them away.

   A Stanford paper in October said it might bring in $30 billion, then lose $38.9 billion as people left. [15]

   Seen it before

   When a club raises its fees, the members who can easily join another club leave first.

   The truth

   • Spending against it was nearly $425m, The Guardian reports. [17] Business Insider says more than $300m. [16]
   • Who gains California's billionaires — Their wealth stays free of a state tax, and Proposition 42 may make a future one harder to pass. [16]
   • Nobody knows yet

     How much was spent against California's billionaire tax.

     The Guardian puts it at nearly $425m. [17] Business Insider says more than $300m. [16]

   What comes next

   Voters also seem to back Proposition 42, which would limit future taxes on wealth. [16] Votes are still being counted. [16]

2. 08

   California rejects faster building reviews

   What happened

   • California voters rejected Proposition 45, which would have sped up environmental reviews of homes and other projects. [18]
   • It lost about 56% to 44% in unofficial returns. [18]
   • Prop 45 would have capped full reviews at 365 business days and court cases at 270 days. [18]

   How it unfolded

   The reviews come from CEQA, a 1970 state law on how projects harm the environment. [19]

   Why it matters

   Backers saw the reviews as a costly hurdle to building homes. [18]

   The truth

   • Opponents tied the measure to data centres, which backers called a scare tactic. [18]
   • Housing groups California YIMBY and Abundant Housing LA did not endorse it. [18]

   What comes next

   The fight is expected to return to the state legislature. [18]

3. 09

   Pensions top Spain's election campaign

   What happened

   • Spain votes on 29 November, and pensions are at the centre of the campaign. [20]
   • Spain pays about 14,498 million euros a month in pensions, up 6.3% in a year. [20]
   • Some economists back an Austrian idea: firms pay 1.53% of pay into a fund the worker keeps. [20]

   Who is involved

   More than 9.5 million pensioners get an average of 1,380 euros a month. [20]

   Opposition leader Alberto Nunez Feijoo promises to raise pensions in line with prices. [20]

   • Alberto Nunez Feijoo leader, Partido Popular

   Why it matters

   Young workers pay in now and doubt they will get a pension back. [20]

   How it works

   Spain's state pension is pay as you go, like Austria's. [20]

   So the pensions of over 9.5 million people rest on the pay of 22.8 million workers. [20]

   Seen it before

   A club where this year's members pay for this year's trip saves nothing for later.

   The truth

   • Unions say the Austrian fund would make firing workers cheaper and more common. [20]
4. 10

   Portugal's fuel prices fall, but less than oil

   What happened

   • Petrol in Portugal fell 9.5 cents on Monday and diesel 9 cents, the biggest fall since March. [21]
   • A station in central Lisbon charged 1.92 euros for petrol and 2.13 euros for diesel. [21]
   • The ACP, Portugal's motoring club, said petrol should have fallen 12.5 cents. [21]

   How it unfolded

   Brent oil closed Friday at $98.68 a barrel, 13.32% lower than a week earlier. [21]

   Why it matters

   The gap came because Portugal's government trimmed a special cut in fuel tax. [21]

   Drivers got less of the oil price fall because the state kept more of it in tax. [21]

   Good news

   • Petrol in Portugal fell 9.5 cents on Monday, the biggest fall since March.

   What comes next

   Energy minister Maria da Graca Carvalho says further falls could be very slow. [21]

5. 11

   US condo sellers outnumber buyers two to one

   What happened

   • There were 123% more condo sellers than buyers in the US in September, Redfin estimates. [22]
   • Redfin, which tracks US home sales, says the gap is the widest in its records. [22] They start in 2013. [22]
   • Buyers fell to about 88,460, the fewest in at least 13 years, while sellers rose to 197,248. [22]
   • Rising insurance, building fees and repair charges make condos dearer to own, especially in Florida and Texas. [22]

   How it unfolded

   In September 2021 there were 25.1% fewer sellers than buyers. [22]

   1. 2021 fewer sellers than buyers
   2. Now 2 sellers per buyer

   Why it matters

   The typical condo sold for about $339,000, down 0.8% on a year earlier. [22]

   How it works

   Redfin calls a market where sellers outnumber buyers by more than 10% a buyer's market. [22]

   With 2 sellers for each buyer, buyers have more room to push for price cuts. [22]

   Seen it before

   When 10 children sell lemonade on one street, the few thirsty walkers set the price.

   There are about 88,460 buyers for 197,248 condos, so the buyers set how many sell, and sellers compete by cutting prices.

