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all these historic gains. during this transition, a word they are using often, growth will look different. we will likely see fewer record job creation numbers ber but won't be cause for concern. >> larry: it's going to be a cause for a lot of concern, bringing down inflation is not easy. can i go back to the word transition? they started using that last week. mr. biden used it in japan. what he was referring to is a transition to a green economy, the end of fossil fuel. >> sandra: the quiet part out loud as we were saying. >> john: defending essentially high gasoline prices. oil is at $120 a barrel today. i want to tell you, any so-called transition to a green economy that ends fossil fuels would be an economic catastrophe. it would be a permanent recession. we couldn't possibly do that or afford that. the job losses would be in the tens of millions. i'm not exaggerating, a lot of
was the opposite? he came in with an economy growing at 4.5%. we now have a negative economy. we did in the first quarter of this year. we had negative growth. it was down 1.5%. that is a huge drop in the gdp. so it's going in exactly the opposite direction. all of his policies, selling off the strategic reserve, our petroleum strategic reserve has not caused gas prices to go down. they have come up. remember a couple months ago, the president was wagging his finger at mom and pop gas stations for raising their prices because oil is going down. oil came very close to $120 a barrel today. it's now down about 115. it's still more than it was two months ago. >> trace: any final thoughts on the meeting with jay powell and president biden? some in cnn said it was the worth meeting since kanye west tried to sell the air force wing
oil prices surging past $93 a barrel today. inching closer to $100. that means gas prices will be heading higher. economist steve moore says this is why we need to be energy independent. steve, i go back to us initially recording several weeks ago when this situation was getting worse that russia is now number 3 on our list of countries from which we purchase and import oil. that is a drastic change from where we were in 2017 where russia was nowhere near a top five. >> yeah, how depressing is that, sandra in a year ago, just a little over a year ago when trump left office, we were importing no oil from no country. we were exporting more oil than importing. we were completely energy independent. what a difference a year makes. now we have to go hat and hand to the saudis and the russians to produce more oil. if you look at the record that
a barrel today. and that, of course, is fuelling inflation. that is the last thing that the united states, for example, wants to see with inflation currently at an almost 40 year high here. and creating therefore a major problem for president biden politically, going into the mid—term elections later this year. he is going to be fighting inflation as it is, as best he can. of course, without having to combat additional problems caused by new measures which increase further the price of oil and gas. increase further the price of oil and gas-— oil and gas. indeed, david willis, thank _ oil and gas. indeed, david willis, thank you - oil and gas. indeed, david willis, thank you for - oil and gas. indeed, david i willis, thank you for keeping us up to date with all of those developments. you're watching newsday on the bbc. still to come on the programme: we'll look at the mood in ukraine's capital from our correspondent in kyiv. prince charles has chosen his bride.
>> well, i agree with the assess that you heard. i think we're looking at $4.50 a gallon gasoline depending on the state that you live in. the price of oil went to $100 a barrel today. that's the equivalent in many states to $4.50. in california or new york, you were already paying that much. you're going to pay a premium for this. incidentally, that's a taxonomy the american consumer when the gasoline price goes up. it hurts lower income folks. i think we better brace ourselves for many months of this. and when you ask what we should do, i think it's pretty clear, and i think americans are pretty united, that we should be producing more of the energy here at home. let's not forget, a year ago, last january, the united states was actually a net ex-ex-porter of oil and gas. now we actually, believe it or not, we're importing natural gas from russia. it doesn't make sense from a strategic or economic point of view. >> shannon: brand new fox
put out about the turkish drones they have been using. like i said -- real problems on his hands. >> let me ask you this question. you talked about that ruble and their finances collapsing. that said, our country even today is importing 167,000 barrels of russian oil every single day. you know, 40% of the natural gas in europe with nato and our western european allies from russia. on top of all the oils that putin sends. price of oil, i think hit $115 a barrel today. he is making billions of dollars a day. i don't think they will have a problem financially. if we continue to the important any oil, any energy, weeping the united states, space and europe from putin. that is the one section that i think would work that that that is the one section that nobody wants to put in place. why is that? >> senator rubio: i think because the -- it can be done in
today. >> right. >> our message has got to be, look, we could be producing more crude in this country today, but the administration has got to decide which direction they want to go. are they going to continue to push -- >> i understand that. i understand what you're saying. my question actually was slightly different, which is just that as long as china is there to buy that oil, how can you stop putin from getting all that money? >> you can't stop him from getting it, but you can force it at a discounted rate. and that means as long as we put pressure on china and as we find other people not wanting to buy it as well, the one thing we do know is we should not be buying it and we should be producing more of our own and we should be sharing it with our allies. that should be done now. look, the coordination -- it's going to be years before we quit using crude oil. and right now i know the administration wants to move towards, you know, a carbon-free approach in terms of energy.
you may have noticed it has gotten more expensive to fill up at the pump these days. the price for oil has shot up 69% over the last year. topping $80 a barrel today. unfortunately, the spike is just beginning. and nearly every aspect of the economy will see an impact. with us now is host of npr's full disclosure podcast. great to have you back with us. so what is behind the spike in costs? is this a good old fashioned supply and demand dynamic here? >> it is always supply and demand dynamic. if you think back to the had oig of the pandemic breaking in the spring of 2020, there was such a sho being that could you not give oil away. we crossed a negative price at one point. so what will all the small and large and multination al players going to do, they will slash production and panic. and all of that seemed to have
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u.s. was locked and loaded ready to respond after the world's largest oil processing facility was attacked over the weekend. the trump administration is blaming iran for carrying it out, which iran denies. the president is holding a working visit with the crowned prince in the kingdom of bahrain. if he speaks to this issue, we'll bring it to you. the attack knocked out more than 5% of the world's supply, 5 million barrels of oil. it shut down half of saudi arabia's daily crude oil output and triggered the biggest intra day surge in oil prices since the 1991 gulf war. brent crude jumped 20% to a session high of $71.95 a barrel today. u.s. west intermediate surged to