Expert: Unless Biden can convince OPEC to pump out more oil, gas prices could remain high until 2023

EMOTIONAL HEARINGS THIS

MORNING, YOU CAN WATCH THE

ENTIRE HEARING ON WRAL DOT COM,

ONE OF THE MOST COMPELLING

HEARINGS HAVE EVER SEEN ON

CAPITOL HILL. ALL RIGHT.

LET'S TALK ABOUT GAS PRICES.

WE'RE ALL FEELING THE PINCH

MAY BE TIME TO START REWORKING

YOUR BUDGET. HERE'S A LOOK AT

WHAT WE'RE PAYING RIGHT NOW

ABOUT 4.63 A GALLON THAT'S FOR

REGULAR UNLEADED. THAT'S UP

$0.54 IN THE LAST MONTH.

>> AND BRACE YOURSELF FOR THIS

ONE. IT'S UP A $1.75. IN THE

PAST YEAR AND THE BAD NEWS,

THE BUREAU'S OVERBAY SPOKE WITH

AN ECONOMIST TODAY WHO SAID HE

DOESN'T EXPECT PRICES TO START

FALLING AGAIN UNTIL NEXT YEAR.

GILBERT JOINS US LIVE WITH

THAT. ECONOMISTS FORECAST OF

WHAT THE FUTURE HOLDS. GILBERT.

>> THAT'S RIGHT, JOE. THAT IS

THE BAD NEWS THAT WE'RE NOT

EXPECTING TO SEE ANY RELIEF AT

THE PUMP HERE IN INDIA COMING

DAYS AND IT BACK AND WE WILL

SEE THOSE NUMBERS DROP ANYTIME

SOON. ESPECIALLY IF PRESIDENT

BIDEN CAN'T GET THE OPEC

NATIONS TO START PUMPING MORE

CRUDE OIL OUT OF THE GROUND.

>> THEY SAY THAT THE INFLATION

IS ONLY RUNNING. AROUND 8%, BUT

I WOULD ASK JEFF JOHNSON HAS

BEEN IN THE LANDSCAPING

BUSINESS FOR 25 YEARS. GASOLINE

IS THE BACKBONE OF HIS

BUSINESS. NEED LESS THE SAME.

>> HE'S FEELING THE PINCH AT

THE PUMP. $15.

>> AS ONE I EVER I COULDN'T

EVEN FILL UP 2 GAS CANS WITH

IT. JOHNSON IS NOT ALONE.

THE SKYROCKETING COST OF GAS

IS IMPACTING EVERY PART OF THE

GLOBAL ECONOMY.

>> TRANSPORTATION ENERGY, EVEN

THE COST OF FOOD CONTINUE TO

SOAR.

>> DOCTOR ABDUL WAYNE IS A

PROFESSOR OF ECONOMICS AT

FAYETTEVILLE STATE UNIVERSITY.

HE SAYS WHAT'S HAPPENING AT THE

PUMP IS ALL ABOUT SUPPLY AND

DEMAND. AND IT STARTED WITH

THE PANDEMIC AND PEOPLE ARE

NOT WORKING.

>> AND MOBILITY WAS RESTRICTED

AND SO ON THE FLOOR. SO SUPPLY

COULD NOT REALLY KEEP UP WITH

DEMAND. AND THAT IN ITSELF WILL

MAKE THE PRICE. AND JACK UP,

PROFESSOR WAYNE SAYS EARLIER

THIS YEAR, GEOPOLITICAL FORCES

CREATED THE PERFECT STORM FOR

OIL PRICES TO RISE.

>> RUSSIA INVADED UKRAINE,

BRING THE ECONOMIC SANCTIONS TO

ONE OF THE WORLD'S LARGEST OIL

PRODUCING COUNTRIES. BUT THAT

OIL HAS BEEN ACTIVELY DIGGING

OUT FROM THE MARKET IS NO KNOWN

IN THE MARKET AND ALSO A PACK.

>> SEE THIS AS AN OPPORTUNITY

BECAUSE PRICES ARE GOING UP.

SO THE DEFUSING ACTIVELY TO

PUMP MORE OIL, WHICH BRINGS US

BACK TO JEFF JOHNSON AND WHAT

IT MEANS TO HIS BUSINESS.

I WON THAT I DID LAST YEAR FOR

$65. THIS YEAR.

>> TO HAVE THE SAME BUYING

POWER. I HAVE TO CHARGE.

ONLY 75.

>> WE'RE HEARING THAT STORY

FROM BUSINESS TO DOCTOR WAYNE

REALLY PASSIONATE ABOUT THIS.

HE SAYS THIS IS AN OPPORTUNITY

FOR AMERICA TO WAKE UP WEAN

OURSELVES OFF OF THE FOSSIL

FUELS AND GO AFTER SOLAR POWER

FOR THE HOMES AND CARS AS WELL.

JOE, HE SAYS HOPEFULLY WE'LL

WAKE UP BEFORE WE START

STANDING IN THOSE GAS LINES

LIKE WE DID BACK IN THE 1970.

0, MY GOODNESS. IT'S AMAZING

HOW MANY ASPECTS OF THIS OF

OUR LIVES ARE AFFECTED BY GAS

PRICES.

>> HOW THIS RIPPLE EFFECT IS