and stuart varney says we're on the verge of stagflation. >> it sure feels like. you give them the news on the middle east, i'll tell you what's happening on the oil and gas market. price of oil is way up this morning and gasoline is beginning to move sharply higher. up another $0.02 a gallon over the weekend. paying a national average of $3.17 per gallon which is $0.53 more than it was a year ago. >> response to what's happening? >> yes, it is. >> direct response. >> any threat to the supply of oil because of the turmoil in the middle east raceses the price of oil which tends to raise the price of gasoline. that's what you're seeing now. >> ok, when you look at what's going on right now in libya, we understand that b.p. is prepared to evacuate their people. we understand that the protesters apparently are in control of the second largest city there. and muammar qaddafi's own son has come out this morning and say, look, if the qaddafi family loses control of libya, there could be 40 years of civil war and somebody could light the oil