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Isaac Sends Gas Prices Higher

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  • Description

    Andy Lipow of Lipow Oil Associates on the impact of the storm on the price at the pump.

  • Duration 3:11
  • Date

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OK I -- get back to the gas price story that's a big story today four -- gas in the big population states.

Four dollar gas in five of the big -- The spike in Florida continues because of the -- -- Isaac and the national average -- regularly is now 373.

Let's bring in oil -- Jack and in the Powell who joins us from Houston.

-- -- -- Four dollar gasoline.

That's the headline that makes news we've -- four dollar gas in six big population states five big cities of that we got that.

All we gonna see four dollar gasoline as -- national average.

This yet.

I don't think so I've been of that opinion that pretty much all year long we've got still enough supply to make it through the Labor Day weekend.

Of course the tropical storm Isaac is a concern there might impact some of the refineries and oil production in the Gulf of Mexico.

But what we're saying is in the northeast and California where we've had a number of refining problems and tight supplies.

Gasoline prices are the highest that we've ever seen for this time a year.

Look at his what seems to be happening we go up sharply then we come down to is due to another a sort of a plateau.

Then we go back up again and we come down to a -- up plateau.

What I'm asking is all we constantly creating a new normal used to be three twining.

Now it's 350 is that going to be 37375.

In the future.

Is that the patent.

I think that is the pattern and I fully expect prices to continue rising over the next couple years if you look around the world oil demand continues to increase.

And we always seem to have an event that impact supplies.

God let me ask you about ethanol.

Thomas went off on the on vacation I guess you go recess I think is the correct would.

They didn't change the ethanol mandate we still got a total amount call on it into -- fuel.

Is that coming any impact at all on the gas prices -- what I paid to get -- on going.

Well.

Is having an impact but it's quite small it's only about six cents a gallon since the beginning of may.

Which pails in comparison to crude oil prices.

Rising from below eighty dollars to over 95 dollars adding 35 to forty cents a gallon to the price of gas now.

Governor Romney yesterday came out full swing with his new comprehensive energy program.

He's basically saying we'll get out Aaron drill offshore on shall please drill we want all the oil we can -- If you -- to be elected president.

Any repeat heads back comprehensive energy program.

You think it would have any short term intact impact on the price of oil.

I don't think -- have any short term impact but on the longer term might think it's a very good thing because will.

Improve our supply and the US and create a lot of jobs along with -- all right.

To summarize you do not think that we're gonna have four dollars as a national average for regular gasoline this year in this country correct.

That's right.

380 maybe I mean with 37 -- -- 380 yeah I think 380 is very close to happening as we get into Labor Day all right and in the -- Always short and to the point and that's always appreciated.

And in that out --

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