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Gas Prices Rise Amid Mideast Turmoil

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  • Description

    FBN's Liz MacDonald argues rising gas prices will crimp holiday spending.

  • Duration 1:12
  • Date

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OK so all of this has gasoline prices rising tensions in the Arab world.

Harken back to 1979.

GMAC is here with.

About the speed of the increasing gas prices we're seeing gas prices rising by -- last week seventeen cents it's a month ago.

Almost a quarter vs a year ago but -- -- economists Wall Street they're comparing this the first quarter.

Of 2011 as well because when we saw gas prices really rise dramatically then you -- economic growth and that.

And the US economy stalled out -- zero and all of the feds for money printing didn't do anything in the market recovery at that time the market rally also stalled out so what we're talking about is back in 979 we did see oil prices more than double to 35 dollars -- -- -- 1981.

After Iraq invaded Iran.

The right now we're seeing oil stuck in that trading band according to the guys on Wall Street it's stuck at 280 -- -- 110.

It is higher today it's up by ninety -- moving to tore up to 98 -- upper level of that band.

What we're worried about as a holiday shopping season starting in a month and a half.

And the back to school shopping season could dampen down economic growth because gas prices remove money out of spending power in port that's -- -- -- bottom line Donald thank.

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