Fox News
Expand
Browse All Video
Watch Live

You're watching...

Will Isaac deliver gas price spike?

Details

  • Description

    Oil producers in Gulf on storm watch; evacuations underway

  • Duration 3:20
  • Date

Clips

Also in this playlist...

Cost of Freedom

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Are underway in the gulf a lot of oil companies telling their workers to get out of its way at least five major producers clearing platforms in and around the region.

World nutshell is one of them and former Shell Oil president John -- Spicer says drivers should be taking.

-- on this does have a psychological.

Hit right away right -- on the knee jerk reaction as prices go up.

They have gone up how long you think -- last.

Well you know depends on the severity of the storm fortunately the companies have a very orderly process.

To safely shut down the wells.

Take care of their staff and leave the facility in a way in which they can started up again provided there's no damage as quickly as possible when the storm passes.

But you're right there's a psychological impact because people have known in the past that -- -- -- the storm and damage from that storm.

The infrastructure.

That supports oil and oil products all the way up the East Coast from the Gulf of Mexico.

Really to Washington DC.

That infrastructure is quite vulnerable to the -- source and so people tend to in worrying about a storm as they should fill up their tank.

And as they fill up their tank.

And they continue to drive normally you'll see prices go up and as those prices go up people rush out to buy more before the price goes up further.

And so what we do as we feed the fear any anxiety.

Even when there may be no damage we don't know that yet.

But if there is damage then it gets even worse and then you get all kinds of spot shortages even higher spikes in gas prices.

And again the system feeds on itself.

And so what we need is really people to understand the situation but we also need a more redundant.

A more robust.

A more confident system of oil products throughout the country.

Now on.

Before this storm we had oil prices running up gas prices running up -- we had appeared of them going back down.

Which is accurate what's happened over the last thirty days what -- thirty days prior whenever don't want now what do you think will be the case for the remainder of the year.

Well you know we as we get out of the peak driving season which is the summer.

And as people return to their normal lives in the fall school in football and the other things that we all do.

There's still this this ongoing demand -- For continued supplies of oil and if people are worried about whether those supplies are are really robust.

They're gonna see continued upward pressure on prices.

Don't write off the fact that China is having a slower growth here they're still selling new cars the same -- India.

The whole world suffers declines in the production of oil every day that happens every day and so we need new oil.

And so when you don't have a plan for the world's largest economy.

When the -- administration has ignored the advice.

Of experts for the last five years even before they were elected they ignored the advice.

You get what you get Americans will pay more for gasoline this year -- than ever in their history.

Thanks to the lack of concern about.

Where our future energy is coming from we'll watch closely John -- Esther thank you very much.

Load More