dramatically and had a harder time reupping. so i think that the president has been very much where the larger number of experts in the country and around the world have been and i think the idea he hasn t taken steps is not true. even during that time period, he would just a second. sandra: we have let you go on for quite some time. obsessed with bringing gas prices down, why are we at a new record high, 4.62 a gallon at the pump if this president has been obsessed with tackling gas prices and inflation. you know the answer, you know the answer to that. you know this is global, you read the papers today, you know the euro just said inflation was 8.1%. you read the papers that the u.k. was 9%. sandra: nothing we can do about it? nothing we as a country can do to bring prices down? i have explicitly said the
americans feel the effects of the economy in turmoil. here is the situation. inflation is a problem. price of gas hitting another all time high today, $4.62 this morning. meanwhile the stock market has broken an eight week losing streak. the major industries still down. looming over all this shrinking economy contracting in the first quarter. the first time it happened since the start of the pandemic. want to bring in brian deese from the white house economic council. good morning to you. thank you for your time. i want to start with inflation. where does the white house see inflation? do you see it moderating, is it going higher, or do you see a slowdown? i think where we are now is in a transition. transitioning what has been historically strong economic recovery to what can be more stable and resilient growth but at the front and center of that is tackling inflation and
fed but i will tackle high prices while guiding the economy s transition to a stable and study growth. of course, we are sending today had a record high, gas prices, today we wake up higher than yesterday, $4.62. inflation is easy to get into it hard to get out of. governor, what guidance, what advice, what opinion do you have and will remove forward? if the answer is higher interest rates we are in for some long, painful months ahead. first of all i did read the op-ed by president biden. there is a lot of finger-pointing. is a lack of recognition of the challenge of his restrictions on our energy supplies. as being part of the problem. he talks about, really, more regulation, more taxes, and were spending being part of the solution. that has actually been on part of the problem. a large part of it. he is right, we have to tackle the supply chain, but he
now they are saying we can t afford this. if we don t buy it now, we lose our deposit. we can t afford to lose that then they move in and there is a regime fee increases in the condo building. and she is so stressed out. the interest rates went up. and people aren t factoring that in. it s costing thousands of extra dollars per month to have that higher interest rate they don t have. will: on top of dealing with gas prices, which are at new record again today. went up a penny overnight. new record gas price which we are getting used to telling you about every morning $4.62. a year ago $3.04. i found this absolutely eye opening this morning. so, gas prices are regional. that s your national average 4.62. here is what you are dealing with if you don t live in texas. look what it is in california. $6.15 a gallon. california is probably aren t up
but some of it is just out of our control. some airlines are slashing schedules to avoid disripgss like these. but that could mean vacationers have fewer and pricier options. i m really worried that the problems we re seeing in the u.s. and abroad are going to cause some people who were thinking about flying for their summer vacations to say, you know, we ll not take a trip. the national average for a gallon of regular now a whopping $4.62. even higher in some places like california, $6.17. and overall, more than $1.57 higher than last year. fuel impacting summer rec regation of all kinds, whether on the the road or on the water. we re going to stay much closer to shore, as opposed to