Turn up Harry Styles’s “As it Was,” and scroll through the online conspiracy that Queen Elizabeth was reborn as Trisha Paytas’s baby, because it’s 2022 again. The average price of gas in the US reached $4.02 yesterday, surpassing $4 per gallon for the first time in four years, according to AAA.

Since the US and Israel launched attacks on Iran about a month ago, energy supply chains have buckled. US gas prices have jumped 35% from just under $3 before the war started on Feb. 28.

States along the West Coast saw the biggest increases (California hit $5.91 per gallon yesterday). Consumers in states that haven’t felt the crunch quite as hard could still be faced with rising fertilizer and food costs: Every 10% rise in fuel prices could push food costs up by 2-3%, according to the New York Times.

Everyone is scrambling to soften the blow:

• The Trump administration promised to release 172 million barrels of oil from the country’s strategic reserves, removed sanctions on Russian oil, and nixed a maritime law to help ease supply chains.
• The EPA also loosened regulations that require a cleaner blend of summertime gasoline.
• Delivery and ride-share companies are increasing gas rebates for drivers.
• Many consumers are also reconsidering summer travel plans since gassing up the motor home might max out the Visa.

Gas it up. The rapid climb at the pump is a reminder of a war that a majority of Americans already feel has gone too far. Americans typically blame the president for soaring gas prices, but leaders rarely have control of those costs, especially in cases involving natural disasters, like a hurricane hitting the oil-rich Gulf of Mexico. Experts trace this current rise in prices, however, directly to the conflict in Iran, which President Trump argued is “a small price to pay for U.S.A., and World, Safety and Peace.”—MM

McCormick bought Unilever’s food business for $45 billion. In the biggest news to hit the condiment industry since people realized mayo is a better crisper than butter for grilled cheese, spice giant McCormick—owner of Old Bay, French’s, and Frank’s RedHot—acquired Unilever’s food division in a deal worth ~$45 billion, the companies announced yesterday. About 70% of Unilever’s food sales come from mayo brand Hellmann’s and soup company Knorr, which will become part of McCormick’s portfolio, if approved by regulators. Unilever’s shedding of its food business comes as packaged food companies slim down in response to inflation and changing consumer habits.

SCOTUS ruled against Colorado’s conversion therapy ban. In an 8–1 decision, the Supreme Court sided with a Christian counselor, who argued that Colorado’s ban on the controversial talk therapy for LGBTQ+ kids violates the First Amendment. The high court did not technically strike down Colorado’s ban, but said it raises free speech concerns and sent the case back down to a lower court (where it’s expected to be nullified). Colorado Attorney General Phil Weiser called the decision a “setback” for efforts to protect children from “harmful and discredited mental health practices.” More than 20 other states have similar laws.

Whoop tripled its valuation to $10 billion. Whoop, there it is. The fitness-tracking wearable company endorsed by LeBron James, Michael Phelps, and other world-class athletes raised $575 million in its latest funding round, nearly tripling its most recent valuation of $3.6 billion. Among the new investors was the medical device giant Abbott, which Whoop CEO Will Ahmed said is part of the company’s broader push into health. According to Whoop, bookings increased 103% last year, and the company now has more than 2.5 million members.—AE

Allbirds, the trendy wool shoe company that made headlines in 2021 with a $4 billion valuation on its first day of trading, agreed to sell all of its assets for $39 million yesterday to American Exchange Group, the owner of the Ed Hardy brand.

Popular among people who call themselves disruptors on LinkedIn the Silicon Valley crowd, Allbirds embarked on a precipitous fall not long after an IPO that raised $348 million, enabling the company to grow too big, too fast:

• The eco-friendly shoemaker expanded to 60 brick-and-mortar stores globally by the end of 2023. Now, it will shutter all but two outlets and two retail spots.
• It also introduced new products that didn’t sell. That included leggings, which the company discovered were see-through after ordering tens of thousands in 2022. They were discontinued a year later.

Allbirds ended every year as a public company in the red, per FactSet. Sales fell from a high of $297.8 million in 2022 to $189.8 million last year.

Wild ride: After word of the sale broke, the share price jumped 36% after hours on Monday, then plummeted as much as 16% during mid-day trading yesterday before finishing slightly up at close.

Next step: Allbirds will seek shareholder approval for the sale at the end of this month. The deal is expected to close in Q2.—DL

Finally, “to the moon” talk has nothing to do with a meme coin. Weather permitting, NASA is sending a crew of four astronauts today to circle the moon in a historic launch that will see the first woman, person of color, and non-US citizen leave low Earth orbit.

Three Americans and one Canadian will orbit Earth’s little neighbor before returning home. The 10-day trip is a key step in NASA’s $100 billion Artemis program to ultimately put humans back on the lunar surface, which has been plagued by years of contractor woes.

Testing, testing

Today’s $4 billion liftoff is a major test for the tech involved, like Boeing’s Space Launch System (SLS) rocket and Lockheed Martin’s Orion capsule. Originally planned for February, it was scuttled by SLS malfunctions. Meanwhile, SpaceX is trying to shake off deadline concerns about its lunar lander for upcoming missions, as Jeff Bezos’s Blue Origin races to develop a competing spacecraft.

If all goes well…

• NASA aims to test docking Orion to either SpaceX’s or Blue Origin’s lander in orbit next year, and then have humans leaving jumbo shoemarks on the moon as early as 2028.
• Eventually, the space agency aspires to establish a permanent moon base, which it sees as a launch pad for Mars exploration amid a space race with China.

Tune in…to watch the sendoff.—SK

Apple is now old enough for doctors to recommend it get the shingles vaccine. The iPhone maker celebrates its 50th anniversary today—an impressive milestone for a company that was founded in a garage and had to survive the flop of Argylle.

Here’s a snapshot of The House That Jobs Built at 50:

• Market cap: $3.7 trillion
• Active devices: 2.5 billion
• Full-time employees: 166,000
• Your iPhone battery: somehow already down to 37%

One more thing...Investing GOAT Warren Buffett gave Apple some birthday props yesterday when he admitted that he sold his stake in the company too early.—AE