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Detailed text transcripts for TV channel - MSNBC - 20120627:20:42:30
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Detailed text transcripts for TV channel - FOXNEWS - 20120627:13:15:15
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martha? martha: you guys summed up the issue. let s look on this chart to give you a sense where we are. this a 2008 in the blue line. we re in february. prices at 3.03. you see how they take seasonal climb up into this area into july which is the peak at $4.06 back in 2008. look where we are already right now if we put on the red line here. we have $3.38 in january. we re up at 3.48 in february, okay? that is the zone we re usually in as we head into the spring. we ll likely see a much higher red line. that is what gets you to the potential for $5 a gallon gas as we head toward the summer period. this is a tough situation. you ve got that money sucked away from other things people might want to spend their money on. that is why we get the potential for a cooling down in this nice economic mood we ve been seeing bill. bill: want to show how it is hitting american families. last year the average family spent $4155 on gasoline.
head, refinery row. these are refineries that produce 2.5 million barrels a day. two point five million. that s 13 percent of the nation s total output. and because those refineries are threatened, the people who trade fuel are betting that prices will rise. so the future prices just yesterday rose 6.1% to 3.38 per gallon. but look at this, futures lagged behind the retail market by 65 cents. add those two numbers together and bingo, you re looking at 4.03 a gallon, the first time we ve been over $4 in three years. it could happen sometime in the next few days. this is bad news. the flood waters keep going down, the gas prices will keep coming up, ali. reporter: trace, thank you very much for that background. meanwhile this is a fox news alert because we also have a bombshell verdict for a former wall street titan, a jury finding that hedge
salazar on capitol hill now, both expected to face tough questions about the administration s policy in the face of soaring gas prices. the national average for a gallon of regular, now 3.38. up 19 cents from just a week ago. jim angle, live for us in washington. so the price of oil and prices at the pump, jim, heading up. what s the administration doing about it? well, jon, with oil prices rising both because of the turmoil in the middle east, as well as rising demand in other parts of the world, a lot of lawmakers have bitterly complained about the administration s approach. even though the administration lifted the moratorium on drilling in the gulf of mexico last fall, they had refused to issue any permits which gulf coast lawmakers referred to as a permatorium, so just two days before testifying, secretary salazar issued a single permit giving the turmoil in the middle east, alaska senator lisa murkowski expressed discern
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