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The national average for regular gas hit an all-time high today at $4.37 a gallon. and while gas prices are up, stocks have been down. the dow finished in the red for the fourth straight day, ending the session at its lowest point in over a year. all three indexes are down more than double digit on the year with the nasdaq off more than 24%. with rising prices hurting your wallet and stocks hitting your 401(k), inflation is taking center stage six months ahead of the midterms. we have a lot of news to get to tonight, and cbs ed o keefe is going to start us off from the white house. good evening, ed. reporter: good evening, norah. the president today put much of the blame for inflation on the pandemic and the russian invasion of ukraine. and as voters are holding the president accountable, he says it s time for republicans to help come up with a plan. with gas prices spiking again, president biden argued he s doing everything he can to ease the pain for consumers. i m taking inflat ....
Domestic priority. reporter: his comments came as gas prices hit a new record high, jumping 17 cents in a week, causing sticker shock nationwide. i d say it s affecting me every day. i do have to budget a little bit differently just for gas. i know you ve got to be frustrated. i know. i can taste it. reporter: the president pointed to what he s already done to bring down gas prices releasing millions of barrels of oil from the strategic petroleum reserve, and allowing the sale of cheaper, higher emission gas this summer. i think our policies help not hurt. reporter: but americans don t agree. less than a third approve of house he s handling inflation, and many are trying to adjust to higher costs, like martha razo, who sells wooden pallets in the chicago area. i used to get lumber for, like, 75 cents. now it s $1.60. it more than doubled. so that is a big hit. reporter: razo says inflation has cost her $250,000 in profits and stifled growth. i cannot be hiring more ....
Ponsored by cbs o donnell: tonight, gas prices soar to record highs as americans feel the squeeze from inflation. what president biden says he will do to relieve the pain hitting your wallet. i m taking inflation very seriously, and it s my top domestic priority. o donnell: president biden blamedz the pandemic and the war in ukraine for inflation. tonight, his warning. new stunning details in that alabama jail break. tonight, the guns, the cash, the disguises, and what the suspects were allegedly planning to do if police caught them before they crashed. the new intelligence: why the u.s. is warning russia is preparing for a long fight in ukraine. baby formula shortage. the empty store shelves as parents desperately look to feed ....
Their children. america s fentanyl crise. we go inside a d.e.a. lab with the head of the agency to find out where the deadly synthetic drug comes from and how easy it is for teens to buy pills. you re saying that teens can get these drugs just as easy as they can order something through uber eats? there s no question. o donnell: american innovation. how u.v. light could protect against the next pandemic. and finally, a world war ii veteran lost to history finally getting a hero s good-bye. this is the cbs evening news with norah o donnell reporting from the nation s capital. o donnell: good evening, and thank you for joining us on this tuesday night. tonight, president biden is fighting back against criticism that his administration is not doing enough to fight inflation as americans struggle with rises prices on everything from groceries to diapers. few items are taking a bigger bite out of the family budget than record-high gas prices. ....
People, unfortunately, because i m not sure if i m going to be able to afford them. reporter: republicans who haven t offered a formal plan of their own to fight inflation, place all the blame on the president. joe biden gave a talk this morning and blamed everybody else on inflation. he has been incapable of dealing with the crippling inflation that americans are living with. reporter: with soaring prices threatening democrats chances this fall, mr. biden is krawg sharper contrasts with repubrepublicans and tying them closer to former president donald trump. maga republicans are counting on you to be as frustrated by the pace of progress so they can enact their extreme agenda. reporter: tonight, one option the president says he s considering to lower prices, ending tariffs on imported chinese goods that were put in place by former president trump, this as another monthly inflation report tomorrow could show a big rise in prices. norah. o donnell: ed o keefe at the white ....