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American Morning
Minding Your Business: Fill up Your Gas Tank, Empty Your Wallet
Aired August 25, 2003 - 07:44 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.
BILL HEMMER, CNN ANCHOR: Is there any relief in sight for drivers faced with a record-setting rise in gasoline prices? If you filled up over the weekend, saw you it.
Andy Serwer is on vacation this week. We welcome back Gerri Willis here "Minding Your Business."
Great to see you again.
GERRI WILLIS, CNN FINANCIAL CORRESPONDENT: Good morning.
HEMMER: How did we get this way, huh? How did things swell so quickly?
WILLIS: Well, you know, they're blaming the blackout, and also that rupture of the line in Phoenix, which sent prices there to 2.12 a gallon -- the poor folks there.
But I want to show you what's happening across the country here, because prices vary depending on where you are exactly. The national average is 1.72. But you can see from the graphic here, don't go to San Francisco. It's $2 a gallon there. New York City, where we are right now, $1.60.
HEMMER: The chamber of commerce in San Francisco is going to love you for saying that one.
WILLIS: Don't send me e-mails. Send them to Bill.
HEMMER: Yes, I'll take them. How do you save now? What are you recommending in terms of tips and advice for keeping things on the cheap?
WILLIS: Well, you want to make sure that your car is efficient. If you haven't had it serviced in a while, make sure you do. That will save you a little bit of money.
Wal-Mart, Costco, they also offer discounted fuel programs, maybe as much as a dime a gallon for members. Remember, you've got to pay that fee to join, so make sure you use all of their services if you're going to join.
Independent gas stations if you're paying in cash will sometimes be cheaper than if you go to one of the big names and use a credit card. And you know what? Slow down. If you drive slower, for each five miles per hour over 60, you can say that's a dime in the cost of gas. The faster you go, the more you pay.
HEMMER: Keep it more efficient.
The markets on Friday were down, but for the week overall not bad.
WILLIS: Yes, they were up, but I've got to tell you, it doesn't look good for this morning. It looks like the markets might trade lower. We'll be back later to tell you more.
HEMMER: Good deal. At 9:30, they open today. Good to see you, Gerri. Talk to you next hour.
WILLIS: Good to see you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Wallet>
Aired August 25, 2003 - 07:44 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Is there any relief in sight for drivers faced with a record-setting rise in gasoline prices? If you filled up over the weekend, saw you it.
Andy Serwer is on vacation this week. We welcome back Gerri Willis here "Minding Your Business."
Great to see you again.
GERRI WILLIS, CNN FINANCIAL CORRESPONDENT: Good morning.
HEMMER: How did we get this way, huh? How did things swell so quickly?
WILLIS: Well, you know, they're blaming the blackout, and also that rupture of the line in Phoenix, which sent prices there to 2.12 a gallon -- the poor folks there.
But I want to show you what's happening across the country here, because prices vary depending on where you are exactly. The national average is 1.72. But you can see from the graphic here, don't go to San Francisco. It's $2 a gallon there. New York City, where we are right now, $1.60.
HEMMER: The chamber of commerce in San Francisco is going to love you for saying that one.
WILLIS: Don't send me e-mails. Send them to Bill.
HEMMER: Yes, I'll take them. How do you save now? What are you recommending in terms of tips and advice for keeping things on the cheap?
WILLIS: Well, you want to make sure that your car is efficient. If you haven't had it serviced in a while, make sure you do. That will save you a little bit of money.
Wal-Mart, Costco, they also offer discounted fuel programs, maybe as much as a dime a gallon for members. Remember, you've got to pay that fee to join, so make sure you use all of their services if you're going to join.
Independent gas stations if you're paying in cash will sometimes be cheaper than if you go to one of the big names and use a credit card. And you know what? Slow down. If you drive slower, for each five miles per hour over 60, you can say that's a dime in the cost of gas. The faster you go, the more you pay.
HEMMER: Keep it more efficient.
The markets on Friday were down, but for the week overall not bad.
WILLIS: Yes, they were up, but I've got to tell you, it doesn't look good for this morning. It looks like the markets might trade lower. We'll be back later to tell you more.
HEMMER: Good deal. At 9:30, they open today. Good to see you, Gerri. Talk to you next hour.
WILLIS: Good to see you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Wallet>
