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Rapid Rise in Gas Prices Raises Eyebrows on Wall St.

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  • Description

    FBN's Liz MacDonald on gas prices hitting record highs for this time of year.

  • Duration 3:05
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Right here right now but first.

Up literally up gas prices are at the highest level ever for this comment here.

Take a look at how prices compared to just a year ago and no release on the horizon three dollars and 56 cents.

For a gallon of regular unleaded you look -- diesel it's near four dollars outside normal spread that you might see their premium 3838.

North of four dollars a gallon in some areas -- in California and many analysts are saying.

Gas nationwide.

Could hit four dollars and 25 cents a gallon -- late April.

So what can you do about it.

Unfortunately probably not much gas buddy dot com is offering some ideas including wind to fill up your tank.

Urban legend says the best time is between 12 AM and 5 AM.

Gas buddy says had to -- gas station on Wednesday -- gas prices tend to be higher on the weekend.

-- in mid week is your best that fox business's Liz MacDonald has been talking.

With analysts about these gas prices where they are headed -- -- and what they're saying is essentially gonna see pushing north of four dollars four dollars and fifty cents.

Certainly in California Alaska and Hawaii was hearing scattered reports about that already.

But what this is essentially is we've ever seeing gas prices rise so high so early in the year even in 2008.

The the gas prices did not hit about three dollars and fifty cents until April 21.

And the fact that we're seeing it's so early is raising eyebrows down on Wall Street -- so.

But the thing is yes we've seen the worst threats to the oil supplies since Iran -- revolution since Iran Iraq War.

Other -- traders essentially telling Fox Business looked a supply is still solid but the hot spots of the world.

Iraq Libya Sudan Nigeria Syria Yemen and of course Iran still a significant threat and what they're essentially is saying -- -- is that they're worried about a military strike.

They're saying that Iran likely will not shut down a crusade of Hormuz because it relies two thirds of -- revenue for the government comes from that's.

A much of from the -- two thirds comes from oil so what there is also talking about is essentially.

Where we go from here since it hit it so quickly and so early above 350 for the national average up fifty cents vs the prior year.

But when I -- five dollars for -- national for the national average.

It would take oil being close to 200 dollars a barrel where one of five thereabouts but we are nowhere near that level because four dollars eleven cents was the prior record in the summer of 2008 right when oil.

Prices were at like one -- Yes that's right and -- you know by the way gas and oil -- those highs then did not cause a recession it's certainly aggravated it so when you're the -- a political issue for the White House in saying it now -- -- -- saying look oil should be lowered gas should be at 250 gallon.

So you know it's a -- going to undo the gains in employment manufacturing.

And it and in housing and so you gotta say yes certainly undo the gains from a payroll tax cut.

And now the question is will the Federal Reserve actually move ahead to ease it by June of 2003 with inflation also bearing down.

-- it was great seeing thank you so much I -- a dollar all.

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