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Down the road so they re hoarding supplies. if we step back from the brink with iran, if there is some kind of an agreement to put off the embargo, we could see one of the biggest drops in gasoline prices we ve seen since 2008. jenna: how big? we could see gasoline prices below $3 a gallon, maybe 2.80 or 2.90. that is how much this iranian war premium has been pumping up the price of gasoline at your pump. jenna: a lot depending on a very unpredictable country. we ll continue to watch iran but continue to watch these prices as well. phil, thank you very much for the champagne. thanks, jenna. you re welcome. you got it. jon: penny a gallon drop overnight doesn t sound like much. jenna: it doesn t but adds up over time, right? jon: let s hope. hear is the question of the day. should the u.s. shoot that north korean missile out of the sky once it is launched? the foreign policy expert who says it is the best course for peace joins us next. plus when winning games and making your sch ....
Viewers, pat, to send some of their gas priceses which was prices which was really fun yesterday because you saw such a change in places like louisiana, jess pays 3.49, michelle pays 3.21, in tennessee, get out to california, it s 4.11. so what s up with the difference in prices? why do we see such a change between the coast and the middle of the country? exactly. you know, in wyoming today, they re paying 2.80, out in san jose, it s 4.05 a gallon today. a lot of it has to do with refineries, what type of oil they re using to process into gat into gasoline. in the rockies gas is so cheap because they use cheap canadian crude oil, as well as crude oil from north dakota that s selling at a huge discount to the type of oil that s used in california. and also in california, they re starting to switch over to summer gasoline. that costs more to produce. so there s a whole lot of different variables across the country. just really depending upon what type of oil is used in the refinery ....
Ten newly laid off workers along with eight others found out they won a lottery jackpot worth $7 million canadian dollars or $4,000 apiece. not too shabby. the dow closed yesterday up 423 points, the s&p up 51, nasdaq spiked 111. the nikkei lost 18 points, but in long congress, the hang seng added 24. as we reported earlier in what s being called a bungee market and a whip saw weeks, stocks rode the roller coaster. never before has the dow had four 400-point swings. the wild curves hit elsewhere. gold fell a whopping $32.80 an ....
Have you seen signs this is true? reporter: it really was a fast and furious increase and i want to show you exactly when we saw these gas prices spike. look at red line. that represents gas. if you look all the way to the left of the chart you ll see that gas prices around this time last year were at $2.80 a gallon. after that we saw a steady increase in gas prices. then boom, a big uptick beginning in february. because what happened, all those med east tensi mideast tensions came to a head, unrest in tunisia, libya and egypt. the yellow line is crude oil and it generally moves like in lock step with gas. the drop in crude hasn t followed through yet to the gas pump right now. oil prices overall have fallen $16 in the past two weeks. but keep in mind, it generally takes a few weeks to trickle down and get to the gas pump ....
Year ago it was $2.80. you fill up your tank, there s 22 gallons, that s $22 extra every time you fill up the tank. yeah, no kidding. could they go back down? what could change things? i really think we need to start developing other types of fuel that we use in our cars, in our trucks, like t. boone pickens plan to expand the use of natural gas. the united states is the saudi arabia of natural gas. we have tons of supply of it but we don t use it that much. it burns cleaner, too. i really think the only thing that we re going to see that could, long-term, push oil and gas prices down, is to further develop our natural gas platforms. that is great for long-term but again, short term. short term. with our reliance upon gas do you see anything that will come here to help forge a better path ahead? right now you look at everything is going to be affected by this financially. in the short term, there s two things that could bring prices back down. if events in the middle east ....