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The gas pumps. as of today paying an average of $3.86 a gallon regular. price going up almost 50 cents in the past two months. also on the rise, the stock market. big gains tacked on last week after the federal reserve announced more quantitative easing known as qe-3. however a credit rating agency downgraded the u.s. debt rating from aa to aa minus following that decision. joining me is jared bernstein, former chief economist for vice president biden. welcome back to the show. thanks for being here. sure. we re looking at this. we have egan jones rating that agency rating qe-3, saying it s going to hurt the economy more than it s going to help. you wrote in a column on msnbc.com that qe-3 will help. but not a loalone. can you explain all this? sure. that little notch down nlt credit rating doesn t worry me that much. standard and poors took the u.s. ....
Of fears not only when it comes to foreign policy but when it comes to our economy. one of the things we watch when there is unrest in the middle east is oil prices. right now the average price of a gallon of regular gas is $3.86. that is up about 16 cents from a month ago as you see on your screen. liz macdonald from the fox business network is live with more. liz, as far as what the impact all of this could be on the market, what is wall street telling you? reporter: wall street is telling us they re worried about the impact on consumer wallets because consumer spending basically has been weak and that really is vital to the economic recovery, jenna. and this comes at a time when, you know, the holiday shopping season is about a month and a half away and we re right in the thick of the back to school shopping season. economists by the name of david rosenberg said that the last time he saw the speed which gas prices increased happened in the first quarter of 2011. after that you saw ....
Now, how can anyone survive? there are quite a few lukoil franchise dealers that have already turned in their keys, just forfeited their franchises and their investments. reporter: that second guy we just heard from is the executive director of the gas station association in new jersey. he says that lukoil charges its station owners seven cents more per gallon than other companies, driving some of them out of business. lukoil says it s not doing anything illegal, accusing the gas station association putting out statements that are hurting others. prices are going to be a lot closer to the national average which according to aaa is $3.86 a gone today. back to you. jenna: all right. well, one-day protest, so it s done. reporter: it s done, but you have to wonder if these customers are going to come back. jenna: that s a good question, that s for sure. rick, thank you. jon: usually, when there s news involving an open microphone, it winds up causing trouble for ....
Been rising across the nation. in california, which is the nation s largest gasoline market, the average price of gas already topping $4 a gallon. that is up from $3.86 just last week. lack of production and the peak summer driving season just two of the things. a lot goes into the mix in the gas price but that is couple other reasons we re seeing a little bit higher this morning. gregg: i paid $4.29 the other day for premium. martha: ouch. where? name names. gregg: well, transportation costs up there add to the price. martha: got to go to new jersey. gregg: i will come down to your neck of the woods and by gasoline there and say hello. martha: we have lots more for you, folks. republican lawmakers telling eric holder, we ll see you now in court. what they want and whether holder will be forced to comply this time. gregg: president obama calling paul ryan extreme but governor romney says, hey, it is the other way ....
Meeting in richmond tonight to answer questions for residents there and to let them air their concerns as well, shep. shepard: now the concerns about gas prices. trace, up 8%, 9%, 10%? yeah, it s going to be a lot. the damage hasn t even been fully assessed at the richmond refinery. there are some markets in california reportedly that have raised their prices 35 cents a gallon already. take a look at these numbers here. 15% of the entire region s gas comes from that refinery in richmond. it s also a special blend which is more expensive. today, the average price for a gallon of gas in california, $3.86 a gallon. by tomorrow all over the state, the experts say it will be above maybe well above $4 a gallon. washington, oregon, arizona, nevada will likely see their prices rise in coming days as well. and if this refinery stays off line for an extended period, prices could go up significantly higher. trace gallagher in los ....