Page 80 - Refining Capacity News Today

Situation for gas prices. gasoline prices are down significantly. if you can imagine even more refining capacity with the keystone pipeline delivering oil to the key refineries, youre talking about substantially lower energy prices. were seeing more oil production in the united states than weve seen in over two decades. if we can continue on this path, we could say good-bye to importing foreign oil and it would really make a much more energy independent country. >> gary k., better safety? just a...

Jenna: right now drivers may be in store for a early holiday gift, falling gas prices. the national average according to aaa, 3 . $34 a gallon. some pay prices fall, put gas prices $3 nationally. joining me phil flynn, senior market analyst. fox news contributor, joins me from the floor of cme. year-over-year, what is going on with gas prices. why are they down? >> i think because merry christmas from the american petroleum industry, what can i tell you. u.s. production is soaring. the supplies ...

These opposition forces are, and we thank you for being with us today. thanks, elizabeth. >> thank you. martha: well see you next time. bill: interesting segment there, martha. new signs, also, the crisis in syria could drive u.s. gas prices through the roof. oil futures reached a two-year high just yesterday, and the national average for a gallon of regular, $3.56. some analysts say it could go much higher than that. with me now is phil flynn, hes an oil trader live in chicago at the mercantile...

Morgan stanley, i guess, for the three. that those three banks, whether its oil or copper or aluminum, theyve gamed the system and theyve only been allowed to do this for around a decade and theyre getting more and more inquisitive, if you will, as they gain more and more power in the marketplace. let me give you a good example. one of these, morgan stanley owns 80 tankers, 80 oil tankers and owns refining capacity. they also bet on side bets on the price of oil. so if 80 of these tankers, if so...

Morgan stanley, i guess, for the three. that those three banks, whether its oil or copper or aluminum, theyve gamed the system and theyve only been allowed to do this for around a decade and theyre getting more and more inquisitive, if you will, as they gain more and more power in the marketplace. let me give you a good example. one of these, morgan stanley owns 80 tankers, 80 oil tankers and owns refining capacity. they also bet on side bets on the price of oil. so if 80 of these tankers, if so...

That those three banks, whether its oil or copper or aluminum, theyve gamed the system and theyve only been allowed to do this for around a decade and theyre getting more and more inquisitive, if you will, as they gain more and more power in the marketplace. let me give you a good example. one of these, morgan stanley owns 80 tankers, 80 oil tankers and owns refining capacity. they also bet on side bets on the price of oil. so if 80 of these tankers, if some of their tankers, they decided to jus...

>> probably path of least resistance. one thing we blamed in the past is the -- we used to get after the traders, as blaming them for the fall. i think the point is, its pretty well made. demand its up year after year so the price can only go as far as the demand is going to take it. so as you see prices going into 110, demand will suffer and prices well come down. certainly to johns point, the keystone pipeline was a major blow. no surprise the government did so long of a due diligence report a...

Huge problem. bordering on a crisis. >> well, here is the issue. so, i was looking at these stories this week. why is gas price now going up. we usually hear it for summer. summer spikes. one of it is that we have a lack of it right now because the refineries do routine maintenance. do you ever get the emails from the favorite email provider that says hey we are shutting down between 2:00 and 4:00 a.m. we are doing routine maintenance. a lot of are shutting down routine maintenance. some had par...

That lelp because 65% of the gasoline is crude oil. more supply, bring the price down. we need more refining capacity. but once you fete that and more crude oil prices will drop. we need one blend of gasoline. >> kimberly: have you not been saying this? yeah. look what happened. >> eric: we have 100 blend of gasoline. no need for a west coast blen blend, chicago blend, outside chicago blend. summer, winter, fall blend. pick one. >> bob: truth of the matter is, obama said in the "state of the uni...

That lelp because 65% of the gasoline is crude oil. more supply, bring the price down. we need more refining capacity. but once you fete that and more crude oil prices will drop. we need one blend of gasoline. >> kimberly: have you not been saying this? yeah. look what happened. >> eric: we have 100 blend of gasoline. no need for a west coast blen blend, chicago blend, outside chicago blend. summer, winter, fall blend. pick one. >> bob: truth of the matter is, obama said in the "state of the uni...