means that that supply and demand equation is soph. right now, we have too much oil supply and not enough demand. and when you don t have enough demand, that basically means the economies are not using oil at levels that they previously were. and that s the fear. that then that is a signal of economic slowdown. both in the united states, perhaps, but china, because we talked again about how important china is. the world s second largest economy, second largest oil consumer. so if they re not consuming all that oil, then that supply goes up and that pushes prices down. the good part can be for the american consumer, eventually, it does trickle down to the gas bump. it has taken some time, but we are seeing it begin to hit now. so at least you will save at the pump. so that s good on a microeconomic level. on a macroeconomic level, the reason is not so positive. when they talk about these roller coaster rides that the dow can go on, boy, i think just in the time that we ve been
summers. the reason is simple, lower crude oil prices and accounts for a third of the price drivers bay at the gas bump. today s national average 3.60 a gallon down again since yesterday. 3.92 this time last year. if you live in areas around the gulf coast you should see prices $3 a gallon. really. haven t seen that in a while. this is the rocky region. little lower there. out in the northeast or california probably going to stay closer to 4. as long as it s lower. lauren simonetti fox business network. thank you. if you are handy and you need help finding a job cheryl casone is here with three companies hiring right now. it s gun verses a baseball bat how one store owner refused to back down even after an armed robber shot him. mine was earned in djibouti, africa, 2004.
busy supply routes and dennis, you say that would block a recovery here at home. it would. one reason that the economy is sputtering is because gasoline prices are higher than a year ago. i understand for every one dollar at the gas bump that is 100 billion and three million jobs and also how we feel. gas is a touch point is affects how you feel about the rest of the economy . if you sit there worry being this all of the time you end up in trouble. in iran, if they block the strait we have to attack and cannot allow them to do it. how about you and mike. iran takes action in the gulf and up is the oil and down coming our economy. i am against that scenario. and oil futures, oil has fallen from $114 to $101.
on the threat to block the busy supply routes and dennis, you say that would block a recovery here at home. it would. one reason that the economy is sputtering is because gasoline prices are higher than a year ago. i understand for every one dollar at the gas bump that is 100 billion and three million jobs and also how we feel. gas is a touch point is affects how you feel about the rest of the economy . if you sit there worry being this all of the time you end up in trouble. in iran, if they block the strait we have to attack and cannot allow them to do it. how about you and mike. iran takes action in the gulf and up is the oil and down coming our economy. i am against that scenario. and oil futures, oil has fallen from $114 to $101.
any part in cables made public. those are the top stories now. shannon: crisis in egypt could be felt by many of us at the gas bump and grocery store and many places beyond. joining us is the president of the pen financial group. great to see you today. let s talk about the underlying issue of oil. how precarious is it when we talk about suez canal involved? how is it impact in impacting p? we have liquefied natural gas. it has to get through to make a way to north america. if it s shut down through the crisis going on in egypt, you sudply have to take 14 to 17 days to same it back around. it will ruin the supply of oil. it should shoot oil above $100 a bare and it will affect us in the gasoline tanks.