impact it will have on students for years to come. in france there was a fourth night of protests after the death of a teenager at the hands of police. how landlords are getting creative to make money after commercial buildings remain empty after the pandemic. we re in it now. the holiday weekend and travel start is in full swing this morning. flight disruptions have improved some. we re still seeing delays and cancellations. already more than 600 flights have been delayed, 100 canceled. aaa expects 50 million to travel on the roads or skies. if you re traveling by car, some good news when it comes to gas. the average price per gallon is down now to $3.51. that is the cheapest, a dollar cheaper than it was this time last year. as for weather, it s a mixed bag
spot. a little bit of good news for you. the average price of gas is $3.51 per gallon, and as our christine romans explains, it s a massive price drop from this time last year. victor, amara, good news for drivers stuck in holiday traffic this weekend. expect cheaper prices at the pump. gas for this july will cost a staggering $1.31 less from last year, one of the biggest price drops on record. that also means drivers are spending $20 less per fill-up on average. this is a big reversal from last fourth of july. gas prices were near a record high with a fear that russia s war in ukraine would disrupt the oil supply. but despite western sanctions, that disruption hasn t come to pass and oil prices have dropped this year as the federal reserve wages its war on inflation. there is concern that will slow
three banking failures since march is a symptom of something bigger. listen. it just shows the fragility of our economy, what has been caused by the run away inflation, the outrageous the outrageous spending by washington, d.c. and, of course, you know, internationally the inability or the lack of confidence in the dollar such that we re having a difficult time selling our debt. these are unprecedented things in america. and they re all due to policies of overspending and poor fiscal management out of washington, d.c. so first republic s downfall comes after $30 million was injected into it by 11 of the largest banks. jp morgan chase says those banks will be repaid what they had spent there this takeover clearly happening before the markets opening up today. on friday first republic stock closed at $3.51. last year guys it traded at $170
price plummets. san francisco resident mario molina withdrew some of his money from first republic bank on friday, worried the lender could go under. word is they might close down next week. reporter: possibly tomorrow. according to media reports, the fdic asked jpmorgan chase and pnc to submit final builds to buy first republic by sunday. the bank stock price plunged 80% in march, a direct result of the collapse of silicon valley bank. shortly after, nearly a dozen larger banks propped up first republic with $30 billion. despite that infusion, the stock took another hit friday, losing 40% of its value and closing at $3.51 a share. no acquirer want to buy a dead bank. look for some kind of deal in terms of continuing deposit insurance coverage on uninsured deposits. reporter: it s important to remember the fdic guarantees deposits of up to $250,000.
watching here in the united, canada, and all around the world. this is seen in newsroom. the trouble has only gotten worse, leading to more speculation about the regional banks feature. shares have plunged more than 70%, finishing at $3.51, the disappointing quarter report on monday. it lost $100 billion in deposits. wall street s fears of a banking crisis. plus, the white house has snuffed out any hope of government intervention. this comes after a month of the silicon valley bank and the shutdown of the new york-based signature bank. an investigation into the failure of those banks. federal reserve says poor management as part of the reason why signature bank collapse. it was also affected by silicon valley bank s failure just days before. they pointed to managing shortcomings and to some of its own.