Why Russia’s War Drove Up U.S. Gas Prices
ฝัง
- เผยแพร่เมื่อ 13 มิ.ย. 2024
- Gasoline prices rose to record highs in the United States after Russia invaded Ukraine. But the U.S. is the largest oil producer in the world and imports very little petroleum from Russia. So why did prices jump?
Because oil is a global commodity and supply or demand shocks can reverberate around the world. There are also other factors that have made it challenging for oil producers to respond - foreign and domestic U.S. producers have been pulling back production in recent years. A series of boom and bust cycles and the effects of the coronavirus pandemic have drained the industry of qualified personnel and made companies wary of big investments.
Chapters:
00:00 -- Intro
1:43 -- Can we just pump more oil? - 1:43
4:56 -- The importance of refineries
8:32 -- ‘Energy Independence’
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Why Russia’s War Drove Up U.S. Gas Prices
Can't wait to hear why oil was expensive before the war too.
Because oil companies got you by the balls
@Downright Mike
Pipelines and drilling were shut down in America. OPEC and Russia control 80% of global oil production.
@@downrightmike government wants to control the oil
They did mention it in the video. Supply shortage.
@@downrightmike because Biden banned fracking
Gas prices and inflation on all goods started spiking hard well before the whole Russian debacle
Yep. The unprecedented sanctions are going to act like gasoline on a fire when they do hit. Especially in Europe. Mutually Assured Economic Destruction. Crazy ain't it?
The government is hoping everyone has their heads in their a$$.
Define "well before", because Putin was going to wage his pointless war way before even 2021 hit the timeline.
🐲✨🐲✨🐲✨
Yup, Soon as joe got in office.... prices shot up
@@Novastar.SaberCombat meaning, the gas prices aren't due strictly to Putin. The Demorats are trying to blame him, but the reality is Biden started the increase in fuel prices long before the recent spike.
Someone told me that it's the best time to buy because there will be a huge pump soon
The cost of living is making people go into different businesses anyways, but my problem is that the rate at which money gets finished on little purchases is so surprising
I saw all this coming I had to switch to Crypto trading and I'm really enjoying the fact I made the right choice because of my weekly earnings
I make good income too from bitcoin trading and its been my most reliable source of income at the moment. With profits I've made so far I don't think i can get broke or lack anything.
How do you do it please?
Because I've tried severally but seems not working
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Prices were rising before the war. The real problem is domestic policy.
come ooon u can say it. LETS Go BRANDON!
Sean Cooper: So how would the GOP have magically made GLOBAL crude oil prices much lower? Especially when changes in drilling plans take YEARS to reach the retail market re new supply?
It's easy to spew political nonsense, bereft of facts, logic, and economic reality, re policy.
And then of course, you ilk pretending that AGW isn't a problem is totally delusional as well.
It's also the U.S war/oil backed Dollar, the sham stock market and so much more.
@@rogergeyer9851 If the oil is produced domestically its price is set by producers and refiners in the US.
@@romanpolanski4928 Oil is currently domestically produced and set by the producers and refiners in the U.S. How's that going for ya?
I don't even need to watch this to know it's going to be a load of BS
It's the oil companies who price gouging, we don't import enough oil from Russia to affect us this bad.
Oil companies found opportunity to make many so they are taking advantage.
@@ronanbrodrick9168 price gouging is illegal, gas prices are because Biden is anti-oil and would rather buy it from the dictatorship of Venezuela than help US oil companies.
@@ronanbrodrick9168 3%percent. Joe Biden and his coup have destroyed every fabric this country was built on.
@@BlueSky-kh8ue US Oil companies are literally refusing to pump more oil... Many CEOs have blatantly stated they are taking profits from high prices for their share holders vs. reinvesting into more drilling.
@@johnmaster420 They need money for the Research and development costs they inccured along with future research costs. Drugs lose their patents after a set period of time so they need to regain the costs quickly. If Pharma companies are such a gold mine everyone would be buying their stocks.
Wow. It’s crazy how Russia was too blame before the war. So before it was Russia’s fault, it was Russia’s fault. Makes total sense to me.
is that really what was said? I heard that given we were getting out of the pandemic, demand outgrew supply, thus the high pre-war prices, right here in the video.
@@ThePilotGear that’s a BS excuse for failed energy policies. Biden banned fracking and new leases for drilling practically making us almost completely dependent on other countries. Not only did that cripple our energy sector, costing jobs and supply, it meant any little snafu would shoot the price up even worse. The pandemic had been over with months before Biden took office. People going out and driving way before Biden and prices were still below $2.50. Biden takes office and it wasn’t long before prices were hovering around $3.50. You have (not you specifically) to be a special kind of dumb to not think energy companies having no backup supply that they control. We didn’t go on lockdown and gas just disappeared. Europe didn’t go to war and gas just disappeared. There’s always supply. While the blame is not all on Biden, his policies have turned a bad situation to a dire situation. However, to say that gas prices are to blame because of Russia and the invasion is a poor defense of this current administration and their terrible policies. It’s ok cause his solution for gas is instead of getting it from the mean meanie putin, we get it from Maduro and Venezuela, where having your citizens eating dogs and trash is perfectly acceptable to the government. Invading? Bad. Making your people suffer? Good. Give us oil.
