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$3.28 and came right back up. the spr was never really going to be a game changer. it was always more of a band-aid. they announced 50 million barrels that would be released but that s just 12 hours of world demand, 12 hours. we got more bad news on the supply front just yesterday. opec plus, the producer group led by saudi arabia and russia, they pretty much telegraphed they re not coming to the rescue. they re going to stick to their plan to increase production just modestly, not doing something more aggressive that would have cooled off prices. u.s. oil companies have been reluctant to ramp up production, too. you put it together and you have prices going up. oil today, u.s. oil prices closing above $90 a barrel for the first time since october 2014. they have completely recovered from that from the spring of 2020 and because gas prices move with a lag to oil, that suggests that prices at the pump will keep going higher from here. ....
In. we reached seven-year high, $3.42 per gallon on gas prices, that is not cool. oil above $90 a barrel. you think about march of 2020, you couldn t give away oil, austin, how much is inflation still weighing on us today and going forward? definitely weighing on consumer confidence and gas prices being a public price. have outsized for their share of our budget, they have outsized impact on consumer confidence. you have attacks in the middle east, we are taking out the head of isis, you have saudi arabia involved in geo-political conflict in the middle east, plus russia, i don t think in the immediate term, gas prices will come down much. before we started the geo-political uncertainty, you had seen opec announce they ....
Shows that omicron is a threat to contend with because people worked fewer hours per week. perhaps they were staying at home because they were sick, they were quarantined or they were taking care of others. and one final point, ana, despite this good news, big companies, small businesses are still having a very tough time hiring people. things are improving, but there s still a lot of disparity. in fact, if you look at the most recent data dump, as they say, women and black workers saw little or no change in the jobless rate compared to the month before. so as far as some watershed moment, improvement, don t count on that just yet. does today s report give us any better indication of where inflation is headed? we know gas prices are back to $3.42 a gallon, matching the seven-year record high we saw last fall. what should we expect? well, i just was at an economic briefing last week, and a lot of economists feel that ....
martha: well, president biden today acknowledging 40 year highs in inflation as americans pay an average of $3.42 a gallon for gas. he also declared that america is back to work after an unexpected 476,000 jobs added in january in the midst of omicron. so that was the head scratcher. david asman joins us now. felt yesterday like jen psaki was preparing us for bad numbers and then the really good number came out. what happened? a couple of theories about why they got it wrong. they knew it was going to be a good number. apple does that. martha: lower, expectations. the other possibility that somebody was whispering in their ears the numbers were bad. it could have been mark zandy. he said the initial number was bad. the bottom line is we re i have to agree with the president on this one. we are building back right now. but we don t need build back ....
The s&p 500 lost one and a quarter. the nasdaq was down two and three quarters. take a look at gasoline prices. jumping 11 cents a gallon overnight. one month ago the average price was $3.42. a week ago 3.57. yesterday 373 and today s price 3.84. for diesel, 3.77 a month ago. 3.98 a week ago. 4.12 yesterday and 4.26 today. president biden says the economy rolled back faster than expected. celebrating the february jobs report but there is tremendous strain on the economy and american families on higher prices particularly as you just saw from gasoline. white house correspondent jackie mine rick joins us tonight with how that factors in to the ukraine crisis live from the north lawn. good evening, jacqui. good evening to you, bret. just when the grip of the pandemic seems to loosens the war s threat to the economy is growing by the day. ....