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A lot of that is not necessarily supply related, right? it is not saudi arabia possibly pumping more or the even pumping more. it is now the idea that there's an inflation narrative or story that is maybe shifting a little more toward a recessionary narrative. that is the demand side of things. if the economy really does start to slow down, not just here in america but around the world, as well, especially in places like europe, does that mean fuel demand will ultimately go lower as a result? if it does, oil prices have to come down. gasoline prices have to come down. if that's going to be the...

Are dropping right now to the lowest point since the summer driving season began, according to aaa. the national average is about $0.30 cheaper than it was a month ago. joining us now is our correspondent. what is happening here and are the trendlines expected to continue? >> it's interesting because as he pointed out, a month ago we were talking about the national average, five dollars a gallon and they were forecasting it could go even higher. what has happened since then? for one, more supply has come back onto the market the latest data from the government shows the u.s. oil production is ...

Dollars chasing you too billets, you can understand what is happening on the part of it is supply chain issues. and that is sort of still being felt in the economy. what the fed can do is control the demand side of inflation, meetings more expensive in terms of rates. the idea that the fed can control inflation just by controlling the demand side, or just tamping down demand so much, that it lowers inflation, that is why some are saying that it is impossible, some might say, wishful thinking, the fed, powell himself, they say it is looking increasingly difficult, but they do think they can do ...

Of the inflation is on the supply side, not the demand side. central banks really have very little they can do about that. we know it is a very delicate balancing act, right? it puts the pressure on the central banks, in one way to rein in their economies but without sending growth tumbling. it's a daunting challenge, right? it is, it's very daunting. right now, i'm glad i'm not a central banker. the problem is that you have to try to slow the economy enough to bring down the pressure on prices, but at the same time not slow it so much that you tumble into a recession. this current inflation p...

And least efficient in europe and all the government response has been on the supply side, _ not the demand side, so talking... instead of putting forward - a programme to insulate houses, they're talking about more oil and gas from the north sea, i which will take 25 years. and takes through 2050. yes, it's very interesting in that, how this is coinciding with ideas about the need to tackle climate change, but i do think really big users of energy ultimately is big industry and big business and there's lots of talk about people in europe, they're prepared to wear an extra sweater or whatever,...