according to aaa aaa the national average is up $0.20 a gallon in the last month. >> it is ridiculous i wish they were not so high. >> americans are dealing with higher cost just about everywhere else. >> in a report from the bureau of labor statistics fines overall, prices jumped 8.2% in september compared to one year . year earlier. prices at the grocery store increased 13% with with eggs up more than 30%, coffee 16% higher. home costs are rising with electricity up more than 15%, natural gas increasing 33%. the new report will bring new action for the federal reserve next month. the fed raising interest rates in an an attempt to bring down inflatn down inflation but the strategy is having little impact. >> the fed is on course for another increase. >> cbs news business analyst says the board will likely increase 3/4 percentage points. >> in the minutes from the september meeting they articulated something clearly, they said they are more concerned about doing too little little on interest rates rather than too much. >> if the fed stays aggressive it could put a key interest rate ra

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according to aaa, the average price for a gallon of giller in san francisco is $6.61. it is lightly cheaper -- regular in san francisco is $6.61. it is slightly cheaper in other areas. it could get even higher. >> good morning. aaa tells us supply may be restricted nationally due to the effects of hurricane en and some temporary refinery issues. that is causing gas prices to soar here in san ramon. we found a gas station that has hit $6.79 a gallon. signals from overseas show this might not be the end of it. opec plus, agut -- a group of oil-producing nations led by russia and saudi arabia, is cutting production by 2 million barrels per day to boost prices. the reduction could lead to big increases in energy costs for both gas and home heating. with the states, -- with the western states petroleum association, someone says this is an issue of supply but it comes from policies and oil companies. >> as long as we see the california government imposing trick bands and mandates and putting a price on carbon emissions, we are going to see an inhospitable for oil. >> governo

according to aaa aaa the national average is up about $.20 per gallon in the past month. >> it's ridiculous. >> i wish they weren't so high but, this is what we have to deal with. >> americans are dealing with higher costs, just about everywhere else. >> everything is more expensive. expensive. >> reporter: report from the bureau of labor statistics fines fines overall, prices jumped 8.2% in september compared to a year earlier. inside the numbers numbers prices of the grocery store increased 13%, eggs are up up more than 30%, coffee is nearly 16% higher. home costs are also rising. electricity is up more than 15%, natural gas to to heat the home has increased 33%. the new report will likely bring new action from the federal reserve next month. the fed has been raising interest rates in an attempt to bring down inflation, but the strategy strategy is having little impact. >> the fed is absolutely on course for another rate increase increase the sixth of the year. >> cbs news business analyst says the board will likely increase rates three quarters of of a percentage point, the same action t

. > >> aaa is definitely an advocate an advocate of this feature and we just want to see automakers e to refine and improve the syste. >> reporter: it is important tor these systems have limitations and drivers need to stay alert at all times. cbs news, los ang. > >> an astronaut making history h the latest launch to at 3:00. persistent batch of the marine . ♪♪ >> ridge: my destiny. i don't even know what the hell that means anymore. ♪♪ ♪♪

according to aaa, the average price for a gallon of regular in san francisco is $6.61. it is that we cheaper in oakland and san jose, $6.48. lena howland is light in san ramon where the price at one station is just under seven dollars. rices could get higher. -- prices could get higher. lena: that is right. aaa says some supply may be restricted nationally, just because of hurricane ian and temporary refinery issues causing prices to soar closer to home. i want to show you where one gas station was spotted charging $6.79 a gallon, that is the cheapest tank. signals from overseas show this might not be the end of it. opec, a group of oil-producing nations led by russia and saudi arabia, is cutting production by 2 million barrels per day to boost prices. the small reduction could lead to big increases in energy costs for gas and home heating. for now, the western states petroleum association says supply and demand is indeed the issue. it comes from the policies california imposes on oil companies. >> as long as we see the california government imposing to in bands and man