@@ThePilotGear demand actually fell during the lockdowns . U and NBC here are wrong .
the help you need it out there. keep seeking.
Great way to uncover half truths CNBC! 👏 bravo
Indeed. OPEC cartel tried the same thing before but Russia was in bad terms with them so it flooded the market and brought the price down. However now that most of the west is against Russia, OPEC is using this opportunity to extend a helping hand to Russia and together they control the supply.
But I guess high oil prices is what that's needed for a true revolution in energy. All the projects that were scrapped or shutdown might be revived in hopes to reduce dependence on gas.
And media boasts EV's as the solution 😒 and transitioning to renewable energy is not sustainable as of yet. We still will need to rely on natural Gas and nuclear to produce the electricity needed for what we have now. Now imagine everything accelerates to sustainable (which is happening).
It's where they excel.
CNBC ALWAYS COVERING BRANDON'S ASS
CNBC telling Nothing but Half truths .
Prices have been going up well before the invasion
Fake news media such as CNBC will never stop misleading and manipulating.
It's the oil companies who price gouging, we don't import enough oil from Russia to affect us this bad.
Oil companies found opportunity to make money so they are taking advantage. .. ..
Woke liberal agenda doing this on purpose to push us to go more “green”
quit trying to act like Biden = higher prices.
Bc pile comanies are controlling supply. Its not complicated theyre Robbers
I'm old enough to remember gas prices being ridiculously high Long BEFORE ANY involvement of Ukraine or Russia. How about you?
You talk too much sense comrade.
There hasn't been a single time during your entire life that the USA wasn't involved in Ukraine, Russia and manipulation of energy markets lol
Old enough to remember the gas wars of the early 70s. Pre Saudi Oil embargo. 20 to 10 cents a gallon.
I remember the beginning of the 90s, I was just out of school living in LA and they were really high then.
@@mr.monitor. you lumped a lot together there. So you're accuracy is lacking.
Oh thanks for doing my thinking for me again CNBC
Why did you watch, go back to your "real" news Faux Entertainment Channel and Newscrack.
The explanation is simple.
The oil companies are gouging the consumers to the best of their ability.
The prices were going up before the war even started.
So it has nothing to do with Russia.
People were home for 2 years and not traveling or going to school. Now they are. Supply and demand. Not a mystery
@@amylee9 Because the oil companies cut how much oil they make.
It's like they never thought it would go back to normal?
Big oil are the ones that are price gouging the refineries.
Yh also the shutting down of the XL pipelines but lefty will never say that.
@@qfranklin2777 it’s a pipeline, not an oilfield. It wasn’t going to be finished until 2030 and it would have benefited China, not the US. So, I don’t see how that matters
@@saulgoodman2018 there is no doubt oil companies are taking advantage of the situation but there is also no doubt decisions from the current administration have exacerbated the problem but instead of pointing to that liberal controlled media points to anything but the White House.
Gas prices have been going up before the war.
Mulailah mengumpulkan emas kawan
2013-2014 crude oil $99-$108 per barrel gasoline was $2.90-$3.00 today same crude oil price but $4.80-$5.00 weird
Ummmmmm….. if increasing oil prices are bad for oil retailers, can someone please explain why exon, bp, chevron and shell stock is up significantly since January?
Misleading would be a "nice" statement to this story. Gas was already up 70-80 cents a gallon from February 2021 to February 2022, well before the 30 cents it went up from Russia invading Ukraine. I was much enjoying these business insight stories until this half truth
its news organization political propaganda, thats all. They know Nov is going to crush their liberal minds
Given that it examines a very specific matter, and you expect it to cover everything - it isn't their fault.
@@michaelmacdonell4834 listen to the video...it is their fault, its a propaganda news organization
@@mrrey8937 Yup, blame it on the Russian war. If we had the energy independence like we did, gas prices wouldn't go up.
@@michaelmacdonell4834 actually it is their fault as they chose to cover only that part of the inflation added because of the invasion but did make reference to the facts that gasoline is up over $1 per gallon compared to same time last year. Which by omission of everything else including poor policies and a lack of hard leadership on top of pandemic recovery issues it makes it seem like the invasion and Russia is the only thing to blame for the majority of the price increases. If they had only referred to the prices of gas in January of 2022 instead of the prices of February 2021 for their comparisons then my statement would be incorrect . This is the 4th or 5th time since Biden's remarks of trying to blame inflation on Russia that I've now seen media trying to narrow the coverage to that singular point of view and to me that is just incorrect and unjust to to American population
Gas prices and inflation were up long before that.
