Experts tell FOX Business the U.S. economy is barreling toward a recession, or may already be in one.
, which has accelerated the rise in gas prices. As of Thursday, the U.S. national average hit a record high of $4.35 per gallon.prices will hit $5 this month and that it could even go as high as $10 unless the Biden administration expands domestic oil production.
"It happened during the Carter administration," he said. "We seem to be following that, different times, but we seem to be following the same formula. … Back then, what was happening, prices at the pump [were] out of control, inflation [was] out of control, so in order to get those things under control, meaning inflation, the Federal Reserve increased interest rates dramatically. And ultimately, that threw us into a recession.
"I think we unfortunately slipped into one, and hopefully it's not going to be a particularly egregious one. We have had strong job growth, but that too is going to be lagged as well because a lot of firms are going to have to start rationalizing their input costs and everything else." Republicans and some Democrats have called for more domestic oil drilling as a solution, but Biden has continued to push his green agenda.
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