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It is a triple digit loss ladies and gentlemen this Monday morning what a way to stop the week down a hundred H Bailey holding thirteen nine I wanna get back to gas prices though there's more bad news actually -- -- straight up.
The national average price for regular 352.
That is -- seventeen cent -- -- spike in a week.
Joining us now is Eric Bolling cohost all of the fine if you want to tell me why gas is spiking right now well.
There -- lotteries and yes there's a lot of reasons guests right the spike in number one crude prices are going up so that you and I have.
May -- differing opinions -- -- crude prices are going up.
You did there's clearly demand you say it's not meant I think there is I think there's global demand that's starting to spark up -- -- the whole global economies is starting to get better so.
I'm seeing a little bit of upward pressure on net employment.
Any time traders see good news -- -- -- 141000.
On the Dow.
Oil traders downtown they're seeing the same thing we're seeing this -- hate.
Well that's good that means crude prices are gonna go up economy's gonna start -- -- -- they're not necessarily making the jump between.
141000 on the Dow and still seven point 9% unemployment risks are limited down numbers and outlook going to be -- -- -- Oil traders look over there as well those guys a rally here you know what what I absolutely absolute -- the crude price job when it went.
I would agree q.s I -- go ahead you know what I have absolutely -- -- I think it is because bad but I have he's got up for an.
All -- still home most of the dollar goes down the general trend of the dollar is down.
All oil goes up -- -- that question absolutely true but it but -- -- keep you know it's it's a soup.
And that's one of the ingredients in the -- the other one is the global economy the other one is traders seem people making money over there -- so they're trying to make some money over here itself.
A lot of it goes into that morning to tell me how view us learn how to make some money distributed the issue showed the national average for gasoline B 52.
Here's the way -- -- will make some money.
That to to the screen right here.
On the wholesale level let's talk about what refiners are making per gallon of gasoline per barrel of gasoline so.
On the wholesale level of a gallon of gasoline traits for three dollars and two cents I got it.
This one -- 42 yeah -- per barrel.
Dollars and 84 cents that's.
On the wholesale level if you sell a barrel of gasoline out of refiner -- that.
By crude oil to run it through the refinery right now -- trading on the wholesale level that 96 dollars a barrel that leaves thirty dollars and 84 cents.
Profit gross profit to the refiners.
OK that's one of the highest I've seen in a long time sort of traded oil for eighteen years.
Four dollars a barrel profit.
Eight dollars a barrel profit ten dollars a barrel profit when the when gasoline -- a couple years -- 2007.
It got to 20/20 five dollars barrel at thirty dollars a barrel.
Refiners are making lot of myself.
Do your homework -- look at the refineries find out who's producing the most barrels per day output.
And you can see and refiners and those are the ones that are going to be putting some serious numbers for the bottom line has has a 600000.
Barrel per day.
Refiner in a Virgin Islands.
Okay votes so I'm I'm following this through.
Nick if -- always in my mathematically you after the right.
Wouldn't that encourage the refiners took to refine a whole cultural gasoline pump up the supply of gasoline which -- mean that the price of it will come back and off from three figures do here's another little thing the reason why this this part of it through the wholesale price of 302 is going up.
A lot of West Coast refiners they can they run full out they run they don't shut down at night they don't go home.
These things keep producing barrels of oil they need specific maintenance times a couple times here they shut down for maintenance so right now.
On the West Coast are few refineries that are going to into what's called turn -- -- maintenance.
To you know of clean up refinery to -- -- sometimes they change the wind seasonal blends what not so when those refineries go down the wholesale price for gasoline continues to -- up.
When a whole host of price -- three dollars a barrel I got -- at a barrels only 96 dollars a barrel.
Go to the refiners go look mob Valero Tesoro applicable -- Western Refining -- from the independent refiners as well.
Are just printing money.
A new -- mentioned the bond and company how to make some serious money in the oil market Eric I was terrific thank you very much it is our policy and soon right.
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