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Russia. and the era of sovereign greater russia starts with mcdonald's leaving it. so have a nice trip. >> reporter: steve rosenberg, bbc news, for cbs news, moscow. >> duncan: with gas prices hitting a new record high today, some economists are warning the ripple effects of higher prices on shipping and travel could weaken the overall u.s. economy. we get more now on this from cbs' errol barnett. >> reporter: the war in ukraine continues to push fuel prices across the u.s. to record highs. >> i don't even think $100 will get me a half a tank. >> reporter: the national average jumping eight ce...

Yes with, still a lot of pain at the pump, especially out west in states like where prices continue to climb. the national average just this morning according to aaa is $4.25 a gallon. the white house will now resume plans to drill on federal lands. it's part of the federal oil and gas leasing program, and it's happening following a court ruling that restored the ability to factor global warming into decision making. now, last month a federal judging in louisiana blocked the biden administration from using the social cost of car bonn to include in that map to factor risks of climb change into ...

And the s&p 500 was essentially flat. well, the war in ukraine has already helped push gas prices here in the u.s. to new record highs. now fitch ratings is revising its prediction for consumer inflation for this year. the agency expects prices to soar by 7% this year compared with 4.9% last year. fitch says the increase carries the potential for a huge global supply shock and its chief economist says all the major components are rising including core goods, services, energy and food. meanwhile, gas prices here in the u.s. dropped to an average of $4.25 a gallon on monday. that's down 8 ce...

Is $4.32, up 7 cents from yesterday. gas in los angeles is pushing $8 a gallon and drivers are forming huge lines at gas stations to try to beat another jump in the price. according to triple a average price of gas last year was $2.80 and last month $3.frech. last week it was $3.66 and wednesday $4.25 a gallon, that is if you are lucky, some places are higher. diesel will cost $5 a gallon and premium is the same story. while the price to fill your tank up is totally out of control, the biden white house is refusing to take blame for it. take a listen to this exchange between jen psaki and pete...

Accurate reports how badly the troops are doing on the front. >> as you know, many americans have said through polling and other places they are willing to take on higher energy praises if it means sanctioning vladimir putin and russia to ultimately end this war. but it's a lot of -- it's a lot of pain at the pump, it's a lot of pain for the hard working american to have been dealing with inflation not since the beginning of this war, sir, but it's been going on well over a year now leading up to that war. gas prices spiking. average 4.25, up additional 20% since vladimir putin invaded ukraine...