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Transcripts For CNNW Erin Burnett OutFront 20120224

gas prices overnight jumped 3.3 cents a gallon on fears iranian oil, the world s fourth biggest stash of crude, could be disrupted. if iran made good on its threats to halt oil supplies, which it s promised to do, it would hurt consumers around the world. the strike team says it would send the united states into another recession with gas prices possibly hitting $4.75 a gallon, but it would also devastate iran. 80% of the nation s economy is linked to oil and gas. will it come to this? rudy giuliani was mayor of new york city during 9/11 and he comes outfront tonight. good to see you. nice to be here. let me start with this issue of the rhetoric here. do you think it s going to get to the point where iran feels threatened enough to do something like shut off its crude oil supplies? i do. it does have a devastating impact on them. they re very good at threatening. the threat i think you have to take as a real one and as we ratchet up pressure on them, they may very wel

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