Middle East upheaval leads to spike in oil and gas prices

Recent upheaval in the Middle East and strong demand have pushed oil prices over $100 a barrel for only the second time in history. Gas prices have also increased 33 cents in the past two weeks. "What's happening now is people are trying to guess what the price would be if everything [in the Middle East] were to fall apart and what the price would be under normal times" and setting prices somewhere in the middle, said Fred Murphy, a professor at Temple's Fox School of Business, who used to forecast gas prices for the U.S. Department of Energy.
March 7, 2011 | 6ABC