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Have a minimal impact on inflation. arthel: so the nonpartisan congressional budget agrees, the office agrees saying its effects will be negligible. so what will the bill do? let's bring in economist peter morici, former u.s. international trade commission chief, also business professor at the university of maryland. so, professor, unemployment rate is very low, 3.5%. gas prices dropping. less than two months ago the national price per gallon of gas was $501, today it's $4.08. a recession may or may not be looming, but inflation is still at a record high of 9.1%. so i ask you, what is driving ...

They say it will be just under pre-pandemic levels by about 7%, so if you have so many drivers still hitting the road, china coming out of lockdowns like john mentioned, demand for oil and gas still extremely high, and that, anita, could drive up prices even more. >> anita: you have to figure gas prices into your vacation budget now, that's a big part of it, right, grady? all right. >> exactly, unfortunately that's what it has come to. >> anita: it has. thank you so much for the live report. >> john: dagen mcdowell, fox business anchor, a few thoughts on this. put what people are paying back u...

The emergency oil releases between the united states and allies bouncing back again because china has started to relax the covid lockdown and there's a lot more concern about russia's supply as europe considers new sanctions. the problem is you can't replace russia as an oil producer. it's the larger exporter of oil in the world. the good news is oil prices have come down. it's down to $4.08. that's not cheap. down 8 cents in the last week. about a quarter from a month ago. $4 gas could be right around the corner. that's what some of the analysts are telling me. the problem is that it really r...

$4.08 a gallon. that is not cheap but it is moving in the right direction, down 8 cents in the last week, down a quarter from a month ago. that's because they take -- gas prices take their cues from the oil market. now this is when the war started. you see oil prices shot up, but they have cooled down because the u.s. and its allies have released unprecedented amounts of oil from emergency reserves. one key thing to launch is just the last few days oil prices tick back up and we need to keep an eye on that. the higher oil prices go, the higher gas prices will go and the worse inflation will go...

Pricing on everything from gas to groceries to housing are still rising at a rapid pace. the government says inflation rose 8.5% from march 2021 to march 2022. that's the largest annual increase since 1981. with prices rising more than 1% between february and march. the driving force behind the recent price spikes in high oil and gas prices are because of the war in ukraine. aaa says that the national average for regular, now $4.08 a gallon. but it looks like we might be paying an average of $3.84 a gallon for gas this summer. with us now, diane swonk, an adviser to the federal reserve. diane,...