off for paternity leave in the worst crisis in the history of our country. so some of this has to do with the effect of the economy coming back online. that s really kind of no one s fault. definitely money printing and just sheering confidence from this administration in addressing the supply chain crisis, the war on fossil fuels. gasoline is up 50%, and then you have vax mandates to go on so much that to what was a trucker shortage pre-covid has now exacerbated exponentially. things are going from bad to worse. i do think you ll see some demand disruption and a little bit of money come out of the system, but these price levels aren t going to go back down anytime soon. jackie: there are multiple contributing factors, if you will. and, of course, there are some democrats that are speaking out about as well. senator joe manchin sounding the alarm, now here s michigan democratic congresswoman elissa slotkin. s the war room on the cost of
less oil and gas, and that means as demand has fallen, so has the price. and that s the real danger point that maybe this economy is slowing down so much, people are going to pay less for gas, but they may not have jobs. jenna: and that s the trade-off. phil, i gave steve the first question so we could salute you because you predicted this way back in february. you said gasoline prices were going to drop below $3 quicker than go past $5. so however do you think they re going how far do you think they re going to drop? dramatically. i ll go out on a limb and say the era of high gasoline prices is over. i think the high price that you paid this summer in the buildup to the war of iran may be the highest price you ever pay or at least for many, many years. there s been a fundamental shift in the u.s. gasoline market and the global market, and, yes, there s been a slowing in the economy, but it goes further than that. i think we ve seen some long-term demand disruption in gasoline that
cure higher prices. what about, shep, is when you get those higher oil and gas prices we see demand level off. it s called demand destruction. saudi arainia, the world s largest oil produce err observed that fact, that demand disruption. they also observed the fact that oil supplies, believe it or not are historic highs globally. they decided to cut their oil i couldn t tell pout. obviously the markets, shepard, think we can tolerate that based on the fact that oil prices did come down. still, tough to understand when we re paying record high gas prices. shepard: yeah, it is. sandra smith live from the newsroom. high tech black hawk helicopter helping in the search for human remains on a new york s long island. police are revealing very little on their hunt for what we believe to be a serial killer or killers. the cops have found 10 sets of human remains including those of four prostitutes and reported lay grown man and a child under the age of 4. police are still running forensic te