Episode 31 - Recap of OPEC/Non-OPEC meeting | Patrick DeHaan with GasBuddy
b'Sponsor: Drillinginfo - globalenergymedia.com/courthouse
Pioneer Resources CEO announced likely shut in of wells in next 3-4 months due to transportation infrastructure constraints. Some other companies experiencing similar conditions but other companies are not. Perhaps a signal of high confidence in company long term from CEO?
OPEC/Non-OPEC - breakdown of events, ultimately to add between 600,000 and 1 million barrels per day to market. Saudi Arabia already increasing production in June (10.8 million bpd) plan to increase to 11 million bpd in July.
See Ellen\'s analysis on Forbes:
https://www.forbes.com/sites/ellenrwald/2018/06/22/oil-prices-climb-on-news-of-opec-agreement/#6a7c70ab65f7
https://www.forbes.com/sites/ellenrwald/2018/06/22/iran-holds-out-as-opec-oil-meeting-gets-underway/#2acb9d541f8e
Interview with Patrick DeHaan aka @GasBuddyGuy, head of petroleum analysis at Gas Buddy
https://www.gasbuddy.com
Gas Buddy started in 2000 as a price tracking website. Use volunteer price spotters (crowd sourcing) along with data from gasoline stations.
predicting price spikes: come communities are relatively predictable but in some areas gasoline prices can vary a great deal between morning and evening.
foundation of all gasoline prices is price of crude oil but variation in location, taxes, etc.
OPEC meeting was a huge disappointment to gasoline prices although noted that refined products haven\'t spiked nearly as much as oil prices have (only up 2% compared to 5% jump in oil prices)
practical uses for gas buddy app beyond gasoline prices - especially useful during hurricanes and other natural disasters to locate gasoline stations with power and supplies. also useful in locating safe/clean gas stations while road tripping.
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