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Above $105 a barrel on monday after iran halted crude exports to britain and france. and american drivers are feeling the pain at the pump as prices have reached historic highs for this time of year. nbc s michelle franzen reports. reporter: if you re feeling the pinch on your wallet every time you fill up the tank it s definitely hurt me in the pocket. reporter: you re not alone. i can t afford it you have to buy gas to get around. reporter: gas prices at an all-time high for this time of year. the average price for a gallon of regular is $3.56 and eating into monthly budgets. takes $120 to fill up my truck. reporter: supply issues due to refinery problems on the east coast and ongoing conflicts in oil rich countries. the geopolitics in the middle east causing a psychology of fear about future supply has ....
Gas. steve: that was bush s fault. now gas is 3.56 a gallon. it s over $4 in other parts of the country. hear what the media are saying today. it s a different tune. eric: fox & friends getting wild this hour with america s animal expert, the great jack hannah and some of his favorite animals are here. fox & friends starts right now. steve: it is a federal holiday coast to coast. there you can see 1600 pennsylvania avenue, the house where our presidents live. welcome to fox & friends live from new york city. it s great to have you on this federal holiday with us. gretchen: it is. and dana perino is going to be joining us on the curvy coach in just a moment. ....
Great britain and france and explain that, eric. right. very quickly, so there s a whole thing going on between iran and the european union. the european union says if you don t cut back on your nuclear enrichment facilities and desires, we re not going to buy oil from you, so iran turns around yesterday on sunday and says i ll tell you what, we ll beat you on that. they said as of july 1st, they were going to cut back buying iranian oil. iran says forget it, we re not selling you, france and britain, oil right now. you re fired. immediately the oil price jumps $2 a barrel overnight. right now, it s trading over $105. if i m not mistaken, we re above $105 a barrel. gasoline was up another $0.03 a gallon just overnight. so all these price increases, expect the national average which is $3.56, expect that to continue higher especially if these middle eastern tensions don t ease a bit. ....
For february with the national average reaching $3.56 this morning. and it s about to get a whole lot worse as iran halts oil sales to european nations. joining us now to weigh in, the host of varney & company, stu varney. somebody is going to start talking about gas prices, right? we re in the middle of a spike. this morning it s $3.56 a gallon, up $0.07 in a week and it s going to go higher still. the price of oil this morning has reached $105 a barrel. that price is not yet factored into the pump. this thing is going higher still. there will be people watching us right now who will get up, go out and fill up their tank right now because they figure that tomorrow it s going to be even more expensive. i brought some gasoline in. here s regular gasoline. keep the lighter away from him! here s the problem. this gasoline was probably traded on an exchange somewhere two months ago. which means the $105 barrel that ....
Gasoline hit $5 a gallon. i think we re very close to that already. as a national average for premium, that also is on the horizon but, you know, the story right now is the spike. people are going to wake up this morning, drive out and see the price has gone up significantly over the weekend. we re in the middle of a spike. that s the immediate news story. it s happening right now. very important. very quickly, i know we have to go but difference between $1.84 a gallon and $3.56 which it is today in spending power to u.s. consumers, a quarter of a trillion dollars a year. oh, my goodness. it has a huge impact. with the economy sputtering along, that s huge. it is huge. you can talk about that on your program coming up at 9:20 eastern time. today, we start at 9:00 sharp. wow! 9:00 sharp, everybody, varney & company, we ll be there. varney & company, always sharp. thank you very much, sir. i ll give you a dollar for that gas right there. it s going to cost you more ....