Maybe we should nationalize our oil industry and become communists
Right when they handed out stimulus and unemployment
But now it's rising again after embargoing Russia. hahahahaha
INFLATION WAS STARTING IN DECEMBER LONG BEFORE THE UNKRAINE WAR LEFTIES !
FAKE NEWS IS WHAT THIS IS! LETS ALL BOYCOTT THIS AND THE LIKE OF MSNBC & CNN
arrest the oil giants
Вот вы все жалуетесь, жалуетесь, а я понять не могу - что у вас случилось? У нас нефть вроде подешевела немного, газ тоже не очень дорого стоит….Макдональдсы мы кстати уже заменили на свои сети….привет из России ;)
@Realist oldschool your truth
From the UK watching how cheap the fuel is in the States 🤣 under 6 dollars a gallon. Wow!
Yea I know we Americans are narrow minded sad to say.
Lol. I saw a video yesterday where Iranians were claiming to fiill their tanks for 3 American Dollars.
In the book "A New Digital Age", Google's CEO and his U.S. military buddy call that social phenomenom the 'Arab Springs'. Living in America and knowing how racist people are here, I can only guess 'Arab Springs' is a deragatory spin on the bar soap company 'Irish Springs' since the book doesn't seem to reference a verifiable event in Middle Eastern history. In other words, even the CEO of Google and his military buddy aren't above ridiculing the hygiene standards of war torn, 3rd world countries.
That being said, I call 3 dollars a tank in Iran the 'Poland Springs' because just like refreshing bottled water, that oil is tapped straight from the source.
Lmao.
Usa produces most their oils internally unlike the uk hence the price difference
But this is just a lie. They drove up gas prices because they can and that's that.
Yes!
It's the oil companies who price gouging, we don't import enough oil from Russia to affect us this bad.
Oil companies found opportunity to make many so they are taking advantage. .. .
STFU and support Ukraine by paying more for gas and food
Bottom-line is that inflation is actually above 10% whilst interest rates is sub 2%. Cash is still trash.
You need to invest in order to protect your hard-earned funds from inflation. You need to invest now because your money is more valuable today than it will be in a year.
@@emilyfranklin8190 The time value of money means today $10,000 is worth more than it will be in the future. Investing in the stock market is the surest way of protecting your money from inflation and the best way to build wealth. The U.S stock market is the world's biggest wealth creator which always outperforms most economic realities in the long term.
@@instinctively_awesome8283 Technical
@@Jme--- I know Nicole Ann Sabin. She obviously brings a lot of experience in trading to the table but more importantly I think she is a tough person in an industry that demands clairvoyance.
Ledger balance says UK owes crude oil 26% of their per Capita income.
The price of gas went up as soon as Biden was sworn in.
100% correct.
Just bad luck of timing, the President doesn't set oil and gas prices, read through the comments.
@@Amyamy001 Before Biden had his first cup of coffee as president he killed the pipeline and canceled all oil and gas leases on Federal lands. The price of gas went up as soon as Biden took office. If you shrink the supply the price goes up. It's economics 101.
when the U S put sanctions on almost all Oil and Gas producer countries, and the U S still expecting a cheap Oil and Gas?
gosh, isn't it beyond stupidity?
Venezuela, irag, Russia and other Middle Eastern countries.
So destroying domestic production through regulation, stalled permits, and crushing the pipeline industry has nothing to do with it right?
The question I asked myself before I clicked and thought it would be mentioned. The truth is very stingy
True 😔
Obviously you morons aren’t paying attention to the fact THAT THE USA HAS ACTUALLY DONE EVERYTHING THEY CAN TO GET DOMESTIC PRODUCTION UP! The damn companies aren’t drilling! That is not Democrats fault!
@@edvaira6891 yes it is because investors are not willing to invest more in drilling due to democrats' policies in regards to climate change.
yes, that's exactly right. ABSOLUTELY....NOTHING.
Russia was not the reason why gas prices got jacked up. We get about 5% of oil from Russia. We easily have enough of our own American and Canadian oil to supply us.
You can but stupid enough not to.
Well it's actually a very complicated thing. Long story short We/Canada produce more oil then we consume but most of that these days is shale oil. Which most U.S. refineries can't process, primarily because of its low sulfur content. So we ship that oil to other countries and import other oil to process. It's honestly kinda idiotic.
High GAS is because O'BIDEN $ Co. is on the take ....why else you think he's SANCTIONING US OIL????? P UTIN bought H UNTER's "ART".... BARISMA is still paying the big guy 10%
@@soniajulie6465 don't talk bad about Putin. He's Trump's bf.
@@blastermanr6359 can be processed, but too stupid to do it.
I wonder if the record profits for gas companies has anything to do with the record high gas prices…
Цены: растут*
Байден: давайте отправим ещё 40 миллиардов долларов Украине, которая даже не член НАТО и не член Евросоюза.
Экономика США: у нас большой долг, цены растут, доллар обесценивается, ещё много безработных и бездомных
...
