libya. it doesn t matter what goes on there. it only matters what we produce here and prices don t spike quija yo politics matter. spike i ve been saying they need to relax standards on blended fuel. greta: who is making the money? where is the cost? remember in october when egypt started to flare-up the price was around $83 a barrel. it up $30 a barrel after that people were worried about the disruption of the supply of crude oil to america. whether or not egypt supplied a lot of crude to america, didn t matter. crude oil is a global commodity the same barrel produced anywhere can be used anywhere else. the fear was if it spilled into saudi arabia, suez canal, we were worried about saudi arabia unrest. if those barrels came off the market prices were spiking. investors were jumping in front of that looking for
reporter: the sanctions were lifted because it was felt that libya had complied with cooperation by turning over suspects wanted in the lockerbie bombing, two men who were tried, one acquitted and one convicted, sent back to libya and they said he was supposed to die in a matter of months or days. that hasn t happened yet. families of those who died on the flight are upset about that, about how that was considered. the sanctions were lifted in december of 2003. they included asset freezes and travel bans, the same sanctions that will now be imposed by the security council, potentially in the next 48, 72 hours. china and russia are two that don t really like this type of sanction enforcement, they don t think it s productive. the sanctions name gadhafi and members of his family being put under the sanctions and libya would be referred to as the
today how does it look? reporter: today, it s much calmer as far as the oil market goes. oil settling just under $98 a barrel after, as you said, touching $103 during the trade. things are easing because worries of supply disruptions in libya are fading, and the oil facilities there are up and running and appear to be operating normally. it s also why stocks ended higher today as well. brooke. so, alison, if the prices don t jump say today, does that mean that gas prices will hold steady, or not necessarily? reporter: no such luck. i ll tell you what. the gas prices are still catching up to the huge spike in oil prices that we ve seen over the past week. if you look at aaa s national average for a gallon of regular, it s stitting at 3.29. just overnight as you were sleeping it rose six cents and analysts say it can go up another 10 to 30 cents in the next few days so we re seeing
who is going to lend us more money? august is normally slow, but recent years, not that unusual but if you have to go to 99, remember people weren t trading from their laptops at home in 99. ebay, you know, the baby wasn t on the blackberry firing off transactions in 1999. that might be alarming for some. a piece of good news that the press would like to report. gas prices are dropping. good for you! it is good for your wallet if you want to go some place. why? why are they dropping? that is the question. national average is $2.70 a go lon. why is it dropping? it s dropped 4 cents in the past week. why is it dropping? in a robust economy, prices don t start falling until labor day. why labor day? remember, in the summer
spending baseline. who is going to lend us more money? august is normally slow, but recent years, not that unusual but if you have to go to 99, remember people weren t trading from their laptops at home in 99. ebay, you know, the baby wasn t on the blackberry firing off transactions in 1999. that might be alarming for some. a piece of good news that the press would like to report. gas prices are dropping. good for you! it is good for your wallet if you want to go some place. why? why are they dropping? that is the question. national average is $2.70 a go lon. why is it dropping? it s dropped 4 cents in the past week. why is it dropping? in a robust economy, prices don t start falling until labor day. why labor day? remember, in the summer