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We're seeing right now, $120 or something in europe, that won't hit the pump for a good 30 or 45 days so we're going to see gas prices rising for a long time. >> i think so. it looks like $4 as the national average is definitely on the horizon. it's already arrived in california. the average for all gas stations in california, regular unleaded is now $4.03 a gallon. here we come. we're heading to $4. >> sure, so we're heading to $4. let's give folks at home a little historical perspective. when barack obama was president of the united states for the first day, the gas at the pump there in wash...

We're at $3.52 a gallon. that's ridiculous. we're only in february. you have a number of reasons pushing that higher from refineries being shut down on the east coast, middle east tensions rising. we could maybe even see $5 by memorial day. every 50 cent increase takes $500 million out of the economy. >> how about since we all want to save a penny where we can, the presidents' day sales, where are the good ones? >> big weekend for shopping. winter apparel. you're talking up to 70% off whatever is left over. i know you like to ski, maybe a winter jacket or whatever. that's heavily discounted, f...

Means what for gas? $4 national average? >> i think even higher. if you look at it -- right no. now we're at 3.52 national average. 40 cents above last year. and typically it rises 17 to 20% in the summer. so you add in this issue with iran, the greece bailout, you could see $5 gas and that's going to impact our growth moving forward. and that's going to impact the economy. >> if we get gas prices at the levels you're talking about, is that enough to push america to rethink the pipeline? >> you know, something is going to have to -- it's tough because right now politically, if you look at what...

Reelection. right now, the national average for a gallon of regular is 3.53. but with the price of oil rising almost 5 percent in the last few weeks, you could soon be paying a lot more than that 3.53 at the pump. stu varney is anchor of "varney & company" on the fox business network. i said a moment ago this is higher than normal. the prices right now are 40 cents more than they were at the same time last year. >> yes. megyn: and you know, we were talking about this after the show, staying with you guys here, you talk about 3.52, it's not cheap, stu, but when you think about the fact that 25 ...

Campaign for power grab. the underwear bomber got life without parole today. farouk abdulmutallab had pleaded guilty to all charges on the second day of his trial last fall. the attempt to detonate explosives on hi body misfired on christmas day of 2009. this is an facebook simulation of what would have happened -- f.b.i. simulation of what would have happened if he had been successful price of gasoline went up a penny. national average is $3.52 a gallon. while those prices are going up, one plan to bring more oil to the u.s. continues to be a political hot potato. we have the latest on th...