CBS News
The “Galaxy Gas” trend whipping up controversy on social media
“Galaxy Gas” is a new spin on an old drug — nitrous oxide, also known as laughing gas or by the nickname “whippets.” Marketed in colorful cylinders as whipped cream chargers, with flavors including “mango smoothie” and “vanilla cupcake,” these pressurized nitrous oxide products are intended to be sold for culinary use. Galaxy Gas is just one of many nitrous oxide brands, and on social media the name has become a catchall term for nitrous oxide products featured in hundreds of videos showing young people inhaling the gas to get high, with potentially dangerous consequences.
Dr. Madeline Renny, a pediatric emergency medicine physician at Mount Sinai Health System in New York City, warned that even a single use of the gas could lead to significant health concerns or even prove fatal.
“There can be a range of symptoms, from headache, lightheadedness, palpitations, passing out, and then in some cases, death,” Renny said. In the U.K., the 2023 death of a college student has been linked to nitrous oxide, BBC News reported.
The trend gained popularity online in recent months, as video game streamers, influencers and musicians featured nitrous oxide in their content. CBS News Confirmed found dozens of videos depicting people inhaling nitrous oxide on TikTok, YouTube and X (formerly Twitter) with views in the hundreds of thousands. In some videos, the gas is inhaled as part of a challenge or social media dare. Other videos feature songs dedicated to the high from the gas.
Misuse of the gas has become so prevalent that several musicians, from rapper Lil’ Gnar to singer SZA, have spoken out against it. SZA tweeted a warning that it causes brain cells to die and “is being MASS marketed to black children.”
In response to concerns, some platforms have taken action to try to limit the spread of videos featuring people using Galaxy Gas. YouTube, which says it “doesn’t allow content that encourages dangerous or illegal activities,” has age-restricted some videos, and TikTok now sends those searching for #GalaxyGas to a warning and resources about substance abuse. But in reality, users can circumvent those restrictions by slightly adjusting the search terms. Searches for “Galaxy Gas” and slightly different wordings like “galaxy gass” and “nitrous gas” still show videos of people inhaling the products and there are still numerous unrestricted videos of people using the gas on YouTube.
Nitrous oxide gas is easily accessible
Various brands of nitrous oxide canisters can easily be bought online from major marketplaces including Walmart, Amazon, and Ebay. But Megan Paquin, a spokesperson for the company that makes Galaxy Gas, told CBS News that sales were stopped on Sept. 19, “out of an abundance of caution due to the social media trend,” and a number of major online retailers now list it as out of stock.
Though most stores require users to be over 18 to order them, they’ve still made their way into the hands of many teens.
Nationally, more than 25 million people over the age of 12 may have tried inhalants, according to a survey from the Substance Abuse and Mental Health Services Administration. And data shows adolescents from 12-17 more commonly use whippets than those who are 18 and older.
Renny called the wave of social media accessible to younger kids alarming, saying young people often have a lower perception of the risk and that a product’s packaging may inspire them to try it.
“Any time there are bright colors or designs that are appealing to youths, that’s going to make them want to try something more,” said Renny. “Whereas if something was boring, someone might not be as interested in using it.”
The Food and Drug Administration regulates nitrous oxide as a food product, considering it to be generally recognized as safe to consume properly when of suitable purity. Misuse of the gas is considered a crime in many states.
Who owns Galaxy Gas?
According to records obtained by CBS News, Galaxy Gas, LLC was founded in 2021 and registered to Khalil Amor, who is also listed as co-owner of a chain of smoke and vape shops that boasts more than 65 locations. After the product began to trend on social media, Galaxy Gas placed a disclaimer on its website warning that it is illegal to use their products as an inhalant.
“While Galaxy Gas has been the focus of many news reports and social media videos, many of the videos show individuals misusing other, unrelated nitrous oxide products. Galaxy Gas is neither the only nor the largest nitrous oxide brand,” Paquin said.
The nitrous tanks featured in online videos come in large sizes, some exceeding 1 liter, which could provide thousands of servings of whipped cream if used for culinary purposes. When asked in what situation someone would need that much whipped cream, Paquin stated the product was sold in vape and sex shops because it was intended as an “erotic culinary lubricant” and that some people may require that much for their purposes.
What to do in an emergency
In an emergency situation, if a person suspected of using inhalants is unconscious, Renny says the first step is to administer CPR and then to call 911 for assistance.
