sandra: the prices the average american is paying up 16%. larry: more or less, that s correct. and you see it, look, grocery prices up about 20%, gasoline prices, ok, a perfect example of why the level matters. we are not as high as we were where it was $5 a gallon nationwide. but you know where we are, just short of 3.70. when donald trump in the last months, it was about $2. so sandra: and people don t like that, people are still not happy. larry: $2 is less than 3.70. sandra: direction in my ear larry: $2 gasoline in trump s remaining months lower than 3.70. i don t want to go out on a limb here, i m just saying sandra: according to my math larry: i know you went to a
sandra: i have to leave it there today. i m joining you today, i accepted the lovely invitation. larry: i m going to ask the questions, 3.70 versus $two on gasoline. sandra: i punched him after we threw to the white house. larry: my first question to you this evening. john: ecowarriors are popping up, to get the extreme message across. not the only ones hitting the panic button. sandra: president biden touting clean energy, may do more harm than good. byorn is here and will give us some facts coming up.
content of the latest forecast. starting with three key developments that explain most of the changes in the outlook since our last forecast in march. the most important economic development since our last forecast has been the energy crisis, precipitated by the russian invasion of ukraine. the rush to fill up gas storage before the winter and the damaging of the pipeline drove wholesale gas prices in europe to new highs over the summer. as shown in the blue line on the right, our economy forecast is conditioned on market expectations for gas prices ever next three years, which we held constant in real terms in the final two years of the forecast. based on the average of the future curves the 26th of october, gas prices are expected to reach a peak of 3.70 in early 2023 and are roughly double the level of the march forecast over the level of the march forecast over the air. prices fold back to around 1.90 in the mid 20 20s, which is still full time higher than we were used to be for th
inflation reduction acted which you called a victory for the american people. core inflation is still at its highest level in four decades. polls show, as you know, that the economy is a top issue for colorado voters. so why isn t the inflation reduction act reducing inflation? well, because the elements of the inflation reduction act aren t going to kick in for a while, dana. the cap on drug prices for seniors and the requirement final, finally, overcame pharma of the requirement that medicare negotiate drug prices on behalf of the american people, capping insulin at $35 a month. these are things that are going to take a while to put in place. you re right, today gasoline is $3.70 a gallon. here in colorado a gallon of milk costs $4.20. that s really tough on people. i think one of the things i ve
to take a while to put in place. you re right, today gasoline is $3.70 a gallon. here in colorado a gallon of milk costs $4.20. that s really tough on people. i think one of the things i ve been trying to explain to folks is that this is a global problem. canada has the same inflation that we have. the european ef rep country in europe has the same inflation we have. the uk does as well, india as well. we re facing broken global supply chains that we have to address and we re facing increases in energy prices because two years ago oil was at $20 a barrel, went to then putin invaded ukraine. the fact that it is global is cold comfort when you are paying $3.70 a barrel. but i think what sorry, go ahead. i would like you to react to what larry sum ersz, a democrat