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Thank you for joining me tonight. what are these ideas, because as president biden spoke about, as your colleagues spoke about, you re open to ideas. what are the ideas you have for the table and for the american people? you know, look, laura, i think the president is leveling with people and letting them know that these gas prices are global phenomenon, that they are very much caused by the unthinkable war of aggression in ukraine. you know, that s not a shift of blame. that s just a description. prices were $3.31 on january 17th when putin started doing military exercises in belarus. they re $4.99 right now, and they ve had higher jumps in other countries. now, that s not any comfort to any american going to the gas pump, but it is the fact that we are all suffering from this, again, this unthinkable aggression. what the president s made clear is he gets it. yes, we ve had record job growth. yes, we have 3.6% unemployment. ....
Adjust for inflation price right side not actually at record highs, but what is the white house plan for handling soaring prices and inflation that are affecting americans so severely. joining us is gene sperling, he is currently the white house american rescue plan coordinator and a senior advisor to president biden. he was a national economic council adviser in the clinton administration. gene, let s talk about maybe what can be done to take some of the edge off here. is another release of more barrels from the strategic reserve a possibility here? look, we re trying to do everything we can. you know, when you are talking about looking in real inflation adjusted terms, the day that putin moved troops to the border of belarus gas prices were at $3.31, that was actually below the average that we had over the last decade. as you say, it s now $4.97, that ....
Gas prices are $3.31. they had gone up, but they were up at $3.31. you said that they were $4.82 now. they have gone up $1.50 because of the unthinkable russian aggression in ukraine. john: back to my question. when can we expect gas prices to come down? look. i think we saw them spike up in may. i am sure that that will be reflected in the inflation report that we get this week. if you look at forecasters are suggesting, they are seeing that prices are supposed to moderate this year whether you re looking at the bloomberg survey or the independent congressional budget office, they are showing inflation moderating down. they are showing what the federal reserve looks at. they see that coming down. ....
That s something we need to do better on contrasting the plan versus no plan. you had a couple experiences on fox news, one very feisty, where you felt like the anchor was los angeles to you. is it valuable for you to appear on right-wing media? he does want to talk straight with them, and sometimes people want to attack him when he ease being strait and honest. when you have a global phenomenon or war of aggression in russia has led to oil prices going to $125, has led to prices at the gas pump going from $3.31 to $4.80, those are global issues, and there s not necessarily a quick fix or silver bullet, but it doesn t ....
Happened that have certainly affected what people thought. really experts all over the world thought was the expected trajectory of inflation. one, there s no question that delta and omicron slowed the supply aside correction. there s no question that putin and his aggression has had a major negative impact on global energy prices and the u.s., a gallon of gas is 3.31 on january 17th when putin first moved troops to the border in belarus, now they are 1.31 higher. so there s no question there have been things that have affected global inflation. and just today you saw the euro say their inflation was 8.1%, and the 38 largest economy, 8.8%. ....