gasoline products, manufacturing goods. that is because, global economy is doing pretty well peer the u.s. economy in particular, is doing well. jpmorgan just raised its estimate for gdp growth for the fourth quarter of this year to 5%. from 4%, which is a huge balance for an economy of $23 trillion. which is what ours is. you also have huge pent-up demand and consumers. you have something on the order of $2 trillion of excess savings as a result of the pandemic. people weren t buying things. they have a lot of household savings. they are going out and buying stuff. that is driving up costs for everything including travel and gasoline. arthel: i know what the experts say, but trust me, not everybody was able to save during this pandemic. just for the record. listen, you know that john bussey, two years ago former president trump wanted to buy more oil to stabilize
arthel: absolutely. almost better than the sweet potato pie, but not quite. going to move on. the folks at aaa, they are saying that gobbling up gas will cost a pretty penny this thanksgiving peered all of this comes as the white house is defending itself against criticism that releasing oil from strategic reserves won t move the needle to lower soaring gas prices for americans. data shows that the reserves will largely benefit china and india the most. when it comes to pain at the pump, americans are seeing the highest gas prices in eight years this holiday. check out those prices on the screen. for more, we will bring in john bussey to fox news contributor and associate editor for the wall street journal. all right john bussey. first to cry with by the bite and administration to release the reserves. then the release was seen as a mistake as it will be more beneficial to china and any other than americans who needed
instability in the economy that is caused by the pandemic by getting vaccinated. wearing masks when they should, so that the covid does not continue to destabilize parts of the production platform for the global economy. don t listen to the political commentators with their dangerous disinformation about vaccines and mass wearing. due to vaccination so that more of the population is protect against covid and people can go back to work, there are not labor disjuncture s at factories where they have to close the factory because they have covert operation. therefore, you have shortages down the road and that causes those of the much bigger global forces that work here. i don t think, taking oil out of the petroleum reserve is going to change all of that. arthel: you had a lot of threat on that needle john bussey. i will let you go, because the doctors say the same thing.