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And it s easy to see how this situation could make prices go even higher, especially on the energy front. oil prices hitting $99.50 a barrel this morning before backing off. remember, gasoline prices here in the united states are already high. seven year high of $3.53 a gallon. up 20 cents in just the past month, we have to also look at the stock market. the dow taken a hit this morning. u.s. markets retreating. the dow down almost 300 points. 0.9%. kate, i think given all the wide reaching consequences of this crisis, it s easy to see why market turbulence is likely to continue from here. matt, thank you so much. as i mentioned previously, president biden is going to be addressing the nation on this crisis 1:00 p.m. eastern. we ll bring that to you live. let s get over to cnn s jeremy diamond live for us. what are you learning over there, jeremy? reporter: we expect president biden to speak at 1:00 p.m. and ....
Happening. what is all this going to do to inflation and supply chain situations. we have seen u.s. markets before president biden start talking. the dow is down 700 point ps p pairing the losses down about 400 points right now on pace for its fourth straight losing day. oil prices, the world benchmark hit above $99 a barrel. fresh 7-year highs. retreating a bit in u.s. oil prices down $91.50. the higher oil prices go will drive up gasoline prices. fresh 7-year high. 3.53 a gallon. up 23 cents in a month. this means they will see higher costs for transportsing goods, ....
The dow is down more than 650 points. now it s 648. bouncing around a lilt bit. and anchor who starts next week, host of the 11th hour. walk us through what is happening on wall street. it s no surprise we re seeing so much market volatility. anytime you see global disruption, the markets take a hit. honestly, it s oil prices. hovering around $100 a barrel. that impacts us here at home at the gas pump. the president talked about it two nights ago, saying it was a top priority, he s sensitive to the price they pay at the pump. jen sake reiterated that last night. the average price is $3.53 a gallon. some say it could go as high as 4 bucks. what can the administration really do? can they tap into the reserves? that s short-term solution. ....
Quickly. reporter: david, that pain is something americans are already feeling. the economic consequences. with gas prices up 20 cents in just the last month. the national average tonight, $3.53 a gallon. in california, a record $4.74 a gallon. and this comes amidst already rising inflation. russia is a top energy producer throughout the world. 7% of our oil imports come from there, and any disruption to supplies will certainly push prices higher and that has a ripple effect on everything from clothing costs to groceries to furniture. david? rebecca jarvis, martha raddatz, cecilia vega, and ian pannell on ukraine tonight. our thanks to you all. in the meantime, we move to the other news this tuesday evening, and here at home this evening, the guilty verdict in the federal hate crimes trial of the three men in the ahmaud arbery case. all found guilty of violating arbery s civil rights. here s steve osunsami. victory! reporter: ahmaud arbery s family and friends are raising the ....
Americans. the average price for a gallon of gasoline is $3.53 for regular, up nearly a dollar from one year ago. russia is the second biggest producer of oil in the world, and the disruption in supply could cause oil prices to rise even higher. of course, that could have ripple effects, causing inflation to rise even further and borrowing costs to go up. the conflict could open the u.s. to a potential for more cyber attacks. a lot at stake here. joining us is joe buswuesas. he s a chief economist. thanks for being with us this morning. give us the immediate consequences to america. people s ears perk up when they hear, wow, gas prices could shoot up? sure. if vladimir putin chooses to ....