FIRST TIME IN 14
YEARS.
SO HOW HIGH COULD YEARS.
SO HOW HIGH COULD
PRICES GO? SO HOW HIGH COULD
PRICES GO?
GADI SCHWARTZ REPORTS. PRICES GO?
GADI SCHWARTZ REPORTS.
>> Reporter: TONIGHT GADI SCHWARTZ REPORTS.
>> Reporter: TONIGHT
SHOCK AT GAS PUMPS >> Reporter: TONIGHT
SHOCK AT GAS PUMPS
SHOWING PRICES MOST SHOCK AT GAS PUMPS
SHOWING PRICES MOST
DRIVERS HAVE NEVER SHOWING PRICES MOST
DRIVERS HAVE NEVER
SEEN. DRIVERS HAVE NEVER
SEEN.
>> IT REALLY HURTS THE SEEN.
>> IT REALLY HURTS THE
PEOPLE THAT HAVE TO >> IT REALLY HURTS THE
PEOPLE THAT HAVE TO
DRIVE 20 AND 30 MILES PEOPLE THAT HAVE TO
DRIVE 20 AND 30 MILES
EVERY DAY TO AND FROM DRIVE 20 AND 30 MILES
EVERY DAY TO AND FROM
WORK. EVERY DAY TO AND FROM
WORK.
>> Reporter: WITH THE WORK.
>> Reporter: WITH THE
BIDEN ADMINISTRATION >> Reporter: WITH THE
BIDEN ADMINISTRATION
NOW CONSIDERING DIRECT BIDEN ADMINISTRATION
NOW CONSIDERING DIRECT
SANCTIONS ON THE NOW CONSIDERING DIRECT
SANCTIONS ON THE
KREMLIN'S CRUDE OIL, SANCTIONS ON THE
KREMLIN'S CRUDE OIL,
PRICES WILL LIKELY KREMLIN'S CRUDE OIL,
PRICES WILL LIKELY
CLIMB HIGHER THAN THEY PRICES WILL LIKELY
CLIMB HIGHER THAN THEY
EVER HAVE BEFORE. CLIMB HIGHER THAN THEY
EVER HAVE BEFORE.
>> THE OIL MARKET EVER HAVE BEFORE.
>> THE OIL MARKET
REACTS MUCH LIKE THE >> THE OIL MARKET
REACTS MUCH LIKE THE
STOCK MARKET. REACTS MUCH LIKE THE
STOCK MARKET.
IT GETS VERY JITTERY STOCK MARKET.
IT GETS VERY JITTERY
WHEN IT COMES TO IT GETS VERY JITTERY
WHEN IT COMES TO
VOLATILITY, AND WE'RE WHEN IT COMES TO
VOLATILITY, AND WE'RE
SEEING A LOT OF VOLATILITY, AND WE'RE
SEEING A LOT OF
VOLATILITY RIGHT NOW. SEEING A LOT OF
VOLATILITY RIGHT NOW.
UNFORTUNATELY, DRIVERS VOLATILITY RIGHT NOW.
UNFORTUNATELY, DRIVERS
ARE PAYING FOR THAT AT UNFORTUNATELY, DRIVERS
ARE PAYING FOR THAT AT
THE GAS PUMP. ARE PAYING FOR THAT AT
THE GAS PUMP.
>> Reporter: ACROSS THE GAS PUMP.
>> Reporter: ACROSS
THE COUNTRY THE >> Reporter: ACROSS
THE COUNTRY THE
NATIONAL AVERAGE HAS THE COUNTRY THE
NATIONAL AVERAGE HAS
ROCKETED PAST THE $4 NATIONAL AVERAGE HAS
ROCKETED PAST THE $4
MARK. ROCKETED PAST THE $4
MARK.
IN CALIFORNIA, WHERE MARK.
IN CALIFORNIA, WHERE
DRIVERS ARE SHELLING IN CALIFORNIA, WHERE
DRIVERS ARE SHELLING
OUT AS MUCH AS $7 A DRIVERS ARE SHELLING
OUT AS MUCH AS $7 A
GALLON, SOME ARE OUT AS MUCH AS $7 A
GALLON, SOME ARE
ONBOARD WITH THE GALLON, SOME ARE
ONBOARD WITH THE
SANCTIONS BUT SAY THEY ONBOARD WITH THE
SANCTIONS BUT SAY THEY
STILL WANT TO SEE SANCTIONS BUT SAY THEY
STILL WANT TO SEE
WASHINGTON TRY AND STILL WANT TO SEE
WASHINGTON TRY AND
BRING RELIEF. WASHINGTON TRY AND
BRING RELIEF.