   The idea, in story 06: Why the smaller side of a market sets how many deals get done →

   The truth

   • Who gains US condo buyers who can afford to buy — With 2 sellers for each of them, they have more room to bargain the price down. [22]
6. 12

   US home permits stall in the Sun Belt

   What happened

   • US cities issued 968,187 home permits in the first 8 months of 2026, a study finds. [23]
   • That is about 2.83 permits per 1,000 residents, flat on 2025 but down 4.1% on 2023. [23]
   • South Carolina, Idaho and North Carolina lead the country in permitting new homes. [23]
   • Nevada fell furthest, from 12,662 permitted homes in 2025 to 8,986 this year. [23]

   Who is involved

   The study is by the Lied Center for Real Estate at the University of Nevada, Las Vegas. [23]

   • South Carolina top
   • Idaho near the top
   • North Carolina near the top

   Why it matters

   Nevada and North Dakota now permit fewer homes than their expected growth in households. [23]

   How it works

   Economists treat permits as an early signal: a permit comes before any building starts.

   Study co-author Nicholas Irwin says permits shape the home and rent prices people face in 18 to 24 months. [23]

   Seen it before

   Counting the seeds planted in spring tells you how big the autumn harvest can be.

7. 13

   A new home valuation form raises fees

   What happened

   • A new digital form for US home valuations became compulsory last week, set by Fannie Mae and Freddie Mac. [24]
   • A valuation, or appraisal, is the check a lender orders to confirm a home is worth what it lends. [24]
   • Valuers now fill in drop-down menus and checkboxes instead of long written notes. [24]

   Who is involved

   The buyer usually pays for it, typically a few hundred dollars. [24]

   Why it matters

   Faster checks could spare buyers 15-day rate-lock extensions costing $500 to $1,000 on a $450,000 loan. [24]

   How it works

   Few valuers can yet use the new form, so their number sets how many valuations get done, and buyers pay more for each.

   The idea, in story 06: Why the smaller side of a market sets how many deals get done →

   The truth

   • Clear Capital, a valuation firm, found fees rose an average $65 where the new form is used. [24]
   • A mortgage brokers' group says few valuers can yet do the new form, which pushes prices up. [24]
8. 14

   US reverse mortgages stay near a 10-year low

   What happened

   • Government-insured US reverse mortgages, called HECMs, rose 11% in October to 1,995. [25]
   • Even so it was the lowest October in at least 10 years. [25]
   • So far this year the loans are 3.19% below last year. [25]

   Who is involved

   Finance of America led with 460 loans, then Longbridge Financial with 362. [25]

   Why it matters

   The market for these loans remains near a 10-year low. [25]

   The truth

   • The US government shutdown in October 2025 disrupted the count, so the yearly comparison is unclear. [25]
9. 15

   US mortgage rates slip before price figures

   What happened

   • The average 30-year US fixed mortgage rate was 6.98% on Monday, Zillow figures given to NerdWallet show. [26]
   • That is below 7% and lower than a month ago. [26]
   • Redfin says rates dipped as investors bet less on a rate rise by the US central bank. [27]

   How it unfolded

   September prices were 3.7% higher than a year earlier, pushed up by petrol and fuel. [31]

   1. Tuesday October price figures
   2. 9 December rate decision

   Why it matters

   A low reading could lead the US central bank to skip a rise in December, Redfin says. [27]

   How it works

   Lenders price fixed loans on what they expect interest rates to do next.

   When investors expect fewer rate rises, the rates lenders offer fall. [27]

   Seen it before

   A shop sets today's price from what it expects to pay its supplier next month.

   The truth

   • Nobody knows yet

     How much US prices rose in October.

     The figures come out on Tuesday, after this edition. [27]

   Good news

   • The average 30-year US fixed mortgage rate slipped to 6.98%, lower than a month ago.

   What comes next

   US price figures for October come out on Tuesday. [27] The US central bank decides next on 9 December. [31]

10. 16

    Barnsley nursery staff strike over pensions

    What happened

    • Staff at 6 council nurseries in Barnsley, a town in Yorkshire, have gone on strike. [28]
    • The council, run by Reform UK since May, is moving the nurseries to private firms. [28]
    • Their union says they were told only 36 hours before the transfer that they would lose their council pension. [28]
    • Every member who voted backed the strike, on a 100% turnout. [28]

    Why it matters

    The staff say they are moving to a lower-value pension. [28]

    The truth

    • The council says legal advice found the staff no longer qualified for the local government pension scheme. [28]
    • It says the move protects jobs and cuts what council tax payers spend. [28]
    • Who pays Barnsley's nursery workers — They move to a lower-value pension than the council scheme they had. [28]
11. 17

