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Close eye on gas prices for you a gallon of regular -- two cents overnight that's a big jump by the way it's been -- -- -- -- -- this year.
Is the national average diesel coming in at 414.
Eight states and Washington DC with average gas prices -- -- four dollars a gallon.
Let's bring in energy watcher Richard Saul -- -- and US consulting.
When that -- gas prices level off and stop to come down.
I think -- president as we said -- -- a week or so ago gas prices are sort of the steady at that we're gonna be steadily going up a few cents here in their but I think we're in the calm period.
We have to wait to see how things resolved himself and we have significantly -- plateau here yeah.
I think plus or minus if you remember a week or so ago when we were discussing and I said that the price -- will be about a 105 plus or minus five.
Until we get some resolution and the resolution issue was really this question of Iran you got it right now I bring you this news.
In Ohio overnight three cities Toledo Columbus -- Three cities all thirteen cents overnight now that's despite no plateau and -- to -- and Toledo Columbus and camp yeah I don't -- In part to explain -- kind of figures it's impossible account but the real question is really.
Where do we go from here and I think we've got that sort of we have a couple weeks stroke months to say.
-- next issue Richard the president is about to go is going to Oklahoma's -- that tomorrow.
He's -- pat himself on the back for approving.
Ponce of the Keystone Pipeline but he still blocking.
All the arrest of the -- -- that would bring oil down from Canada.
I do think that is legitimate for the president to do this look this is a lightning rod issue he certainly -- a great political issue as it as sort of a wedge to -- to -- between Republican Democrats.
Look he can't take credit for an extension down south right now I think the real issue is trying to bring oil in additional oil in from Canada.
-- all of the belief that it would have been at the best solution would have been to effectively.
Read recently designed the pipeline away from this water act refer let the additional cost be picked up by the government -- in charge small royalty to get the money back.
And let this program -- floated a simple solution it would work -- would -- make everybody happy.
And we would it kept that -- coming down to the US okay company if he goes through Oklahoma says yup I approve part of the spotlight he what do you -- part of the -- but I have proved.
The plot -- -- -- by the idea let's so.
-- that's it did well -- the home.
We're we're -- that.
This is the biggest issue about the fact that key alone said no way to know people don't follow the news on an alibi Alice Mozilo is not this morning on the up to speed on the minutiae of what that was part of the spotlight all of the pipeline -- pipeline I think people -- -- Flip flop I bet that people -- but look between us and this I think we're we're gonna different it.
I'm not a believer that you should take a pipeline with -- -- -- and heavy sort of heavy you dirty crude.
But it through one of the biggest water aquifers that supplies water to southern states.
I want the pipeline yes I'm all for.
Just move a little -- I thought they did I thought they came up with a solution no not yet not yet to hadn't really gone through all of the environmental the rest to move the -- -- right that is the problem will not -- -- go to -- correct that that the sand -- but the problem is that what Iraq -- Supplies water to southern regional states so.
Effectively they need to go if you pay the revised plan and the timing of this didn't allow for that revised plan to go -- -- look.
I wanna yes but you I want it not if Google.
Pipeline usually we know that you would rather buy oil from.
Our friends in the Middle East -- -- -- found a way to second count in Canada bring the pipeline.
Legal on -- leak.
Through and pass an aquifer which by the way has how many thousand miles of pipeline going through it already look -- -- -- myself.
As -- not yet and look yet let's not -- exacerbated that -- but let's be careful here this -- Bobby was hesitant about that -- -- -- between us we produce about nine plus million barrels -- back.
Right we bring in 2.2 million barrels -- -- from Canada -- our biggest trading partners we bring in about one point four million from Mexico.
We'll only bring in another from outside North American -- -- four plus million barrels.
So how quickly will we bring the I -- went bringing in -- we bring a lot of from nineteen year and I there.
It's not too far and more.
I would rather bring it from Venezuela and Nigeria then from the Persian gulf which -- happen -- -- now.
I'll because in listen this a lot of -- This country consumes.
Of the book all the mineral oil produce not but -- I don't know what what this idea of everything that's not this idea that we're gonna be self sustaining.
When you -- when you consumed 20% of the world's oil.
Doesn't really make a lot of sense that yes we can become more self sufficient.
But we will always -- some amount of wealth as long as we're going to drive five leader -- are literally trillions of barrels of oil.
It Al baldness in shale oil under the ground -- president won't let -- go and get it we are producing more -- of what will be cold -- gas well I don't know I haven't actually how much of it is roped off the billing and it just like millions and millions of yes but but people here don't try to.
I yes IM -- -- thank -- -- we we provide consulting advice to them we don't buy for our own book we provide advice and the bottom line is this.
You're in a world oil market OK if we produce a couple million barrels more a couple million dollars last.
It will go where -- willing to pay more -- you know think about the UK the UK used to be next quarter now it's an important you can watch the tankers come up to the border the UK where they had these huge LNG terminals Aniston is the UK gets out big agency that turn around and go back to dictate to a yes.
That's and I that's no problem.
I don't have.
But the fact is that if we can produce a couple more -- a couple -- let's look to a three million barrels more per day wonderful we are producing more but the bottom went.
Where the world global market yes but but here's the problem if you produce more Willis help.
You you can debate that I understand I think the world market what is certainly won't.
Hurt and I -- and I political perception is that you're trying to help we are producing more first point second point is I think the bigger problem that we have to face and we have to focus on is -- -- what's gonna happen with Iran.
Did divide between Israel need to balance and I'd like always like a look what's on the screen right now when President Obama is inaugurated gas was a dollar eight people one dollar and -- hold on a second one dollar and Indianapolis -- Haiti is now more than two dollars above that price.
You think that if if -- day one back in January 2009.
President of -- said.
I wanted to drill for every last drop though we've got -- -- explore I want to get that channel I wanted to drill in -- Iowa drill off the coast of California I -- draw up the coast of agenda because they'll let me I want to judge Ralph if it has said that.
Do you think we would have gas 386.
A gallon three years like that yes yes and they don't want to know will look let me ask you before you on the subway attack.
Two issues one.
When you have the largest oil spill in the world happening in the -- you gotta you -- slow things down to try to understand why so let's first bit.
Second business we can feel as much as we like it'll take time to bring that all up up up to speed but the bottom line is that.
When he took office after the financial crisis what was the price of -- About 57 dollars a barrel.
If you look at the price of well has gone up substantially since spent and I don't blame it pretty much it'll -- gonna get some some of the blame that's good initiatives.
The largest weight in my book.
Has been QE1 QE2 in -- look at the price tonight I think a lot of else they'll bring out the Basel forgot what does that.
I'll let you -- and -- it now well yeah.
Well I Zurich could and that is a huge part talk about every commodity gold silver -- platinum has skyrocketed yet about replacing the blame -- -- -- administration no I put a lot of the blame on the Fed.
The Fed -- prices on everything needs of the endless political answered it gives the both of us spending of the United States government on the massive debt which -- brought the dollar down and I -- and the consumer in my if they don't -- over about the fact that you know assaulting and that wasn't that -- thank you very much it gonna come back -- if you look if they're gonna bottom out back then benefited results ended April thanks for joining us thank you very much I.
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