Байден: правда? Значит во всём виноват Путин👍
😂😂😂😂😂😂
"Это Путин виноват" наконец перевели на английский. Это же документ виновности ВВП!
It's the Fed not Russia, you can't print trillions of dollars without stealing value from the dollars already in existence. Of course other factors are at play here also, but obviously food and energy will see the lions share of inflation.
Lol …the fed he says. What an analysis!
@@TheRealRobertG actually he is not wrong,
On broader level he is right inflation is caused by money printing
@@shubhamgarg09 and so to does a global pandemic that shuts down 1/3rd of china now too that would cause inflation too to act like there is a singular cause for this is the Hight of arrogance
@@roxaskinghearts there is no singular cause i agree.
But the biggest cause is money printing
If supply chain is the issue that means that when the issue is resolves prices will come down
But do you think that will happen ,NO,
Money printing is done all over the world , so the biggest reason is money printing that is why FED rates is key to control inflation
That is what FED is trying to do now.
@@shubhamgarg09 That's a complete failure in understanding how monetary policy works. The Fed controls interest rates to reduce demand. Inflation due to increased M2 supply would lead to currency devaluation relative to the rest of the world, which it's not. The fed is trying to reduce spending demand given supply shortages. For the past 20 years, we've been able to keep inflation low and print a ton of money. Yes, it has baffled economists why that had worked for so long, but we are now seeing it's because our ultra efficient supply system kept up with explosive demand. We also now realize how delicate that system is, and paying a price for it.
Blame it on anything but inflation and the criminal FED!! 🤣
Did you even watch the video
@@ahadumer418 did you even know what you watching?
arrest the oil giants
I'm fine with rising oil price, but the problem is everything from meats, vegetables, can goods are all need to be transported, and now those daily necessity start to go up.
Thanks guys. This information was all over the place and not consicse also half assed put together
Gold historically has done very well during rate cycle hikes. I am holding my gold/gold equities. No intention to sell.
only thing going to the moon is inflation, oil, gold, food, energy
@DNA pro solo what have you been investing in?
Her consistentcy in scam industry is well appreciated
Any earnings?
wait till china reveal their true gold reserves......
Alberta has 3rd largest of oil deposit in the world, but nobody wants it because of pipeline objections. It is preferred to ship oil across water instead of land. And to top off, support the Middle East instead of North Americans.
technically it’s still foreign oil because it would be canadian oil
Thank progressives.
@@sportsMike87 ethical easy to access foreign oil
Actually supporting Saudi Arabia is very important for value of the US dollar. Saudi Arabia sells their oil in exchange of dollars to all countries which keeps the global demand for the dollar high which maintains the value. If us doesn’t support Saudi Arabia militarily and financially, they can drop the dollar for the Chinese yuan. This could lead to end of petrodollar, make US dollars worthless as rubles, and officially make China the worlds super power.
Big oil doesn’t want to drill more any way. Like why invest in expansion (which is really expensive) just to drive down the price with addition of potential crashes down the line? They’re already making fat stacks as is. They don’t care if the average joe has pay twice as much at the pump.
Some people are getting filthy rich off this price gouging and it's not any commoners like us.
What we could do is slow the production of making plastics from oil and just use recycled plastic so we don't use so much oil for that kind of stuff
make plastic from hemp. it's bio degradable and even has nutrients in it. So instead of killing the fish we'll be feeding them.
That cost more to do. You go to school?
@@joenewmeyer8358 it was a thought
Plastics are generally made from oil by-products. It doesn't raise the cost of oil.
Lies.
"Why the DNC's war on the US oil/gas industry drove up US gas prices"
There, fixed the headline for you.
I think it’s somewhat ironic that if something breaks at one of these facilities it needs to be shipped in via oil
Why were prices at an all time high prior to the war?
it has been rising since 2021. Stop the lie.
Because the economy was opening back up so 2020 happens and gas prices drop because demands goes down by 50 percent and oil companies were literally burning oil because there was to much supply than demand fast forward one year demands goes up then expected and now supply is low
Good thing politicians don't have to pay for their own fuel.
Yeah right. Typical petroleum industry BS. It even says in video 6-9 mo. lag from when pumped to when on market, yet prices jump immediately at the slightest rumor. The industry reaps huge profits way before the market supply/demand is actually affected.
U.S is paying very less for Gasoline(Petrol) and Diesel when compared Globally with Developing Countries coming out of Colonial Slavery.
Agreed. People in the U.S. love to complain. It's traditional.
Never forget the Keystone Pipeline
Exactly. We wouldn't be dependent on foreign oil if we kept up our means of production. But Dems would rather be reliant on our enemies who hate us.
It’s still working. Phase 4 of the keystone pipeline wasn’t gonna help with our gas prices. U should research it
@@Adv1227 Did Biden ever cancel Keystone with Executive orders? Do your research!
