What's good news for Drillers is bad news for Drivers

Some forecast $80 oil this summer, which will be great for Houston's energy sector, but bad news at the pumps.

Oil expert Phil Flynn says if we see $80 oil we might see $3 gasoline.

"This is gonna be a driver's summer of discontent; they've been used to lower gasoline prices but all of a sudden, anyone that's gone to the pumps recently has seen a dramatic increase."

Flynn says drillers had a rough year last year, with demand for gasoline low and oil production at all-time highs. But things are looking up for the energy industry this summer.

"A lot of them have been struggling after that big sell-off in gasoline prices we saw last year -- and in oil production; they actually need these higher prices to keep production going on."

Flynn says demand for gasoline is back up and oil production in the Permian Basin rose from less than a million barrels per day in 2011 to more than four million now. Total Texas oil production has risen about 500% since 2010.

Sponsored Content

Sponsored Content