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I think tanks and oil price -- cut some gains after the ceasefire was reached between Israel and Hamas -- prices spiked earlier.
After a bus explosion in Tel Aviv injured sixteen people.
And the EIA reported an unexpected drop in US oil in -- inventories.
So -- more on the outlook for oil we're joined by Bruce -- director of the Maguire energy institute.
At the S and U school of business.
Bruce look let's go big picture what is this state of the state basically as far as American energy goes.
Well American energy is really.
Undergoing a Renaissance right now.
Crude oil -- increase for the first time in it in a long time.
If you look at the Bakken and North Dakota and what's going on in Texas City -- eagle Ford we're gonna have the two biggest crude oil fields.
In this nations history behind Prudhoe Bay for the first time in any number of years we're on track to be.
Energy independent from a North American standpoint today either later in this decade or sometime in the next decade.
Which like -- -- -- people like me seeing in -- thank god because just for national security purposes it's so unsafe that we're so reliant.
But -- so many outside forces right I mean aside from the geopolitical.
You have and the US government imposing restrictions on this boom.
Well there's no question that there are there are considerable risks to this scenario.
One is over regulation and that's not just -- the -- and that's not just at the federal level.
And there are local restrictions that are being put on this activity.
-- not my backyard syndrome -- as well as state.
As state level if you look at what's going on in new York and elsewhere.
And so it's not just Washington but but it's Washington as well as usual.
You -- one of the biggest risks to our energy boom is the lack of qualified people what does that mean.
Well not that it -- not no question that there are.
That in the end the industrial probably higher between one and had to determine happening -- jobs between now and and that Tony twining.
And does need to be technically qualified people leisure people that.
Are either engineers geology as financial specialists and so forth.
And -- right now the -- having trouble hiring those people and sell out and they're looking overseas.
Are bringing people into the United States are hiring them overseas and keeping them overseas so.
Those types of jobs are going unfilled right now.
That -- -- I hope our universities are listening.
As far as the geopolitical issues what worries you the most.
Well if you look at the straits of Hormuz right now and you know we get about two million barrels a day through there.
We get about four million barrels a day total from OPEC that's gonna decline over time that China may.
Obviously there percentage of their imports is gonna increase from from the Middle East.
But China's -- a long game right now -- in their investing in the Horn of Africa offshore Cuba South America and other places -- -- Our our economic cooperation.
And our competition with them is gonna increase.
And they need American technology and American know how to exploit those resources and other places so.
We're gonna have to work with them and compete with them -- -- -- -- -- a very dynamic relationship with -- over the next couple years.
-- is the for the sake of jobs and our national security.
Energy independence should be our goal Bruce Bullock with SMU's Maguire energy institute thanks for being with us today.
Happy Thanksgiving you do.