Our section of the pipeline works just fine. The section that he shut down was for Canada! To transport Canadian tar sand. Not American oil. How would Canadian tar sand help our gas prices??
@@SmoothJK that pipeline was never completed, and same oil is being transported vis trucks
Literally more oil than we can use so there's no reason why prices should be as high.
Negative oil prices….I cannot recall getting paid to fill my tanks. Can’t even recall prices under $3
@@jaysmith1408 exactly, the entire economic system is unreal, we just agree to this even though it doesn't benefit us at all.
Greed maybe?
@@Amyamy001 yes definitely greed.
It is not about supply and demand anymore, but it is all about greed and having no regard for hard-working people
The reality is that the U.S. has never paid their fair price like everyone else in the world. They use the most and they should pay the price for it...pretty simple.
They didn’t even answer the question. They just blamed Russia for no reason.
👍👍
Not a single one of these "explainer" videos points out the fact the oil and gas companies are also making record profits. I've seen a few times in my life where supply for gasoline was low and gas stations literally didn't have fuel (obviously the prices were crazy high, supply/demand). I have yet to see a single gas station out of gasoline since the prices started rising (4 months ago), which would indicate to me it's not a supply issue. This is corporate greed playing out, they had an opportunity to profit off a crisis and they took it. They haven't built any new refineries since 1977... I bet it would cut into profits to build new ones, that's about the same time "maximize profits" became the new corporate slogan and the wage gap really started taking off, imagine that. God forbid those big oil execs take a cut from those multimillion-dollar bonus' or these companies making billions in profit take any kind of cut, just let the already struggling Americans foot the bill.
Companies are formed to make profit. That's their function. It would violate their duty to their shareholders to LOSE money. It's up to the government to regulate how profit is made to encourage desired behavior. Biden Adm. has been fairly clear that this is a transition period to green energy.
Did the creator of the video not give u a clue of what was going to be said? Lol
CNBC is syndicated stock market news for unimaginative brokers and retail investors… their content is constantly steeped in corporate excuse-making and mind-numbingly uninteresting views and opinions.
If they ever suggested commodity prices or inequality was the fault of corporations and freemarkets… their overlords would shut them down the next day and they’d have to commit harikari on live television as a send off.
@@mimzthebugmimz1752 They said that… and then immediately signed deals increasing gas production. 😅
And what do you think the do with those profits Einstein? Bury them in their backyards? No, they invest which is what drives our economy. Liberals just don’t seem to grasp that fact.
Look into the great reset.this is part of the process they are destroying the middle class. during covid lockdowns the billionaire class gained over 500 billion while small businesses were shut down. OPEC and the few large oil companies control the price and only them look at the late 70's.
In Cambodia gas prices are high almost every time, and now lots of gas stations are almost all closed and im rlly worried for the future
It's well known that the price of a barell of oil is $80 less than in 2008 the reason prices are up is corporate greed
$103.90 As of 3-29-22
Everyone commenting about how greedy oil companies are… as if all of a sudden they became greedy. This inflation is due to bad policy.
1. The increase of monetary supply.
2. The tax increase on domestic oil production.
It's the oil companies who are price gouging, we don't import enough oil from Russia to affect us this bad.
Oil companies found opportunity to make many so they are taking advantage. ...
@@ronanbrodrick9168 yes, they would rather the price is a barrel goes down so they get less money they're so greedy
@@twesj you don't know what you're talking about
@@twesj They should've raised their prices years ago. I wonder why they didn't.
@@ronanbrodrick9168 It's called knock on effects you block head.
Greed is what drives it, everyone wants to make more profit margins than last year or month, that's everyone except for the working class
💯 facts
The middle class have been extorted for a very long time.
The extortion started when the small hats started infesting the American government!
Transitioning to green energy is the incentive the government is acting on. They've stated this plainly. Of course companies formed for profit are going to maximize profits. Otherwise they'd be charities. 😂
Funny how greed took over the minute Biden took office.
@@jamesmarsh9888 Look at the timeframe of when Israel and AIPAC were created and when labor unions started declining.
The main problem is the small hats and their shill lapdogs!
Yes, oil prices will be too high at some point. But by that time numerous households, products, services, and businesses will be destroyed.
Welcome to the "New World Order."
Ok so why aren’t they talking about how a lot of the oil companies in America have slowed down their amount of oil pumped since the pandemic. Why don’t they just turn them pumps on
it takes time to reopen oil rigs, it's not like they happen overnight.
All the gas in the pumps was refined with oil bought before the invasion raised international per barrel prices.
The price increase at the pumps is all profit.
Pure gauging.
No it's Joe Biden stop trying to make it more complicated than it is this isn't rocket science
@@B86432 then how are you still getting it wrong?
@@B86432 sorry no
Entire globe? Sorry here in Indonesia gas prices still the same
No it's not. Look at the all the regulations Biden has put on energy. He wants to stop using fossil fuels. While that is a good idea, it comes with tremondus short term costs.
