nations. like russia. like russia. 81% in 2021. fastest recovery after the 1973 arab oil embargo. we had a gas study and they said they were headed to $4 national gas price by memorial day. this is what americans have to endure, higher gas prices? that s right. the national average is hitting $3.40 a gallon today. that s up 6 cents. prices at the pump down to $3.28 a gallon late last year. that was because of the u.s. led intervention. the biden administration announced the largest release of the strategic oil preserve. that s just 12 hours of demand. this was more than we are. fast forward two cents a month.
rescue of american drivers at this point. they said they will stick with their plans and are not going to do anything more aggressive than that. some speculation on wall street in recent days that they might step in here. oil prices are near seven-year highs. they ve bounced back from the more recent declines and this means higher prices at the pump which moves with a lag to oil prices. $3.40 a gallon today. almost $1 from a year ago. that could happen at any point. there are positives in the economy. the high cost of living and omicron are drowning the positives out. you have been all over the highs, the lows, the good, the
we haven t seen 10% inflation since 1981. what s key to note here is russia is the second most oil-producing country. prices at the pump also moving up, hitting $3.51 a gallon today, a seven-year high, and in california they re at a record above $4.71 a gallon. but this isn t just about the price at the pump. higher gas and oil prices means it s more expensive to heat your home, more expensive for electricity, airfare. it gets harder to expense your goods. you put it all together, you can see how you get to the 10% inflation. americans will feel the brunt of this from a financial perspective. the closest they rely on russia is for energy, but covid shows this is an interconnected economy and interconnected
that s a big if because we know moscow needs oil revenue too, but if cut in half, prices spike to $150 a barrel and that, of course, would only drive up prices at the pump which are already high. the national average hitting $3.48 a gallon today. a fresh seven year high up 7 cents from a week ago. exactly a dollar higher than a year ago. keep in mind, these latest gains in gas riceprices are not captu in the inflation report today. that s one reason why what happens next on the russia ukraine front will be consequential to people around the world. right, and russia will leverage that, right? the threat of hue higher pricest it continues to threaten the territorial integrity of the ukraine. matt egan, thank you very much. the national archives found what it believes were classified materials, these documents former president trump took with him when he left the white house. there were laws, as you should know, for presidents in the
disapproved of biden s handling of rising costs and 83% expect energy prices will increase further. here s the pain that americans are feeling at the pump. $4.31 a gallon today. one week ago, $4.17. one year ago, $2.86. this is the administration is offering new solutions among the ranger talked about. but steve scalise says that the answer is simple. he could open up the spec it s for american energy and undermine putin s leverage on gas. we could lower gas prices tomorrow and take money out of putin s pocket so he does not have the ability to fund the work. meanwhile, the rnc seeing an opportunity to capitalize and do their own midterm branding. rhonda mcdaniels tweeting this during the campaign. biden plans to make it so there is no ability for the ability to