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But china also has an economic incentive here not to get on the u.s. and european union's bad side. the u.s. and european union are china's biggest trading partners there's a lot at stake for all involved. john. >> yeah, this meeting tomorrow huge consequences, jeremy diamond at the white house, thank you. gasoline prices tend to shoot up like a rocket which oil spikes but then crashes. and president is fed up saying gas prices should decrease. gas $3.62 a gallon. now $4.31 a gallon. joining us now is energy secretary jennifer granholm. secretary, thank you so much for joining us as i know s...

Curiosity myself on what is really landing. if we are starting to see many of these -- what is going on with the russian army? oh, my goodness. you have stuff landing over there that are relics basically. is that the truth? how dangerous is it? are there many of these dumb bombs? where is it coming from? i think that would tell us a lot about why you see a little bit of the stall, lack of fighting right now the ground in kyiv, are they regrouping? if they are, maybe this is part of the reason why. >> may be so. we will move on, the biden administration in crisis. inflation surging a whopping 7...

>> bill: national average of gas now 4.31 a gallon. highest average gas price in american history. mostly due to the ongoing war in ukraine, the white house would argue. you've got newly announced ban on russian oil imports. you have inflation, high demand contributing factors. we also know what this administration's policy on energy when they took the white house in january 2021. all factoring to the blue line that goes up and up on your screen. 20 past the hour. >> dana: have to get a bigger screen. inflation hitting a new 40-year high. inflation jumped 7.9% over the year. out paced wages. f...

This was on march 8th, west texas crude trading at $123 a barrel. now it's $95 a barrel. talking about almost a $30 drop in oil prices. gas not so much. in fact, not even close. here, march 8th, $4.17 a gallon of regular unloaded. now it's $4.31. that actually shows it's up 14 cents a gallon. cnn's matt eagan has been tracking all this like a hawk. >> this is not an entirely new phenomenon. this has actually been going on for decades. here is what's actually happening right now. we've seen 23% decloin in oil prices in the last eight days. gas prices are actually up by 3%. now, it is normal to ...

You know, isolated units, detached from others that allow them to be cut off and assaulted successfully by the ukrainians. so looks to me like whoever was in charge of that tank platoon didn't have good tactical practice. >> bill: the other thing it shows is that the ukrainian air assault is still well intact based on what we saw. there were questions about that but i think that answered that. >> dana: karl, here at home we've been seeing the surge in gas prices. a record today hit at 4.31. 2.81 a gallon a year ago and this number looks like it will continue to go up. what do you think the whi...