you ll be charged 1.02 and 1.03. basically it costs them more to buy food. just so you re aware, mcdonald s posted a 2% increase in profits last quarter. breaking news on capitol hill. dana, what do you have? reporter: interest s nothing veiled in the symbolism of what house republicans did on the house floor. that s just hours before president obama will be in that very chamber addressing congress in the state of the union house republicans used their new majority to pass a resolution saying they are going to cut spending back to the levels before president obama was in office, back to 2008 levels. the official resolution is really short, ali. it effectively says that the house budget chairman, paul ryan, who is ironically going to give the republican response tonight, it is up to him to set the levels. not a lot of details. we re waiting for them. certainly a lot of symbolism in what republicans are doing.
oil provideses are up 17% since may and they are likely not facing any liability from the gulf oil spill. and stock closed at $71.03. you say that it could go up? the trend in oil prices is up as we said. people don t think about that, we re still on a slow growth here. but the rest of the world china and india is going to feel huge demand. about transition, a lot of people thought it might face lie yablt. it s abundantly clear that it s not going to. that all of the liability is going to be on bp s shoulders. this is deep-water drilling. oil, $89 a barrel right now. what do you think it s going to? we see triple digit again based on demand coming up. not tomorrow, but it s certainly headed in that direction. gas, $3 a gallon may soon be we re close to that already. it s hard to believe but oil was
deficit news well. the australian dollar is trading at 1.03 against the dollar. let s have a look at the u.s. trading session. no major economic reports on monday, and what we saw actually was pretty much a flat line session. stock markets closing more or less unchanged. the biggest gain was on the dow. that was up 0.05%. ge built the crippled reactors at the fukushima daiichi plant. let s move on to tuesday s session. as far as we can tell from the futures market, looking at a lower open in the pre-market action. nasdaq off by about a half percent. some money coming off the table as expected. the dow off by an eighth of a percent, the s&p 500 down about