because the white house views because president biden intervened again and called on congress to really pass a bill forcing both the labor unions and railway companies to accept a deal that maybe some union members didn t want because it lacked paid leave, because president biden did that, they avoided economic calamity, really averded a risk which would have, the white house contends, likely sent the u.s. into a recession. of course, the economy here is what really matters to the president, top priority, and we saw that when he signed that bill on friday. amara? boris? jasmine wright reporting live from the white house. thank you. very welcomed economic news to add this morning. it is costing you less to fill up your gas tank. gas prices are lower now than they were before russia invaded ukraine. yeah. aaa says the price for a gallon of regular is $3.43 a gallon. that is down from $3.57 a week ago and $3.78 a month ago.
the jobs market is still chugging along, and that is a relief. no one wants to see the jobs market goes i cce cold. the bad news, probably em bbold the federal reserve to keep raising rates. also raising them into next year. the more the fed does, the great e greater the rick of sk of tippio recession. thank you. more positive economic news. costing less to fill unyour gas tank. gas pricey lower than before russia invaded ukraine. aaa says the price for a gallon of regular down from $3.57 a week ago and $3.78 a month ago. that s a good trend to see. cnn s pete muntean looks at what s behind the drop in prices and how long this is expected to
going to embolden the federal reserve to keep raising interest rates to cool this economy off. not just that the upcoming meeting this month, but also raising rates continuing into next year. and the more the fed does, the greater the risk that they will do too much, tipping this economy into a recession. boris and amara. matt egan, thank you for that. good economic news. it is costing you less to fill up your gas tank now. gas prices lower than they were before russia invaded ukraine. aaa says the price for a gallon of regular is $3.43 a gallon, down from $3.57 degrommel a week ago and $3.78 a month ago. what s behind the drop in prices and how long that relief is expected to last. oil producing nations are holding a key meeting sunday. the latest signs show that opec will not boost oil production which could mean that oil continues to go up and this drop
sixth. that s how many times they ve raised rates. a fourth 3/4 point racing. it s part of the battle to bring down inflation. asian shares have closed down. europe has opened. bank of england decision is awaiting an interest rate decision. the forecast is to raise interest rates by 75 basis points. on wall street, stock index futures leaning down a little bit. yesterday a wild day as stocks first rallied and it dropped after the fed raised interest rates. investors were spooked at the possibility of hikes and recession fears. gas prices up a penny sitting at $3.78 a gallon. mortgage rates later this morning and the big october jobs report is friday. let s bring in nela richardson,
market. we are at the whim, if you will of what happens global effort however, this president has moved in dramatic ways to increase supply by releasing 1 million barrels per day from our strategic petroleum reserve as well as calling on our domestic producers as well as international producers. we will be at record amounts of production next year. all of that is to say our energy information administration has projected by the fourth quarter gas prices will be around $3.87 on average for today there about $3.78 today there 3090 cents. they all and every day of the summer but we are hoping that will continue. but if china opens up significantly after covid there will be more pressure on demand, more pressure on demand meets upward pressure on prices. we are watching what happens globally for it we are doing everything possible to try to stabilize supply and demand to keep those prices coming down.