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>> according the "usa today" they have a quote from the chief analyst at the oil price information service. gas prices rose to $3.25 within a few days, 2.5% above of what we saw on tuesday which was 3.17. that is increase of 2.5% because of the direct unrest in libya? >> i believe so. we're going to see an increase in prices when we change specifications next week, when we go from march to -- when we go to march to april in the contracts at the end of february, march 1st. we'll see a 15 cent jump anywhere. 25 out of the last 26 years we've seen gasoline prices increase from march to may anyway...

Years. yesterday's mark is up 7 percent, it's also up today. gas prices also pumping up. the national average of a gallon of regular, now at 3.17. that's up more than 50 cents from the same time a year ago. jon: one of new zealand's biggest cities is in ruins now, a powerful earthquake, top ling buildings in christ church, leaving at least 65 people dead. people are trapped under collapsed buildings, they're sending messages out, rescue crews with dogs are searching for them right now, all across that city. it is the second major quake to hit christchurch in months. this time members of a u.s....

>> it is up about 4%. you have a fear of inflation and geopolitical risk. libya different than other countries we have talked about. libya is an oil exporter, a major oil exporter and a member of opec. big oil companies, we are watching closely to see if they are halting production. the u.s. imported from here, 80,000 barrels a day, the largest proven oil reserves in africa. that will mean probably higher gas prices down the line. they have been moving in that direction. $3.17 gallon of gas hurts. >> there we are. $2.64 last year. people certainly, this is the one place, it is hard to get

About 80,000 barrels a day from libya. libya exports an awful lot of oil to europe as well. so this is something people are taking notice to. we've already had gasoline prices rise. this is just another reason why many analysts are saying, martin, that gasoline prices will continue to rise. gas here in this country is about $3.17 a gallon. a year ago it was $2.64. if you want good news it's still 22% below where it was in the bad old days of the summer of 2008 when it was $4.11. but when you have a major oil producing country like libya with the largest proven reserves in africa, when you have...

Why don't we have both? [ male announcer ] old el paso. hard and soft tacos. ♪ feed your fiesta. in today's big breakdown, bigs news breaking a lot of wallets. i'm talking about gas prices. they are surging and it does not look like this is going to end anytime soon. the price for a gallon of gasoline has risen five cents in the past two weeks according to triple a. the price for regular is $3.17 a gallon nationwide. that's up 53 cents from more than a year ago when gas as around $2.64 a gallon. why the sudden surge? look at the headlines. that's libya we're talking about, the unrest in th...