if a conflict in ukraine damages oil infrastructure, if vladimir putin decides to halt exports in retaliation, gas prices in the u.s. already at an eight-year high of $3.52 per none for regular could spike. the last time we saw oil prices that high was 2014. and that translated into gas prices of about 3.70-something per gallon. sow could imagine, you will see something similar today. reporter: other prices for energy could rise as well. think about heating your home, keeping the lights on. a plane flight, driving to work will get more expensive. reporter: overall, inflation could get worse as businesses raise prices to offset higher energy costs and some goods or materials may see price volatility and interest rates could also go up faster. when interest rates go up, your debt payments on everything from your home to your car to education to really any kind of did he tell you might have,
will work to limit the impact that americans feel from gas prices at the pump. so, let s talk about $100 a barrel, you know or that translates to for the average american, nationwide, an average gallon now costs $3.52, it was just $2.60 last year. we have heard reports if you go over $4. folks in california, bracing for potentially six dollar a gallon gas. russia as you know, the third largest provider of oil to the u.s., ahead of saudi arabia. first of all, are those legitimate concerns, is there anything president biden can do legitimately, what tools does he have on hand to make sure that does not become the worst case scenario? yes, the concerns are absolutely legitimate. so, or president biden and the white house, where they ve been doing with the administration, is working with other countries to strategically coordinate the release of additional oil
FOXNEWS FOX and Friends February 21, 2022 11:52:30 archive.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from archive.org Daily Mail and Mail on Sunday newspapers.
i think the biggest difference between today and the early 80s is the jobs market, which is just on fire right now. unemployment rate down to 4% right now. back then, it was almost it was actually more than double that. it was 8.6%. inequality is one area where today s economy doesn t look as good, actually, as it did then. top 1% in 1989, which is as far back as we can go for these stats, the top 1% owned four times more wealth than the bottom 50%. today, the top 1% owns 12 times more. so the fact that inequality is getting worse certainly is not helping the mood of the economy right now. that is such interesting context, just to see how much worse it was in many ways in the 80s. what about gas prices? so that s a big one because arguably, there s no stat that is hurting the president s approval numbers as much as the fact that gasoline prices are very high. the national average at $3.52. today that is a seven-year high but if you adjust for inflation,
entire campaign criticizing secretary clinton for a few e-mails. i mean, it needs to be investigated not just by our committee, which it will, but by the justice department, these are very serious matters. we re having a little bit of a connection issue, but i m going to try to squeeze in one more question about the economy here with the national average for a gallon of regular gas is what, $3.52, as prices remaining high, there s some democratic lawmakers who want that federal gas tax holiday through the end of this year, through 2022. do you agree with that and i m wondering how big of an effect that could have. critics are saying this is a political move. i m for all options on the table to provide relief, and i ll support what the president decides, and i think the one