FOX News Radio recently asked Jay Young to come on for an interview in Dallas, TX on WBAP to discuss whether the plunging gas prices will cause oil companies to cut back. As Jay explained, when prices come down, there are certain oil and gas prospects that don’t make economic sense, which means that the cutting back of companies is necessary. Some Western banks have even decided to withdraw from the oil business entirely. Nevertheless, Jay does not blame the government for the current state of the oil industry, but he does point out how the government’s moves have hindered the business. Jay also stated that it’s not like there are some oil and gas traders sitting back with cigars and determining the price. It all depends on supply and demand, and if the U.S. doesn’t have the necessary supply while demand continues to rise, the price will go up.
In the interview, Jay also touched on the use of natural gas and how it seems very cheap right now. He suggested that it’s all about conversion, just like electric cars, but it’s good that we started to use natural gas as a fuel source. To counter the Saudi Arabian oil domination, Jay suggested drilling more oil in the United States. The Upside of Oil and Gas Investing is a book written by Jay Young that people can read to understand the oil industry.
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