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November 8th, 2010
04:29 PM ET

Taking the Lead: Gas Prices Up

Prices at the pump are rising. Today's Taking the Lead looked at WHY.

Believe it or not, it's thanks to the Federal Reserve.

The Fed plans to drop $600 billion in the economy to get it moving again. That news sent the US dollar lower against other major currencies. Because the dollar is the standard currency for oil trades, barrels of crude oil got more expensive. Crude oil is the biggest ingredient in gasoline, so gas is now pricier.

Analysts expect it to rise 5 to 10 cents per gallon.

Filed under: Ali Velshi • Anchors • CNN Newsroom • Taking the Lead
soundoff (5 Responses)
  1. Southgate Jo

    Let's face facts folks, being held hostage by the oil companies is like being held by the taliban. At least the taliban allow you to die ...the oil companies keep you alive sucking the life out of every holiday. Merry Christmas BP ...Mobil ...Chevron ...on us

    November 9, 2010 at 9:33 am |
  2. Michael Armstrong Sr.

    Our leaders allow it why .

    November 9, 2010 at 10:16 am |
  3. D. Hopkins

    Outrageous gas prices broke the nation 2 years ago and it will do it
    again. This time at the Holiday so all the Malls , shops and internet better re-scale their budgets for the shopping season. I t seems as though the recession has ended for all of those who were never touched by it. That you Washington, thank you Wall Street and to all those speculators out there, you did it again. We don't learn do we. All of us who have conserved and took care not to be wasteful will suffer once again.If you had any extra to spend for the holiday kiss it good-bye because you know whose pocket it will land in .
    Why isn't there someone out there who will listen to us and I know there are many screaming for help right now?!

    November 9, 2010 at 1:42 pm |
  4. DK

    When the moratorium was put on the US oil companies drilling off shore in the US it forced the oil companies to go elsewhere to drill-like Africa-They couldnt just sit around and wait until November for it to be released. They would go out of business. Now that they have made contracts elsewhere they can't just turn around and come back here. The other countries supplying our oil know the US is going to be strapped and are going to raise the prices out of the roof. We were getting a good bit of oil out of the Gulf of Mexico and in Mexico. That is gone. We don't have that many places to drill left. I personally feel our gas prices are going to rise higher than they have ever been and we will have shortages in the next year. We are going to have to learn to live with less. It happened in the 70"s. We never seem to learn from the past and continue to make the same mistakes. America has got to learn how to stand on our own even if we have to give up a little. If we don't we will be reduced to going backwards and end up losing a lot more than we ever dreamed could happen here. We can't continue to be dependent on getting everything from other countries. It is going to make us weak. Just my common sense. Just about anyone who works in the oil business knows what is happening yet our news and stock markets don't seem to want to address the truth. Americans can handle the truth. They just get angry when they are not told the truth.

    November 9, 2010 at 8:55 pm |
  5. Jim Hulton

    The Fed should feel very guilty about raising gas prices the way it has. House foreclosures are on the rise and unemployment is rising. No one can afford to pay for rising gas prices at the pump. It is a ripoff and a big boon for profits for the oil industry.. The great recession is not yet over and consumers who are already feeling the pinch do not need to feel it more through rips at the gas pumps! CNN needs to do a complete investigational report about the unnecessary gas prices, find out who is the blame, and help to lower gas prices for everyone. It does not matter that every member of Congress can afford to pay for increased prices at the pump, what really matters is the little guy or girl out in the economy,. Congress has been insulated from energy price increases as well as increases in prices of most everything else. It is sickening that US consumers are being ripped off and won't stand for it anymore. Time to cut down the energy Czars and all those responsible for more expensive gas to the American public.

    November 13, 2010 at 7:21 pm |