host: let's get an answer from jim burkhard. guest: the united states has the biggest, most flexible, sophisticated refining system in the world. it is also very responsive to changes in market conditions, far more so than most other stasis, which have state run companies. so the question implies could be there -- could there be some type of state intervention. i will not comment on that directly, but u.s., to open up a refinery -- say you had a refinery run the last 10 years, and you had poor returns. he did not make a whole lot of money -- it not make a whole lot of money. then you have a year like 2022, and the margins -- the difference between where a refiner purchases crude oil and the gasoline price it sells. that is the margin, the gross profit margin of refiner's. yes, has been attractive this year, no question about it. but to open up a refinery, you're making a bet, of sorts, on the long-term market environment wart refinery margins. refinery margins were very high earlier this year. they have already come down. next y

joining us is jim burkhard.ater, axios senior political correspondent josh kraushaar discusses campaign 2022 and political news of the day. ♪ >> c-span's weekly podcast rings over 40 years of audio recordings from our video library, comparing the events of the past with today. >> we learn from catherine graham by learning from her, specifically her leadership secrets, which brought her great media and corporate risk -- >> let's be honest. great leadership is a rare and elusive quality, composed as it is of so many different attributes that must come together at the same time. intelligence, courage, high standards, personal presence, the ability to communicate, among others. >> you can find the weekly on c-span now, our free mobile video app, or wherever you get your podcasts. c-span has unfiltered coverage of the u.s. response to the russian invasion of ukraine, bringing the latest from the president and other white house officials, the pentagon, and congress. we also have international perspectives from the uni

jim burkhard is the vice president and head of research for oil markets, energy, and mobility with s&obal community insights. he is here to take your questions and comments, so start dialing in. you can also text us, (202) 748-8003. how much is a barrel of oil now, and what does that tell you? guest: there are two key prices, but they are essentially both in the upper 90's. $96 if you look at the american benchmark, $99 for crude oil if you're looking at the international benchmark. by benchmark, those other prices that set oil all over the world. host: and the average price now? guest: in the u.s., about $4.30, which is down quite a bit from june, when it was above $5 per gallon. host: will it go lower? guest: that is the key question. there is a lot of uncertainty, as there always is. if the economy continues to slow globally, if china's economy remains on a slowed path, then we may have seen the peak in gasoline prices this year. however, we do have efforts to reduce russian oil exports, particularly by the european union, which are supposed to take effect at the end of this year.

coming up this morning s&p global's vice president jim burkhard head of research for oil markets, energy mobility, talks about u.s. gas prices and the state of oil markets as the conflict between russia and ukraine continues. then we will discuss campaign 2022 with the axios senior political correspondent josh kraushaar. watch "washington journal" live at 7:00 eastern, at c-span, or on c-span now, our free mobile app. join the discussion with your phone calls, facebook comments, text messages and tweets. ♪ >> here is a look at what is coming up on the c-span networks. live at 10:00 a.m. on c-span, the senate banking committee talks about the impact the housing market is having on renters and communities around the country. live at 2:30 p.m., a hearing in the future of wireless communications and the sec auction of the radio frequencies that wireless signals use. on c-span2, a look at the economic injury disaster loan program and the decision to stop processing applications in may life at 10:00 a.m.. then at 10:00 a.m. the senate gambles into continue work on judicial nominations. everyth