EXCERPT:
RUHLE: "You are seeing wage growth go up, but think about all the inflationary pressures, right? You have the war in Ukraine that’s impacting gas prices, supply chain, and everything else. So we’re in a really difficult position. And while the White House is doing something, Dom just mentioned it, unprecedented, the amount of oil reserves that are being released, but here’s the problem with that: a million barrels barrels a day, huge, but we already consume 20 million every day, and we haven’t even hit summer when we drive a whole lot more. The President said yesterday, well, we don’t control it, but maybe prices will go down 10 cents, 35 cents. Even if we get 35 cents, we’re still well over a dollar higher than where we were last year. So from a political perspective, the Biden Administration could get a lot of credit for the effort they’re putting forth, but they might not get the results. And how many Americans are really saying this is Putin’s gas price? In the same polls where we see people saying, 'Yes, I’m willing to pay more because of the war,' those same exact people are saying inflation is their biggest issue."