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Prices now shooting up five cents overnight with the hurricane ripping through the gulf let's bring frank Holmes -- both the Chief Executive Officer and chief.
Investment -- US.
Global investors talk about the trade obstinacy -- -- -- gas prices go belittle and oil prices have been coming down understand.
Inventories went up we thought they go down but -- an interest in trade here with a hurricane.
Acting as it is in the gulf what do you make -- -- -- Over the past 35 years and there's a very define patterns seasonal pattern.
That oil prices rise in August and September and then have a big correction October November.
So this is a -- normal seasonal pattern that investors should be aware off.
-- you're not seeing anything different.
And there's the gasoline -- but wait to see you know the numbers for 380.
Average price of gasoline the oil price that said today is down by a dollar 57 a barrel so that's kind of interest and you're not seeing anything different this year than we've seen in past years you don't think the weather.
But the hurricane season or this hurricane in particular is gonna have much of an effect.
No I think you'll just have is normal seasonal pattern I think what's more significant as what took place in Venezuela.
What's the gross negligence by Chavez of this refinery not keeping up the date and you're basically seeing almost a million.
Barrels a day of not being refined hitting the marketplace.
So I think that is much more long term significant.
Two final products.
OK so the -- correction that you talked about earlier.
Is starting on the oil price sort of we've -- we've -- -- build up a little bit mission looking at a hundred dollar oil and then we come off commute.
How do you see the pattern that you talked about playing itself out specifically here next few weeks.
Why they give you -- -- another note two to 5% and then you'll have a there's normal correction.
That takes place on the shoulder months as you go into the fall I don't think that's going away.
I think gas prices can rise here -- so October and then that the gas pump will start to come up again.
Right and that's that we -- five cents overnight 380 now so we'll see.
We won't see four bucks nationally will we or or or we -- No I you know it's possible but it would be very short duration.
These refineries are.
-- 2.5 million barrels a day and -- shut down.
It's not the the scale the storm shouldn't be detrimental for long term.
Issues that the people should be concerned about.
Part frank thank you as always frank Holmes weighing in US global investors as we move on a little bit technology that is Samsung Smart TV.
Walt Mossberg not exactly sold on that we'll find out.
Why coming up next won't you join us and then Paul Ryan the main attraction in -- tonight we're gonna talk with -- -- from Fox News he'll be live at the Republican national convention on what.
The vice presidential nominee has to get done much more on the storm is well.
But first some of the winners today we're seeing.
In the stock market looks look at the S&P 500 Google's doing pretty well we'll be right back on Fox Business.
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