Impact of Middle East tensions, auto workers’ strike in US

Oil prices in the U.S. surged about 10% overnight, which translates to a 10 to 24-cent higher price at the gas pump, according to Oil Price Information Service.
1:45 | 09/16/19

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Transcript for Impact of Middle East tensions, auto workers’ strike in US
Let's bring in Rebecca Jarvis for more on this autoworkers strike and tensions in the Middle East. The walkout. A prolonged strike here could really end up hurting both sides. That's right because there are costs on both sides of this, Cecilia. For general motors, this strike costs about $1.3 million every single hour that it takes place. Meantime, the workers who you see walking out on strike are collecting much fewer wages than a typical week. They're now collecting about $250 a week. On average they collect about $1200 a week so you can imagine the pocketbook issues particularly for those workers who are now on strike and waiting for a deal. Those numbers are staggering. In the Middle East that 6% loss on the world's oil supply, what is it going to mean for consumers here? When will they start to feel it? It is important to remember that the oil market is worldwide. Even though the United States produces a huge amount of oil, we're actually the section largest producer of oil in the world we are still feeling that impact on prices this morning. Overnight oil prices surged 10%, up $5 and that translates at the pump to about 10 to 24 cents higher. You will see that in the coming days. The question is how much longer does this last because the Saudis say that they're going to be able to bring back some production. The question is, that uncertainty that now hangs over the market and any additional uncertainty that gets added, Cecilia, that's where you start to see potential for prices going even higher and in particular in California, which gets a lot of its imported oil from Saudi, they will definitely see their prices spike even more. Stay on this one today. Thanks. You always talk about how uncertainty, the market does not like it. Exactly. The growing questions over

This transcript has been automatically generated and may not be 100% accurate.

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