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Eric Smith

Eric Smith

Associate Director of the Tulane Energy Institute and Professor of Practice at Tulane University's A.B. Freeman School of Business, a frequent media commentator on oil markets and energy policy.

Oct 13, 2026

29:32
So Doc, in your opinion, this move by the Trump administration, is this going to reduce the price of diesel?
29:44
I guess, yes, usually I'm somewhat cynical that it will have any meaningful effect.
29:51
It certainly theoretically should have a little effect, but we're not talking about a lot of volume, number one, in the world market.
29:59
The market's down about 3 million barrels a day.
30:05
So, you know, when we talk about it, we're not down anything and we're actually exporting about a million two to a million five a day.
30:15
So we're trying to help solve the problem for the world because it helps solve the problem for ourselves.
30:23
But what you have to consider is that the world is short of refining capacity and we didn't get into that position just because of two wars.
35:09
And as you just outlined, what we're not willing to do here as it relates to production for a whole host of ideological and political reasons, um, we-- in many respects, we have no one to blame but ourselves, right?
27:48
So Doc, in your opinion, this move by the Trump administration, uh, is this going to reduce the price of diesel?
27:59
I, I guess, um, yes, usually I'm, I'm somewhat cynical that, that it will have any meaningful effect.
28:07
Um, it certainly theoretically should have a little effect, but we're not talking about a lot of volume, number one, in the world market.
28:15
The market's down about three million barrels a day.
28:20
Um, so, you know, when we talk about it, uh, we're not down a- anything, and we're actually exporting about a million two to a million five a day.
28:31
So we're trying to help solve the problem for the world because it helps solve the problem for ourselves.
28:39
But what, what you have to consider is that the, the, the world is short of refining capacity, and we didn't get into that position just because of two wars.
33:36
in many respects, we have no one to blame but ourselves, right?
0:38
So Doc, in your opinion, this move by the Trump administration, uh, is this going to reduce the price of diesel?
0:49
I, I guess, um, yes.
0:52
Usually I'm, I'm somewhat cynical that, that it will have any meaningful effect.
0:56
Um, it certainly theoretically should have a little effect, but we're not talking about a lot of volume, number one, in the world market.
1:05
The market's down about three million barrels a day.
1:10
Um, so, you know, when we talk about it, uh, we're not down a- anything, and we're actually exporting about a million two to a million five a day.
1:21
So we're trying to help solve the problem for the world because it helps solve the problem for ourselves.
6:15
And as you just outlined, what we're not willing to do here as it relates to production for a whole host of ideological and political reasons, um, we, in many respects, we have no one to blame but ourselves, right?

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