so traders keeping an eye on a couple of data points. we ve got consumer confidence, and we ll also have a look at the case schiller house prices. so we ll see whether that gives anybody any desire to get in the market and trade at the moment. but if we don t have any real stimulus coming from those economic data points, i suspect we re just going to have a relatively flat trading session once again. back to you. all right. and then, of course, july 4th has a lot of people traveling. what do gas prices look like? yeah, this doesn t look so good, does it? we re probably going to see pump prices the highest in six years. we ve seen $3.70 a gallon at the pumps. and at the moment, given what s going on in iraq, concerns about the state of oil supplies from that country. we are seeing international oil prices tick up. and that probably means that your independence day travel is going to cost you more this year. back to you, mika. cnbc s jeff cutmore, thank you. still ahead on way t
and, of course, make it run microsoft office, with the power and speed to do real work. introducing surface pro 3. the tablet that can replace your laptop. it s time now for today s three big money headlines, gas gauge, natural curiosity, and maximum minimum. joining me now to break it all down, usa today contributor, regina louis. let s begin with the gas gauge. have we seen much impact from the iraqi crisis on gas prices? we are seeing that. chaos in iraq, particularly in the north, is leading to pain at the pump. so gas price averages are up around about $3.70, we ll call it. in three states, it s already $4. and the psychology of pricing is as it gets to $4, it creates a mental meltdown, if you will,
$0.36 per gallon o up about $0.2 from a month ago. some analysts think the gas prices could hit a high for the year so far about $3.70 per gallon. just based on the move up in oil prices. much of iraq s oil production capacity is in the southern part of the country. and it has not been touched so far. much of the exports come from the southern part of the country. jenna, i must point out the united states is in the best position we ve been in literally decades to at least deal with a supply shock should something more dire happen. we are producing more oil, petroleum products an then we haven t 44 years. we produced more than we even import now. we import more oil from canada than we do all opec. iraq is a critical oil supplier in the world, seventh-largest in fact, but we are doing okay considering. jenna: that is really important context to consider.
prices a little bit lower than average. this is something that is a bit unusual and a lot of folks are watching the events in iraq very carefully. it you mentioned the key refinery being closed. it s going to impact oil prices down the road. we have seen the price of crude $113 a barrel now up about 4% in the last week. if that price gain continues, that s going factor two prices at the pump. how high could oil prices go? if production is shut down, certainly we could see $120 a barrel for crude. will we see a spike to $150? that s a big question. what does mean for the pump? aaa predicting we see higher prices this summer than last year. looking at $3.70 a gallon. that was the high we saw in
averaging about $3.64. probably go up to $3.70 some analysts say. maybe some north of $4. what does that mean, a lot of people watching us now are planning their trips to see family over the summer, summer getaways. what are we looking at in terms of prices at the pump? the prices could get as high as $4. it s really bad news for the economy. retail s been really hard hit over the last several months. and people don t have extra cash. they don t have the extra cash. more important than the absolute price is the direction and velocity of the move. they start to see it go up, they start to retreat. david, thank you so much. wish we had better news. but it is what it is at this point. that s it for us for now. a healthy you with carol alt is coming up next. we ll be back together at 6:00 eastern time. two hours from now with the latest on the crisis in iraq as those islamic militants are just