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Carolina. alabama is just behind at $3.06. if this keeps up and it probably will, we ll be down to a $2.90 range in half a dozen states. it s coming down because we are using less and there is an increasing supply. it s the only good piece of economic news we have got. if you want to dig deeper you can say the decline in oil is because of a slowdown in all the major economies in the world. that s the negative. but let s not rain on this parade. it s wonderful news for everybody that gas prices are down 50 cents a gallon in eight weeks. bill: the expectation is europe ....
Don t want any part of this tax increase as part of the deal. senator jim demint saying any republican who signs on to a deal is writing their ticket out of washington. doesn t sound like they re going to find any common ground in the future. the president s on the road in pittsburgh on another issue talking about jobs. he s facing criticism today for his decision yesterday to tap into the strategic oil reserves. what s the reaction from the white house on that? reporter: a lot of eye brows went up saying we don t have a hurricane katrina to pin this release on. the president s saying that we need this to try to stabilize the oil market. to try in fact to get those gas prices to go down. they have been trending down today at $3.06 a gallon. the white house is saying we could see a 20 cent decrease in the price of gas between now and the fourth of july. almost no one will complain about that. thanks so much. in a couple of minutes we ll be talking with congressman ed marquee, a de ....
First time since 2008 and now the national average for a gallon of regular is at $3.06. that is nearly 50 cents higher than the same time last year. lee hawkins, a reporter for the wall street journal, boy, these are serious numbers. what is driving this, and, why now? what we are seeing, is the global demand for oil, and when you look at china, specifically, they have 30 million more cars on the roads than they did two years ago and, another two years we ll see 30 million more cars on the road. and, so there is a big push, global demand, that is pushing the number up, and there is also the idea that there could be renewed interest in oil and gas commodities, because of the improving economy. and, so that also artificially is increasing the price to some extent. arthel: let s get back to the price at the pump. you said the former president of shell says, look, maybe in two years, 2012, we ll see $5 a gallon, but then you have another oil analyst saying, not ....