aaa says they went up more than anywhere else in the past week. southern california set new records today. we are teetering on the brink in the bay area, within one penny or so of record prices we paid in june. dustin dorsey tonight is looking at the question everyone seems to be asking. why? reporter: gas prices on the rise again. seemingly going up as fast as the numbers turn on a pump. one state's prices are rising faster than anywhere else. you guessed it, california. leaving a bay area resident with one word to describe it. >> this is absolutely ridiculous and i refuse to put gas in my car because i cannot afford it and neither can anyone else. reporter: a record increase in the last three weeks. california now sits at $6.425 for an average gallon, nearly a full dollar higher than our neighbors to the north. the question is why? aaa says some supply may be restricted nationally due to hurricane ian. yet florida is more than three dollars cheaper than us and we know that our prices have always been higher. supply and demand is indeed the issue

accordg into aaa, e thaverage ice for gaa llon of gurelar is $6.41. those presic are higr hein the bay eaar. ju ast year ag to,heve arage price was $.41. -- $4.41. n:da fleet wk eeis undery wain san anfrcisco. we incdelud a picteur of the oops tod.ay th heyosted a clinifoc r the ki fdsrom the ysbo andan s fransccio nextot the ussid rge mo.re >> tshi is one of the first peop wlee intera wctith, and that was excinitg to get to play basketballnd a talk to them about how excidte we are btoe tonhe ship. n:da fetleee wk eventcos ntinue all we wekith ship pesor ginning motorrow --ou trs beginning tomorrow. we have yocou vered with lal of e fleetee wk funoi gng on this weeknd a weekend. you can find a full schedule of events with dates and times on our website, abc7news.com. ama: a petaluma born womannd a stanfo grdrad wilbel come the first naveti americawon man to go to scepa. cole man and four heotr are heduled to take oftof morrow morning 9at:00 rou time. she will nower sve as the mmcoanderor f tomorrow'sps ace cavation. we caught up with her in 2020 whenh

aaa claims supply restrictions due to hurricane ian. newsom says oil companies are at fault for the spike in prices. the california air resources board is making an early transition to cheaper winter blend gas. >> tomorrow, california governor gavin newsom will be in san francisco to sign a major climate agreement with his west coast counterparts. the governors of oregon and washington as well as british columbia's premier will be at tomorrow morning's signing. san francisco mayor will be there as well. these groups have been working as part of the pacific coast collaborative to build a low carbon economy of the future in major west coast cities. we have put together a full library of climate watch coverage. our team give you expert insight to understand and navigate the impact of our climate changing. find it on the streaming of, available for apple tv, android, amazon, fire and roku. do that when you have a moment but stay here with us. coming up a deadly crosswalk crash taking downtown walnut creek. the driver nowhere to be found. >>

assets, shortening yield curve assets and certainly get 5% if you want to do some investment-grade aaassets, you can get 6. 5% without going along on the yield curve or taking credit risk. that is why i am giddy. you had to buy down a risky high yield market. we don't do that today and you can get a nice yield. jack: people complaining about nothing in their savings accounts. where do you see the biggest opportunities that wall street is missing? municipal bonds are looking good. >> relative to where they used to be and high yield, you see that, that is interesting. what people aren't talking about, the front of the yield curve if you can clip 6, that's the most exciting thing, but the one people aren't talking about, they issued debt in 2020-21 with 1% or 2% they traded 55 or $0.60, there was distressed high yields, you think about investing in debt markets and real estate, the value is going up today but those bonds, if i can buy investor grade at 55 they are not defaulting or you get paid out of par so starting with the long box, really attractive dollar prices. jack: you talked abo

. >> aaa says the 30 day streak of the price increases just endd just ended. in fact, spot price which is the price gas traits when it leaves the refinery is down by $1.80. the local wholesale price went down by 20%. >> the retail price is driftin. drifting down. by the end of the the month it will be leased $1. >> a former oil executive , he runs stillwater associates. a transportation and energy consulting company. he says the recent heat wave suspected affected local gas production because refineries need to operate within a temperature range. adding to that, maintenance issues. the supply and demand gap should close after the governor approved a change to the cheaper winter plan which allows refineries to add butane. >> working out butane to the g this effectively does, it increases the supply by almost a a whole refineries worth.

