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Biden says he does not have an immediate solution to skyrocketing gas prices and that americans could be feeling the pain at the pump for months. >> president biden: my guess is you'll start to see gas prices come down as we get by going into the winter -- excuse me into next year in 2022. i must tell you, i don't have a near-term answer. >> trace: the average price for a gallon of regular is now $3.37. up more than $1.20 from a year ago. prices in one california town surging to more than double the national average reaching $7.59. fox business network hillary vaughn at the white house with mo...

Down. the national average right now for regular unleaded is $3.37 second dome flashback a year ago just $2. montana california was shocked by prices as -- just tonight, president biden predicted those prices should drop. the major u.s. automakers committing to make half of their vehicles electric. >> now you have all three major manufacturers saying the same thing. so what will happen if you are going to see a dramatic drop, a dramatic drop, and what is going to happen in terms of gas prices as we go into the next two or three years. >> some experts say we could be headed to $5 to $6 gas. the...

The sign back there behind me pushing $4 for a gallon of premium gas, tends to be higher in the northeast than the national average which comes in at $3.37, the average gallon of regular gas. one year ago it was $2, $0.16, that's a 56% increase and what that means of courses we've got a whole lot less money to spend on other things. one research group finds for every dime of increase in the price of a gallon of gas, it's $1.3 billion taken out of discretionary spending. leading up to christmas we will have because of high gas prices $35 billion less to spend on other things. according to the o...

Important to the president, very few cases have been overturned by justices that are in this federalist society list f you call it. >> the president our reporting suggested has become enamored with the idea that he might nominate a woman. >> uh-huh. well, listen, i think that would be great. when sandra day o'conner was nominated, it was a great shock to many liberals that president reagan was willing to do that. i think if the president -- i'm all for the diversity of that and i'm all for people having the same roughly academic standard records. if he wants to choose one of the two women that...

I'm tempted to do, you'll see something in the negative. you don't need to do that. you don't lose money until you sell. ashley webster, the final bell will start ringing in 45 seconds. >> where do we finish? down more than 1,000 points? maybe more sell orders coming in. looks like we'll stay below 1,000 points shep. 4.3%. >> the s&p 500 is off 100 points, 3.63%. the nasdaq index is now off 3.37%. 237 points in the nasdaq and a wild dow right now. 1,100 points on the dow jones industrial average. thankfully we're not at the numbers we were a few years ago where this would be an enormous percen...