international events like this, it just reminds everyone that we produce about 88% million barrels a day and use about 88 million barrels a day in the world. we are really finally balanced here overall. when you look at what the gas prices have been doing, it has been remarkable. gas prices, $3.37 christine, we re having like a grem line kind of morning. your microphone is messed up. we re going to go to nic. are you there? i m here, we re driving through the streets of tripoli. we ve been taking a look around the city today. yesterday, we were just 40 minutes away from the capital. an important oil refining town where we found about 2,000 protesters protesting against gadhafi. they were armed, saying they want more weapons.
price marks on the graph, this is october 1st, 2010, and we went to 2.79, then the first of the year, right here, january, we went from 2.59, up to 2.99. today, as i just mentioned, prices up here, around 3.37. with so much uncertainty as to what happens next. frankly, no one knows how much higher it could go. stuart varney, fox business network, good morning to you stuart. some folks in this country are already paying over $4 for a gallon of gasoline. that s not what you want when you re trying to get a recovery to stay on hold. that is for sure, bill. you could say that libya has cost americans at the pump roughly 20, 25 cents a gallon extra. as you said, we re now at 3.37, the average nationwide for a gallon of regular, unleaded. and most of that gain, by the way, came just over the weekend. we re all out there filling up our cars because you know
some positive comments from the st. louis fed is boosting the market a little this morning, mr. bullard is president of the st. louis fed, says we shouldn t be too concerned about rising oil prices and that s been enough for a boost for the dow. we ll have an eye on the markets now the morning, we ll see how it goes. bill: fill up over the weekend? bill: what s you day? martha: 3.37. you should check it out, new jersey, bill, it s really a nice place! bill: i ll get there. three point six eight in new york. crazy weather across the country, even bringing snow to hollywood. a rare picture out of burbank, california. doesn t last long, does it? martha: huh-uh, and a reporter becomes part of the story. look at this video, during a street scuffle. find out how this one turned out. you re not going to believe this situation, when we come back.
it has been all about oil prices over the last week. if you watched oil prices last week they were up by $8 a barrel. at the same time the dow was up by 2%. it s been a direct inverse relationship. every time oil prices go up, the dow goes down. oil prices are stabilizing and even dropping. last check oil prices were down to $97 and 32 cents a barrel. it looks like the dow will open up by about 40 points. there are a lot of concerns about what this means at the pump. we know gasoline prices at the pump were up 4% last week. the national average was $3.37. last week it was $3.17. a year ago it was $2.70. this was a huge, huge issue and the question is how much of an effect that will have on consumers. we did talk to one massive portfolio manager today. black dahl who runs the
so, there is concern that thety is facing a possible counter offensive and lastly, there was a report earlier today that the regime here was going do send some time of an envoy to benghazi to offer food and medical aid but folks say they have no such word of anien provide and i can tell you from my own personnellen counter with the people if it were sent and they brought a dozen red roses and chocolates, he would certainly not be welcome. neil: thank you from benghazi, david lee. in the meantime, unrest and get ready for massive sticker shock over here. spill it out. reporter: trouble in the mast causes trouble for in te middle east causes trouble with oil and gas prices and now a national average jumping by 20 cents last week. and jumping to $3.37 a gallon