the aaa reports big weekly hikes not just in the west but also the midwest and spreading east, all the way to the white house, where president biden is now confronting opec's $2 million barrel a day cut back in production. >> disappointment, and we're looking at what alternatives we may have. >> reporter: with the midterms just a month away. what do these prices mean for those elections coming up? >> well, we've seen americans very frustrated with the high price of gasoline, feeling a bit claustrophobic. gas prices are a very high priority for your average american. >> reporter: drive down any street or highway. rising gas prices stare consumers directly in the face. california's price hike has little to do with opec. it has been caused by refinery shutdowns, the highest gas taxes in the nation and california's strict environmental laws which require special gas blends. what's staggering is how much more californians are paying than drivers in states like texas or georgia, now more than double. has the gap ever been this high in the country before? >> we've never seen the gap between c

aaa claims supply restrictions due to hurricane ian. newsom says oil companies are at fault for the spike in prices. the california air resources board is making an early transition to cheaper winter blend gas. >> tomorrow, california governor gavin newsom will be in san francisco to sign a major climate agreement with his west coast counterparts. the governors of oregon and washington as well as british columbia's premier will be at tomorrow morning's signing. san francisco mayor will be there as well. these groups have been working as part of the pacific coast collaborative to build a low carbon economy of the future in major west coast cities. we have put together a full library of climate watch coverage. our team give you expert insight to understand and navigate the impact of our climate changing. find it on the streaming of, available for apple tv, android, amazon, fire and roku. do that when you have a moment but stay here with us. coming up a deadly crosswalk crash taking downtown walnut creek. the driver nowhere to be found. >>

gas price, according to center -- the highest gas price in our area is in san rafael, according to aaa. governor newsom on friday called for a wonderful tax on oil companies that would go directly back to california taxpayers. he also directed an early transition to winter bland gasoline, which is asserted to increase oil supplies by 5% to 10%, and drop gas prices. much more to come tonight, including making a court case out of creative expression. we will look at a new law in california, a first for the country that ensures creative content like the rigs and music videos can't be used against artists in court. and a reason to cheer today in the castro. . we take you to the return of the castro street fair. spencer: i am spencer christian. . a bright and sunny sunday and we have more like this coming our what's it like having xfinity internet with supersonic wifi? it's fast... like beyond-gig-speed fast. yeaaaaaaaaay!!! with three times the bandwidth, and the power to connect hundreds of devices at once. get the xfinity supersonic bundle with unlimited gig speed internet, wifi equipmen

a aaa spokesperson says his bike in gas prices due to oil refineries under maintenancs creating a supply shortage. >> refinery main is happening in in california, certainly is thet impact. maintenance is not permanent. it is temporary. >> gas prices will stay the same or get get worse over the next two weeks, according to experts. > >> tomorrow is california clean air day. to help cut emissions, the ferry will be offering free riders. it is one of several ags helping riders reduce pollution. pollution. > >> a santa rosa city bus is alsg free rides. suck taking a live k at the state capital where a new law allows jaywalking as long as it is safely. simple. we all have the right ts the street without being fearful fearful of being cited unnecessarily. >> the california sheriff's assn the california sheriff's associn the california sheriff's associn the california sheriff's associn the california sheriff's associn the california sheriff's associn the california sheriff's associn the california sheriff's associn the california sheriff's associn the california sheriff's associo opposed the bi

according to aaa, the average pe of a gallon of regular in san francisco is $6.50. that's about $0.09 up from yesterday. oakland and san jose saw similar similar temperatures. > >> republicans have been calling for a repeal of the gas tax. instead, the governor and lawmakers approved one-time inflation replaced payments of p to $1050 for some families. those payments will go out starg next week. > >> meantime, california legislan >> meantime, california legislan >> meantime, california legislan >> meantime, california legislan >> meantime, california legislan >> meantime, california legislan >> meantime, california legislan >> meantime, california legislan >> meantime, california legislan >> meantime, california legislai season is coming to an end. gavin newsom has been busy signg and vetoing bills before the mit deadline. one of those bills just signed aims to make califoa a sanctuary for transgender youth. the bill protects transis the bill protects transients and and the family's from legal action if i come here for gender gender affirming medical care. it is a r

