| February 29, 2008 Gas prices expected to rise to $4/gallon
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(NECN/ABC) - President Bush is in the driver's seat, but he doesn't have to pay the gas.
Bush: "Wait a minute, what'd you just say? You're predicting 4- dollar-a-gallon
Gasoline?
Reporter: "a number of analysts are predicting 4 dollar gas this spring
Bush: Oh yeah?
Reporter: ".when they reformulate"
Bush: "That's interesting. I hadn't heard that."
It is not, however, news to the American people.
That pain at the pump is palpable.
A national average of 3.16 a gallon and oil prices are over 102 dollars
a barrel.
Michelle Corona:
"Stock prices or another market didn't do so well so it scares investors,
And there's just no reason, no logical reason why it should be climbing the
Way it is."
But there are reasons
Anthony Grisanti
President, GRZ Energy:
"When you have a lowering of interest rates which weakens our dollar
Against the rest of the currencies, you see a spike in oil prices to kind of
Make up the difference between the euro and the dollar at this point."
During congressional testimony this week the chairman of the Federal
Reserve indicated the Fed is prepared to cut rates again. The spike in oil
Wasn't far behind.
President Bush also told reporters on Thursday that he didn't think the
Country was in a recession.
David Wyss, chief Economist, Standard & Poor's:
"I think we're already about three months into one. I think it will probably
end when people start spending their rebate checks during the
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