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All right so how exactly does the prices in Egypt affect you while you're going to be feeling the pain at the pump oil closing today.
Eddie fifteen month high because of the unrest in Egypt and low crude inventory joining me with more right now -- Patrick Duhon from gas by.
-- welcome back to the show this has been an enormous jump in crude.
Mean we have seen eleven dollars in the past week or so what is behind that and when we see that the pop.
You know I think a lot of it is welcomed their spring 23 team you have Egypt -- unraveling a lot of violence over -- now Egypt is not significant -- how much oil it produces.
But what's going on over there as we go back to twenty liven problems and Egypt spilled over -- -- excuse me problems in the Middle East bowled over to other countries in -- ultimately.
Impact the amount of oil producing being shipped out of the Middle East that's the chief concern here.
Is that problems and needs it will spill over oil prices have reacted sharply to that news that is a bigger piece of the pie but also on the backdrop as you indicated.
The FIA says says out all the sudden out of nowhere.
That oil inventories of dropped over twenty million barrels through it says it's certainly I happen.
I think a lot of what what we saw earlier this year was extensive refinery maintenance and in the amount of crude all being input to refineries was at a lower level.
And all the sudden a lot of these refineries you know or in the middle of summer driving season they're pushing up production.
You have some expansions that are beginning to open BP's facility northwest Indiana's partially open expansion so.
More -- -- to the end and more crew are flowing into refineries here in the heart of summer.
Means more -- coming out of inventories of being processed through those refiners -- what does it mean to drivers what can expect to see you can pop.
Well unfortunately it's bad news on both sides for drivers not only the Egypt situation as you indicate oil -- the highest level fifteen months but the CIA data as well it could mean that an increase of ten to twenty cents in the national average over the next few weeks rule on the last is really going to harbor on Egypt situation it could get even worse before it gets better.
Debt and how about the decline in the crude oil inventories that's in a piece about -- -- be watching for things to calm down -- stabilized right Egypt.
But how do we get and what he -- gonna happen with oil inventories.
-- -- -- that that -- that on the tough call it probably will not recover quickly very rarely if ever we seem crude oil inventories go up ten million barrels and a single week that is this that significant decline.
And it would also be significant jump.
It will take some time -- inventories are still near the -- average.
Limit range for this time of -- so that's good news all in all as long as -- all inventories don't continue their dramatic decline I think -- be -- Fifteen month high and the price of a barrel of crude oil that that's gonna hurt us of the -- Patrick thank you so much for coming on.
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