the highest bay area gas price according to aaa is in san rafael at 663 per gallon. the state average is at 6:37 per gallon up 61 cents since last week the national average stands at 380 a gallon. governor gavin newsom on friday called for a windfall tax on oil companies that would go directly back to california taxpayers. he also directed an early transition to winter blend gasoline, which is expected to increase oil supplies by 5 to 10 percent and drop gas prices. well making a court case out of creative expression. we'll take a look at a new law in california. that is a first for the country. it ensures creative content like lyrics and music videos can't be used against artists in court. also a reason to cheer today in the castro, i'll take you to the return of the castro street fair. i'm spencer christian. we have bright blue skies to close out the weekend. so what will fleet week weather be like i'll have the accuweather forecast coming up abc 7 news at 5 continues. what's it like having xfinity internet with supersonic wifi? it's fast... like beyond-gig-speed f

according to aaa, right now, the average price for price for a regular unleaded gan the state is $6.29. san francisco averaging $6.50 and od $6.37. and $6.38 in san jose. >> the refiners can make more gs with the winter blend than they can in the summer. and because this is a supply problem, this is the quickest way to increase supply. >> governor newsom says the movt down prices by about 25 cents wn two weeks when it was implemented back in 2012. > >> starting tomorrow. you will not be required to wear a mask on b.a.r.t.. b.a.r.t. officials are still strongly encouraging riders to wear masks and b.a.r.t. is still giving out the the free masks. they are also coming off on ac transit which you see right there or saw right right there. starting tomorrow passengers will no longer be red to wear them but a.c.e. transitl continue to provide masks for anyone who wants one and then this one, the famous duck atop e children's discovery museum in san jose, showing its face again again tonight. it's been masked up during the pandemic to show kids the importance of face coverings. masks are now a

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according to aaa, the average price for regular unleaded gas in the stae is $6.29. san francisco is averaging $6.50. oakland, $6.37d . and $6.38 in san jose. the wir blend should help all of this. >> the refiners can make more gas with the winter blend advoce in the summer. because it is a y it is a supply problem, this is the quickest way to increase su. way to increase supply. >> governor newsom said the move move brought down prices by $0.25 in two weeks when it was t implemented in 2012. > >> it has been a brutal month on on wall street. stocks closing t street. stocks closing out a loss of 9.3%. that is the worst monthly decline since march of 2020 and start of covid. with look at the numbers. the dow falling 500 points. the nest don nasdaq down. the s&p fell nearly 55 points. truck governor newsom signed a bill to extend paid sick leave for covid through the end of this year. the lot across companies with 26 26 or more employees to continue continue providing up to 80 hours of additional paid sick le due to covid. that also includes when employees take time to

according to aaa, the average price for a gallon of regular gas in the u.s. is $3.85, up 17 cents from a month ago. >>> president biden pledged to take legislative action on abortion rights if democrats gain enough seat in congress in the midterm elections. >> here's the promise i make to you and the american people -- the first bill that i will send to the congress will be to codify roe v. wade. >> mr. biden made the remarks yesterday at a democratic national committee event in washington. in june the supreme court overturned roe v. wade. the democratic-led house passed legislation in july that would protect abortion access across the country, but the measure stalled in the senate. >>> coming up, a birthday message from brittney griner. what the wnba player told her fans from a russian prison. >>> and driver disciplined. bubba wallace's punishment for a dangerous nascar crash. >>> this is the "cbs morning news." ws." there's nothing like volunteering at the fire department. there's nothing like hitting the waves. but with my moderate-to-severe eczema it hasn

authorities have done nothing to preserve the historical monuments can bring life back to this place. aaa is considered the 2nd most archaeologically important for the problem nominal empire after the egyptian capital cairo. the montessori mosque is among some of the structures remaining from that here on remnants from other areas as well are found here. the triple is history is overshadowed by a turbulent recent path and the grim reality stories of hope and inspiration. short documentary from around the world that celebrate courage and resilience in times of time with select on now to the british political party at war with the labor party is a criminal conspiracy against its members. newly obtained documents reveal members silenced, suspended, and forced that might go into the says on believable free speech was shot down an exclusive investigation. the labor files hog one.

