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A few factors here, shanghai and other cities in china are dealing with lockdowns and covid cases and so that is going to potentially hit demand. also there's concerns about the u.s. economy slowing down. that would also be a negative for demand. and on the supply side, the u.s. and allies have released unprecedented amounts of oil from emergency reserves. so all of this has driven down the price of gasoline. national average at $4.11 a gallon, down a penny overnight, 8 cents in a week. again, that's not cheap but it's certainly a step in the right direction. it does say a lot about the inflat...

New today, a little relief for american drivers. the national average for a gallon of regular gas fell to $4.11. that number last month stood at $4.33 a gallon. oil industry leaders defended those prices last week. the big oil execs insisted it wasn't their fault. >> we do not set or influence the price of our products. >> no single company sets the price. the market establishes the price. >> shell does not set or control the price of crude oil or the price that consumers pay. >> joining me now, texas congressman marc veasey,

This. >> reporter: add gas prices to the list of surging costs weighing on americans' wallets. >> the price has been a little bit more each time. >> reporter: the national average now around 3.44 a a gallon, up more than a dollar from a year ago, and the highest since 2014. >> it changes the way i pump gas. >> reporter: it's only getting worse approaching the national average of $4.11. do you think we could hit that record in the months ahead? >> i think we have a very good chance. >> reporter: it's an issue of supply and demand dating back to the start of covid. just look at this roller coast...

Any relief anytime soon. >> reporter: add gas prices to the list of surging costs weighing on americans' wallets. >> the price has been a little bit more each time. >> reporter: the national average now around $3.44 a gallon, up more than a dollar from a year ago and the highest since 2014. and it's only getting worse roaching the record national average of $4.11. >> do you think we could hit that record in the months ahead? >> i think we have a very good chance. >> reporter: an issue of supply and demand dating back to the start of covid, the roller coaster chart of u.s. gas prices over time....

>> it changes the way i pump gas. >> reporter: and it's only getting worse, approaching the national average of $4.11. do you think we could hit that record in the months ahead? >> i think we have a very good chance. >> reporter: it dates back to the start of covid. look at this roller coaster chart of u.s. gas prices over time. in march 2020, prices plummeted. americans weren't on the road. oil producers, including opec, cut back on investments and operations. they had nowhere to store extra oil. >> they laid off employees. they didn't work the rigs. >> reporter: when the vaccines rolled out,...