Severin Borenstein
Severin Borenstein
gasoline swimming
We're swimming in gasoline right now. But this is not a sustainable level.
barrel cautious certainly extra looked mean money pouring rat
It looked like money down a rat hole. I can certainly see why they'd be cautious now. Just because you're making an extra $35 a barrel doesn't mean you should be pouring that into exploration.
bad california definitely gasoline news wait
That's definitely bad news for the California gasoline market. We're going to have to wait and see how bad.
build clear complete continued market plants
They continued to build and complete plants after it was clear the market was down.
capacity compared crude demand growth high oil price primarily production rapidly recent risen short today
The world oil price has risen rapidly and is very high today compared to the recent past, primarily because demand growth has been very rapid, and crude oil production capacity is constrained in the short run.
lucky oil tight
They are just the lucky beneficiaries of the tight world oil market.
improve money putting research
We should be putting that money into research and development to improve the technology.
coming grips oil supplies
This is not something that is going to go away quickly. Oil supplies are limited, and we're coming to grips with that.
action companies few oil raising
The oil companies may be raising it a few cents, but that's not where the action is.
gas higher likely market natural next prices quite rates telling
Next year, we'll quite likely have rates higher than this winter. The futures market for natural gas is telling us that these prices are not temporary.
high market oil prices telling
Most of this is the world oil market, and the world oil market is telling us the prices are very high because there is a real shortage.
money sell
They make their money the same way you make money when you sell your house.
barrel gone oil price worth
They make oil and they own oil, and the price of oil has gone up. Every barrel of oil they make is worth more.
anymore cars change cost decide drive driving gigantic mile people per rid subway suddenly work
It's not like this is a gigantic change in the cost per mile of driving your car. That's why you won't see many people get rid of their cars or suddenly decide they can't drive to work anymore or will take the subway or whatever.