pocket. but since team biden is back out in full force bragging about his disastrous economy we thought it might be a good time to cut through the spin and debunk bidenomics. first up, gas prices. gas prices, for example, are at 3.09 today. more than 1.93 lower than the peak after putin s war. will: business host and former wall street journal senior editor. isn t it wonderful that they get experts like granholm to head up institutions that are based on stuff that they haven t got a clue about before they got into the job. will: clue us in. what s the truth on gas prices. let s talk oil gas comes from oil. crude oil was trading at $40 a barrel on the day that joe biden was elected. $40 a barrel. the traders, oil traders got nervous because he said he was going to have a war on fossil fuels which he has in many parts. it went up 30% to $52 a barrel at the time of his inauguration.
social media. john: wall street journal says for real relief americans will have to wait until the end of 2024. by that time the energy information administration estimates gas prices will drop to roughly 3.09 a gallon, near 50% price break from today s prices. but we are going to go through an election before then. see how it works out. correlation between high gas prices and getting elected, very few things that affect people more than getting in the voter s box than high gas prices and other inflationary ills. high gas prices really, really, really anger voters. john: and we ll start up a gofundme page for you and your t-rex. jacqui: parents beware, back to school shopping is expected to cost you more. the latest report on consumer prices show supplies and
ahead and call us? triple 8 call fox. brian: doesn t have to worry about gas prices going up but probably took note. a lot of rich people cardi b who can afford it now has a heart for the people and the working class section in which she came from. if you have noticed, gas is down from where it was but it s going up again. a year ago it was 3.30. a month ago 3.09. a week ago it was 3.27. now it s gone up to 3.44. you have to ask yourself is this vladimir putin s fault? is it china s fault? whose fault is it that gas is going up. ainsley: could be covid it. could be the climate. brian: covid still? ainsley: maybe supply chain. brian: what about the regulations? what about the stranglehold on oil and gas in america? ainsley: couldn t be that closed down pipeline. steve: listen, the price of gas, it skyrocketed last summer. and then it went down and now
clear that we needed to when the price of oil came down, the price at the pump had to colt down as well. that helped to contribute to what we see now, which is a consistent downward trend since the summer, down about $1.75 a gallon. we re down to levels that are lower than they were a year ago. and most stations are putting $3.09 a ghon. in practical terms, this matters. because for a two-car family in a typical month, that $1.75 translates to about $200 a month in savings. that s savings that can be deployed for other priorities, whether that s child care or health care or just meeting holiday needs. a lot of that is the quiet policy and diplomacy the president has been doing over the past year.
fifth month in a row where annual inflation has fallen in the united states. inflation outside of food and energy, a key measure of that, also fell. prices are still too high. but things are getting better. they are headed in the right direction. most americans can see the progress driving down the street, finding relief at the pump as gas prices would fall. gas prices are now lower than a year ago and half the gas stations selling gas at $3.09 or less. the most common price for gas stations across the country is $2.99. the decline in gas price is giving consumers a break. they need help keeping our economy going. a two-car family are saving hundreds of dollars a month. it s a big deal. today s report contains another piece of good news. food inflation has slowed providing relief for families at the grocery store. this is welcome nudes for families across the country.