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Gas prices won’t slow down for ‘over a year,’ oil expert warns - YouTube
Channel: Fox Business
[1]
take a look at oil prices steady to
[3]
start this week after hitting three-week
[5]
highs earlier in the morning over fears
[7]
about
[8]
a tight global supply growth this as the
[11]
biden administration announcing that
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they will resume leasing for new oil and
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gas drilling on federal lands this week
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sort of the first time new fossil fuel
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leases on public land have been offered
[24]
since president biden took office he's
[27]
giving in to a court order essentially
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joining me now lip out oil associates
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president andy lip out andy first what
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do you make of the kind of
[36]
resuming leases
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on federal land by the byte
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administration
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well i think it's a good thing but it's
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really uh not going to affect gasoline
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prices for over a year the biden
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administration is making available
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144 000 acres of land which sounds like
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a lot but the industry really wants five
[59]
times that amount of land to drill on
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and the second thing is is that the
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government is increasing the royalties
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from 12 and a half percent to 18 and
[69]
three-quarters percent basically wanting
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a piece of the action which increases
[74]
the cost of drilling
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andy where do you see uh oil and um
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particularly retail gasoline prices
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going and your reaction to this report i
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believe you in your note this morning
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terrific as always you point out the new
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york times has reported that the that
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europe the european union is considering
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adopting a phased-in ban on the purchase
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of russian oil and natural gas
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yeah if we look forward the european
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union consumes about 4 million barrels a
[106]
day of russian oil
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opec secretary general last week said
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that there was no way that opec plus
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could replace the 7 million barrels a
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day of russian oil if all of that was
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banned worldwide and finally we're
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seeing may 15th is a very important date
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because that's when the european
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commission sanctions kick in that
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prohibit doing
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transactions with rosneft the oil
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producer gas prom the natural gas
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producer transnet the pipeline operator
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sofcom
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the tanker operator
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which all means that it's only permitted
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if it's strictly necessary and with that
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murky definition we're seeing trading
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companies walk away from russian
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business which further exacerbates the
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supply disruption and as a result the
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oil market is going to go up because it
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doesn't see the alternative supplies to
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replace russian oil
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but saudi arabia kuwait and the emirates
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combine
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have and correct me if i'm wrong um i'm
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pulling this from memory from reading
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your your notes every day about 4
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million barrels per day excess
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production capacity and there was a
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report last week that opec plus as a
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whole is pr is pumping this is just oil
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but pumping below
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uh what it says that it's
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it's supposed to pump
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right exactly i mean the opec production
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quota is not being met to the tune of
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that million and a half barrels a day
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the only spare capacity is from the
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three countries that you mentioned and
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they're very reluctant to pump more oil
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right now we have a very rocky
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relationship with saudi arabia and the
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emirates and one of the reasons is that
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the biden administration is negotiating
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with iran over their nuclear agreement
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and of course iran is
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you know
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not uh
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the friends of saudi arabia kuwaiti
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emirates you've got the sunni shiite
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acrimony over there so as a result they
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are unwilling to really help out the
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united states at this juncture
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andy before we go where is retail gas go
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here in the u.s
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well unfortunately i don't have good
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news for the consumer i see it rising
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another 10 to 15 cents a gallon up to
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four dollars and 20 cents on a national
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average
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andy thank you so much and then you got
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natural gas prices at a 13-year high
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thereabouts andy lipval always awesome
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to see you thank you for everything that
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you're doing andy be well
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thank you very much for having me degas
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sure thing always
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