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Layfield Energy CEO John Layfield on the outlook for gas prices and how higher prices impact the spending habits of consumers.
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So would place it -- today and -- it's not really affecting interest rates yet.
At least if you believe the latest government numbers -- Labor Department saying that wholesale prices on resentment of the last step aboard gets to us.
Unchanged.
Definitely deals says variety -- -- doesn't believe total current.
Now I don't mean you look at what the average Americans -- you're getting to the point of inflection point when it until the last eleven recessions you've had about -- -- and a four dollar gasoline.
Now it's not just ghastly and abroad about the recession but that was part of that was a harbinger that brought us into this I -- -- for gasoline your -- Dallas Texas is 83 dollars.
That hurts the ordinary person 83 -- 83 -- brought it will be driving object -- bella and a -- pick up truck we like both we will do in Texas putting out -- gallons and dollars.
You look at -- national over the restaurant association just did a survey 600 restaurants.
73% of them say that gas prices are affecting consumer buying.
Now when you deal with fast food it's well over 90% it is affecting the ordinary Americans -- you've.
Hurd non all of a sudden now people look at this and -- -- -- had what six days running out of that gas prices gone the other -- dipping a little bit.
I'm announced wanted to continues be you know folks in Texas who are better -- it is stuff that I am what do they think.
They think that the trend is going to be up what you've had an addition of one point four million barrels from OPEC in the last six months.
You're gonna have -- taken off the market about a million barrels once the Iranian -- thinks is going in July.
The problem right now is Israel -- answers we don't get -- -- -- oil but its in the old world global market the overall global market and correct but over a global market is about 86 million barrels a year and you don't take off about a million barrels -- that you gotta understand also that China has drawn in the past decades.
Four million barrels to nine million barrels are going to thirteen million barrels.
-- when he fifteen.
That -- note that it will is never coming on the market so we have a supply and demand issue.
Well wheels of the dollars -- right do of the worst things you can -- we can't get our finances and -- more tanks the dollar.
Oil priced in dollars mean a lot more of Navarro.
I mean that's not a good thing there is no there's hotel what the Fed has been with a dollar weaken the dollar is hurting -- prices worldwide.
And eighty million isn't and hasn't held by -- -- congress and administration.
I never coming capital budget three plus years.
It will looks like probably there are so investors the world over saying anything dollar denominated.
Is looking -- a job.
Ensure people look at us look at we're not getting our fiscal house in order three plus years of no budget three decades of know energy policy in the United States even gold production is up -- -- the Bakken shale in North Dakota.
We don't have an energy policy so we don't really have a plan.
And if Israel is very trigger happy they don't have any friends over there right now if something were to happens -- them and are -- which could happen sometime later this spring.
Yet -- real probable crisis and -- alright John was good seeing thank you thank you for the have a good luck filling up that vehicle to the fact that I'm thinking it's adults -- -- but.
Whatever are right the economy.
