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Meantime, national gas average price surging for the 15th straight day to 3.80 a gallon, charles payne is here. the e.v. push, they are pushing something their own energy administration is publicly, go to the administration s website, is publicly forecasting. we can only get to 10% of the american car market to e.v. by the year 2015. but here they are acting like we are going to all e.v.s in the next 10, 20 years. let me just tell you what the market is saying. market is saying people don t want the vehicles. maybe they want them in some cases but cannot afford them. some of the headlines in the last week or two. ford says that their autos are piling up on the lot, e.v., they can t sell them. they expect to bleed 4.5 billion on electric cars this year, ok. another headline, the washington post, ford delaying production goals of e.v. saying less than expected demand for ....
Political polarization, and growing debt. and given the kind of deterioration and governance and unwillingness to really tackle these issues, we don t think that they deserve a aaa anymore. reporter: the white house quickly pushed back on the downgrade. what they re doing is punishing the cleanup crew when the guy who wrecked the room is long gone, and sorry, but that just doesn t hold water. reporter: the ceo of jpmorgan chase on cnbc reassuring investors the u.s. economy is very robust. this is the most prosperous nation on the planet. it s still the most prosperous nation on the planet. so, tom, clearly there s some good economic news, but a lot at home are still dealing with you could call everyday inflation. reporter: yeah, especially at the gas pump. the national average for gas is now $3.80 gallon, up 27 cents in a month, and they blame russian and opec cuts, and extreme heat slowing refinery operations in the u.s. and, meanwhile, higher interest rates are making i ....
But people are still spending on experiences. look at the blockbuster movie sales for barbie and all those soldout taylor swift condition certificates. but one thing we need to keep an eye on is the price of gas. it is unexpectedly soaring recently. the national average is now at $3.71 a gallon. up another 2 cents overnight. this is the highest level in eight nths, up 13 cents in just the past week. and if you look at theap, we have 13 statesveraging $3.80 or above, including pennsylvania, illinois, colorado, and california. the crazy thing here is why this is happening. part of it is the fact that oil prices have gone up. opec holds back supply. but it s also these extremely hot temperatures. triple-digit heat is messing with refineries, causing them to limit their supply of gasoline, jet fuel and diesel right when ....
That s like a tax cut. that s bigger than a tax cut. president biden s partial term has recorded the highest cost in recent presidencies. presidents know that their popularity ratings can go up and down with gasoline prices. and they have done some major things to try to cool off prices befores election. bret: most recently president biden faced criticism for releasing oil from the strategic reserve ahead of the 2022 election season. prices did fall from more than $5 for the monthly average in june to around 3.80 in november. we have a crisis. a price at the pump. democrats argue the release was necessary as the world recovered from the global pandemic and as oil supply was limited due to the war in ukraine. but some energy experts say the release from the reserve was, in fact, strategic. they are meant for short-term supply disruptions. to address short-term price ....
Eggs off the bat, that is down over 8% compared to last year. then you take a look at milk. that s down 10%. bacon a favorite of yours. that is down 4% in cost. but on the other hand, take a look at other staples, some un avoi avoidable. flour up 12% year over year. bread up over 11%. the challenge there is these are increases on top of an already high price. when you look at last year, we saw some of the highest inflation that we ve seen in 40 years. so i want to look beyond just one year to really understand how prices have changed. so if you look prepandemic at ground beef, that was around $3.80 per pound. now for the same amount of beef, you re paying over $5. taking a look at sugar from today s cpi report, sugar is up 11% year over year. when you factor in prepandemic to today, the price has ....