>> SEND A MESSAGE, BRING RELIEF.
>> SEND A MESSAGE,
SEND ALL THE MESSAGES. >> SEND A MESSAGE,
SEND ALL THE MESSAGES.
BUT I THINK WE HAVE SEND ALL THE MESSAGES.
BUT I THINK WE HAVE
OIL HERE, WE DON'T BUT I THINK WE HAVE
OIL HERE, WE DON'T
NEED TO BE BUYING OIL HERE, WE DON'T
NEED TO BE BUYING
THEIR OIL. NEED TO BE BUYING
THEIR OIL.
>> Reporter: AND THEIR OIL.
>> Reporter: AND
EXPERTS SAY THERE ARE >> Reporter: AND
EXPERTS SAY THERE ARE
OPTION EXPERTS SAY THERE ARE
OPTION
OPTIONS. OPTION
OPTIONS.
FURTHER PRODUCTION AND OPTIONS.
FURTHER PRODUCTION AND
A NUCLEAR DEAL WITH FURTHER PRODUCTION AND
A NUCLEAR DEAL WITH
IRAN COULD POTENTIALLY A NUCLEAR DEAL WITH
IRAN COULD POTENTIALLY
RELEASE ENOUGH OIL IRAN COULD POTENTIALLY
RELEASE ENOUGH OIL
INTO THE MARKET TO RELEASE ENOUGH OIL
INTO THE MARKET TO
EASE DISRUPTION. INTO THE MARKET TO
EASE DISRUPTION.
BUT TENSIONS WITH EASE DISRUPTION.
BUT TENSIONS WITH
RUSSIA MIGHT THROW BUT TENSIONS WITH
RUSSIA MIGHT THROW
THAT DEAL INTO RUSSIA MIGHT THROW
THAT DEAL INTO
QUESTION. THAT DEAL INTO
QUESTION.
THOSE WHO TRACK GAS QUESTION.
THOSE WHO TRACK GAS
PRICES SAY THERE ARE THOSE WHO TRACK GAS
PRICES SAY THERE ARE
MORE FACTORS AT PLAY PRICES SAY THERE ARE
MORE FACTORS AT PLAY
LIKE REFINERIES MORE FACTORS AT PLAY
LIKE REFINERIES
SWITCHING TO MORE LIKE REFINERIES
SWITCHING TO MORE
EXPENSIVE SUMMER SWITCHING TO MORE
EXPENSIVE SUMMER
BLENDS, THE COUNTRY EXPENSIVE SUMMER
BLENDS, THE COUNTRY
EMERGING FROM THE BLENDS, THE COUNTRY
EMERGING FROM THE
PANDEMIC WITH MORE EMERGING FROM THE
PANDEMIC WITH MORE
PEOPLE PLANNING ON PANDEMIC WITH MORE
PEOPLE PLANNING ON
TRAVELING, AND ALL ON PEOPLE PLANNING ON
TRAVELING, AND ALL ON
TOP OF RISING TRAVELING, AND ALL ON
TOP OF RISING
INFLATION. TOP OF RISING
INFLATION.
>> I THINK I'M GOING INFLATION.
>> I THINK I'M GOING
TO START WALKING WHEN >> I THINK I'M GOING
TO START WALKING WHEN
IT HITS 6. TO START WALKING WHEN
IT HITS 6.
I THINK I'M GOING TO IT HITS 6.
I THINK I'M GOING TO
MAX OUT THERE. I THINK I'M GOING TO
MAX OUT THERE.
>> Reporter: LESTER, MAX OUT THERE.
>> Reporter: LESTER,
THE EXPERTS WE SPOKE >> Reporter: LESTER,
THE EXPERTS WE SPOKE
TO TODAY SAY THERE IS THE EXPERTS WE SPOKE
TO TODAY SAY THERE IS
A CHANCE THAT OTHER TO TODAY SAY THERE IS
A CHANCE THAT OTHER
STATES MAY START A CHANCE THAT OTHER
STATES MAY START
SEEING SOME OF THESE STATES MAY START
SEEING SOME OF THESE
HIGH PRICES TOO. SEEING SOME OF THESE
HIGH PRICES TOO.
$5 A GALLON, $6 A HIGH PRICES TOO.
$5 A GALLON, $6 A
GALLON ALL IN THE $5 A GALLON, $6 A
GALLON ALL IN THE
UPCOMING MONTHS.
