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About regular -- gasoline sit and run at three dollars and 29 cents a gallon down.
Nearly ten cents from a year ago.
And low demand.
Could it fall even further driving prices even lower Tom closes chief oil analyst for the Oil Price Information Service.
Joining us now on the phone talk to me about demand Tom and how low prices could -- -- of that.
Well demand that by all accounts demand is about as low as it's been -- -- -- 2000 and you think about it Lou we just got a couple of demand reports there were sub par.
But now we've got this hysteria or this year this panic about the flu.
We've got people getting their paychecks that are a little bit lighter so discretion -- driving is really -- a tank here in the next couple weeks so.
I don't think you look for demand to be the catalyst for the market to in January baby in February after president -- or so but.
It's a little bit treacherous right now.
How low can national prices -- thank.
You know I think national prices might go another fiber that's that's slower theater work for the East Coast in twelve states on the East Coast we.
Be talking much more about how cheap prices are you go out Laramie Wyoming need to buy gasoline for 330 or Salt Lake City or some of those places.
The East -- is the only place it's above last year a little bit of that is is tied to this super storms they see -- and some of the impact to that but.
Were also imported less gasoline than we have it any time since December of 2000.
That's incredible and in part because of the increasing supplies come -- from.
Shale formations in this country and also tar sands in Canada I want to talk to me about.
Our domestic supplies at this point time.
Well oil we just had a southern new sort of twenty year high of that was issued by the government today we're we're producing about 7000000.
And 40000 barrels a bit crude oil closely from -- the lower 48.
A lot of Canadian oil coming out -- Canadian oil is is in the fifties if you could process the sour heavy crude.
So on a relative basis it's a really good so critics of the United States and for North America.
And even Goldman Sachs who is bullish you know like you know what -- ever -- even.
They have become temperate than they have suggested that oil prices at -- can you imagine that that is like man bites dog right there.
-- -- -- -- Man bites cat man bites and -- -- I -- and get hit Tom de although.
What -- what are the catalysts that you're worried about that would cause a major rally in crude prices right now because again when.
New the world seems calm in terms of prices that's really when you should start worrying.
Yeah -- a little bit worried today I mean woke up today and you could see that.
In Algeria we've got a problem with a hostage situation and their oil installations operated like BP and -- oil.
And in and -- itself that doesn't mean much but did you convert coal couple years ago this is what it started in the Middle East and North African countries and France's.
That conflicts with -- American spread -- -- some places that produce oil so.
Those -- things -- worry about I don't worry about anything on the US demand side but are worried about international supply.
Tom does great to talk to you as always he pulled -- the civil law about a -- I employ -- my -- -- Lennon -- anybody but the patriots that's our motto that's.
Look not cool you know why because they beat the Texan so that was an exciting day so we.
That we like that you know what -- yeah I don't cowboys' first and then you know.
Texans still caught up in this whole man biting iguana story -- anyway law.
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