Patrick, you are live for us on set. I

love it. Let's start with this. The

national average, listen, it's been

lower heading into July 4th here. How

How meaningful is this relief for

consumers broadly, Patrick, after months

of of pressure at the pump? What do you

think?

>> Yeah, you know, it's pretty sizable. The

national average peaked in May at $4.57

a gallon. It's down now 80 cents a

gallon. We've heard a lot from the

president on the pace of decline. And

actually, looking at the decline, it's

actually a faster decline than what we

saw in 2022 after the national average

hit $5. Only a 5% faster decline, but

still a gas prices continuing to fall.

GasBuddy data now showing the national

average below the $3.80 mark nationally.

Some states 38 states now with gas

prices below $4 a gallon just in time

for July 4th. Now, to put it in a

context, the national average still

about 65 cents above last year. So,

Americans still shelling out more this

year, but hey, you know, with all the

anticipation with gas prices reaching

$4.57,

you know, to see 38 states back below

the $4 gallon mark just in time for July

4th is certainly terrific news.

>> Do you think gas prices are lower

enough, Patrick, that they'll actually

Is it lower enough to impact travel

demand and behavior this holiday

weekend? Like, do you think more people

will will hit the road because of it?

>> Well, you know, we all have very rich

holiday traditions, myself included,

which was why I'm here in Michigan

myself. You know, high gas prices

generally don't hold people back on July

4th. Now, whether they'll travel further

distances or put the boat in the water,

those types of small demand really can

be impacted by high prices, but July

4th, we get three good summer holidays a

year, Memorial Day, July 4th, and Labor

Day. And this falling on a Saturday this

year, probably not much demand

destruction even with gas prices going

up. With them coming down, you might see

people using more gasoline, running the

boat longer over the holiday weekend.

>> Where do gas prices, bottom line,

Patrick? Where do you think they head

from here? Like, put a number on it. You

know, are we going to get back to $3 in

the in the near to intermediate term?

>> Boy, you know, I'd love to say that's

absolutely a possibility, but if it's a

reality, well, the Strait of Hormuz will

have to continue to be open. And one

wild card here has been refineries. With

the heat dome amongst much of the

country in the Midwest and the

Northeast, refineries could actually be

impacted by this ultra-high temperatures

that are happening. And that could

impact gas prices down the road. Whether

or not we go lower or continue to see

falling prices really contingent on

developments between between the US and

Iran. We've seen a lot of back and

forth. You know, I'm going to be hopeful

that we'll continue to sort this out.

And maybe if everything goes well, gas

prices could be in the low to mid $3

range by the time Labor Day rolls

around.

>> Patrick, what what did you make of

President Trump's comments, by the way?

You saw this, of course, saying gasoline

retailers must get prices down

immediately. Uh warned there would be

big problems if they don't start

targeting around the $2.50 a gallon

number, the president says. What did you

make of that, Patrick?

>> Yeah, you know, I love it because this

is something a lot of Americans grapple

with. They look at the price of oil and

they say, "Well, the last time oil was

that, look at 15 years ago, the price of

oil was 70, and we had a much, much

lower national average." But that

doesn't take into consideration uh

gasoline taxes, which have gone up in

virtually every state in the last couple

of decades. It doesn't take into

consideration refineries, which, you

know, I mentioned the heat wave right

now. Refinery production, um you know,

you can have all the oil in the world,

but if you don't have enough refineries,

that's going to keep prices higher. And

that's exactly what's happened right

now. The Strait of Hormuz, you can't get

refined products through there. One wild

card that not many are mentioning, the

Ukraine attacks on Russian refineries is

keeping refined product prices elevated.

So, the president would love to see this

magic ratio return, but that's It's not

going to happen anytime soon. Keep in

mind, it's the summer. We're on more

expensive summer blends of gasoline, and

demand is higher as well. So, you know,

I'd love to put to bed that this magical

ratio of oil should be X and gasoline

should be Y. Well, keep in mind that

doesn't take into consideration what's

happening at the nation's refineries.

>> Let's talk regional differences,

Patrick. Which state has the highest

prices at the pump right now? Is it

still my my native state of California?

>> Well, briefly, Hawaii has actually taken

that over from the California. It's

still not getting that, but looking at

the latest GasBuddy data, it's very

close between Hawaii and California. You

see that map there, the West Coast, the

most pain at the pump. Illinois has some

of the nation's highest taxes, and then

the Northeast. These are areas where

they're all a bit short of refining

capacity. The West Coast and the

Northeast. Illinois, well, they have a

lot of refineries, but they have really

high gasoline taxes. And Michigan, of

course, fed by those refineries in

Illinois. But, you know, I'm going to

knock on wood that this huge heat wave

doesn't have a negative impact on

refineries, because that is what I

mentioned is really holding up gas

prices from seeing a bigger decline. I

think after this interview, I'm going to

go hide in this gas station's beer cave

and cool back off myself.

>> That sounds like a good afternoon plan,

my friend. Hey, listen, we got the

highest. I'm just curious, where where

would I find the cheapest gas right now?

>> Well, right now, surprisingly and for

the next week, Indiana. The nation's

lowest prices, and that's because

they're they've suspended their excise

and use tax. So, Indiana, finding

several stations below $3. You can find

sub $3 gasoline on and off in areas like

Texas and Oklahoma as well. So, use the

GasBuddy app, you can find those sub $3

prices, but generally, the Gulf Coast,

the nation's Mecca for refining and oil

production, is where you'll find the

cheapest July 4th prices.

>> Patrick, love the live shot. Always love

having you on the show. Thank you.

>> Thank you. Appreciate it.