This has nothing to do with the war. It has everything to do with shutting down operations here and trying to be ‘eco friendly’
lolz.
What operations have they shut down?
The irony as we have over 200 years of oil alone to drill in this country they act like we have 2
@@taylorbug9 Keystone Pipeline, for instance, fracking in Alaska. We were energy independent. If we start begging Iran things are going to get uglier. Don’t say I didn’t call it. Just a messenger. Others are awake to this as well.
NOPE, not even close because the fact of the matter is that this administration has given as many if not more drilling permits than Trump's administration and even Obama's administration, you can easily check that out because it's public information, get off the right wing propaganda affirmation stations because they're lying to you
No one seems to remember when gas prices here in the south were
The automotive industry encourages it. My cheap little Honda FIT was discontinued. There's no reason to discontinue cheap gas cars that get 40+mpg until EVs are proven effective and practical alternative. We aren't all jumping to spend 35k on a new EV not knowing if promises of reliability and actual mileage will pan out.
INFLATION WAS STARTING IN DECEMBER LONG BEFORE THE UNKRAINE WAR LEFTIES !
FAKE NEWS IS WHAT THIS IS! LETS ALL BOYCOTT THIS AND THE LIKE OF MSNBC & CNN
Lol. I saw a video yesterday where Iranians were claiming to fiill their tanks for 3 American Dollars.
In the book "A New Digital Age", Google's CEO and his U.S. military buddy call that social phenomenom the 'Arab Springs'. Living in America and knowing how racist people are here, I can only guess 'Arab Springs' is a deragatory spin on the bar soap company 'Irish Springs' since the book doesn't seem to reference a verifiable event in Middle Eastern history. In other words, even the CEO of Google and his military buddy aren't above ridiculing the hygiene standards of war torn, 3rd world countries.
That being said, I call 3 dollars a tank in Iran the 'Poland Springs' because just like refreshing bottled water, that oil is tapped straight from the source.
Lmao.
previously there was a deep water horizon oil platform that burned down and sank in the Gulf of Mexico, but the field remained, and there is at least 1-2 billion barrels of oil. why is it not being developed? Technology has come a long way since 2010.
This is wonderful, I hope it gets worse. I absolutely hate being able to afford gas AND food.
Oh yeah we love getting our buttocks rimmed everytime we bust out our wallets....
I know! I know! It keeps feeding that darned will to live.
Be careful what you wish for
The sarcasm
If I had nothing to worry about, life would be pretty boring
The prices are rising because money was printed, it ended up in the commodities markets where investors bought oil stocks expecting high prices
*BUZZ* Wrong!
You are correct. The printing presses are still running non stop. Can't see what could go wrong.
@@tira2145 Also wrong
Can either of u explain why gas wasn’t this price for the last 14 years then? We ended QE about 6 years ago… why now?
@@TheRealRobertG was trillions of dollars not printed in the last 2 year's?
Nativa was built in PortAuther Texas in 2011 its a very big refinery
Fed messed up. 1, they should’ve started raising interest rates well before October 2021 and 2, .25 increase doesn’t do anything to slow down inflation. We’re gonna have to deal with increasing inflation and rising gas prices up until the end of the year
Biden has to increase oil permits or hyperinflation.
Get rid of Dumbocrats and all will be good. Dumbocrats did this on purpose and they said they were going to do it. Hope Dumbocrats are the ones hurting the most. Probably, because Republicans work
Oil companies always find an excuse to drive prices up
They did because we elected a senile 80 year old woke president.
@@jdawg5846 nope. Read through the comments, the President does not control the oil prices.
@@Amyamy001
The CEOs of three major oil companies won’t join the Democrat circus in destroying America. The democrats own the high crime gas prices woke 57 gender nonsense.Mexicans in west Texas are saying Adios to the democrat party.
@@Amyamy001 It's wild that individual gets mad at the president and not oil companies/private sector who control and set prices, this is what happens when we allow the private sector to control natural resources.
If we stop giving money to other countries we could take care of our own country
It's not that simple
and those countries would no longer be your allies
Using too much money in war with other countries
Who cares about your country? As long as the billionaires are untaxed & money flows to Israel, Americans can go to hell.
Я вот поддерживаю. Хватит лезть в другие страны, займитесь собой.
If you owned a car in 2008 and still drive on gasoline. Look in a mirror
It didn't. U.S. domestic economic policies during the pandemic coupled with their dependence on foreign oil is driving the prices up while the country is planning to go to war in Taiwan, the Ukraine, and the Middle East again.
The current price of gas is probably an indicator that the U.S. is entering a second Recession.
The reason gas prices are high is because oil companies are selling the refined product at about 400% of the cost of production.
They make Billions every quarter/year.
So why didn't the oil companies gouge under Trump then? Because you're a fool believing the media. It's all brandon stifling supply, thus raising the prices. What do you think banning pipelines, fracking and drilling will do to the price of oil, numb nuts? It's all good, Americans get shafted and SAUDI oil companies reap the profit, because Brandon is corrupt and he's selling us out to foreign countries. Simple as that.
