Gas prices hit record high; Alcoa bids $27B for Alcan
CBS News
Transcript
[Music] it's sticker shock at the gas pump the price of gasoline has hit a record high that's according to the lunberg survey it now averages $37 for a gallon of regular Nationwide that's up 20 cents in just the past 2 weeks and 4 cents higher than the previous record set back in August summer driving begins Memorial Day weekend and analysts worry that refineries won't be producing enough Gasoline by then to meet Demand on Wall Street more merger news is keeping the Dows momentum going aluminum giant Alcoa is making a 27 billion bid for its rival Alcan but with little other economic news out many investors are waiting for Wednesday's Federal Reserve meeting on interest rates even so the DOW Industrials ran up 48 points to a record close and the NASDAQ Composite dipped a point airlines are also feeling the pinch with the rising cost of jet fuel but they're not having any luck raising airfares so carriers including American and Continental rolled back a $10 roundtrip bump that was started by Delta last week it's the second failed attempt by Airlines to raise fairs this year and filling up your iPod with new music could soon get more expensive Apple's CEO Steve Jobs has opened the door to raising the 99 cent per song price tag on iTunes if record companies agree to remove copy protection software on its music a move job says would mean customers could play music downloaded from iTunes on any MP3 free player not just iPods that's your money watch click on cbsnews.com for more in New York I'm Alexis christopherus