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Grade oil. we are seeing $89 a barrel for american oil, $104 for american oil. the price at pump is going up. look at that. $3.17 for a gallon of gas in the u.s. it's $4.71 in the u.k. and rising. $5.50 in italy and germany. the bottom line is a direct and immediate response to what we are paying here to what's happening in libya. this is the inflying you can feel and see it every day of your life. martha: it's that uncertainty that doesn't look to be ending anytime soon. >> reporter: we don't know what's going to happen in libya. in the meantime the price of oil rights in the anticipation of ...

Were will be being paid at the market wage rate. >> sure. j.d. norman said effectively you can work for us at this particular rate which is $15.50 an hour. mitch, tell us, $15.50 an hour, is that on par? it's half of what the g.m. workers are making right now. is it on par with what other automakers in indiana are making? >> well, we have toyota plants, subaru facility and a honda plant here in indiana and it's above the starting wage rate at those facilities. and at the starting wage rate for what new g.m. workers would be paid when they're hired into the new g.m. in addition to this, the g.m...

Declined. good morning to you. >> good morning. how are you? >> i'm doing fine. thanks very much. on sunday, the united auto workers local 23 had a meeting and what they were doing is looking at a proposal where apparently their pay would go from $29 an hour to $15.50. what happened? >> well, it appears there was close to a riot at this meeting. and the local folks managed to intimidate the national uaw leadership and they basically went back to detroit without ever completing the presentation about what the -- what the new contract might look like. >> and the problem for these employees, mitc...

Rates are down. we have the prices down. so it's not that people can't afford it. there are tighter credit conditions at banks who are under pressure from the fdic and fha to maintain quality lending standards, so it's kind of a battle over the cost of credit versus the availability of credit. the former is there, the latter not so much. >> a silver lining for people who own their homes. they have that good credit refinancing is up. so people have lowered monthly bills. >> i've got to tell you, alex, we've got mortgage rates moving towards -- they've already been -- but moving towards record-l...

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