US administration can provide subsidy on fuel when crude oil price goes up but they are not doing it.
The U.S buys a lot of crude oil however they have enough reserves to deter any sharp rise in price, they are simply not doing it !
Not to be rude, but people from USA complaining about gas prices has always triggered me, compared to where I live, gas prices in USA are still cheap.
@Passing Through Currently in Germany, but Im from Latvia, in both theese countries gas prices have been much much higher than in USA for a long time :/ it sucks
also in Latvia minimum wages are more than half smaller than minimum wages in USA
The truth is that the U.S. is the largest oil producer on the planet and could easily produce enough to drive down prices. U.S. oil producers were producing 18 million barrels a day prior to the pandemic. Today, they are producing approximately 8.5 million barrels a day. We have a huge amount of production capacity sitting there offline that could be brought back online in a couple of weeks time.
The head of the largest U.S. oil producing company admitted during an interview with Andrew Ross Sorkin on CNBC (aired in part on December 7, 2021 Squawk Box morning show) that U.S. producers have plenty of production capacity they are refusing to bring back online because they want to hurt the Biden Administration. When Sorkin asked the jerk if he had any obligation to his country or the world economy trying to recover from a 2-year pandemic, the response was, "our only obligation is to our shareholders."
Energy is the number one cause of inflation. If the U.S. oil producers brought back production to pre-pandemic levels, prices would drop to nearly $2.00 per gallon in just a few weeks. Prices throughout the economy would drop due to lower transportation costs. Inflation would drop back down to normal levels.
We are all being held hostage by a bunch of oil companies who are experiencing record profits while doing their best to make voters angry at Biden and the Democrats and hoping they will be voted out. No industry should have that much power over our economy or our political system. People should also understand that high oil and gas prices enrich Russia and OPEC at the expense from the rest of us.
The U.S. government should use its Emergency Powers to do some drilling and replenishing of the Strategic Oil Stockpile and constantly releasing from that stockpile into the market to drive down prices. That would force the oil companies to treat us fairly because they could no longer conspire together to act as a duopoly.
The USA was not producing 18 million barrels of oil. The USA and Canada come sorta kinda close to this. The USA might be able to get to 14 million and Canada 6 over the next few years. In theory North America could be energy independent, but the USA alone? Nope .
Companies in the USA have lots of potential wells they could drill but it’s theoretical. From planning to production takes years and that’s if you have the capital and the crews. Both of which are in short supply. Also what is left is probably Tier 2 rock that is high risk. Oil Companies in Canada would need years to ramp up but couldn’t because there was no clear answer on the transportation issue. They decided to pay down debt snd now pay back shareholders
I’m sure you can reason as to why this is……
@@evanbrown2594 what he means is US companies, which are located all over the world.
@@niweshlekhak9646 They still are not the world's largest producers, not even close.
I'm surprised they didn't blame tesla for this lol
why are you surprised? What does an electric car company have to do with global petroleum prices?
companies will have to raise the prices of the products they sell. Prices of everything will increase even more, transportation, everything.
After gas prices go back down, the inflated prices of everything else will remain. #LetsGoBrandon
It takes 90 days wellhead to gas pump, so how come prices rise in one week?
Reality: No reason, just good old fashioned GREED taking advantage of someone else's suffering and crisis!
So the oil companies pick and choose when they want to be greedy? Why were they less greedy when gas about $2?
No mentioning whatsoever of the Whitehouse stopping all new exploration and drilling leases, and shutting down pipelines, or declaring a war against fossil fuels. That has extraordinary impact and why prices rose so much after the election. This video is doing some crazy gymnastics to avoid the elephant in the room that is our current political policies surrounding fossil fuels.
The funny thing is that the keystone pipeline was expected to rase prices cause it would ship all the oil sold here to overseas. Forcing us to all buy more expensive foreign oil.
The industry is careless is the primary problem. If they drilled and pump responsibility, disasters wouldn’t occur near as often
@@madonnamanpower7204 totally 💯
Why can’t oil companies use the 9,000 unused leases they have available? Also, don’t forget supply and demand when everyone is cruising somewhere after sitting at home for 2 years.
Of course you're lying, but lease return to your trailer and take your psych meds Bobbie.
You clearly need them!
The price was high before
I heard lots of words and understood the reason very well: greed
Price gouging from energy companies doest help either. Should be a criminal offence to price gouge
Yup!
It's the oil companies who price gouging, we don't import enough oil from Russia to affect us this bad.
Oil companies found opportunity to make many so they are taking advantage.
Lol so wrong
Did Russia drive gas prices up, or did shutting down USA oil production drive gas prices up
US oil production hasn't been shut down. You're completely clueless on this aren't you? Gas prices are up because we're capitalists. If you don't like the price quit buying it. Then maybe it'll go down.