aaa credits the drop to more refineries coming back online for maintenance and an earlier switch to the states cheaper winter blend fuel. > >> the date is set for the coronation of king charles iii. >> looking nampalys announced today that the ceremony will take place may 6th of next year. year. charles became britain's reigning monarch last month, after the death of his mother, queen elizabeth ii. charles willie clark crowned alongside his wife, camilla, the queen consort. the archbishop of canterbury will conduct the ceremony. > >> still ahead, the cleanup will will underway in florida, after hurricane ian, with many homeowners facing a huge barrier barrier to rebuilding. > >> nasa slams a spacecraft into an asteroid but did the craft succeed in knocking the floating floating rock off course? the big update from scientists. > >> tonight at 6:00 on cbs news bay area with juliette goodrich, goodrich, one of the most basic needs for people on the street. that will probably take for granted. >> there are organizations out there handing out food to the homeless, but few are driving around

california governor gavin newsom has had it with soaring gas prices, especially in california, were aaa says the average price for regular his $2.50 more than the national average. this is just right. price gouging. >> they got away with their fleecing. the taking advantage of you. every single one of them every single day. hundreds of millions of dollars a week they put in their pockets, lining their pockets at your expense and then putting this planet leaving us all external reality costs associated with that. i think it's a taxpayer. every single one of us to be outraged disgusted by now. the governor is ready retaliate. >> he's called a special session of the legislature on december 5th to create a windfall tax on oil company. profits. >> it's never been done at state level. so this is a novel strategy and approach. we mean business. this will give us the time to do it. and organize an affective in very thoughtful way at this very moment. the governor is trying to deflect. >> from the real world consequences of his poor energy policies, republican assemblyman vince fong, the vice ch

. >> especially in california, where aaa says the average price for regular gas is $2.50 more than the national average. there's nothing. justifies that period. full stop. now the governor is called the special session of the legislature for december 5th to create a windfall tax on oil company profits. opec plus does not care about >> they don't care about the environment of care about your kids and grandkids. it's all about short-term profits. extracting money people at a time of stress and height, inflation. i think that's pretty disgraceful. and question is for all of us which side we don't. which side are we in california is more vulnerable. >> to the is right now in play because of his policies. republican assemblyman vince fong, the vice chair of the assembly budget committee, blames newsom's policies for soaring gas prices. >> he says taking action is important but newsom's got it wrong. the only reason why you would call a special session and in my opinion, it is to suspend the state's gas tax, reduce the fees and regulations that make gasoline so expensive in california and ac

and according to aaa, the average price in the bay area's about 6.60, a gallon. >> meantime, opec, which controls most of the world's oil reserves today decided to cut production by 2 million barrels next month to balance what they say dropping oil prices. that move is expected to increase our gas prices. but as kron four's, philippe djegal tells us the price of gas is uniquely high in california, an expert says that's not driven by opec. >> gone are the days of pulling up to a gas station without looking at the brains. that's pretty expensive. hobby airport when he was commuting in the bay area. he has to do little scouting on the road. i'd be like looking at the well, the price of season ground trying to like find the >> the price of a barrel of oil is tied to gas prices and the price per barrel has trended down about $35 from its high. but it's trickled back up again recently about $5. that's not why we're paying more in our state. a $5 increase per barrel only translates to about $0.12 more at the pump where as california, which is normally. >> about a $1.20 or $1.30 higher than the

