ABC 7 News at 11PM
KGO (ABC) San Francisco, CA DMA: 6
11:02PM PDT June 26 2008
Programming Type: News

happening. >>reporter: for financial advisors it is a stressful day. george is a senior branch manager for this company in san mateo. >> a set back like today if you care, it shows. >>reporter: disappointment seemed to come at northerly all levels when the big bank to the auto industry and the most negative impact on the market, oil prices. crude hit a record high closing at than 139 dollars a barrel. what's more investment bank cibc predict a barrel will reach 200 dollars by 20 2010 that could lead to gas prices at 7 dollars a gallon. >> despite the fact that people are economy mizing on the oil consumption that means a small difference to world demand. >>reporter: only few weeks ago that wall street seemed ready for rebound. no telling what that time will come but u.s. professor fisher believes the latest correction is worse than the 1 in 2000 and 2001. >> last correction involved simply implosion of 1 sector which was technology.com and it was subsequently offset by equity in housing. this particular construction involves, i believe, half dozen points of failure including unemployment, inflation, of course the housing liquid crunch. >>reporter: big fear on wall street that the financial news will force americans to spend less. financial advisors are doing what they can telling their clients to hang in there. >> if you are diversified and appropriately diversified then you are going to be okay. >>reporter: if the prediction for oil and gas prices hold true, most certainly be fewer drivers on the road. report predict as many as 10 million fewer cars by 2012. this is abc 7 news. >> that could create another issue. thank you very much. if gas does hit 7 dollars a gallon there could be dramatic