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Transcript for Gas Prices Pumping Higher

Okay. It is Monday February 9 the markets in New York are open and a big number this morning two dollars twenty cents. Kathleen a state which. Even though may seem low it's actually up thirteen cents over the past two weeks all according to a new lumber Saturday. No this price hike is the first rise in gas prices on nine month slide. Well when I'm Dan Butler in new York and America the minute joints you've got to the possible month big question is not a listing this change is the party over. Ordering in retail expert at mad Lexus cars big and fast just like his breakfast Yahoo! finance is Jack MacKey mister MacKey happy Monday morning to you. And happy in my video my friends are faced a we've seen it when prices go up a little bit there what's going on there is it over means we now start stockpiling. Yeah I got done good enormous hole in my back yard filled with gas just. A little bit. We're probably a few bombs away from me just opium rogue warrior future where real this wrongly earth looking for gas. But the price has gone up more than 10% and bats while crude prices all underneath there Murray got to take bubble improved refining and come up with gas. Those prices are 20% higher so look for gas prices to catch up pretty fast to what crude is doing and that's really count what striding things. Again it doesn't feel like much after the decline we've had decided starts to matter in our 10% moves down resembled. What this gas at that because if you look at the actual portion of that rise that is it sustained increase then. Well in its traders play both sides of these things and so Croat Ed drops over 50% gas prices. Lagging that as they do to the downside. But it it's really going to be a fundamental issue and so we're trying to find a fair price for crude. It doesn't seem at least economically speaking demand for crude oil as a base substance hasn't fallen as far as the price has. So I would guess that approval kind of settled somewhere in the seventy's that's my guess. Other gases were. Vary all over the place. But I would think that we shouldn't expect much more we certainly aren't old anymore by the trading face in terms of falling gas prices I would expect them to inch at least a little bit higher. If not just rocket straight back to where we work. OK well let's talk about that the because if we artists are paying more at the pump house in effect are spending in other areas in the overall economy. But I united dads you know we haven't really seen exactly where that money's gone anyway summit's gone to people's savings. Some of it has gone into the higher end retail. But people are more complicated that may economists would have you think economics is a social science no matter what they try to convince you about its. Astro physics high math probability issues and so no one really knows what the savings wouldn't so positive affect consumers. You can't really tell for sure because we didn't see the bang for the buck going to places like Dunkin' Donuts and McDonald's or the other motor type of establishments you would have expected to see more spending out of it anyway so it's not really clear but I do know that we bought or sold a lot of gas guzzlers last year. Val make things interesting for those buyers. Yeah wasn't asked about that means is they're going to be kind of lagged effect on and the next year to buy those that have gone out there and bought those vehicles those suvs and trucks may not necessarily get the best bang for the buck. Now they're not you know and again at CA I wish they. Were older than they ever had been more than a decade old and so a lot of times when you upgrade your track after that long a period your fuel efficiency. Goes up so much anyway just truck vs truck. That that's going to be part of an ever driving a truck Cassel still be cheaper because your car simply more efficient. But if you're one of as many Americans who decided you know what I'm gonna get rid of this little Ford tours are gonna buy me something with some muscle on it. 500 horse powers and four wheel drive and spoilers and whatnot. Also you're going to be paying quite a bit for gas and it's Americans as being Americans we saw those gas prices going lower and we're not inspected on gas price counseling. Type of vehicles. Those folks are gonna space a little bit of a spending crunch million dollars drive last I don't think it one's gonna go bankrupt over gas if you actually look at it in terms of your average expense per year its way under 5%. That the average American of the discretionary income goes towards gasoline so its not a deal breaker one way or the other right and you've always got your bike right meek and always rise. You can always walking into a public transit can do all kinds of different things. You can maybe turn off the eternal flame that people have put up in their backyard you don't need one of those refinery empires. It you're all that stuff that we have in the days cheap gas. The options of bounce our what do they look I think yup market just in general that's doctor Philip Moore lower this morning at what what's the big force behind that. Rally in the Dow at a huge week last week and is one of the biggest amounts. And all in for 2015 so far going into today the Dow Jones Industrial Average had gained a total. One point. On. So OI guess profit taking maybe this morning diverted points and area antlers about it. Both my gains while I album. You know it it's a lot of noise out their base that we're still barter earnings. I don't think the market is. Doing much to remember we were up 30% in 2013 another 1415%. Last year some consolidation makes sense even if it's not fun why are going through it. And I would expect us to kind of be in this trading range for what little while longer at least play as long as you're sitting shotgun with us for appreciate that mr. Max Yahoo! finance Jeff bank's commitment is there due to brother. Of course you can keep up with electric here on abcnews.com. Election a big number I'm Dan Cutler.

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