    India's note ban, ten years on

    What happened

    • On 8 November 2016, India withdrew all 500 and 1,000 rupee notes overnight. [29]
    • In 2018 India's central bank reported that 99.3% of the cancelled notes came back. [29]
    • Cash in use grew from 17.97 trillion rupees in 2016 to 43.15 trillion in October 2026. [29]
    • UPI, India's phone payment system, handled 241.6 billion payments in 2025-26. [29]

    How it unfolded

    Millions queued at banks for hours to change their savings. [29]

    Why it matters

    Critics told DW the cash shortage hit the poor and cash-paid workers hardest. [29]

    The truth

    • Economist Arun Kumar says the government wrongly assumed hidden wealth was mostly kept in cash. [29]
    • Economist Lekha Chakraborty says digital payments were already growing before the note ban. [29]
12. 18

    UK braces for a January energy bill jump

    What happened

    • UK energy bills are expected to jump in January by the most in 4 years. [30]
    • Ministers are weighing how to respond, the BBC reports. [30]

    Who is involved

    Energy Secretary Miatta Fahnbulleh says keeping bills affordable is her overriding aim. [30]

    • Miatta Fahnbulleh UK energy secretary

    How it unfolded

    UK homes pay some of Europe's highest electricity prices. [30]

    Why it matters

    Bills rose with green power subsidies and with gas prices pushed up by conflicts. [30]

    The truth

    • She says homegrown renewables and nuclear will bring bills down in the long term. [30]
    • Reform UK and the Conservatives blame green subsidies for higher costs. [30]
13. 19

    Democrats promise help with US living costs

    What happened

    • After winning the US midterm elections, Democrats in the US Congress promise relief on living costs. [32]
    • Democrats want to end Trump's tariffs, which cost the average US household $1,110 this year. [32]
    • They also promise to undo cuts to health-plan help and Medicaid's new work rules. [32]
    • The Guardian expects Trump to back some bills, such as curbs on credit card interest rates. [32]

    Who is involved

    Senator Chuck Schumer told cash-strapped Americans that relief is on the way. [32]

    • Chuck Schumer US senator, a Democrat

    How it unfolded

    1. Now lame-duck months
    2. Early January new Congress sworn in

    Why it matters

    Trump can veto bills he dislikes, so most changes need some Republican votes too. [32]

    The truth

    • How and when any relief arrives is still unclear, The Guardian reports. [32]

    What comes next

    The new US Congress is sworn in in early January. [32]

14. 20

    A think tank wants training money for young jobless

    What happened

    • The Resolution Foundation, a UK think tank, wants training money moved to young people out of work. [33]
    • It says shifting the apprenticeship levy towards the young could free about £1.5 billion. [33]
    • Ending levy money for degree apprenticeships could save up to £240 million a year more. [33]
    • More than two-thirds of levy-funded degree apprentices are over 25, its research shows. [33]
    • Four in five older apprentices already worked for their employer before starting. [33]
    • Willetts says degree apprentices could pay tuition with loans, like other graduates. [33]

    Who is involved

    David Willetts set out the plan in a public letter for the Resolution Foundation. [33]

    • David Willetts signed the letter

    How it unfolded

    The Growth and Skills Levy is charged on employers to pay for training. [33]

    Why it matters

    The money would go on training for young people not in work, education or training. [33]

15. 21

    Australian drivers wait for cheaper oil to reach pumps

    What happened

    • Brent oil was about US$93 a barrel on 10 November, down from US$111.9 a week earlier. [34]
    • Australian pump prices may take time to follow it down, ABC reports. [34]
    • Average unleaded petrol ran from $2.25 a litre in South Australia to $2.65 in the Northern Territory. [34]

    Who is involved

    Ian Jeffreys, of the Queensland motoring club RACQ, says city stations should pass on the fall in the coming days. [34]

    • Ian Jeffreys RACQ, Queensland's motoring club

    How it unfolded

    1. October Chalmers warns
    2. 2030 prices back to normal, maybe

    Why it matters

    Towns outside the cities may wait weeks, because their older, dearer fuel must sell first. [34]

    How it works

    Economists call it rockets and feathers: pump prices go up fast and come down slowly.

    Suppliers buy oil at the new prices, then pass costs down the chain, says UNSW's Daniel Prior. [34]

    Seen it before

    A shop that put prices up the day its costs rose can wait a month to cut them.

    The truth

    • Jeffreys says fuel companies are keeping some of the savings to lift their margins. [34]

    What comes next

    Australia's treasurer, Jim Chalmers, warned in October that oil prices might not return to normal until 2030. [34]