dan: acoreing to triple aaa there are no states with an average below $3 a gallon. stock market. >> the stock market, the last guys measure of everything, is about 20% higher than it was when my predecessor was there. it has hit record after record on my watch. dan: i can't take this guy. i can't listen to this guy. that didn't age very well. since biden took office the stock market lost trillions with a t. where are the exact checkers? biden is a professional liar. this should be mana from heaven. >> we have a secure border in that that is a priority for any nice, including ours. >> the border is secure. the border we are working to make the border more secure. the border is secure. the border is closed. dan: all they do is lie. where are the fact clerks. we have the actual numbers at the border. migrant encounters this year surpassed 2 million. these aren't something out there other worldly claim. they are verifiably false numbers know it's a lie. or at least any sane person. there is a reason biden hasn't had a press conference in a while. the fact checkers don't

individual country in the market, you may not be as well-placed as you could be if you are the eu 27 with a aaais similar to an op-ed that was put out, a number of european officials putting this in public debate. it is ongoing and will probably carry two next week when european leaders gather here in brussels. francine: change of heart in germany, will there be enough consensus overall? maria: the german government has not commented or signaled that is the way they are heading, but politicians can say one thing in public and debate something else behind the scenes. this is the eu and as you know, you need unanimity up the 27 to this. yesterday when i spoke to the dutch finance minister, she was clear that they do not see the need for more tools. there is enough money doing the rounds and it should be better employed instead of creating new instruments. francine: our european correspondent maria tadeo in brussels. let's check a lot, do you like that? -- at gilts, we had a third intervention from the bank of england and there has been concern. the u.k. has run a deficit in its current accounts d

which aaa calls it the number cause of people smashing their cars into walls.owner explained since cordon apologized -- jim, you seem like a nice person but i have never been out with you. you can be animal when you don't get your food. have you been banned for anything? >> greg, you are being shy. >> first of all, obviously, we should not be unhappy cruel little late night talk show host. [ laughter ] >> wow. >> but, i remember, forget we went out one time and greg is not easy. it was the eighth anniversary of our friendship. every year we go out and we eat at a french restaurant and we laughed and you ordered bacon and eggs. and i remember you said i want my bacon so crispy that we can slap it and hear it. we laughed. >> it was funny. >> they laughed too hard but then they brought you limp, soggy bacon and he slapped me in the mouth with bacon. >> i hurt you. >> yeah, but then i still ate it. >> we shared some kind of fondness activity. >> our bacon was not cooked properly. i went back to that, folks. >> no, no -- >> katrina, were you surprised by this man's

the european institutions which are aaa rated, would get a better funding cost, a country like italy could get the money and distribute that to member states. they will have to pay it back, and if you get money from european institutions, there are conditions attached. the key is this is about funding and locking in the borrowing cost. for a country like italy but across the periphery you have to get them to deal with this energy crisis at the best rate possible, this is the plan the german chancellor is contemplating. there is another nuance, germany is a big power player, but every decision in the eu has to be taken unanimously. yesterday when i spoke with the dutch finance minister, she told me she did not see any need for new instruments. this will play out over the next few weeks. manus: but the critical thing is when those pandemic funds were launched, we were at deeply lower rates. so we are in a very structurally different market where the competition in the bond market is hard and heavy, so it's going to be expensive to do this. they will have to pay up. great reporting on t

the average price of a gallon of regular gas, according to aaa. for some perspective, here is how californians average. this is compared to the national average average of $3.88. > >> we are feeling it. > >> white house official the th department report that showed that inflation is higher than a year ago. critics like vermont senator bernie sanders say it is it is making matters worse. > >> toys "r" us is making some changes after filing bankruptcye years ago. >> they close all of the sandlin the sandlin stores and 2018. did 2018. did you go to toys "r" us? us? re you a toys "r" us kid? >> but i have not seen as many e i was a kid. >> you can stop by this year at macy's. > >> we are going to be warm this weekend. 90 degree temperatures. it will be a dramatic change. we we are only going to be about 4 or 5 degrees different. tomorros more noticeable. technically will be hot inland again. more on that coming up. numbers in the low 50s with the exception of the northbay valley were it is 43 and cold. it is patchy fog. i will show you how that played

