nasdaq gained 17-1/2. gasoline dropped a penny-and-a-half. the national average is $3.61 a gallon. down 22 cents. from a month ago. crude oil prices plunged $4.5 a barrel to close at $91.02. that drop in crude triggered by the word that the obama administration is about to tap the country s reserve oil supply. chief correspondent carl cameron has more on the plan and the reaction. president obama approved the release of 30 million-barrels of oil from the u.s. strategic petroleum reserve as part of the u.s. role in 60 million-barrel release by international energy agency in response to diminished supplies caused by turmoil in middle east and libya. we re pleased that the president has taken the action. the democrats hailed the move as economic boost. and john boehner released a blistering statement accusing the president of playing 2012
s&p 500 dropped 4. nasdaq gained 17-1/2. gasoline dropped a penny-and-a-half. the national average is $3.61 a gallon. down 22 cents. from a month ago. crude oil prices plunged $4.5 a barrel to close at $91.02. that drop in crude triggered by the word that the obama administration is about to tap the country s reserve oil supply. chief correspondent carl cameron has more on the plan and the reaction. president obama approved the release of 30 million-barrels of oil from the u.s. strategic petroleum reserve as part of the u.s. role in 60 million-barrel release by international energy agency in response to diminished supplies caused by turmoil in middle east and libya. we re pleased that the president has taken the action. the democrats hailed the move as economic boost. and john boehner released a blistering statement accusing
goods. $1 last year is equivalent of $1.02 today. pair of shoes that cost you $100 in 2010 would cost $102.48 today. still americans concerns over monetary policy are such that tomorrow, fed chairman ben bernanke will hold a press conference, the first in the history of federal reserve in washington, doug mckelway, fox news. we ll talk who is in and who is out and who is still on the fence in the presidential race when the fox all-stars join me after the break. hey susie, why don t you use this ?
retiree plans hoping to make up for it later. and second, they ve been too hopeful here. thinking that deposits for retiree plans would grow twice as fast as it actually did over the last decade. now, the solutions could affect more than state employees. raising personal income taxes, for instance. 66% in illinois. that s how much they raise it. most going to pay for pensions. or breaking the promise and cutting current retiree benefits. colorado, minnesota, south dakota have all done that. so chris, the shortfall could amount, by the way, to over $20,000 per family across the country. it makes so many people nervous who are counting on that money. thanks, richard. it s now official, the price of gas is up by more than $1 a gallon from one year ago. look at the new numbers from aaa. $3.87, the national average. a 29 cent jump in just a month. $1.02 higher than a year ago. for president obama, the pain at the pump is killing his poll numbers. among critical independent
you ll be charged 1.02 and 1.03. basically it costs them more to buy food. just so you re aware, mcdonald s posted a 2% increase in profits last quarter. breaking news on capitol hill. dana, what do you have? reporter: interest s nothing veiled in the symbolism of what house republicans did on the house floor. that s just hours before president obama will be in that very chamber addressing congress in the state of the union house republicans used their new majority to pass a resolution saying they are going to cut spending back to the levels before president obama was in office, back to 2008 levels. the official resolution is really short, ali. it effectively says that the house budget chairman, paul ryan, who is ironically going to give the republican response tonight, it is up to him to set the levels. not a lot of details. we re waiting for them. certainly a lot of symbolism in what republicans are doing.