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Don’t Fear Current Gas Spike?

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  • Description

    Richard Soultanian of NUS Consulting argues the current spike in gas prices will not last.

  • Duration 2:15
  • Date

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Why can California which -- -- in his witness he's -- -- and you ask consulting group right here Richard welcome back.

-- -- Look I can express the opinion that this is a spike I don't think it lasts I don't think it runs solely through the election I think there's a little bit more to go in the -- when -- -- -- I think you know right now what we're suffering as consumers from a perfect storm.

-- had a huge increase in the price of crude in the last thirty days we went from seventy to 93.

You've had pipeline leaks in the in the midwest you've had this refinery fire in the in in California.

And also you've had that you know this this crop issue with respect to having the hottest July on record.

Ethical issues -- how much -- will we produced put all that together.

Had a thirty to thirty to 33 cent increase in the -- -- gasoline at the pump.

In thirty or forty -- we so we agree.

If not gonna go that much mall that is our opinion a -- So do we settle somewhere around 35360.

A gallon for gasoline resentments of the Cephalon -- for a few weeks months yeah I think look I think what we're not gonna test the highs -- pocket it will -- we get up another like he's had five or ten cents.

Then we'll talk to come down.

Assuming assuming we have no sort of outside geopolitical issues -- like I think we actually -- to slight down pretty pretty significantly.

We touched backed out there at 33340.

-- where we started this whole mess still bad news yes.

High -- about a very expensive you know an expensive -- -- -- is more than the dollar -- it was when President Obama took office I think notably politics and division people that figure but that was during the financial crisis the price of oil at that point I was 38 dollars a barrel as a result of the financial crisis.

Now I don't think we're gonna see 38 dollars and analysts we have another crisis.

But look three dollars is three dollars plus is extremely high I look at four dollars as a red line when we get close that four dollar mark where pierce it.

And I think -- it would appear sick in the case at some sort of -- people in a market -- disruption if we get there I mean you really have to question how viable.

This anemic recovering we're talking much recovery before how how viable is the anemic recovery were undertaken undergoing you know Richard occasionally -- right.

And did you agreement I do believe you're right -- -- -- -- the cyber attack you might come back to the American lives -- itself saying what a guy thank you -- do we do appreciate you're thank you he.

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