with me now here in washington the chief economist for moody's analytics and douglas holts aiken former director of the congressional budget office. when i talk to people about gas prices, even the folks that own the station, what people don't understand is, okay, no oil flow has been cut off except in libya where we don't get much of our oil. why is it now 17 cents higher per gallon than it was a week ago? what is driving them up -- fear? >> yeah, fear. i think there isn't a large cushion that the global demand suppliers are close to each other. if you take any amount of supply off line then you have higher prices. so i think it's the concern that we are going to lose those supplies. >> i think mark has this right. if you dial the clock back to summer of 2008 we saw oil at $140 a barrel. since that time we have added no