today for maria bartiromo on sunday morning futures and sean joins us now. good morning and congratulations, you re hosting sunday morning futures. tell us let s talk inflation. that s a big topic right now. which is what we re going to cover on the show today. i don t know about will and texas but i know pete growing up in minnesota, us in wisconsin, we take vacations, might go cam camping, go to the national parks, see families, these are trips families take that are unaffordable. $4.61 a gallon. i remember looking at $4.10 a gallon as almost being unaffordable. prices continue to go up. i m not sure how pete will drive the rv back to new jersey, it gets seven miles to the gallon. it s become unaffordable. i think more americans are more outraged because is truly having an impact on their lives, on their families and on their
and so i think that s something that we can t be afraid to talk about the pete: there were warning signs across the board rachel: yes, there were. pete: both public and private that adults around him should have seen and confronted. will: all right, fox news alert, gas prices jumping overnight reaching new record high up to $4.61. rachel: and this as more than 39 million americans are hitting the road and the skies this memorial weekend. pete: griff jenkins joins us live from washington with more details. reporter: brace yourself, pete, will and rachel, there s pain out there on the holiday road, and there s really nowhere safe in the country to escape the misery. take a look at now. gas prices topping $4 in every state with the entire west coast you see there getting hit the worst, they re over $5 while states like new york, pennsylvania, illinois and arizona also above the national average. and it s hitting d.c. as well. check it out. i took a picture yesterday when
the office for national statistics said the biggest contributor to rising inflation was transport, with average petrol prices rising by 12.6p per litre between february and march, the largest monthly rise since records began in 1990. our economic correspondent andy verity has more. we re seeing these big increases in the price of petrol and diesel. in fact, according to the office for national statistics, they are at record highs right now. a litre of unleaded is on their average about £1.61 a litre, and a litre of diesel is about £1.70, the highest they have ever been. also the rise since last year is about 30%. you cannot have that happening without it having knock on effects. as we were hearing there, the price of containers, and generally, the price of raw materials, is going up at record rates. we saw a 19% increase in the prices manufacturers pay for raw materials. sometimes they can absorb those fluctuations, but it is too much, they have to pass it on to consumers. that is wh
new jersey. these are the guys who first have to pay those high crude oil prices over $95 a barrel now on the new york future exchanges and of course that translates to everybody, you and me at home who drives a car. take a look at the latest numbers on what you are paying. $3.61 now. up almost a dime in the last week. and everyone expects that it s going to rise even more. why? well, it s because the screws are being tightened over there. for example, the folks at bp now pulling out from a joint venture that they had with the big russian oil company. it s going to cost them, they think, about $25 billion to do so. but they are doing it and so is the royal dutch shell as well joint venture also going away. now, to be sure, the u.s. is still the world s largest oil producer. if you look at the monthly production we produce about 11.4 million billion
according to aaa the average price of a gallon of gasoline here is $3.61. that s up from 25 cents a month ago, 89 cents a year ago. jeff flock of fox business is live at a new jersey refinery with more on the effects the ukraine invasion will have on energy markets here. jeff, this is just the beginning. i think so, harris. clearly everyone believes gas prices are going even higher. here at the refineries, the refinery here in new jersey. the first place they feel the cost of a crude barrel of oil now about $95 on the futures markets. the u.s. remains the largest producer of oil in the world. look at the latest numbers on pumping. in october we pumped 11.47 million barrels of oil here in the u.s. a million barrels more than