Higher Gas Prices are a Sign of a strong Economy

With the U.S. poised to become the world's top oil producer, gasoline prices are at their highest in four years. But analysts say it's all good.

Oil industry analyst Phil Flynn says this is the Holy Grail of oil production.

"This is something we've been striving for since the Arab oil embargo of the 1970s; energy independence at one points was thought to be impossible."

Flynn says the high gas prices show how strong the economy is now.

"Drivers are feeling good about the economy and it's a funny thing about Americans; when they feel good about the economy they drive more."

Plus, Flynn says the rest of the planet is relying on us for fuel in a global market.

"The U.S. refining industry is now refiner to the world and not only are we supplying the U.S. market with gasoline, the rest of the world is looking to us to supply them with gasoline, so this has become a global market."

The Energy Information Administration says it expects U.S. crude output to average nearly 12 million barrels per day in 2019. That would make the U.S. the world's top oil producer.

 

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