New data shows gas prices have dropped to the lowest level since 2021. CBS MoneyWatch correspondent Kelly O'Grady reports.

National average gas prices have dropped below $3 per gallon for the first time since 2021, with analysts expecting prices to continue declining through 2026. This trend is attributed to ongoing production by OPEC and other countries, despite occasional supply concerns.

The broadcast also highlights Costco's lawsuit against the Trump administration over tariffs, as well as Michael Dell's $6 billion-plus investment in American children's education. Both stories reflect significant developments in the business and philanthropic sectors, with potential implications for other companies and broader economic trends.

Gas prices dropping, expected to get cheaper in 2026

All right, we are now at the start of the trading day on Wall Street. The opening bell just rang seconds ago. Executives and guests of the investment firm Franklin Templeton get the honor today. Here's a live look at the markets right now. Very flat as we kick off the trading day. Wall Street is sort of reassessing and looking at the information, the data that was out yesterday specifically as it relates to jobs. So let's bring in CBS News Money Watch correspondent Kelly O'Grady who's joining me here on the set. First time on the set. Yes, I like the new digs. Good to have you. Match the walls like you got your green on, your money green. Had to do this thing. You had to do money green. Okay, so there are a couple of really interesting stories that I'm tracking right now. First, gas prices. Cheap. Yeah. Gas is cheap. National average below $3 for the first time since I think it's 2021. And you know, you think about this, we've seen this slide go down and down further and I was looking at a few analyst reports. This is expected to go even further down in 2026. Now, obviously there are a couple of factors that could impact that when, you know, there was the kerfuffle in Iran. You saw there was a little bit of a spike because there's concern about supply issues. But right now it does seem like OPEC, these other countries, they're continuing to produce. I always wonder though, where's the incentive for companies in this country to produce more, right? Because the price keeps going down. It's good for you and me at the gas pump. 100%. But it's not always profitable. All right. So the, I have two really big, beautiful business stories that I'm really interested in. The first one is the news that we reported yesterday that Costco is suing the Trump administration. This is kind of interesting to me because it sort of feels like it pushes against the narrative that the tariffs have not hurt businesses. And it also, this is kind of a first of its kind where a major American corporation is saying, I don't trust the government to pay me back when the Supreme Court, if the Supreme Court inevitably rules against these tariffs, so I'm going to sue the government to make sure I get paid. Yeah. So there's this deadline, December 15th, that's coming up, what, it's like less than two weeks. And that is sort of the tipping point that even if the Supreme Court were to rule that these tariffs, the reciprocal as well as the fentanyl tariffs were used illegally, meaning that the president didn't have that authority, that it really should rest with Congress. Even if they rule that that's illegal, there are concerns that companies like Costco and all the others that paid wouldn't get that money back. And so that's really where the heart of the suit is coming from. But I do think you're right, Costco, the brand is so important. They have people from all walks of life shopping there. It's an event in my household on the weekend. And it is really unique to see a company of that magnitude come out against the White House because you don't really see other companies doing that without some repercussions. The other big story that we're tracking, and it's one that we were able to share exclusively on CBS News, is Michael Dell and this $6 billion-plus investment that he's making in America's children. And I've been seeing a lot of reporting on it and a lot of think pieces about that, sort of suggesting, look, we're at such a terrible state of disrepair with education in this country that billionaires are the ones that now have to help children establish a future. How does the street feel? I mean, what is your take as somebody who covers this industry, business, what do you make of this really remarkable investment that the Dells are making in America's future? Well, first and foremost, love the interview yesterday. Thank you, thank you. It's a great way to start this iteration of the show. I think it's a little bit caught between a rock and a hard place. Interesting. Because other companies are going to feel pressured to do so. And the messaging from the White House has been very much, hey, do your part. We want you to do this with the Trump accounts. But then there's also this pushback from a lot of analysts saying, oh, $250, $1,000? It's not going to mean that someone can buy a house when they're 18. And so- Well, not a house, but the compounding, I mean, what did we learn? Compounding interest, right? Exactly. And my take on it is something is better than nothing. That's what I say. This is great, but I do think there's this tension that as a company, you're kind of like, well, if I do, I'm going to get pushback, and if I don't, I'm going to get pushback. I love that Michael Dell, to your point, essentially said, yeah, we expect more people. Thereby putting every billionaire on notice. I love it. Kelly O'Grady, good to have you here. Thank you very much.

