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Will We See $5 Gas?

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  • Description

    Oil & Gas Bulletin publisher Keith Schaefer gives his outlook for oil prices.

  • Duration 2:58
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Let's get Marmara oil prices are heading and what it means for the price -- gonna pay the pump we're joined by -- -- republic share.

-- -- oil and gas investments bulletin.

-- -- your view of us right now you know we got all this talk of well -- oil's -- -- in -- rapidly today but we're talking about a 110 potentially 120 dollars a barrel.

Do you expect to see that.

Now -- I don't Tracy I think history has been very clear.

-- the last four years that once oil starts to get up to this level.

It's kind of the top of its range it becomes a self correcting mechanism so what you see where there's such fear of recession with higher oil prices.

That all of a sudden the economy starts to just now actually correct itself and bring oil prices back down to lower -- so I I think.

We might have a couple more dollars here out of it.

Potentially geopolitical fears but I don't see much more room left in the oil price at this level.

Yeah and we just -- we're getting the closing oil at 96 dollars 62 cents a barrel down 2.4 percent little volatile day they still don't know what that little dropping one.

But what worries you the most you know earlier are very on -- front Flynn said Nigeria.

What part of the world concerns you.

Well I don't -- right now there all eyes are are pretty much focus on what's going to be happening in Iran over the coming weeks and months if Israel decides to make any kind of strike there's site -- say that is by far the number one world.

Issue we don't know yet whether it Saber rattling or not -- the Saber rattling is certainly getting a lot more shrill so I think that'll have a big impact on the price of oil.

You know.

The next question of course is whether or not they're -- -- tap the strategic petroleum reserve that we keep hearing is this just more political posturing.

I think so and nobody really wants to do that I think with the government really wants to do.

When -- talking like that is keep speculators and derivatives traders.

On their guard.

And they don't wanna see a huge long position develop in the market so there -- willing to talk oil down as hard as possible and get very serious about the threat.

And keep.

Gas prices of course concern everyone at home are we gonna see five dollar gas anytime soon.

You know attrition I don't see that happening -- really be simply because of the reasons we just talked about where -- we do see a self correcting mechanism.

Though I will say that what's happening right now is that internationally we're seeing very tight oil supplies we almost talk about.

Plentiful oil supplies in America but internationally it's very very tight and what's happening that most people don't realize is that these refineries in the states are producing.

The least amount of gasoline for American drivers possible and the most amount of -- other refined products for export so that's what's giving our.

Retail gasoline prices a lift that it's never had before so that is keeping gas prices at the pump higher but I don't see -- going.

Actually right keeps point it's the refineries not necessarily the supply and demand keeps Shaffer publisher of the oil and gas investments bulletin always -- wingers are thank you.

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