wanted to see. that s right, expect a cruel summer, that is the title of jpmorgan s note warning that $6 could be the national average by august. gas prices in the u.s. up nearly 50 cents in just one month. today s national average, a record $4.57 with gas in every state now above $4 a gallon. prices at the pump are surging along with crude oil. russia s invasion in ukraine disrupting what was already tight supply. right now u.s. gas inventories are at their lowest seasonal level since 2019. so jpmorgan is worried that it will be hard to fill the intense demand of the busy summer driving season. but some perspective here. this is just one forecast. many experts think that americas may balance being at $6 gas and drive less. continues like canada already seeing gas prices well above $6 a gallon, this is a global story. look at these numbers. earlier this month when the u.s. average was $4.33 per gallon, up
ahead of one of the busiest travel seasons of the year. national average price for gallon of gas is $4.57 now. that s up 5 cents from yesterday. 17 cents from one week ago. and the national shortage of baby formula causing a pair of hospitalizations in this country. the biden administration is defending its policies as criticisms pile up and they re promising more action. in fact, we are getting breaking news at this hour that the administration is going to deploy the defense production act on baby formula. just getting word about this at this hour. correspondent mark meredith is at the white house on the north lawn with the very latest. good evening, mark. bret, good evening to you. this is the breaking news at this hour that biden is invoking the defense production act which will allow these ingredients that go into baby formula to be prioritized to formula makers the idea is to make sure that the factories that produce baby formula have what they need as quickly as possible. that
reporting that chinese plane that crashed back in march, they are reporting it was likely intentional. the boeing plane was flying in southern china when it plunged into a mountainous area. all 132 people on board were killed. someone, maybe other than pilots could have broken into the dock cockpit and caused the crash. an analyst says the rest of the country could be seeing eye popping prices like this before the end of the summer. aaa says that average is $4.57. it just keeps going up. mplgt mpblt nba commissioner says he s been working be the wnba to
rear-view mirror. today s national average from aaa is $4.57 a gallon. that s up 17 cents a gallon from a week ago. this time last year, gas was just over $3 a gallon. let s bring in matt egan. matt, we re seeing now predictions of $6 a gallon as the national average by august. $6. is that going to also come true and perhaps even sooner than predicted? jake, the idea of $6 gas, just a few months ago, was sort of unthinkable. now jpmorgan is saying this could be a reality by the end of the summer. the problem is that gasoline supplies are very low, and demand is really high as americans get back to traveling again. prices have nowhere to go but up, and they re going up as you mentioned. the national average hitting a fresh record of $4.57 a gallon, up 48 cents in the past month. it s now 28% more expensive to fill up your tank than it was the day before russia invaded
yes. richard lui, thank you so much. appreciate it. all right. let s switch gears here for a minute. i want to talk about gas prices. and they could actually be dropping from their current levels this coming summer but still remaining quite high. so that is according to an estimate from the u.s. energy information administration. their new short-term outlook predicts that regular grade gas and retail diesel prices are going to average around $3.84 and $4.57 a gallon. that s respectively. so those estimates, the highest prices that we have seen since 2014 but still lower than they are now. the biden administration doing what they can to lower some of these prices. they even announced oil and gas companies can now drill on federal land. all of this coming amid a recent report from the u.n. that essentially says the earth is on a track to an unlivable world sooner than we thought. in a new three-part documentary series from pbs s frontline, exposes how the fossil fuel