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Crude up prices eventually Ohio lately probably know that -- now.
And with summer here fourth of July travel upon -- people want to know what gas prices are going to look like fortunately our next guest is an expert.
Gas but he chief oil analyst Tom close at Tom welcome to you.
I -- the conversation started with Egypt and Phil Flynn pointed out that obviously not a big oil producer -- any disruption in production facilities is a big concern we're seeing.
The crude oil barrel pop up largely because of that today so -- the risk is here with this latest uprising -- -- Egypt.
I don't think -- much risk actually in north African and Middle Eastern countries will have this sort of madness from time to time but who won't we proved to be a little bit insulated against that because of rising North American -- particular Canadian and oil shale production so.
I think that it gets headlines and it gets mentioned that's an excuse but I don't suspect the Woolsey had fun like that really -- boil in the rest of the year in fact gas prices right now you're calling for summer gasoline prices to average about three dollars fifty cents a gallon but could actually go down to three dollars and five cents a gallon this summer.
Yeah I think -- you live in the state -- like New Jersey where you can make a decision and pump your own gas.
And you can actually go out and -- the lowest gas prices you can do better than that you can do probably 33340.
On average in most.
States right now.
It's been kind of a wild deer with a lot of volatility mostly regional volatility -- I mean that's what I was gonna follow up with UConn is.
You really can't keep your price for gasoline cancer have you ever seen such a wide range in prices if you go from one region -- one city to the next only wanna fly.
You know when I ask people know what they're they're right airfare costs and then they tell me it's 200 not paid a thousand and it's not so bad with gasoline but you can really say probably twenty point five cents -- market.
If you take an active role and -- picking out your gasoline and choosing among a lot of the different numbers there and never seen as much you moved from spring to summer.
Or from market to market then we're seeing right now crews really flat but gasoline prices have been up and down and probably in a little bit of the down roller -- -- What would it take -- and I don't want gasoline prices to go up but we've certainly seen I mean hurricane Andrew -- -- last year at least in -- New York area we saw prices go up what would it take to get prices to go the wrong way which is.
It would take probably a Gulf Coast hurricane if you get probability cones in the Gulf of Mexico this year particularly in July and August after September it's not so much.
But if you get that we've got about nine million barrels a day refining capacity you're more than half of -- -- refining capacity -- in.
Texas Louisiana Mississippi so if we get some violent storms and they threat refineries.
Refiners have to close on a precautionary basis but without the storms I think we'll see much lower prices toward the end of the year in the last hundred.
Days I think the next sixty days or so -- a little bit.
Middle of the road.
And the US we're on track actually.
Have more domestic oil than we will import very soon shortly after milestone is now.
Yeah I think somewhere in the next six weeks we're going to be producing more oil in the United States since we you.
It's two more -- import and we're importing since I believe it's February 1992.
Who were talking about twenty.
221 years here and we're gonna hit that there's no question about that and later.
We're going to be at the point where were perhaps making nine million barrels a day in importing five and a lot of that's gonna come from Canada Mexico and we're using 25 million gallons less of gasoline every day than we did the peak in 0708.
Is this a good time for the economy -- are -- that much more efficient or is it because of the -- I think it's a little bit of each I think we're more efficient I think.
Demographics are changing as a lot older people and older people drive less there's a lot of young people in more -- drive a little bit less they're doing anything in the teeny -- land so.
It's a little bit of everything but that's certainly won't -- a hundred lots of barrel.
Very soon look at that price you know we might get a hundred dollars but it really isn't -- mean much of the depressive WTI is like the car -- Sheehan of yup yup so a lot of new avenue and a lot of attention a lot of -- my question but it really doesn't mean -- if I -- analogy but can't help.
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