OPEC oil cuts mean higher gas prices: Kevin Book

1 min


144
83 shares, 144 points

Clearview energy partners’ Kevin Book explained how OPEC’s cuts lead to higher gas prices on “Special Report.”

KEVIN BOOK: Higher prices. OPEC is a big supplier to the market. They’ve decided they’re going to cut. Some of the barrels are cutting are actually aren’t being produced so they said 2 million barrels per day less. It’s probably closer to about 950,000 barrels per day less, but translate that to what it means in your gas tank. It’s about a quarter a gallon. 

 

 

Well, what it means is that our safety nets getting smaller, we’re using it. Now, there’s an argument to be made for using it, but you have to replenish it and the problem is our Strategic Petroleum Reserve is an oil insurance policy and the time to buy insurance is when you don’t need it. Refilling it would mean taking oil out of the market. You don’t want to do that when the market’s tight.  

WATCH  THE FULL INTERVIEW BELOW:

Source: Fox News


Like it? Share with your friends!

144
83 shares, 144 points

What's Your Reaction?

Cute Cute
13
Cute
Fun Fun
5
Fun
Hate Hate
26
Hate
Confused Confused
16
Confused
Fail Fail
8
Fail
Geeky Geeky
2
Geeky
Love Love
21
Love
OMG OMG
16
OMG
Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format