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Steve mcmahon. thank you. look at the dow. ten points from 13,000. we're going to keep our eye on that. in the meantime, $5 gas is here. while the national average is now $3.57 a gallon. the price of premium is more than $5 at a gas station in los angeles. >> it impacts everything, you know. it's going to impact how much cheerios cost and -- >> gas prices are crazy. aisle probably ride my bike to work. >> mandy drury is here. it's the highest it's been since this time of year ever? >> that's right. in terms of whether it's going to stop, it doesn't feel like it's going to stop. prices, as you ...

Bit. don't you think? i think that where the dow was when he came into office was the 6,000 range, and now it's in the 13,000 range. so maybe something he is doing is working. whether it is or isn't, aim other political consultant. the voters are going to give him credit or blame, depending on where the economy is in late october. >> the price of gas is going towards $4. now, it's 3.57, national average, regular unleaded. you think this president can go into an election with gas prices moving inexorable to five gnarl a gallon and he can deflect blame for that and win the election. i say he can...

Pro-democracy workers and 27 others. and eu finance ministers are still working out a finance package for greece trying to avoid default next month. back to "hardball." welcome back to "hardball." president obama might be thankful for the lowered unemployment rate. and the rising stock market, of course. the dow has been way up. but there's one troubling number that still faces americans. that's the rising cost of gasoline at the pump. a national average has it at $3.57 for regular. that's up 18 cents from last month. up 40 cents from a year ago. it's higher in different places like here i...

>> jennifer griffin in washington, thank you. even though iran's oil embargo is largely symbolic, it's pushing oil prices higher and could send gas prices up as well. they're as high as we've ever seen for this time of year. the current average for a gallon of regular unleaded is $3.57. up more than 12.5% from a year ago and many of the analysts say we could hit record highs this summer. for context and perspective, bob is live with us from houston. bob, the logic is confusing because we're not using so much home heating oil because the winter has been so mild. in addition, demand is down for ...

But there's a troubling number. that's the rising cost of gasoline at the pump. a national average has it at $3.57 for regular. that's up 18 cents from last month. up 40 cents from a year ago. it's higher in different places like here in washington. it was a fortune for me the other day. also in l.a. it's a fortune. republicans see this as a winning issue for the november elections. but is this something you can argue about as an obama failure? daniel yergin is the author of "the quest." crist ta freelance also joins us. why are gas prices going so high now?