Gas Prices and Oil Prices
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Automatically Generated Transcript (may not be 100% accurate)
Laura -- you knew you could.
If we were talking about it in general. -- up doesn't this has. You know it's I was just looking at the numbers in the last month gap and got up 45 cents which is. You know. Not enough and it does this -- Italy and -- this original CN. We're not the bad old days again certainly but but it's enough so I've certainly noticed that when I --
Yeah no we're still -- and a half lesson where we were a year ago. But you know I would think the president orders is stepped in by now to protect the little people. -- you know no serious about current price drop as well as a price are very -- populist talk.
that -- jacket and -- you know obviously. Oil prices are are are right behind it and it yesterday oil was 68 spot. And a little bit changer gala at the highest since last November which one it was. Just slightly over -- so we've really had a big run up very recently in and most of this is tied to nothing very specific about that the oil business but so much as -- general perception that. The economy around the world is out of bottoming out -- getting ready to improvement. This is we driving. Prices for all kinds of commodities including oil slightly higher in sort of on an upward trajectory and and oil is definitely in that category of things that the world will need more that the economy. Starts to get better.
As we hope for a error recovery kicking and does this in any way threaten that.
Well it it's certainly. You know getting the price of gas and other commodities to go up ahead of the pack. Actual recovery is not a good thing you'd like to say -- people actually need this stuff so the prices going up as opposed to people anticipating. Demand increasing in the airport. Jacking up the prize at a time and buying supplies of these tomorrow.
So what's -- what they suppliers I'm OPEC recently decided not to increase production or shipping and it would seem that. They would want to keep the price artificially low if they could right now so that they could spur recovery make a ton of money.
Now what about this kind of supply and demand in a recovery situation it is important to. -- of -- other countries like OPEC members and you're exactly right and if that's going to play out will remain to be seeing but. You know right now it's sort of buying and selling of commodities is something that takes place in markets all over the world and those markets that have a mind of their -- and looking at these individual little economic reports and I know you know we've talked about many times so. If things are hitting bottom are getting a little bit better it's it's pretty hard to see on the ground here at the moment but there are continuing to -- these little blips of economic information that are generally. Pretty encouraging and -- about government again yesterday as GM was going into. Bankruptcy yesterday morning the stock market was really boring as a result. Of these economic reports and one in particular have caught my -- and it's not a big move but it is. And over and -- this index of new orders that -- Factories in America -- for you know give us more -- up and do it because index rose in May Day and it was the first time since November 2007. That it did actually got up and that was the month before we officially started the -- so as a little. He's signpost it's it's an encouraging thing and there are a number of these things and again this is that this. Fuels. Interest in demand in buying -- driving up the prices of all kinds of --
IE is so so we sang his oil is going up because there are little signs that we might be turning the corner in the recession. And as a result speculators are going out and buying oil futures. In anticipation of the price going up when the economy turns around.
I think that -- this certainly speculators in the market is all kinds of people in the market basically yes absolutely that's there will be higher demand for these products and and of these commodities and that that that will drive the price up right now yes.
Steve is there any way to quantify the run up that we have seen in these past several months between when you and Todd were just talking about. It really relatively well informed speculate as bidding on which direction economy is going. And also the weakness of the American dollar do I recall that we we were really paying through the nose. That. Analysts would tell us it was because. Contracts or contracts are priced in American dollars and American dolls sodium week or were weak at the time.
Well it does not doing great at the moment but -- you know and that would certainly be that the dollar is always an element to end in oil trading but. I I would say if you look and see how. Other commodities are also. Going up around the world that that that's sort of indicate that this economic story and getting ahead of the economic story is that is the driving force right now all the.
It's very interest saying that speculators thinking the economy's going to turn around it are are driving up the price of oil now because you're you're talking about something now. On such a long term trend and it occurs to me the same thing might be happening with your newspaper Steve the Boston Globe because the price of that has been going up. And I wonder if there are speculators and I you know.
They about a newspaper turner yeah. Dick -- just subscription now.
