all right your number $4.21 average gallon of milk in the u.s. price of milk top. expensive to produce because of rising cost of buying cattle, animal feed, farm labor. and not just milk prices high. grocers cost nearly 12 percent more than they did a year ago. markets around the world this thursday morning, european stock markets are glower. global recession risk nagging concern. asian shares mix. stock and futures leaning down
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some nay sayer. there s nothing in that. we re paying down debt, $300 billion, we re increasing production as far as if you want to get the gasoline prices down, produce more energy and produce it here in america, that s what we re doing. and we re investing in the technologies for the future energy. we re doing everything to bring manufacturing back, keep people working. it s a great piece of legislation. normal times, my republican colleagues would be for something such as this. democrats hope to pass the bill before they leave for august recess. as we can see here, gas prices have dipped from one month ago. the national average for a gallon of regular gas now stands at $4.21. u.s. president joe biden still testing positive after a rebound case of covid. the white house physician said the president continues to feel well as he isolates. kevin liptak has more details.
more difficult and potentially recessionary times. one thing we ve seen is gas prices beginning to go down. at $4.21 today. still a lot higher than a year ago. same time we re seeing record profits from a lot of oil and gas companies on a quarterly basis. how do you see those dynamics playing out in terms of the people s perceptions of the pain they are feeling every day when they try to pay for things? it s horrible because you re going to see inflation continue to rise for the foreseeable future. it might slow down a bit but prices are going to continue to rise, for the foreseeable future. that s going to happen. oil and gas is designated and driven by external factors. you re going to be looking at ukraine. you re going to be looking at saudi. you re going to be looking at the ability of the of texas and north dakota, south dakota to generate more oil and gas. those are the factors. but we the medicine that the fed is delivering has only just
plenty of other local races too. the cost of living a big part of the debate. californian gas prices currently the highest in the country. inflation, and the war in ukraine is driving prices above 6 bucks a gallon. this time last year, the average cost of a gallon of fuel in california was $4.21. so, if you drive an 18 gallon suv, you are paying a0 dollars more to fill the tank than you were last june! anthony is still with us but let s also bring in mark baldassare from the public policy institute of california. its a non partisan think tank. the fifth biggest economy in the world we should be paying attention. is this sort of races for national politics transcends local politics? often times, you see that in california. you certainly assigned to us in a team and democrats knocked out a lot of republicans in traditionally republican conservative areas like orange county california and into thousand 20, things started to swing back the other way. this would be