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To fix this. what do you do? i don t know how to fix it. if i could wave a magic wand, i certainly would. we know that employment is up, prices at the pumper plummeting, all except in my backyard in chicago where we have refining problems. we also know the housing market is picking up. that s what happens to the overwhelming majority of households. this is really hard. i won t discount that, but we are moving into this storm with some tailwinds that will leave us battered, but not beaten as we get through it. mark zandy, we ve been expecting the federal reserve to very close to raising the interest rates, which would signal that we could get back to a normal monetary policy. is that on hold now? is it wise to raise interest rates when we ve seen this kind of turmoil? before i answer that ....
harris: many americans dealing with record high gas prices this holiday weekend. a.a.a. reporting spiked 32 cents this month largest increase in seven years. much of the increase happening overnight. just last night after nearly all u.s. oil production in the gulf came to a stand still because of hurricane isaac this week. production expected to get back to normal over the next few days. right now the national average for a gallon of regular $3.83 going into the final big travel weekend of the summer. let s get gerri willis from the fox business network on this now. who is feeling the most pain at the pump? seven states over $4 a gallon. they are hawaii, california, illinois, michigan, washington, connecticut and oregon. and just show you how high those prices have gone and how fast. only hawaii had prices over four bucks a gallon last month. this has happened very quickly. the reason you mentioned at the top at that time production in the gulf was stopped almost overnight. but we ....
Nothing but wallowbies there. not a lot of good choices in this world where we sit. we re sitting in oil in the context of 9.1% oil in this country. brent oil is at $110 a barrel. if you ask any economist worth his salt 12 years ago, 9.1% unemployment in the usa, zero growth in the zur zone, what s the price of oil, he would have said $10 or $15. it s sitting at $110. there s not a lot of good choices, but the point is in this country, even if you got around the refining problems, even if you wanted to dedicate an island to refinement, we don t have the still sets to do it. this ore is radioactive, et cetera. we don t have the skill sets. i m sitting here amazed by what i m hearing, and a little frightened by what i m hearing. you should. you actually should be. and is the problem what can the united states do? you just said we don t have the the united states doesn t have the talent. we don t have people we have the talent. we just don t have the ....