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Quickly. >> reporter: david, that pain is something americans are already feeling. the economic consequences. with gas prices up 20 cents in just the last month. the national average tonight, $3.53 a gallon. in california, a record $4.74 a gallon. and this comes amidst already rising inflation. russia is a top energy producer throughout the world. 7% of our oil imports come from there, and any disruption to supplies will certainly push prices higher and that has a ripple effect on everything from clothing costs to groceries to furniture. david? >> rebecca jarvis, martha raddatz, cecilia vega, ...

Americans. the average price for a gallon of gasoline is $3.53 for regular, up nearly a dollar from one year ago. russia is the second biggest producer of oil in the world, and the disruption in supply could cause oil prices to rise even higher. of course, that could have ripple effects, causing inflation to rise even further and borrowing costs to go up. the conflict could open the u.s. to a potential for more cyber attacks. a lot at stake here. joining us is joe buswuesas. he's a chief economist. thanks for being with us this morning. give us the immediate consequences to america. people's e...

Principles and all the things that we hold dear, it will probably sometimes for us to put ourselves out there in a way that maybe we will incur some cost and in this situation that may relate to energy costs. >> bill: no secret you're paying more for gasoline than you were a year or a month ago. $3.53 a gallon. a year ago 90 cents cheaper. it was $2.10 when biden assumed office. >> dana: what this year has done is focused the mind on a need for a good energy policy. we don't have that right now in the country and it is hurting us equally and national security interests are very much at risk. >...

Facebook allowed the networks to thrive. it underinvested in national security issues. >> restricting content warns tiktok's ban on content in russia it could leave a void. >> trace: kelly, thank you. >> no consistency here where an oil company could say hey, we're just doing whatever the market is reflecting because when the market -- when the supply goes down and prices go down, that is not reflected at the pump for consumers. we hope we can pass legislation that stops this profiteering and get some of that money back to consumers. >> dana: the chair of the house progressive caucus pointing ...

National price of gas. here's the thing. we have heard from joe biden over the last 48 hours, and he has made it very clear. he can no longer blame donald trump for everything, so instead he says well, you know, i inherited that situation with covid. but now i have got putin. so if you have got a problem. blame putin. >> rachel: that's right. g.o.p.'s lawmakers actually got together and here's what they had to say about all of this. >> i think it's perfectly clear that vladimir putin is not the cause of this rampant inflation that began at the beginning of year. >> if you just take a look at w...