2008 that led us in to this recession in the first place. it s coming back, why? because this president is doing everything he can to hurt energy production in this country, to drive up the cost of energy. there are if you look at alaska, mexico and venezuela, between those three countries in the next five years, five to ten years we re going to lose between 4 and 5 billion barrels a day coming into this country. patti ann: newt gingrich also weighing in this morning. he claims the president actually wants gas prices to be even higher to reach the european level, which is 9 or $10 a gallon. bill: some pe perspective how it s affecting people around the country. 27 states pay 2.50 a gallon or more. at the moment hawaii pays the most, 4.26 per gallon. wyoming $3.05. a 25% jump in gas prices if
endeavouv up this coming up monday. shepard: nearly $4 a gallon across the nation for regular unleaded. aaa reports that s the national average. $3.96, i believe. analysts say the drop could happen, as much as 75 cents in time for the summer, because crude prices have already dropped. a lot of this is supply and demand, let me tell you, but some of it is about speculators hoarding, in big houses, hoarding a lot of stock. ashley webster from the business network at a gas station in new york. why does it take so long for gas prices to fall after oil does? shep, this is a gas station in midtown manhattan. when we arrived this morning it was $4.26 for a gallon of gas.
new york city gas station. some analysts say a drop of nearly 50 cents as early as june? why would that happen? reporter: yeah, well, those are the glass half full people, jenna. other analysts will tell you you know what, oil prices will continue to move up because the fundamentals driving these prices higher are still there. we have a weak dollar, although it has gotten a little stronger, but a weak dollar means it costs more to buy a barrel of crude oil. then, of course, you have the unrest in the middle east and north africa, you have people speculating, putting more money into oil, leaving the prices believing the prices will indeed go higher and global demand, china and india, two countries for example where oil demand as their economy grow continues to be pretty high. put all that together as we head towards memorial day and the big driving season, there are those that say yes, prices will drop, but others will say you know what? very unlikely. and we ll have to wait and see
a gallon of regular, and in the last ten minutes, my oh my, it s plummeted to 4.23! so a bright spot perhaps. jenna: you actually saw them move the number on the board there ashley? i wonder whether it was for our benefit. we actually go is go from 4.26 to 4.23 but the national average is 3.96, so the poor drivers in manhattan, still paying a premium. jenna: as we re talking about these analysts, the nameless analysts that talk about the oil markets, one of the things that they re saying could cause a drop, as you mentioned mentioned ashley is a big drop in oil prices and late last week we saw a huge drop, the biggest in 2 1/2 years, oil trading below $100 a barrel. why did that happen? well, a number of reasons but i think there was profit taking, people getting out of oil once it reached a certain level and we saw unemployment levels, the unplaiment right, the number of people finding jobs went up, the unemployment rate itself was up to 9 percent
now from yonkers, new york. new york is now one of the most expensive states to get gas. reporter: one of the six states across the country that are seeing more than $4 a gallon. we take a look at san francisco, they re seeing $4.25, chicago, $4.26. right here in yonkers, it s $4.19 for regular. what s happening, i ll walk back here really quickly, people are spending less when they come to the gas station. only $5 this last fill-up, it was a mercedes. they re spending less. what they re hearing is they re coming in every other day to spend $5, $10, instead of coming in every week or two when they hit the bottom of their tank. that s the real situation for a lot of folks when they come to this gas station. but it s not uncommon. this means that people are also spending less. the harrison interactive poll showing six in ten people now cutting back on their expenditures just because, thomas, of these higher gas prices. and what are gas managers like the one you re seeing there