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'Fast Money' Recap: Oil Jitters

NEW YORK ( TheStreet) -- The price of oil topped $108 a barrel on Thursday while gas prices moved closer to $4 a gallon.

Brian Kelly said on CNBC's "Fast Money" TV show that the 50-cent jump in the price of gas since the start of the year will start to impact profit margins in a month or so.

Karen Finerman said retailers like Walmart (WMT) must find that rise disconcerting.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Melissa Lee, the moderator of the show, noted the economic impact of higher energy prices. According to Lee, the Schork Report noted that a $10 rise in crude causes a 0.5% drop in GDP and a 10-cent increase in gas translates to a $11.7 billion drop in personal income.

Tim Seymour said it's not panic time for consumers, but he acknowledged luxury retail names like Tiffany (TIF) and Coach (COH) will be tested.

Seymour said the high price of oil is more a reflection of supply disruption issues than demand issues. He said he wasn't ready to bake in the impact of these prices onto stocks.

Paul Sankey, an analyst with Deutsche Bank, said he's most worried about the rise in Brent crude and the supply disruption in non-OPEC countries like Syria, Yemen and Somalia.

He said the next phase of this troubling trend will be the extent high oil prices will hurt emerging market growth. He said oil might rise to $130 to $140 a barrel before it rolls over.

He said his favorite picks in this situation are Marathon Oil (MRO), Occidental (OXY), SM Energy (SM) and ConocoPhillips (COP).

Kelly said Japan is especially vulnerable to oil shocks because it relies heavily on oil and natural gas imports since the Fukushima nuclear disaster.

Lee shifted the discussion to Apple (AAPL - Get Report)'s shareholder meeting in which the big news was the lack of a dividend announcement.

Finerman said Apple's handling of the dividend was "really ridiculous" for an issue that "isn't that complicated." She said Apple is doing a disservice to shareholders by not doing anything.

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