Another important preventative measure is simply to have open conversations with young people about the trends they encounter online.
“Physicians, schools and parents can all be involved,” said Renny. “Especially in light of social media trends that we know have been dangerous.”
The crackdown on Galaxy Gas and other nitrous oxide content only came after multiple calls for change from celebrities, influencers and parents. As dangerous social media trends continue to emerge online, parents and medical professionals will have to remain vigilant and look out for potentially harmful information on the apps kids use daily.
contributed to this report.
CBS News
Israeli Prime Minister Benjamin Netanyahu fires his defense minister, Yoav Gallant
Israeli Prime Minister Benjamin Netanyahu on Tuesday dismissed his popular defense minister, Yoav Gallant, in a surprise announcement that came as the country is embroiled in wars on multiple fronts across the region.
Netanyahu and Gallant have repeatedly been at odds over the war in Gaza. But Netanyahu had avoided firing his rival. Netanyahu cited “significant gaps” and a “crisis of trust” between the men in his Tuesday evening announcement.
“In the midst of a war, more than ever, full trust is required between the prime minister and defense minister,” Netanyahu said. “Unfortunately, although in the first months of the campaign there was such trust and there was very fruitful work, during the last months this trust cracked between me and the defense minister.”
In the early days of the war, Israel’s leadership presented a unified front as it responded to Hamas’ Oct. 7, 2023, attack. But as the war dragged on and spread to Lebanon, key policy differences have emerged. While Netanyahu has called for continued military pressure on Hamas, Gallant had taken a more pragmatic approach, saying that military force has created the necessary conditions for a diplomatic deal that could bring home hostages held by the militant group.
Gallant, a former general who has gained public respect with a gruff, no-nonsense personality, said in a statement: “The security of the state of Israel always was, and will always remain, my life’s mission.”
Gallant has worn a simple, black buttoned shirt throughout the war in a sign of sorrow over the Oct. 7 attack and developed a strong relationship with his U.S. counterpart, Defense Secretary Lloyd Austin.
A previous attempt by Netanyahu to fire Gallant in March 2023 sparked widespread street protests against Netanyahu. He also flirted with the idea of dismissing Gallant over the summer but held off until Tuesday’s announcement.
Gallant will be replaced by Foreign Minister Israel Katz, a Netanyahu loyalist and veteran Cabinet minister who was a junior officer in the military. Gideon Saar, a former Netanyahu rival who recently rejoined the government, will take the foreign affairs post.
Netanyahu has a long history of neutralizing his rivals. In his statement, he claimed he had made “many attempts” to bridge the gaps with Gallant.
“But they kept getting wider. They also came to the knowledge of the public in an unacceptable way, and worse than that, they came to the knowledge of the enemy – our enemies enjoyed it and derived a lot of benefit from it,” he said
CBS News
What will happen to home equity loan rates after this week’s Fed rate cut?
Interest rates are on the decline. Or at least the federal funds rate is. That seems to be the confusing but somewhat accurate interpretation in recent weeks after the Federal Reserve issued its first cut to the federal funds rate in more than four years in September. Cut to a range between 4.75% to 5%, the expectation was that rates on borrowing products would soon ease. While mortgage rates did temporarily drop in the month, they rose again by close to a full percentage point in October. And credit card interest rates, admittedly influenced by a complex series of factors besides just the federal funds rate, just hit a record 23% last week.
Against this backdrop, then, prospective home equity borrowers may be wondering about the future of home equity loan interest rates. Specifically, what will happen to home equity loan rates after this week’s Fed rate cut? That’s what we’ll break down below.
See what home equity loan interest rate you qualify for here.
What will happen to home equity loan rates after this week’s Fed rate cut?
The average home equity loan interest rate is 8.35% right now. And while that could certainly fall if the Fed issues a 25 basis point cut to the federal funds rate as expected on Thursday, it’s unlikely that home equity loan rates will change dramatically once the meeting has concluded. Here are three reasons why:
Lenders may have already made adjustments: A Fed rate cut this week is essentially a certainty (the CME Group’s FedWatch tool has it pegged at over 99%). Understanding this, many lenders may have already priced this presumed cut into what they offer borrowers. Remember that mortgage rates, for example, actually hit a two-year low before the Fed formally issued a rate cut in September. Home equity loan lenders may have done the same thing here.
