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fargo that shows that energy earnings, this would be the companies the produce the gas that goes into our gas tanks, are going to grow by more than 200% this quarter. how does that factor into what americans are paying at the pump? is this about supply and demand or energy companies trying to take advantage of the situation? >> well, ryan, there's no doubt that energy companies have been taking advantage of inflation to raise their prices, you know, as high as they possibly can. these big oil companies are making money hand over fist. they are showing record profits. there's absolutely no reason they ought to be raising their gas pump prices as fast and as much as they are. that's why we need a windfall profits tax. even the conservative government in britain has passed a windfall profits tax on oil companies and we ought to do the same thing here. >> democrats have been trying to convince senator joe manchin to
anti-fossil fuel agenda. from gas pump prices to the grocery aisle, 401(k)s, by his failures now are as undeniable as ever. as obvious as ever, and frankly, as dangerous as ever. such an item going to start by asking a couple of very simple and a couple of very straightforward questions. have you ever seen one president, one administration, failed as much this past? have you ever seen more incompetence, more bad policy, more outright lying than what we are now seeing from joe biden and the destructive democratic agenda? literally on a day-to-day basis. record high gas prices, 41 year high inflation, reckless spending, weak. i mean very weak, pathetically weak diplomacy abroad, abandoning our fellow americans behind enemy lines in the islamic emirates of afghanistan, rising crime, baby formula shortage, were lightless attacks on, refusing to condemn
or if you had a vaccine or plan to. emerge tremfyant® with tremfya®... ask you doctor about tremfya® today. time now for business and let's bring in cnbc's rosanna lockwood who joins us live from london. so many economic headlines with tightening on russia and over the weekend, stopping services there but it feels like the story right now, oil prices. they're continuing to surge this morning, as the market reacts to the possibility of a ban on russian oil and natural gas. tell us more. what do you know? >> yes i think a lot of viewers will wake up this morning, if they haven't not filled up cars over the weekend to find out that gas pump prices have soared enormously. gas prices at the pump about to jump 11% over the past week, the highest level since 2008, the national average for a gallon of
take up to three months and have to go through fda processes, that means that the global economy could be shuddered ten temporarily. travel restrictions hurt economic activity, and so it's really entirely depending on whether this variant about which we know something, but not a lot, is number one, more transmisable, number two, more lethal, and number three, most important here, can evade the protection you get from vaccines which effectively would put us back for a short time at square one with respect to the coronavirus. that's what the market would fear the most. >> ron, thank you for clearing things up. i'm nebulous on the issue of the stock market. to hear you clearly tell us what's going on, i appreciate it. tyler, now the president wants to tout the positives like private sector job gains but americans are feeling the crunch. ron was talking about this. the inflation, the gas pump
speak to an energy crisis rocking americans as they hit the road for the holidays. it's the issue bringing americans together unfortunately from coast-to-coast. sticker shock at the gas pump prices are soaring. up 16% from last year. topping $4 a gallon in some places. trace, you are seeing atop $5 i'm sure. dollar tree, it has kept its prices at a dollar for 35 years, it's announced it has to raise prices on most of its goods. no longer the dollar store. they are raising their items to a dollar and $0.25. the ceo calls it a monumental shift. others call it inflation. >> trace: $5.60 a gallon, just saying, outside the door. this year is setting up to be the most expensive things giving ever for american families,
saudi arabia. it's part of it. this idea that global growth won't be so growth. what fuels growth? oil. >> shepard: oil down is good for the gas pump prices. good for americans. everyday folks ought to be happy. >> and the other thing, big banks are down. this is confounding. we got a positive report on inflation meaning that inflation was not as high as we thought it was going to be. >> shepard: great. >> banks make money in a high inflation environment. not so much now. you know, the big names, the red banks, the blue bank, they're all struggling today about 3% down. i'm talking about j.p. morgan chase -- >> shepard: for people on fixed incomes, they've been waiting for a place to put money. treasury bonds, close to 3% over three months. that's better than we've seen in a long time. >> so you have to think that the products for sabers will improve as well over time. they haven't done that much yet. we're expecting to see more and
thanksgiving, and the good news is that drivers should pay the lowest gas pump prices in seven years. more than half of u.s. stations are selling gas for less than 2 bucks a gallon. and pump prices are down 75 cents compared to this time last year. still to come in the "newsroom," french police say a second terror attack was just hours away before it was thwarted. that and new details about another suspected terrorist on the loose next. ♪ (vo) some call it giving back. we call it share the love. during our share the love event, get a new subaru, and we'll donate $250 to those in need. bringing our total donations to over sixty-five million dollars. and bringing love where it's needed most. love. it's what makes a subaru, a subaru.
>> well, i like pipelines over like using trains to move oil like we saw the problems in canada just recently. that doesn't deal with the issue that we're already doing basically all we can to keep our gas pump prices as low as we can. so they might go higher with the global disruption like in egypt, but the prove of this is there is no country with cheaper gas prices that isn't an opec nation that isn't america and, moreover, compared to our reserves which are like a tenth of saudi arabia's, we're about to produce more than saudi arabia. there's no country that produces more oil compared to their reserves than america. awe the other countries produce less oil and they have more to produce. so we're doing a good job, people. >> john, take him on. >> i love jonas. he's my friend, but he's completely wrong. look, the monterrey shale might be a big portion of saudi arabia in california. that takes away the california deficit. we're not sticking one drill
that nobody's read. [laughter] so, but it's a strategy, is it not, to sort of just keep a straight line, you don't have to dazzle, just don't, don't mess it up. >> he just wants to be that ford taurus that people look at and say that's a reliable car that's going to get me where i'm going. he doesn't want to be a jaguar, he doesn't want to be something that makes your heart pound, he wallets to be something that's reliable, that you know -- and has good gas mileage. [laughter] megyn: thanks, chris. i love it when we do the car analogies. they work. thank you, sir. [laughter] well, we'll be watching these reports, and we're going to bring this to you. we also have some mixed news on other important parts of the economy. food prices have remained flat with grocery costs slightly down, but restaurant prices a little higher. at the gas pump prices have tumbled, about 40 cents from their peak in april according to aaa. the current national average is now $3.53 a gallon, but you can expect that the housing market
give president obama negative rate ogh economy. only 38% approve of his performance. why? the story is gas prices, two-thirds of americans, 65% say they disapprove the way the president is handling gas pump prices and 26% approve. chief political correspondent, by ron york joins us. these numbers, are they as stunning as we look at them as they look to me. >> they are really bad for the president. i think the reason they are bad, listen to the republican candidates. they are tying the rising gas prices to specific actions by obama and his administration. it's not just some uncontrollable outside force. they are saying that gas prices are rising because things the administration has done, not pursuing the pipeline. shutting down drilling in deepwater offshore areas. not pursuing more exploration in