Nightly News | February 24, 2011
>>> beyond the violence and the drama we've been watching this people's revolt in the middle east and north africa now, a lot of americans want to know what's this going to cost me where the price of gas is concerned. the oil market was wild today. crude oil hit a high above $103 a barrel, then wound up down at $97 and change. still a very high price. every american is going to ultimately feel this. our report from nbc's tom costello.
>> reporter: it may be half a world away , but the trouble in libya is reaching all the way into candy's store in maryland. fresh fruits and vegetables come in every day, but her delivery van needs gas.
>> we're paying more for the produce. we're paying more for gas.
>> reporter: as a franchisee, she alone can't control the delivery charge.
>> delivery is $12, and that is a national delivery fee. i cannot change that.
>> reporter: for those who have missed the news, this gas station in massachusetts decided to spell it out. the mideast violence is serious, expect higher prices. but if most libyan oil goes to europe and china, why is america feeling the pain?
>> if the chinese and europeans who get libyan oil lose that oil, they'll come to the market and compete with us for the available supplies and that's what's bidding the price up.
>> reporter: now eight million home heating oil customers could get hit hardest with those prices, forecast to hit $5 a gallon. with jet fuel up 58% since the summer, airline tickets are surging.
>> for business travelers, a little over $130 round trip this year so far. for leisure travelers, close to $45 right now.
>> reporter: meanwhile, u.p.s. is upping its fuel surcharge while fedex has cut its earning forecast. a drag on the economy, but the president today was optimistic.
>> we actually think that the libya situation will stabilize.
>> reporter: experts say $4 a gallon now seems certain. if libya 's oil production remains shut down, $4 could be a floor for even higher gas prices to come. tom costello, nbc news, washington.