yeah, back home in peoria i have a ford escape hybrid, which gets very good gas mileage because it s part battery powered and part combustion. i just bought a car here in washington. i got rid of a 1997 buick regal, which was a gas guzzler. and i just got a chevy malibu, which gets great gas mileage, i m happy to say, almost 30 miles to the gallon. but look, even 30 miles to the gallon, when i filled up this weekend, it was about $45. that s real money. we re feeling it. and look, i know, i drive my car. i know that the second most expensive item in family budgets is the cost of filling a gas a tank up. so what do we do? this is a bad situation. you re secretary of transportation. what do we do? well, first of all, we acknowledge there s a big problem. we hope that when the unrest is settled in the middle east that, you know, a barrel of oil will start going down. but the president has laid out a
you will emigrate from libya because petro will stop and tomorrow all foreign companies, all foreigners will leave. all petro companies will leave. petro will stop. from tomorrow there won t be any petro. there won t be any money. you won t even find a piece of bread. if you ve filled your tank up in the last week you already know prices are going up. christine romans is here to explain more about the connection between protests and the price at the pump. between petro, money, and bread, right? look. you ve got a situation in libya where this is actually an oil exporter, a member of opec the big oil producing cartel. it is the largest proven reserves of oil marty in africa just ahead of nigeria. so this is an oil producer and when you have the son of the leader saying that the petro will stop, even if it is a threat, josephine even if it is it is something international investors take notice of and you have crude oil prices up 6% here today. the united states of course
years average price of gas over 4 bucks a gallon. a.a.a. says over 3 bucks a gallon now. drivers are shell out $48 to fill up a standard tank up $41 from a year ago. $35 five years ago and 22 bucks during the same week during the year back in 2000. lori rothman much the fox business network is live in our new york newsroom. no she is not. she is here. good to see you, lori. it s all because of the oil prices. what gives about that? obviously we have this early blast of winter in the northeast. that s bullish for oil prices. oil coming in above 90 bucks a barrel today. oil prices commodities as a whole have been rallying all year long. crude oil up 15% year-to-date. and there is a bit of a financial reason for this. that is the weak u.s. dollar. on the business network we have been talking for months and months and months about the fed and its ongoing ease. that s causing a breakdown in the value of the dollar. more dollar, higher inflation.