out, still driving and still taking vacations. today a volatile day on wall street after jpmorgan chase ceo jamie dimon issued a warning to brace yourself for the economic hurricane that s coming. predicting the war in ukraine could send oil prices soaring even higher. the idea to click a switch, bring down the cost of gasoline is not likely. reporter: overnight the national average for gasoline hit $4.67. $6.20 in california. start investing into a bike or scooter. it is realistic that the national average for a gallon of gasoline will b above $5 across the country. probably $6 in the northeast and illinois and maybe $7 or $8 in california and other parts of the southwest. reporter: in richmond, virginia, mindy owns an in-home organization consulting business. she had to giv employees gas cards to
inflation, eating up wage gains, americans are still spending, still eating out, still driving, still taking vacations. a fall today on wall street after j.p. morgan jamie dimon issued a warning to brace yourself for the economic hurricane what is coming, predicting the war in ukraine could send oil prices soaring even higher. the idea we will be able to quick switch, bring down, across the gasoline, the cost of gasoline is not likely in the near term. the national average for gasoline is $4.67 a gallon, $6.20 in california. it is realistic that the national average for a gallon of gasoline will be above $5, across the entire country, probably $6 in parts of the northeast and in illinois, and maybe even 7 or $8 in california and other parts of the southwest. in richmond, virginia, an inhome organization consulting business, she has had to give
be $6 as a national average. now, keep in mind, national averages taking the low price with the high price. will: right. steve: speaking of high prices, you want to pay a lot? go to the city of angels. los angeles. will: yeah, where it is $8.05 for regular. $8.09 for supreme. that particular gas station in los angeles is above the california average by a good $2. however, to your point, steve, let s do the math really quickly if we are at $4.67 as a national average right now. i believe if we looked particularly at california. california is in the 6.5 range. $6.20 on average in california. it so if we are headed in a couple of weeks or by labor day to $6 a gallon nationally in places like california, you will be looking at $8 a gallon across the entire state here in new york. you will looking at something similar if the national average reaches $6. katie: as they say the way california goes the rest of the country goes.
where it hurts right now. i think every single american feels it it every single day, when they re pumping gas, buying food, when they go out to eat, for example, all of that is biding into the family budget. home prices up 20% in march? that s on top of, as you know, food up 11%, gasoline prices surging across the country. we talk about the national average of 4.67. it s $6.20 in california, which has higher costs because of refinery differences and taxes. i ve got to tell you, you now have the federal reserve raising interest rates. they ve already had two hikes. he expect to race rates by a percentage point sometimes over the summer, and jamie dimon today is warning of what he calls a hurricane on the way, an economic hurricane, in part because he thinking the fed is
though the travel website arrivalist says there are few people taking day trips, small trips, they are travelling farther, taking long trips because airfares are so high, that they are opting to drive instead. of course, they are doing it right now with the average gallon of regular about 4.59, 4.60. forecast, by august it could get as high as 6.20 for the national average, that s crazy. it s actually lower than what diesel is right now, and there is some concerns about not enough diesel fuel out there. the biden administration today considering the possible release of product from something that a lot of people didn t even know existed, northeast home heating oil reserve, sort of an spr for home heating oil and home heating oil is the same product as diesel, but aaa tells fox business don t expect much from