Google subsidiary YouTube has criticized an Australian law banning social media accounts for under-16s, arguing the legislation set to start Dec 10 makes young users of Instagram, Facebook, TikTok and YouTube less safe.

Canberra

YouTube attacks Australia's underage social media ban

U.S. envoys Jared Kushner and Steve Witkoff met Putin in the Kremlin on a revised Ukraine peace plan but left without a deal. Russia insists on territorial gains, army cuts, and blocking NATO membership, while Zelenskyy calls for long-term deterrence against future aggression.

Moscow

Ukraine Invasion

U.S. envoys Kushner, Witkoff leave Kremlin without Ukraine deal

U.S. President Donald Trump, in a televised cabinet meeting, said “I don't want them in our country” about Somali immigrants, sparking outrage from politicians and migration experts. His remarks coincided with reports of planned federal raids targeting Minneapolis’ Somali community.

Washington

Trump targets Somali immigrants amid reports of Minneapolis raids

A Russian tanker carrying sunflower oil was hit by a drone off the Turkish coast, with no casualties. The attack is part of recent strikes on Russian-flagged vessels targeting Moscow’s oil sector, while Putin warns of possible retaliatory measures.

Russian tanker attacked off Turkey, Putin warns of retaliation

U.S. Defense Secretary Pete Hegseth said he had watched the first U.S. strike in September on an alleged drug-smuggling vessel in real time, but did not see survivors in the water or the second lethal strike that he described as being carried out in the "fog of war."

Hegseth says he didn't see survivors before second strike on boat

Republican comfortably beats Democratic challenger after polls showed candidates in a close race in US state.

Tennessee

Trump’s pick Van Epps wins special election in deep-red Tennessee

U.S. President Donald Trump threatened to expand his crackdown on drug trafficking during a cabinet meeting, suggesting he’d order land strikes on Venezuela and attacks on any country transporting illegal drugs into the U.S.

Trump threatens to expand strikes beyond Venezuela

Ahead of a meeting to discuss the U.S. proposal for peace in Ukraine, Russian President Vladimir Putin dismissed European counter-proposals as 'unacceptable' and said his country was ready for war if Europe wants one.

Putin says Russia is 'ready' if Europe wants war

OpenAI has declared a "code red" as Google threatens to unseat the AI industry's early leader, according to the Wall Street Journal. Technology journalist Jacob Ward joins CBS News to discuss.

California

OpenAI declares 'code red' as Google threatens its AI lead

Russian President Vladimir Putin met U.S. President Donald Trump's special envoy Steve Witkoff and son-in-law Jared Kushner in the Kremlin on Tuesday (December 2) for talks on a possible way to end the deadliest European conflict since World War Two.

Putin meets Trump envoys Witkoff, Kushner for Ukraine peace talks

Secretary of Defense Pete Hegseth said during a Cabinet meeting on Tuesday that the deadly boat strikes in the region near Venezuela and Colombia have "only just begun." This comes as Republicans and Democrats in Congress question the legality of the military action.

Hegseth defends boat strikes near Venezuela during Cabinet meeting

President Vladimir Putin has hailed what his commanders told him was the full Russian capture of the city of Pokrovsk in eastern Ukraine as an important victory after a prolonged campaign, saying it would help Moscow fulfil its wider war aims.

Pokrovsk

Russia claims control of Pokrovsk

Major rescue and recovery efforts are underway across Southeast Asia after a series of severe storms battered the region displacing millions and killing more than 1,100 people.

Nuwara Eliya

Severe storms batter Southeast Asia, displacing millions

Honduras’ presidential race is too close to call, with Nasry Asfura and Salvador Nasralla nearly tied at just under 40% each as technical glitches delay official results.

