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on. gasoline prices appear to be creeping back up. $3.52 a gallon on average a month ago. $3.74 a week ago. $3.83 is the current average. what does that tell you during this major summer travel season, mitch? last week i think it was over the weekend opec announced they would cut back production and i immediately jumped on twitter and said, here we go. certainly the oil exists on the planet, is just a matter of getting it out of the ground and getting it in the form of gasoline. it is certainly inflationary. it is something that everybody feels. inflation slowing down to 3% for consumers, that is not the case when they are paying $0.50 more at the pump. it may be another $0.50 after that if opec continues to cut production. downgrading from aaa to aa. why does that matter, mitch?
hour of work. that s 40 plus% improvement. shannon: software restarted when he took office is chosen third incense account and out $3.69 since a gallon but we are still in less than two years and worse place. yes. it depends on what your benchmark is. so, if we were talking about a year ago or at its peak we had a barrel of oil of 120 a barrel. it is now i think 77 a barrel. we had gas north of $5.52 a gallon. now it s about $3.60 a gallon part we are moving in the right direction. i think that is the key thing with all of the stresses that american households have had to deal with the key factor behind bidenomics is not only are removing at the right direction, we are doing it with a real speed while maintaining a tight labor market. as you know i ve been in economist in this town for a bunch of years. i have never seen an economy where you get six points off of inflation, two thirds down
hour of work. that s 40 plus% improvement. shannon: software restarted when he took office is chosen third incense account and out $3.69 since a gallon but we are still in less than two years and worse place. yes. it depends on what your benchmark is. so, if we were talking about a year ago or at its peak we had a barrel of oil of 120 a barrel. it is now i think 77 a barrel. we had gas north of $5.52 a gallon. now it s about $3.60 a gallon part we are moving in the right direction. i think that is the key thing with all of the stresses that american households have had to deal with the key factor behind bidenomics is not only are removing at the right direction, we are doing it with a real speed while maintaining a tight labor market. as you know i ve been in economist in this town for a bunch of years. i have never seen an economy where you get six points off of inflation, two thirds down
percent. markets coming up after a strong jobs report. and a critical debt ceiling agreement. dow nasdaq finishing 2% higher. the s&p notching its best week since march. inflation, gas prices steadied overnight at $3.52 per gallon. data and weekly jobless claims intact this week. we ll keep a closer eye on the developers conference that happens later today. while some products have gotten cheaper at the grocery store lately americans are feeling inflation hit the wallets. course to the usda, food prices are expected to increase 6.3% in 2023 and one item in the spotlight. beef. a recent wall street journal arm noting that beef prices have climbed 20% since 2020 and they could go higher. let s bring in an economist from the europe federation.