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American Morning
Minding Your Business: Filling Up For the Memorial Day Weekend
Aired May 19, 2003 - 07:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
SOPHIA CHOI, CNN ANCHOR: Planning to hit the road this coming Memorial Day weekend, are you? For a look at gas prices this holiday, Andy Serwer is "Minding Your Business."
Thanks for joining us.
ANDY SERWER, "FORTUNE" MAGAZINE: Thanks, Sophia. How are you doing?
Well, the good news is the price of gas is dropping. It's dropped, of course, since the end of the war. Now down to about $1.56 a gallon, two cents less than last week. The peak during the war was $1.73. Still a little bit more than last year when it was $1.46 for Memorial Day weekend.
And Memorial Day, obviously, a huge holiday for people driving. AAA expects 29 million Americans on the road, and to the extent that people are thinking about flying, they're not. So, it's going to be even more crowded this holiday than unusual.
CHOI: On the road.
SERWER: That's right, that's right, on the road.
CHOI: Be careful out there. But we're seeing those oil prices start to creep back up?
SERWER: Right. And there is a connection obviously, a very strong one between the price of oil and the price of gas. Oil now at $29 a barrel. That's because of the situation in Saudi Arabia with the bombings; also Morocco. Again, if things calm down, though, on the international front, the price of oil goes back down. So, we'll have to watch that. It's ticking back and forth.
CHOI: It goes up and down...
SERWER: Yes.
CHOI: ... kind of like the stock market.
SERWER: That's right. And it was actually a pretty good week last week. We continued to have this sort of creeping bull market, the stealth bull market. Nothing wrong with that.
Here is where we were last week. Down on Friday, but not a bad week at all. Up 74 points on the Dow, now at 8678, Nasdaq right solidly in the 1500 range. And unfortunately, though, Sophia, I've got to report that futures are down a little bit this morning. Again, the bombing over the weekend.
CHOI: Yes, the news always affects what happens on Wall Street, that's for sure.
SERWER: That's right.
CHOI: All right, Andy, good to see you.
SERWER: Good to see you.
CHOI: Take care.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Weekend>
Aired May 19, 2003 - 07:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
SOPHIA CHOI, CNN ANCHOR: Planning to hit the road this coming Memorial Day weekend, are you? For a look at gas prices this holiday, Andy Serwer is "Minding Your Business."
Thanks for joining us.
ANDY SERWER, "FORTUNE" MAGAZINE: Thanks, Sophia. How are you doing?
Well, the good news is the price of gas is dropping. It's dropped, of course, since the end of the war. Now down to about $1.56 a gallon, two cents less than last week. The peak during the war was $1.73. Still a little bit more than last year when it was $1.46 for Memorial Day weekend.
And Memorial Day, obviously, a huge holiday for people driving. AAA expects 29 million Americans on the road, and to the extent that people are thinking about flying, they're not. So, it's going to be even more crowded this holiday than unusual.
CHOI: On the road.
SERWER: That's right, that's right, on the road.
CHOI: Be careful out there. But we're seeing those oil prices start to creep back up?
SERWER: Right. And there is a connection obviously, a very strong one between the price of oil and the price of gas. Oil now at $29 a barrel. That's because of the situation in Saudi Arabia with the bombings; also Morocco. Again, if things calm down, though, on the international front, the price of oil goes back down. So, we'll have to watch that. It's ticking back and forth.
CHOI: It goes up and down...
SERWER: Yes.
CHOI: ... kind of like the stock market.
SERWER: That's right. And it was actually a pretty good week last week. We continued to have this sort of creeping bull market, the stealth bull market. Nothing wrong with that.
Here is where we were last week. Down on Friday, but not a bad week at all. Up 74 points on the Dow, now at 8678, Nasdaq right solidly in the 1500 range. And unfortunately, though, Sophia, I've got to report that futures are down a little bit this morning. Again, the bombing over the weekend.
CHOI: Yes, the news always affects what happens on Wall Street, that's for sure.
SERWER: That's right.
CHOI: All right, Andy, good to see you.
SERWER: Good to see you.
CHOI: Take care.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Weekend>
