nbc s tom costello has been looking into that. tom, have we seen any impact yet? reporter: lester, good evening. pump prices today are stable, but most analysts do predict we will see gas prices jump like 10 to 25 cents a gallon over the coming weeks as saudi arabia tries to recover from the attacks. the national average right now $2.55 a gallon it will be a lot more out on the west coast, less down south. here is good news, we are now paying on average 30 cents less per gallon than a year ago. in addition, the united states now produces more oil than saudi arabia that makes us far less dependent on foreign oil than we were in years past. president trump said he ll tap the petroleum reserve if necessary to stabilize gas prices however, the united states pump prices are going to be exposed to and vulnerable to the world oil market if there s another attack, that could send pump prices even higher
time now for our index and a fiery car rescue caught on camera near auburn, georgia. police responding to a single vehicle crash. the suv on its side, already engulfed in flames and with the driver trapped inside. the officers kicking out the windshield and pulling her to safety. everyone is going to be okay tonight. and two people injured when a hot air balloon lost control on a landing in austria. take a look at this. eyewitness video showing a gust of wind lifting the balloon back into the air. the pilot and a passenger then crashing out of the basket before the balloon finally came to a rest. a medevac flown in. both suffered minor injuries, but are expected to recover. and good news for drivers getting away this holiday weekend. the national average price at the pump, just $2.55 per gallon heading into the weekend. that s 30 cents cheaper than one year ago and the lowest labor day price since 2016. the cheapest state, louisiana, at just $2.15. not bad. and this is the summer
decision but then they fell. the s&p 500 declined slightly, the nasdaq closed with a small gain. bank stocks fell on concerns about the weaker growth outlook. and new this morning china s ministry of commerce announced a trade delegation will be in beijing for two days of talks on march 28 and a chinese delegation will be in washington in early april. u.s. oil prices hit a milestone wednesday, briefly touching 60 bucks a barrel for the first time since november. crude closed 1.4% higher. the rebound reflects the effectiveness of a strategy by the saudi arabia led opec. they agreed last year to sharp production cuts in response to a supply glut. now havingen a impact at the gas pump. national average price for a regular gallon, $2.55. that is up about 12% this year. unicorn parade is coming.
neil: he s great. as are you. and i m looking at mortgage rates and people say where are we going with mortgage rates? sounds like they re not going to budge. mortgage rates will come down more given where the bond market closed out the day. we re at the ten-year yield. 2.53%. that goes below the armageddon 2.55 level of december. as we saw this morning the mortgage bankers association, applications to purchase a home were flat year over year. that is indicative of the fact that even with falling mortgage rates, you re not getting the traction jay powell is not getting the traction he would like to see out of residential housing. that is signalling with all due deference to alan, potentially a weakening in the economy. neil: he doesn t need any deference. thanks both very much. we are following developments including this, new message from democrats to all of you high school students out there. you re 16, you re beautiful and
in worst case scenario. if you look neil: the average is 16 to 18, right? 15.7 to be exact. neil: you re close. right. 14, we re splitting hairs here. 14 times earnings. dividend yields going up. revenue going up 5%. i feel like look outside, we re not going to a recession. so i think we re at a point here that it s this big dislocation of what the economy is doing and what the market is doing. investors were thinking this when they said it in 2006, too. i also field that neil: does it feel like that to you? could be the 20% correction that comes back strongly. we had that with the euro crisis. what has made the stocks cheap, not just the 20% drop, interest rates have gone to 2.55. that is a very dramatic we re going to a recession. apple almost yields that much