your gas stations. jump into the story that so many have been talking about here. you are in the middle of it. this is a president that has called on you to bring down those prices, and i ll get your response to a recent tweet from the president. he said this just a few weeks ago. my message to the companies running gas stations and setting prices at the pump is simple. this is an time of war and global peril. bring down the price you are charging at the pump to reflect the cost you are paying for the product and do it now. some oil industry executives responded and said the intern who wrote it should go back and take econ 101. what was your response? definitely similar to that. roughly probably government of gasoline is 10 to 15, and transportation and marketing part of it percent of the cost and that s, taxes are in the same range and we don t see the federal government lowering taxes on an ongoing basis
for econ 101 for the fall semester. gas prices are up. you re not imagining it. the national average today at $4.80 a gallon. it s not from the record highs we saw in june, down about $0.22. a little bit cheaper than it was just eight months ago. but with the midterm elections looming the white house is facing growing questions about the long-term economic strategy, even because racing inflation break records with unemployment still very low. the president had did i do and the americans are facing. crime is going but not without pain to liberty is under assault both here and abroad. bill: we expect to hear more from the president this week about the economy. they had to cleveland tomorrow to talk let inflation and what can be done about it. sorry about the jack hammering here on the north lawn. dana: they ve got to get that infrastructure done. thank you. bill: here to help is host of american dream home on fox business pit hello, cheryl.
steve: well, the president has fueled outrage after calling out gas companies on twitter telling them to bring down prices at the pump and to, quote: do it now. but, the u.s. oil and gas association wasn t having that telling the president instead making sure the white house intern who posted this tweet registers for econ 101 for the fall semester. joining us now with more with the president of the u.s. oil and gas association tim stewart. tim, good morning to you. good morning. thanks for having me. steve: okay. so you guys say obviously, it s not coming from the president, it s coming from somebody who doesn t understand economics 101. this is simple supply and demand. everybody understands that isn t it? yeah. it s not like there is some group chat with 150,000 the gas station owners on it where they send out a message the president told to us lower prices we are going to do it. it just doesn t work that way.
finally you re catching on joe biden. finally the oil and gas association responded in a very kind of humorous way thing working on it, mr. president. in the meantime have a happy foursome please make sure the white house intern who posts for this tweet registers for econ 101. doesn t understand supply and demand. the fact that lawrence, he shuts on the keystone play play and refused to give more leases for gas. he is pressuring banks not the finance oil and gas and fossil fuel projects into the future. i just day one of his presidency but the moment he was elected he
bragged about job creation. we are still short. roughly about 800,000 jobs, we re not even back to the employment we had before the covid lockdown. they should come out and say i will veto anything that will increase government spending fo the foreseeable future. the moratorium on student loan payments, that money is going too rich kids. they end up extending it so the could do at least that. they re taking it one step further. this is the level of idiocy tha we are talking about from the white house. they are talking about gas rebates. anybody in that white house knows this from econ 101 that