at the highest levels of inflation in 40 years and prices are soaring, especially at the gas pump which just set another record high this morning at $4.40 a gallon. the markets already reacting. yesterday the dow tumbled for the fourth straight day as investors began to sour on the u.s. economic outlook. some on wall street warning of a recession because of inflation possibly as soon as next year, mika. that s one reason why president biden addressed it in a major white house speech, calling inflation his top domestic priority and trying to shift blame for rising prices by attacking republicans and what he calls their ultra maga agenda. he also blasted their policy ideas as extreme and said they would make inflation worse, not better. really ask yourself how well are we going to sleep at night knowing that every five years maga republicans, if they re still republicans as i said, this is not your father s republican party. if we re going to have to vote on whether you w
biden administration. putin gas hike is ridiculous. what s driving is increase of energy prices as a result of not america america s reduced energy production. the trillions of dollars spent chasing the same number of goods during the pandemic, for example, in the so-called infrastructure bill, arthel, there s a section in there which actually prohibits the introduction of robotics and automation at american ports. that s in the so-called infrastructure bill. so the administration is doing everything that it can to make inflation worse while they are complaining about it. in the infrastructure bill it s all environmental project. it s not about really modernizing america s ports and relieving the choke points. arthel: so there s no there s plenty they can do. arthel: okay, i m sure there s more to be done because clearly we are still in this
continued to try to message that this is the putin gas hike. this is what our fox news polling shows. who is contributing more to the current gas prices? 50% say biden and his policies. far behind that putin and war 32%. but both 13%. amy, is the message getting any traction from the president? well, i think jason said it well which is when you are the party in charge, you credit when things are going well and get the blame when things are not going well. and, look, i think if you re democrat right now, there is not much you can do about the price of gasoline. obviously, the president trying to do things like releasing oil from the reserves or having conversations with the saudis or, you know, increasing ethanol production, all of those things will not be able to single to make a big dent in the price of gasoline and so, you have to
prices are high? secondly, would you as well relinquish the billions and billions of green energy dollars, maybe this is not the right time for that? your thoughts. thanks, trace. david had good points there and a few i disagree with. quickly to answer your question. one, i have always been supportive of an all-energy approach. that s what president obama supported. he was the most actually exported liquid natural gas and we became energy independent. we have to look at energy, oil and natural gas. renewables are 15%. we have to pick that up. it s going to be transitioned. with respect to the putin gas hike, the fact is that between the economy opening up post covid and the geo political risk, we ve had inflation hiked more than we would have thought.
they thought 3%. this is all absorbed by consumers, and they ve become pessimistic about that. you can see it more clearly on the chart on the right which is consumer sentiment, which has hit a modern low. as you see on the chart on the right, 81% of americans think the economy will be in recession this year. there is no way for the biden administration to sugar coat this. everyone is feeling this, whether the gas station, grocery store, wherever they are. they re trying the line, the putin gas hike. how are they handling this? that s the line we ve heard from democrats. we ll see. polling suggestions that americans are willing to pay a little bit more at the gas pump right now to help ukrainians in their war effort. if this goes on for months and months, that could change. certainly, inflation could be a defining issue for the midterms this year. the white house is nervous about this. everything costs more right now.