Tegucigalpa

Asfura, Nasralla in tight battle for Honduras presidency

Airbus must inspect hundreds of its A320 jets for potential quality flaws in the plane's body as a total of 628 aircraft contain panels that may be too thick or too thin due to a manufacturing issue at a supplier.

Blagnac

Airbus to inspect hundreds of A320s for defective panels

U.S. President Trump warns against actions that could ‘interfere with Syria’s evolution’ amid new Israeli incursions and strikes.

Damascus

Syria demands Israel withdraw amid escalating cross-border incursions

The White House confirmed it authorized a second airstrike on an alleged Venezuelan drug boat in September, but denied it ordered everyone on board be killed, which would be considered a war crime.

U.S. authorization of second strike of Venezuelan ship questioned

Monday is World AIDS Day. It has been recognized globally since 1988, but this year, the U.S. government is not commemorating it for the first time.

U.S. not recognizing World AIDS Day this year

Operation "Swamp Sweep," a monthslong immigration crackdown centered in New Orleans, is set to begin Monday. CBS News national reporter Kati Weis has the details.

New Orleans

Immigration enforcement operation set to begin in New Orleans

Luigi Mangione, the man charged with murdering UnitedHealthcare CEO Brian Thompson, was in a New York City courtroom on Monday for a pre-trial hearing focused on what evidence the jury will see. CBS News' Anna Schecter has the details.

New York

Luigi Mangione's lawyers seek to toss evidence in state murder case

West Virginia Gov. Patrick Morrisey said Monday that Andrew Wolfe, the second National Guardsman shot in Washington, D.C., last week, has woken up from an induced coma.

National Guardsman injured in shooting has woken up from coma

Lawmakers are questioning the massive mobilization in the Caribbean as President Trump announced airlines and pilots should consider "the airspace above and surrounding Venezuela to be closed in its entirety." It comes amid new controversy over the strikes on suspected Venezuelan drug boats that has some lawmakers raising questions over whether the Pentagon committed a war crime.

Caracas

Pentagon 'may have' committed war crime amid questions over drug boats

Steve Witkoff, one of President Trump's key envoys helping negotiate a peace proposal between Russia and Ukraine, is set to meet with President Vladimir Putin in Moscow, the Kremlin says. CBS News' Ramy Inocencio reports.

Trump envoy set to meet with Putin in Moscow, Russia confirms

Russian missiles and drones continue to hit Ukrainian cities even as U.S. negotiators try to broker a deal between the two countries. Some Ukrainians have expressed anger over President Trump's original peace plan put forward last month, saying it does not guarantee their safety.

Kyiv

Ukrainians express anger over Trump peace proposal as strikes continue

Luigi Mangione, the man accused of killing UnitedHealthcare CEO Brian Thompson last December, is set to appear in court for hearings on evidence for his upcoming trial. CBS News' Katrina Kaufman reports.

Luigi Mangione headed to court on what evidence should be allowed

Thousands rallied outside President Isaac Herzog’s residence in Tel Aviv, urging him to reject a pardon request from Prime Minister Benjamin Netanyahu, who faces fraud charges. Demonstrators held signs demanding accountability and warned that approval could undermine justice in Israel.

Tel Aviv-Yafo

Protests in Tel Aviv after Netanyahu seeks pardon in fraud cases

The Ukrainian delegation met with U.S. officials in Miami on Sunday ahead of scheduled talks between the U.S. and Russian officials, including Vladimir Putin, later this week.

Miami

Rubio calls U.S.-Ukraine talks productive but says more work ahead

Israeli Prime Minister Benjamin Netanyahu submitted a formal pardon request in his long-running corruption cases to the Israeli president. Herzog says he will "sincerely consider the request."

Netanyahu asks president to grant him pardon from corruption charges

Two men and two women from the Paris region have been taken into custody in connection with the theft at the Louvre last month, prosecutors said.

Paris

Four more suspects arrested over Louvre jewelery heist

Entire areas of Sri Lanka's capital were flooded on Sunday after a powerful cyclone triggered heavy rains and mudslides across the island, with authorities reporting nearly 200 dead and dozens more missing.

Breakdown