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Other day she spent $3 a gallon on gas. the national average according to aaa for a gallon of regular, $4.07, a six-cent increase just overnight. it was $3.61 only a week ago. you know it's really driving these prices are the cost of oil going up because of the russian invasion of ukraine. we know that the cost of oil is really on a global market. and even though there's a pinch in europe and asia, it's also causing a price increase here. we've seen a 50-cent increase for a gallon of regular on average nationwide since that russian invasion of ukraine started about 11 days ago. we are getting ...

This would put direct conflict with russia. [crying] >> it is a dying situation. over 2 million people have fled the country. that number is going to continue growing. >> banning all imports of russian oil. >> gas surging to $4.25 per gallon. >> what we are experiencing is 14 months of biden persecuting this industry and we're all feeling the pain. ♪ >> steve: good morning on this wednesday march 9th, 2022, it is 6:00 a.m. in new york city. it is 1:00 in the afternoon in ukraine, and war in europe raging for two straight weeks today as russian troops fire on civilians, once again, evacuating...

Band-aids, they're not real solutions. all of this is a reminder of just how addicted the world economy remains to fossil fuels, including oil from some countries that are not very friendly to the united states or to democracy. boris and kristin? >> here with me to discuss this is mark zandy with moody's analytics. oil prices dipping slightly this week but already starting to rise again. what should people expect to see over the next week when they're filling up? >> well, prices are high. we're paying $4.25 for a gallon of gasoline, close to the record highs of last week. i don't expect them t...

Invading ukraine and markets are disruptive, i don't see prices go down. the risks are they go higher. the potential for additional sanctions and businesses pulling back means that we could see further disruptions to oil supply. i think people should expect to see $4.25, $4.50 for the foreseeable future. >> how much higher do you think they could go? >> well, you know, you can construct dark scenarios. if all 5 million barrels of russian oil exports are disrupted, that can't be filled by other sources of supply any time soon. thus prices will go skyward. if you were tell me we would be at $5, ...

Because opec is really the only game in town. the only group that has the fire power to quick will add back supply at a time when supply is really needed. i'm not saying everything is rosie and oil prices are still up by 15% since before russia invaded ukraine. gasoline prices are going higher, to $4.25. up by 60 cents in one week. i mean, there are years that go by when you don't see a move like that and this happened in the last week bust investors are breathing a sigh of relief because oil prices have started to come down. u.s. stocks closing starkly higher. just under 2%. that's a big move...