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Great britain and france and explain that, eric. >> right. very quickly, so there's a whole thing going on between iran and the european union. the european union says if you don't cut back on your nuclear enrichment facilities and desires, we're not going to buy oil from you, so iran turns around yesterday on sunday and says i'll tell you what, we'll beat you on that. they said as of july 1st, they were going to cut back buying iranian oil. iran says forget it, we're not selling you, france and britain, oil right now. >> you're fired. >> immediately the oil price jumps $2 a barrel overnight. ...

For february with the national average reaching $3.56 this morning. and it's about to get a whole lot worse as iran halts oil sales to european nations. >> joining us now to weigh in, the host of varney & company, stu varney. somebody is going to start talking about gas prices, right? >> we're in the middle of a spike. this morning it's $3.56 a gallon, up $0.07 in a week and it's going to go higher still. the price of oil this morning has reached $105 a barrel. that price is not yet factored into the pump. this thing is going higher still. there will be people watching us right now who will ge...

Gasoline hit $5 a gallon. i think we're very close to that already. as a national average for premium, that also is on the horizon but, you know, the story right now is the spike. people are going to wake up this morning, drive out and see the price has gone up significantly over the weekend. we're in the middle of a spike. that's the immediate news story. it's happening right now. very important. >> very quickly, i know we have to go but difference between $1.84 a gallon and $3.56 which it is today in spending power to u.s. consumers, a quarter of a trillion dollars a year. >> oh, my goodness...

3 to 5 inches of rain. certainly not out of the question and all the way down to louisville and more possible by the mid-part of the week. al next. >> okay, alex wallace, thanks for the head's up on this. this easter sunday nothing sweet about the prices people are chelg out at the pump. national average 25 cents off the all-time high. ron allen is here with more and excuse the grumbles as we toss it over to you. >> well, we haven't even hit the summer driving season for another month or so and more grim news. numbers that won't make you happy. take a look at all of this. overnight, as a mat...

Half a penny to $3.80 which is up more than 8% from last month when the price was $3.56. checking out this time last year, a gallon cost just $2.85. the cost is certainly weighing on drivers with prices topping $4 across six states. they have just been going up, and it's been crazy. >> shop around a lot to find the best prices. >> it it goes to above $5 a gallon, i'm definitely changing to something like a mini or some type of car like this. >> reporter: meanwhile, analysts are saying prices still have a higher ways to go, and here to discuss why the fuel prices are soaring, chief business cor...