paul volker spiked up the rates and said we ll take the pain now. you had a president who said we ll cut taxes and help stimulate the economy. you don t have an administration that wants to go that route right now. harris: no. when you talk about the prices of things, we know there could be a bottom for the market but where could the top be for what we pay for just the basics? it could get worse from here. most people say they expect price inflation rise to continue for another year, possibly longer than that. we ll get another cpi report tomorrow. it may be slightly less than 8 1/2% what we saw last time. we are going to bounce around for a while at these high rates until above 8 until things get better. you look at gas prices, $4.37. we ll only go higher going into july 4. policy in the white house? they could shift on their energy policy. harris: when an administration says it will
something it hasn t done in the last receive several days. stay in the green and not sink by hundreds of points. you see it modestly skipping along. we ll watch it all and we ve got some expertise on the mezzanine with me today and that will help us really feel better. the dow dropped more than 650 points before closing yesterday, by the way. s&p hit its lowest level in more than a year and while the markets are down, gas prices are way up. the national average gas price hit an all-time high spiking 5 cents over the night to a whopping $4.37 per gallon. the average is $1.40 more than it was at the same time last year. for those who would blame the war in ukraine this started
that s right, dana. drivers want relief from the rapidly rising prices, and the span of a day here at this marathon station in cincinnati, we have seen the price go up 24 cents. it was $4.15 earlier. now $4.39. that s above the national average according to aaa, which is $4.37 now. a new all-time record. it was $4.20 a week ago. $4 .12 a month ago. just an idea how of fast these prices are rising. some folks hunting around for the best prices. here in the cincinnati metro, they re going over the river into kentucky where you might get some little better prices there. you know, we talked to chris west, a driver here. she says that she just wants to go to florida with her husband. they have been planning on doing this for a while. they haven t been able to do it. they were thinking of driving there, but because gas prices are so high, they re now thinking of flying. listen. i m stretching it out. i m not going as many places. we tend to take my husband s car, which gets better gas
neil: i didn t know jackson brown was previewing the sky high movement in gas prices. right now, for next that can t afford it, there s signs that even with today s official record hike in prices right now, all-time highs in nominal terms, it could get worse. maybe a lot worst to madison alworth in new jersey with more. hi, neil. we re paying more for gas than we ever have in the history of this nation. americans really feeling it because of these high gas prices. its impacting how much they travel and how much they spend. we re now paying $4.37 on average. it is particularly shocking when you compare to it the price of gas from just a year ago. some states have it worse than others. three states are paying over $5 a gallon.
the nasdaq tumbled almost 4.5%, and get this, the nasdaq has lost a quarter of its value this year. not long ago the forecast was forle coming gas prices by memorial day. the opposite has happened. aaa says the national average is $4.37 a gallon, racing up above the record high. and context here, adjusted for irn nation, yoinflation, you woo see the gas prices at $5, but every time you can tell the difference. diesel national average $5.54 a gallon, up 49 cents in a month. but the oil market is taking a breather. it fell monday. crude tumbled 6% to just about $103 a barrel. flip side of what rana was talking about, bad news in the