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Americans are getting pinched and more and more at the pump. gas prices nearing four buck as gallon. almost a quarter up from last month and more than a dollar from a year ago. and we haven t even hit the pricey summer months yet. there could actually be relief in sight on the gas front as well. analysts predict gas price could actually drop 50 cents by june. how would that work? joining us now to explain is peter morisey and former president and ceo at shell oys tell john. how do you make sense of this prediction that gas prices could now drip 50 cents or so even in the months ahead? what s behind that? i start with the premise that the crude oil price is essentially irrational. so nobody really knows for sure whether it is going to go up or whether it will go down. when you start with irrationality, anything could happen. so in december of last year, ....
The middle east to buy that expensive oil. we need to do something about trade with china. that s the other half of the big trade deficit. that s another big tax on the u.s. economy and jobs creation. you know if we have a tax on the conversion to offset the effects of china s currency subsidy, subsidizing all those jobs at the walmart, as many jobs as for drilling more oil. if we did those two things, there are other problems such as higher health care costs to the united states and which would not at all aided by president obama s reforms, but drilling for oil, doing something about the trade deficit with china, those are the two items we can do something about right now that within our control and we don t do it. peter, who out there on the national scene is talking about being tougher with china the way you are talking about. that sounds like we have heard donald trump s agenda to be. slap some tax on these folks. do you hear other politicians talking that way should they? ....
Going to set off what? some kind of reciprocal trade war with china? are we trying to honor their desire not to disrupt their economy given their own challenges? i believe that politicians feel that taking a strong in w china would disrupt the world trade organization and the world trading system. they view that as one of the pillars of global prosperity. what s happening right now is it is it is a support for chinese prosperity without support for the rest of us. they view it as protectionism when it is not. what china is doing is protectionism. what i m propose sing self-defense. i would point out to you that economists on the left and the right with the minority, you know, have proposed taking strong action. paul krugman, gary huffbaugher. they all endured strong action. let me bring you back in, john. i m sure i m shocked, peter, aren t listening to economists ....