and making concentrated bets on some of this return to normalcy trade, what we are seeing from the aaas- chipotles and mcdonald's of the world pre-pandemic. kathleen: people's portfolios, it seems like the yields have maybe pete, have they priced in whatever the fed is going to do next? and if you extend your duration, you might get a bit of that rally that would boost your portfolio that way. nicole: i don't work specifically on the fixed income sector, but i have never been more excited about fixed income in my 20 year career. because i do think we are at this bottoming of the interest rate environment of the nev's on a lot of these bonds that acted for so long as a ballast. clients on my side of the business fought us on investing in bonds over the last 10 years because the yield wasn't there. they didn't understand the necessity. they had such a strong risk appetite. now there is this potential for a rebound, recession would bode well for that. you have that balance but also some income. kathleen: your equity stance, when does the market bottom? are we seeing signs, what should we l

according to aaa the national average gas price is $3.92 today. that's 9 cents more than last week and 64 cents more than a year ago. >>> soaring gas prices ahead of the mid-term elections is not what the white house wants. president joe biden will work with the white house to deal with saudi arabia. kaitlyn collins explains. >> reporter: president biden taking a different tone when it comes to saudi arabia. he believes there needs to be a review of the u.s./saudi arabia relationship in light of the decision to slash oil production despite attempts to get saudi arabia to continue oil production as it was, potentially to increase it. this has called in democratic lawmakers to say saudi arabia is siding with russia in its war on ukraine. the production could boost prices for russia helping them finance the war that they are conducting in ukraine. that is something that is under consideration here at the white house, but we are told by john kirby from the national security council, that doesn't mean a formal policy review is being conducted. no speci

i am thinking around the aaa rating?> the net debt is half of what you describe governments like having an offset account. account your offset account when you are considering what you have. it is half. that is the right way to think about it and it is half. two thirds of the total debt was of the momentum inherited back in 2013 on the back of the last labor government. it was a spend during the pandemic. there was a spend during the pandemic. from here, the answer is clear, australia is in a better position than any other country in the world. it is hard to find a better set of circumstances than ours. what is disappointing about this budget is a does not consolidate and build from that position. when the simple formula, has strong economic growth and strong spending growth. that is what we did, we got a back to balance by 2019, that put us into a position when we went into the pandemic what was stronger than many other countries around the world, we benefited from that. the job of this government is actually to strengt

gas prices are down from last week according to aaa. here's a number that may spell trouble. a new cnn poll shows 78% of americans think the economy is in poor shape. that's despite the fact wages are up, labor market is strong and new tax credits will save money on homes and cars. why is the view of the economy so bleak? because many americans feel the squeeze on food, gas, energy, rent. that could tip the balance of congress next month. >> reporter: the economy and inflation are looming large over the mid-term elections. only 20 days before americans choose which party will control congress and state capitols. at the center of the campaign, gas prices on the uptick and the white house on edge as president biden and democrats fight to maintain their majorities in the house and senate. >> we're going to continue to stabilize markets and decrease the prices at a time when the actions of other countries have caused such volatility. >> the president once again tapping into the nation's emergency oil stockpile hoping to rein in gas prices and ease the economic headwinds. he said

fixed rating came to the agency and reaffirmed our aaa rating the highest the transportation authority can a previously. they have also indicated there would be a financial stable financial outlook and as the executive direct reported today we see 21% increase in sales tax revenues. with that i'm happy to take questions and ends this presentation. thank you. >> thank you. e director fong for the good news and excellent work. we will open this item to public comment. if there is anyone who wishes to comment on this item. step forward. and seeing nobody, see if we have virtual public comment. remote public comment. check for remote comment for item 9. there is no public comment. >> all right. >> thank you. public comment on item 9 is closed. and mr. clerk. call next 10 >> introduction of new items ~age an informational item. >> i don't see anyone in the queue. so let's call item 11. >> item 11 public comment. >> if there is anyone in the chamber withhold like to make general public comment. come forward. let's see if we have remote comment on item 11. yes, well is public comment. >> let'