See what home equity loan rate offers are available now.
The Fed doesn’t directly dictate home equity loan rates: Can the Federal Reserve influence home equity loan rates? Sure. But they can’t and won’t directly dictate what lenders can offer borrowers. So even if there is a 25 basis point reduction this week, don’t expect home equity loan rates to fall by the same margin. If there’s a 50 basis point cut, however, then rates may fall more significantly.
Market conditions also play a role: The Fed’s actions (or lack thereof) are only one component in a series of factors that affect home equity loan interest rates. Economic growth considerations, like the unemployment rate and inflation, also play a major role in what lenders ultimately offer borrowers. And figures there have been mixed lately with unemployment in October poor while inflation continues to drop closer to the Fed’s preferred 2% target. With these additional factors moving in opposite directions, then, it may negate any additional significant reductions in home equity loan rates, at least temporarily.
The bottom line
Home equity loan rates, in theory, could fall after this week’s Fed rate cut. But that drop is unlikely to be significant and, for many borrowers, that cut may already be preemptively priced in with their current lender offers. Still, the rate climate is evolving and home equity loan rates are significantly cheaper than many alternatives. So it may still make sense to pursue this unique borrowing option now while looking for an opportunity to refinance your loan to a lower rate in the future.
Have more home equity loan questions? Learn more here.
CBS News
Why you should open a CD even as the Fed continues to cut rates
After an aggressive rate hike campaign in which Americans saw the federal funds rate rise from near zero to over 5%, the Federal Reserve is positioned this week to issue its second rate cut of the year. Following a 50 basis point cut in September, the federal funds rate dropped to a range between 4.75% to 5%. And after the Fed concludes its November meeting, that rate is widely expected to fall to a range between 4.50% to 4.75%. While a 25 basis point reduction will have a minimal effect on borrowers, it could cause many savers to reconsider their options, if they haven’t already.
In this climate, many savers may be pondering the benefits of opening a certificate of deposit (CD) account, specifically. Rates on these accounts surged in recent years alongside the federal funds rate, giving savers a safe and effective way to earn a significant return on their money. But now, with the second rate cut in three months set to be issued (and another likely for when the Fed meets again in December), some may be wondering if a CD is still worth opening. Below, we’ll break down three reasons why you should consider opening one now, even as the Fed continues to cut rates.
See how much more you could be earning on your money with a top CD here.
Why you should open a CD even as the Fed continues to cut rates
Not sure if it’s worth opening a CD in the face of looming rate cuts? Here are three reasons why it may still be worth doing right now:
Rates are still elevated (if slightly lower than what they were)
Sure, rates are falling. But they haven’t dropped so dramatically to render CD accounts useless. Remember, CD interest rates follow what the Fed does but they don’t mirror it directly. As such, you can still find a CD with a rate close to 5% right now. And additional cuts in the form of 25 basis points will have a small but gradual influence on the savings rate climate, meaning that it will take time for CD rates to significantly decline. Now is not yet that time.
Your money could use the extra layer of protection
With interest rate cuts being issued, unemployment data uneven, inflation falling and geopolitical tensions and concerns over the U.S. presidential election prominent, there are a variety of factors contributing to economic volatility right now. In circumstances like these, then, it’s beneficial to add an extra layer of protection for your money.
And a CD, with its fixed interest rate, can offer just that. Not only will you not need to worry about adverse market conditions affecting your CD account, you’ll also be able to budget with accuracy by knowing exactly how much interest you’ll earn upon account maturity.
Your window of opportunity is (slowly) closing
This may seem obvious but is worth reiterating. The window of opportunity to earn today’s elevated rate is closing. It’s important to remember that CD rates were under 1% just a few years ago. And while no one is predicting that rates will fall that low anytime soon, as noted above, they are on a downward path.
It doesn’t make sense, then, to wait for rates to fall further, particularly if you have a sum of money that you can comfortably afford to deposit into a CD right now. Just remember to only deposit an amount that you can leave in the account until maturity or you’ll risk having to pay a costly early withdrawal penalty to regain access.
The bottom line
CD account rates are on the decline, but not so dramatically or so rapidly that savers can’t still earn a major return on their money right now. But with another rate cut likely in just days and additional ones possible for December and into 2025, savers should act promptly before this window of opportunity fully closes. It took years, after all, for these CD rates to rise as high as they currently are. It makes sense, then, to open one while you still can.