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Andy Lipow of Lipow Oil Associates argues that the current excess supply of oil will help lower the price.
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-- gas that's the news down again overnight the national average for regular is 376.
And diesel coming down to four dollars and seven cents gallon.
I guess that's good news for drivers and truckers and farmers.
Well joining the company now from Houston is and in -- now with the -- oil associates.
-- I expect gas to keep falling because oil is coming down so much how about you.
Well you're exactly right Stuart I expect that gasoline prices by the end of the summer are gonna be around three dollars and fifty cents under the weight of this.
High inventory of crude oil that we're saying.
-- so you're saying there's plenty of oil supply.
We've got a lot of the storage tanks and that's gonna push the price down so mall but let let me look at the other side of the coin for a second.
It is it not a signal that the economy is weak.
Because we're buying a lot less gasoline -- buying a lot less oil that's a signal of a weak economy isn't.
Well it's certainly true on gasoline where demand is off another two to 3% compared to 2011.
But more significantly -- seeing.
Demand to a slowdown in Europe as well as in China well we get mixed economic message is every week about what they're manufacturing growth is or is not.
-- -- so you do do you agree with made that this is a signal of a weakening economy.
I think so I do agree I see slowdown throughout the world and I think that overall is bad news for the economy suspense when governments need to growth to increase their revenues.
How much is demand for gas down this year -- of -- last year.
Well so far it's about two and a half percent but if you -- -- look back to 2007.
And 2008.
Demand is off -- between seven and 10% from the peak it's a substantial amount OK so I guess we are responding to high gas prices in the way was supposed to respond we're buying less solvent that's it.
Absolutely the consumers' changing their habits all right and in the -- on the videotape saying 350 a gallon national average for regular by the into the summer and let's all thank you very much and.
