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Cnn business reporter matt egan. i think the question on everyone's mind is how bad is it going to get at the pump? >> well, ana, you're spot on here. the jobs market is clearly on fire, but sadly, the cost of living keeps going up and nowhere is that clearer than at the gas pump. the national average up to $3.44 a gallon. it's up seven cents in just the past week. this is largely about supply and demand. demand is very strong right now because people are driving more. they are flying more, which increases demand for oil. and supply just is not keeping up and neither opec nor u.s. oil companie...

Federal reserve. >> harris: so the federal reserve is expected to move interest rates a little bit higher, talk to me about that and we may only be just a few seconds away from the president stepping up to the lectern on the white house to talk about this but i want to get that answer from you. >> the federal reserve shouldn't be manipulating interest rates, the fed is also sitting on one and a half trillion dollars of cash ready to flood into the economy and so they believe the prosperity caused inflation so they were slow to respond to inflation and what they may do is overreact to inflation...

Some places, some places more. >> actually, oil prices rose on the day of the announcement, and only fell in days later because of the threat of the omicron variant and fears of more lockdowns. as you said right now, the price of oil is more than $91 a barrel. some experts predict $100 a barrel by this summer and that directly impacts gas prices, which as you said, $3.44 a gallon for regular unleaded, highest since 2014, when it was vice president joe biden. and ralph norman uncovering three administration members, including the energy secretary with close ties to the green energy industry, ca...

Any relief anytime soon. >> reporter: add gas prices to the list of surging costs weighing on americans' wallets. >> the price has been a little bit more each time. >> reporter: the national average now around $3.44 a gallon, up more than a dollar from a year ago and the highest since 2014. and it's only getting worse roaching the record national average of $4.11. >> do you think we could hit that record in the months ahead? >> i think we have a very good chance. >> reporter: an issue of supply and demand dating back to the start of covid, the roller coaster chart of u.s. gas prices over time....

And the president and his team don't have any answers to this problem. they're still talking about spending. nonsensically in a world where spending is driving inflation. that's the only answer that they have. as edward said, they have no new ideas on energy. that's a huge driver here, sandra. if all we're getting is no answers on energy, no answers on spending and in fact, more spending and people not trusting this government to get it under control, we're going to see prices continue to rise. >> sandra: in the answer is to tap the strategic petroleum reserve, that's not a good one. we've don...