WWVA via FOX News Radio recently asked Jay Young to come on the air in Wheeling, WV to discuss the current state of the oil and gas industry. In particular, they wanted to know what was driving the prices up and what it meant for investors. The host spoke to Jay, a fourth-generation oil and gas professional and author of The Upside of Oil and Gas Investing, about oil prices and what Americans should expect this summer. Despite crude oil cooling down considerably, Jay expects prices to rise since summer is approaching, and it’s driving season. He pointed out that the U.S. isn’t drilling enough to keep up with the high demand. He also suggested that this was a great buying opportunity, claiming that this was a good time and opportunity to look at participating because the price of oil is low.
The host asked Jay how he felt about the recent announcement from Russia that it would cut its oil production by half a million barrels per day starting this month due to the impact of sanctions on its economy. Jay pointed out that Russia produces 11 million barrels of oil a day but only uses three or four. Therefore, they have seven million barrels a day that they can sell for profit. If they limit the supply, prices for oil on the world market will go up.
Jay also noted that the United States currently produces close to 13 million barrels of oil per day but uses 20 million barrels a day, which means the country has to go to other countries to fill the gap. Jay believes this is a good time to invest since oil prices are low at $70 a barrel currently, and there’s an excellent opportunity for investors.
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