so here is a look at prices according to aaa. national average is $3.85, the average in california is two dollars more at $5.94 and in san francisco we are at six dollars $.13. details of the president's plans, you also found one of the cheapest stations in the bay area. >> that's right, good morning. we are live at the cosco in san ramon where we have found some of the cheapest gas. this is something that we could see, it is a little bit of progress considering our state average was a full dollar more just one week ago and we could see more help on the way. president biden is expected to authorize a plan to release 15 million oil barrels from the reserve in order to meet the demand and push prices back down. it wouldn't be due for release until december after the november midterms. the white house says that with me his promise to release a total of 180 million barrels over six months. this plan also comes just weeks after opec plus announced it is cutting production by 2 millio g november. here is liz cheney. >> it's difficult f

. >> randomly, do you it to the rhythm of stayin alive by the bee gee, aaa, but the only thing they don'tu is that you also have to do it so hard that you almost break ribs. and so that thing, i find kind of a bit stressful. because this person clearly might be dying but maybe they are not dying and what if i go and break their ribs, maybe i am going to kill them. >> stephen: are you not great in a crisis but did you learn anything, could you give me my booster shot. >> absolutely not. >> stephen: you couldn't stick a needle in me. >> the director would find me in the morning with the like model, dumbie, injecting things, because i was so bad at it but when are you actually doing the piece itself, you have to look like you know what you are doing. and in our first take of the first scene t say bit nerve-racking on day one anyway, i managed to inject myself, so i am not lying when i say i was pretty horrendous nurse, yeah. >> stephen: we have to take a quick break but stick around, we'll be right back with more eddie redmayne, everybody. (applause) ep and staying asleep, yo for adults with

aaa says some supply may be restricted naturally due to hurricane ian, yet florida is three dollars cheapern us, and we know our prices have always been higher. the western states petroleum association says supply and demand is the issue, but it comes from the policy that california imposes on oil companies. >> as long as we see the california government imposing draconian bands and mandates and putting a price on carbon emissions, we will see an inhospitable market for oil. reporter: meanwhile, governor newsom sees the rise from the oil companies themselves, last friday, calling for a tax to put oil profits in the pockets of californians. >> they are ripping you off. the record profits are coming at your expense. reporter: the california air resources board is making a transition earlier to a cheaper winter blend gas. one person said today spot gas prices are down one dollars a gallon, including retail prices, her relief is on the way, but we know from past experiences that it is only a matter of time before prices rise again. it appears a finger game -- finger-pointing game has people pay

gas prices have been inches closer to $4 again according to aaa, the average price for a gallon is $3.91> closely watching wall street when the opening bell sounds this morning. investors are already worried about consumer inflation. if it shows it's not under control it could trigger a selloff. the federal reserve's efforts to cool the economy could cause a recession. president biden is downplaying that. rahel solomon has our report on that. >> reporter: u.s. president joe biden pushing back against growing concerns of a recession. during an exclusive interview with cnn's jake tapper, biden said i don't think there will be a recession. if it is, it will be a very slight recession. biden also saying that the u.s. is better off both economically and politically. the labor market does remain very tight here in the u.s. inflation, that's proving to be persistent. the federal reserve's taming inflation is meant to slow the u.s. economy. critics warn it could also derail it. inflation record wednesday showed producer prices or wholesale inflation rose 0.4%. that is twice what a sample of econ

last week, and amid that jump, prices at the pump are up 19 cents over the last week, according to aaare the worst s&p group falling 2% with every component, brian, in the red. pippa stevens, thank you very much many newer financial technology stocks are yet to turn a profit, but your next guest says compete called toes is on the path for that. let's bring in dan dolefthey'r getting into information software as a service. what about toast do you like, as the market has not liked the stock? >> thanks for having me on the show toast is a massive share gain we're seeing gig share across the board. what we like, is people don't think think can be profitable. we ran a survey of restaurants, and people who use the payroll are twice as much likely to take other software and services. if you think about the incremental margins, they could be in the 60s an higher, so the bear case on toast we say today, they continue to upset over the next 12 to 18 months which is not in consensus right now. i'm wondering how you think aboutsh and the various base case scenarios, in which restaurants may not su