Steve Syre

What a story in -- paper the times in the journal wow who can keep us the price of gasoline. I I'm really excited right now time because I'm. By tank is well I'm gonna go get stopped. I don't it's a week ago today Tom who went to. The what do you call -- fare -- came back and he said he said I can't believe you guys were right. Then there's gas for less than three dollars in two today right at Europe on route one and now it's today it's down of the 27 it and it.

It's -- weighed down in -- national numbers which trail that are are generally open fires still. Well the the last national numbers a little over three but absolutely that number is coming down and and the number is that you're talking about. Are going to come down to and you know in the big picture that as well as its place by the barrel went down below. Seventy box yesterday which is the first time fourteen months.

That exciting I can't wait to see these oil producing nations put going out of business signs up about it that -- that will be the day and Steve I mean it's reported these pay in the newspapers that those oil producing nations are having an emergency summit.

OPEC yes OPEC was going to have a meeting after the US elections and all the sudden they decided they can't wait there. Scrambling for an emergency. Meeting next week in Vienna. To figure out what to do it you know I came across a factoid that that'll warm your heart that's going to. The big oil states like Iran and Venezuela they have it in oil prices assumption that built into the budget balanced there. The national. Overhead and Venezuela the assumption of 95 dollars a barrel.

Wild. -- how exciting is that this incredible I mean Joe Kennedy's gonna have to switch and guarded the expense of oil business yet. This building just survey previous prize. This is the silver lining in the bleak and grim economic news here locally as well as nationally and globally. Obviously this is driven I assume Steve. And I currently have -- run eyes and -- has just driven by. You know a slowdown in economic activity across the board.

is two things and that's definitely the most important one you know the did the demand for gases is kind of not follow -- equipped but -- this is dramatically as ever I can remember. In the US's. The demand has in the last month or so gone down 9% note that the huge number. But not just in America all around the world everybody's worried about a receptionist something worse if you look at Japan. You know a country that or its -- consumes a lot of -- 12% their accounts.

I visited Maine I -- week we get reminded on a regular basis how important it is to have perspective whenever has bad news going on. You need to step back a little bit and then there was -- frenzy going on it was only three months ago we were flipping out over hi how high the cost of oval is gonna I was at their -- if it if it's push the envelope that far that means is going to be pullback and its democratic boomerang back down why doesn't ever going to relax.

I would say you know as a centered on the things that that are affecting -- and certainly demanded that the cyber but also. There are there were a lot of -- there was a lot of hedge fund money that was driving oil in invested in oil before and because of the financial markets everywhere going down and a lot of these hedge funds having to. Sell things and liquidate positions. One of the things that they're selling is oil related investments and so you have this kind of financial component. That's also attached to it that's accelerating the write down.

I haven't read this so that's the speculation to that was going on was this sense that. You needed someplace to put your money -- an investor worry you could hold value or maybe even gain and and stocks weren't the place to do that anymore.

Some large investors who have other financial pressures right now they have to sell things and oil. Is one of the big things of this now.

Two to what I tried in -- Stephen terms of this that in this counter cyclical situation with Chinese and take the silver lining in a big big run up three -- four months ago which had a he -- he could have a reasonable sense of history that this was -- on alone what's going to happen here that's gonna burst or to buy enough think this through okay now we keep talking about drill baby drill and I'm sure drilling -- if if the price of oil is now below seven. -- not likely to go back up to the 902840. In the what does that -- great what does what narrow the sixties a cheap gasoline true and one nobody global warming to America's determination to develop its own domestic supply.

Not I really believe that we've sort of cross suppression all the terms of the energy debate and generating new kinds of energy and you know we can talk about solar energy wind power at all that stuff but I I think the debate has gotten the point where offshore drilling is part of the package at this point I think the whole package is going forward.

Do you think even at seventy dollars a ballot so what congress might say that okay open it up for exploration. But then if you are Exxon you know it's audio shell home over the big it is developers are up there. At at seven bucks a barrel doesn't doesn't make economic is that --

A completely different story there's a lot of the debate right now about what not just low prices but quite instability prices go way up and wait out. What that does to oil companies in the -- interest in spending money to. Explore and develop new resources.

And I -- a very smart guy in this town very very successful who said. The most important thing that the government could do the United States government with -- got to accelerating. The development of alternative energies. Was to guarantee a flaw. Not lower than seven he barks now he was -- and that to me. The price at the that was about a 11050. Sound social outrage Saturday sounded hey what the hell I'd buy that I'd take that right now. To guarantee a flaw now I'm not sure that the American public would buy that because now was that to taste the sunglasses.

We are long term everybody I think has embraced. The idea that long term energy is a big issues that long term supply and demand is working against us. That there is a big picture of global economy that is in trouble right now but in the next 1015 years is growing a lot. And I. I think most people have been convinced that this is a big issue long term that we have to do something about and you know bank. God we have a break right now but nobody is that I don't believe anyway. As as a long term. Prop -- prospect.

Well in the meantime we have to enjoy low cost him yes and he Waco -- Holy cow you're you're souped up -- marijuana overrides. I have not -- the eight cylinder that's belt and a Belgian oil and this is carefully.