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Take a look. the problem with gas prices have two roots. the pandemic. when covid truck, demand for oil plummeted so production slowed down worldwide. because of the strength and speed of our recovery, the demand for oil shot back up much faster than the supply. that s why the cost of gas began to rise last year. the second route is vladimir putin. the start of this year, gas was about $3.30 per gallon. today, it s about averaging for $20, $4.22, as many as $5. the reason because of that is putin s war. sean: blame everybody no, it s your policies. but economic and energy policies, the causes, biden had trouble opening his eyes, squinting into the light like when he whispers or is says, come on, man. ....
In our money lead now, that unprecedented announcement to help ease gas prices. president biden says 1 million barrels of oil will be released from the u.s. oil reserves every day for the next six months. that would help fuel the u.s. oil supply into september, but will that put a dent in the near record-high prices we re paying now, $4.22 a gallon, according to aaa s national average today? let s bring in cnn s richard quest. richard, biden did try something like this before back in november. he had 50 million barrels of oil released, 30 million earlier this month. now it s 1 million barrels for six months, comes out to roughly 180 million barrels. people are now back to work in the u.s., they re traveling for spring break, the busy summer travel season is coming up. 1 million barrels a day sounds good, but can it really help? well, amongst the 20, 22 ....
Pump. to be really clear the president does not control the price of gasoline. no president does. but what we re seeing right now is this global mismatch between supply and demand. that was actually a throwback bite to the energy secretary. of course later on we ll hear from the president. he is going to say what he thinks he can do to lower the price of gas, but you heard right there jennifer granholm not something the president can do. a year ago the average price for a gallon of gas only $2.87 a gallon. a month only only $3.61. today $4.22 is the average. again we ll hear from the council of economic advisors, it will be up to private industry to make this happen. they have to work to bring wells back online that they ....
4.22, higher in many states. nearly a dollar more in less than three months. the reason for that is because of putin s war, and now many people no longer buying russian oil around the world, i banned the import of russian oil here in america, republicans and democrats in congress called for it and supported it. the right thing to do. but i said at the time it s going to come with a cost. as russian oil comes off the global market, supply of oil drops and prices are rising. now putin s price hike is hitting american s at the pump, which brings me to the first part of my plan. to immediately increase the supply of oil, our prices are rising because of putin s action. there isn t enough supply, and the bottom line is if we want lower gas prices we need to have more oil supply right now. ....
$4.20 or $4.22, higher in many states, nearly a dollar more in less than three months, and the reason for that is because of putin s war. and now, many people no longer buying russian oil around the world, i banned the russian import of oil here in america. republicans and democrats in congress called for it and supported it. it was the right thing to do. but i said at the time, it s going to come with a cost. as russian oil comes off the global market, supply of oil drops and prices are rising. now, putin s price hike is hitting americans at the pump. which brings me to the first part of my plan. to immediately increase the supply of oil, our prices are rising because of putin s action. there isn t enough supply. and the bottom line is if we want lower gas prices, we need to have more oil supply right now. for u.s. oil companies that are recording their largest profits ....