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OPIS Chief Oil Analyst Tom Kloza on the trends in oil use and prices for the rest of 2012.
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This country is on track to spend -- that's a record 490.
Billion dollars on gasoline this year.
But we're also.
Going to be using less gas than we have -- over a decade.
Come close up please explain he's chief oil analyst for the oil price information services on the phone with us how is that possible.
Well it's possible because we expect consistently high prices this year we never saw apocalyptic numbers the spot -- six dollars a gallon.
With the exception -- Rodeo Drive perhaps.
But it's been consistently high so we're probably get an average about ten cents -- bubble we did last year which was a record.
And -- use about 489490.
Billion or so.
But just shy of Argentina's gross domestic product that's reassuring thank you -- It is we're using less -- I mean it's it's small attrition and so that is attributable to.
High unemployment -- -- -- that is better mileage and and changing BA if you're used to be that.
Kids should be driving everywhere with jobs and they're not they're -- using social media and it used to be that older people would retire to Florida.
Well two big parts together and use a lot of guests.
That is help they Tom but it.
For the next year and the year after that -- after that.
Is this in the new reality for America that we are going -- be spending more and more money every year on gas line.
You know I don't think so I really don't end -- here so where would put it we may expand more -- -- -- spend a little bit more.
But we will spend a lot less vs the rest of the world that I mean we're seeing crude oil numbers today.
That are in the fifties and sixties for some of the geographically trapped crude in North America.
So will be the beneficiary of that -- -- pretty optimistic on a relative basis on an hour right basis.
Yeah we've made they Wilson it's similar what we paid last year the year before but.
We've got a huge energy -- -- -- the rest of the world now.
That is good to hear in the short run being very odd near sighted.
Short -- between now and the end of the year -- prices continue to fall nationwide where at what 342.
Nationwide average now.
Yeah I don't I think it all depends on what happens in the mideast if the mideast still has rockets.
Glaring back and forth but I think we may stay at these numbers if not.
I think -- -- just a little bit lower but we're probably not likely to break below that low average number of last year which reserves by around three to -- on the winter solstice.
The bad news -- -- tell you this deserves merit at some point is watch out for heating oil prices this -- we've got very very low supplies.
Tom great to talk to you as always we have a very happy Thanksgiving and and hopefully you -- travel anywhere.
I will not be out there on Black Friday.
Thanks and he had.
Do you call that that you would certainly adds some -- America.
To wherever you are Tom thank you again Tom close related to Oil Price Information Service wanna get.
