got ! reporter: you got ! jenna: mike tobin, thank you very much. jon: one of our chatterers were complaining about the price of gas in michigan, said it went up something like 22 cents overnight, it s now up nationwide 34 days in a row. the national average for a gallon of regular is at 3.87. meanwhile members of the federal reserve are in talks as some blame fod policy for the skyrocketing policy for the prices at the pump. outside the federal reserve where ben bernanke takes an extraordinary step, hole ago news conference tomorrow. peter, experts are call this historic. why? reporter: well, it is historic. in the 100 year history of the fed no fed chairman has ever held a regular press conference like the one we re going to see tomorrow, not paul volcker, not ag angd up until now, not ben bernanke, this is part of bernanke s and the fed s campaign to be more open, to try to explain its polices better to the public and to
the folks in the midwest, huh? not just today but in the coming week. with gas prices shooting higher, oil companies are expected to make big profits. the house speaker john boehner is now hinting at the need for some major big oil concessions. national average, gallon of gasoline, 3.87. during an inter you have on world news with diane sawyer, speaker boehner said getting rid of tax breaks for oil companies could be on the table. it s certainly we certainly somethingby we ought to go thinking about. with the federal government short on revenue, we need to control spending but we need to have revenues to keep the government moving. they ought to be paying their fair share. bill: lou dobbs is host of lou dobbs tonight on fox business network. how dowgfy friend? howing doing bill? bill: doing fine. did he have a change of heart? how do you read these comment? i read them as peculiar. first of all, the tax breaks that he s referring to are actually subsidies that they probably
cutting tax breaks he says will reduce the federal budget deficit. that is at odds with the g.o.p. long standing position on this issue and it is something the white house has been pushing amid concerns over rising gas prices. the average today for a gallon of regular unleaded is $3.87. this is the 3 5th straight day of increases. the gas companies are expected to report huge profits and the white house says it is time to end their tax subsidy and the speaker is suggesting that could be the way do go saying and i quote, we are in a time when the federal government is short on revenues, they ought to be paying their fair share. the white house today jumped on boehner s comments. to give an interview on television and in it express openness to eliminating unwarranted tax breaks for the oil and gas industry, as you know, this is something the president has long supported. the president sent a letter
and enjoy the life you ve saved for. fidelity investments. where leading companies and millions of people go to get the real answers they need. call today. welcome back. americans are feeling the pinch at the pump. right now, the national average is a whopping $3.87 a gallon. i think it s really expensive in chicago and new york, places like that. president obama thinks he has a solution. listen. we need to take is to finally end the $4 billion in taxpayer subsidies we give to the oil and gas companies each year. that s $4 billion of your money going to these companies when they re making record profits
blame for skyrocketing gas prices. the national average hitting $3.87 for a gallon of regulator. some are points a finger at the nation s money managers. reporter: some economists points to the fed s monetary policies as the cause of a weakening dollar and the higher cost of fuel and other commodity. tim geithner assured the council on foreign relations that the u.s. would never follow a strategy that would weaken the dollar. but some say that s what s happening now. as the dollar weakens the prices of things that we buy become more expensive. there is no question some of this big buildup in the debt that we have seen over the last couple years in this country where we are borrowing a trillion and a half dollars. i think that contributed to the