disability. a lot of people are going on or staying on government aid and government aid, at a time when government aid is targeted to are cuts. there are a number of long term unemployed people. you have to worry about what that does to the nation s psyche when you have this many people still out of work, six months a year, even two years and on. that s that s going to be the difficult most difficult nut for any candidate or any president to crack. chris: kevin, the unrest i said take oil out, now put it in. unrest in the middle east contributed to a spike in oil prices. crude is now $104 a barrel, that s a the highest in more than two years. a gallon of gas jumped 10% from $3.08 a gallon to $3.38 a gallon. kevin, the rule of thumb is for every one cent increase in the cost of a gallon of gas, that takes a billion dollars of
$3.38, and some parts of the country have already topped $4. $4 a gallon for gasoline? some gas stations in california hit that mark for premium gas as the political turmoil in libya continues to edge gas prices upwards. this congresswoman says the gas spikes are hurting middle class families. we re trying to recover economically in the united states, and if we see gas prices rise the way they are doing now because of the high price of oil per barrel, then we re going to look at more money being spent to put oil in the tank, more money for those of us in the northeast with home heating oil. we need to investigate other areas. delauro and two of her house colleagues sent a letter to president obama asking the administration to tap into the country s strategic petroleum reserve. the strategic petroleum reserve is a stockpile of 727 million
glenn: i want to give you another story that i think the media is getting wrong here it s about gas prices. you know that the gas prices well, i think you do if you go get gas have gone up more than 20 cents in the last eight days. the national average now is $3.38 a gallon. i would be nice to know why and what is coming but instead, we re getting that fact and then hey, charlie sheen just tweeted apick of him and a hot porn star. wonder what he will do next? find out tonight. libya is getting worse. gaddafi is a denial of violence. violence, what violence? they love me here! right. gas prices spiked today when they were shelling two miles away from an oil station. got it? saudi arabia hasn t helped matters. they have reports that they have sent dozens of armored vehicles to bahrain, which they have to do to protect our
mark. april futures gained 2.66. gasoline went up a fraction of penny overnight 3.38 a gallon. two top money men were on capitol hill talking about fixing the economy and fixing housing. peter barnes is here with details. good evening, brett. been bernanke says the fed is watching those rising oil and gas prices but he is not panicking yet. the increases that we have seen so far will obviously a problem for a lot of people do not yet pose a significant risk either to the recovery or to the maintenance of overall inflation. as higher fuel prices really start to hurt the fed is prepared to act. bernanke got pulled in the budget battle today. he testified he does not think
price stability. we will continue to monitor the developments closely and are prepared to respond as necessary. shepard: he said the most likely scenario is a temporary jump in prices, rather than a threat of runaway inflation. but that did little to sway investors fear with the price of crude on the stock exchange rising to more tan $100 a barrel and settling at $99.63, the high of the close since september of 2008 and where oil prices go, gas usually follows, and it went up seven cents overnight the average for a gallon of regular now $3.38, up 21 cents from a week ago. the feds report that they have traced the guns used to kill a u.s. agent in mexico. it came from the united states. investigators say they arrested three suspected weapons smugglers as part of a crackdown across the country. a live report coming up on that. are you receiving a payout from a legal settlement