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PO thank you so finally some good news for drivers of the pub after February gas prices hit the highest level on record they're inching down now would march -- backed.
More than half of the country is paying less for gas than they did that at this time last year.
-- all with an average savings of three cents a gallon for next guest sees the good news continuing time clothes that.
It's cheap oil analyst for opus -- joins me now on the phone.
Tom you hot dog above last night when we got word of Hugo Chavez's -- thank you so much for that and you -- are are you surprised at all that we're not seeing more of a rally today.
Copies of what happened.
Can't get on -- I'm not surprised actually and I think one of the big things to watch is the strength of the dollar the dollar is on the verge of what some people Michael technical break out and then oil tends to move lower when the dollar is -- stronger I do think however.
That when you take the very strong macroeconomic.
Good background right now and the news about Chavez and you see prices off as much as they are that it shows you that the mood of the market.
The money mood in particular has really softened and people are afraid of one of these give backs and the word progress right now.
Yeah I mean -- so what we're looking at a chart right now so much downward pressure on oil futures right now that's got to translate.
To prices the pump going lower although you know there are some out there that think that as the job as things sinks in that that might put a floor under you disagree with.
I would disagree with Chavez having a big impact on it in less we see revolution in the streets of labor strikes in Venezuela however.
I think march is it's going to be real good marks for consumers here obviously they look at their 401 case it's good news and I think.
Gasoline prices and portion of the country are going to be twenties and thirties and flashier total slashed to below lecture because -- slashed here.
Sort incredible increase the problem is I think when you get into April and may this might be like Jason in Friday the thirteenth.
Little built -- actually and it might sort of resurface again at any particular moment.
Yet so what do you think would spark that it we thought -- reckoning we do have the seasonal switch -- as well to that.
Suburb leaded fuel.
Well I do we think we're probably about half where a little bit more through the refinery maintenance season and sometimes you really you know things happen -- refineries.
I think in the midwest -- circle.
Within 800 miles of Chicago that's going to be a hot spot because we're gonna have to the largest refineries in North America that are gonna beat down -- turn around.
And not be producing much gasoline in April so watch out for that.
Why do you think Phil Flynn was just telling us about the glut in crude on the market right now we of course got that image radiator earlier today that showed.
And even bigger surprising build that we thought it was going to be what do you think is behind -- is a low demand for gasoline or.
-- -- -- No I I think actually what was behind that was we have some refineries go down for me since that we didn't think we're going down and wonder were coming up didn't make it into that report.
So that means the crude oil stocks are built.
The order of things that'll be -- -- next few weeks through the next few months is that we're gonna get to a point here I think kudos for the first time in many generations where -- production.
In the US is going to surpass crude oil imports almost got there this week but not.
What are right -- close up thanks so much.
Take care so come.
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