supply issues. obviously the sanctions in iran are working well. hurting their oil industry and hurting their economy. chris: what makes you think if you were to release from the strategic petroleum reserve it would be any more effective in lowering the price of oil and gasoline than it was last year during the libyan operation? i m not going to get into the hypotheticals. generally it has been whether it was done in 2005, when it was done last year when there is a determined supply disruption that needs to be filled the united states and other countries, last year it was a global response, contribute some oil to help relieve that. it is really about the supply. no one should expect there is any magic bullet out there that is going to all of a sudden drop gas. chris: you wouldn t do it just because gas prices are high. that s right. there are some supply issues right now contributing. issues in sudan. you have libya is not up to where it was precrisis. so there is some supply
supply issues. obviously the sanctions in iran are working well. hurting their oil industry and hurting their economy. chris: what makes you think if you were to release from the strategic petroleum reserve it would be any more effective in lowering the price of oil and gasoline than it was last year during the libyan operation? i m not going to get into the hypotheticals. generally it has been whether it was done in 2005, when it was done last year when there is a determined supply disruption that needs to be filled the united states and other countries, last year it was a global response, contribute some oil to help relieve that. it is really about the supply. no one should expect there is any magic bullet out there that is going to all of a sudden drop gas. chris: you wouldn t do it just because gas prices are high. that s right. there are some supply issues right now contributing. issues in sudan. you have libya is not up to where it was precrisis. so there is some supply
supply issues. obviously the sanctions in iran are working well. hurting their oil industry and hurting their economy. chris: what makes you think if you were to release from the strategic petroleum reserve it would be any more effective in lowering the price of oil and gasoline than it was last year during the libyan operation? i m not going to get into the hypotheticals. generally it has been whether it was done in 2005, when it was done last year when there is a determined supply disruption that needs to be filled the united states and other countries, last year it was a global response, contribute some oil to help relieve that. it is really about the supply. no one should expect there is any magic bullet out there that is going to all of a sudden drop gas. chris: you wouldn t do it just because gas prices are high. that s right. there are some supply issues right now contributing. issues in sudan. you have libya is not up to where it was precrisis. so there is some supply
if spoke on thursday telling people to rise up and attack. the nation s capital has been moved from tripoli to gadhafi s place. the challenges that lie ahead. over 70 countries recognize them as libya s interim leaders. japan s new prime minister is said to hold his first news conference in just a few minutes. he previously served as finance minister. par lament elected him on tuesday, making him the country s sixth new leader in five years. in istanbol, some of the worst protest violence in turkey in years. scores of young kurdish threw stones ant petro bombs at security forces as they fired tear gas to try to break up the grounds. they organized it to mark world peace day and it did start out peacefully, but some kurds are bitter over the turkish/kurdish rebels on the diopside of the border. those are the world news headlines. i m max foster. world business today starts right now. good morning. from cnn london, i m nina dos santos. and a very good afternoon from c
they ve never 20 years later hit their precrisis lows on unemployment. 20 years later, participation in the labor force, which is something i view as a hope to throw your hat on, is lower than it was before the crisis and long-term unemployment is higher. david walsh writes this in the wall street journal on friday, about what we re facing when the great recession wiped out $7.8 trillion of home values former labor secretary it crushed the nest eggs and eliminated the collateral of america s middle class. as a result, consumer spending has been decimated. we re in a vicious cycle in which job and wage losses further reduce americans willingness to spend which further slows the economy. job growth has effectively stopped. the fraction of the population working is near a 25-year low, lower than when the recession officially ended in june of 2009. all those are frightening statistics. this is a consumer-led economy and has been and you had a poll on consumers unwillingne