And the fun part? Oil business get higher income when there is oil crisis..
1:34 "tizzy" equal "price gouging" according to white-house as well has not having enough refining capability in USA due to the pandemic downturn in the oil industry.
It's funny news network love to make excuses about high gas prices for the gas companies. It's been high and will always go up. All I want is to see those taxes in gas be use to fix our roads and infrastructure.
Because they have an excuse to jack the price up and don't try to tell me any different. Drove up fuel prices in Canada too, even though we haven't bought Russian oil in three years...
It's the oil companies who price gouging, we don't import enough oil from Russia to affect us this bad.
Oil companies found opportunity to make many so they are taking advantage. .. ..
@@ronanbrodrick9168 Thanks for replying with an even longer way of saying what I just said.. such a useful notification to get... Bless your heart..
A Super-Tanker that brings oil to the US burns about 2,500 of marine petroleum every hour, or about 63,000 per day, from counties that have little or no pollution standards.
"it is a global market" which means that our companies prefer to sell abroad than here even though the oil they extract was from American soil.
Lol. I saw a video yesterday where Iranians were claiming to fiill their tanks for 3 American Dollars.
In the book "A New Digital Age", Google's CEO and his U.S. military buddy call that social phenomenom the 'Arab Springs'. Living in America and knowing how racist people are here, I can only guess 'Arab Springs' is a deragatory spin on the bar soap company 'Irish Springs' since the book doesn't seem to reference a verifiable event in Middle Eastern history. In other words, even the CEO of Google and his military buddy aren't above ridiculing the hygiene standards of war torn, 3rd world countries.
That being said, I call 3 dollars a tank in Iran the 'Poland Springs' because just like refreshing bottled water, that oil is tapped straight from the source.
Lmao.
Jim Cramer, we desperately need your integrity and common sense to TELL the TRUTH about gas prices. People aren't DUMB ... they know gas prices were already rising. (This is why I don't watch CNBC anymore. MARIA BARTIROMO tells the truth.
Nothing to do with Russia these mid terms are going to be funny to watch
High GAS is because O'BIDEN $ Co. is on the take ....why else you think he's SANCTIONING US OIL????? P UTIN bought H UNTER's "ART".... BARISMA is still paying the big guy 10%
The truth is that the U.S. is the largest oil producer on the planet and could easily produce enough to drive down prices. U.S. oil producers were producing 18 million barrels a day prior to the pandemic. Today, they are producing approximately 8.5 million barrels a day. We have a huge amount of production capacity sitting there offline that could be brought back online in a couple of weeks time.
The head of the largest U.S. oil producing company admitted during an interview with Andrew Ross Sorkin on CNBC (aired in part on December 7, 2021 Squawk Box morning show) that U.S. producers have plenty of production capacity they are refusing to bring back online because they want to hurt the Biden Administration. When Sorkin asked the jerk if he had any obligation to his country or the world economy trying to recover from a 2-year pandemic, the response was, "our only obligation is to our shareholders."
Energy is the number one cause of inflation. If the U.S. oil producers brought back production to pre-pandemic levels, prices would drop to nearly $2.00 per gallon in just a few weeks. Prices throughout the economy would drop due to lower transportation costs. Inflation would drop back down to normal levels.
We are all being held hostage by a bunch of oil companies who are experiencing record profits while doing their best to make voters angry at Biden and the Democrats and hoping they will be voted out. No industry should have that much power over our economy or our political system. People should also understand that high oil and gas prices enrich Russia and OPEC at the expense from the rest of us.
The U.S. government should use its Emergency Powers to do some drilling and replenishing of the Strategic Oil Stockpile and constantly releasing from that stockpile into the market to drive down prices. That would force the oil companies to treat us fairly because they could no longer conspire together to act as a duopoly.
@@chuckmurray1825 first of all we producing 12 million barrels oil a day
@@ahadumer418 Please provide your source. The last data I saw was that we are currently producing around 8.5 million barrels a day and oil producers were stating that they may produce 12 million barrels a day by the end of 2022 which is still far below the nearly 18 million barrels a day they were producing prior to the pandemic.
It's not about supply and demand - its about oil barons price gouging in a market where they collude regularly to make even more Billions and Billions - take raising prices on long weekends - it's all about making more money!
That war is so devastating it raised gas prices before it even started.
The oil companies are getting really rich yet the consumer has to pay so much more money. Government needs to step in and stop these high profits for oil producer’s
Just remember people we only import 8% from Russia 🤫 why are we seeing more then a 8% price increase? they are price gouging nothing more nothing less. They could produce more but why would they cam make less and sell it for more? Greed
Exactly. We operate in a free market. These companies are entitled in our global free market to charge as much as they'd like to whomever they like, and take advantage of any situations that allow them to charge more. Regardless of the impact to average person. There are upsides to freemarket, but there are also downsides.
It’s also just gas stations raising prices because they see an opportunity. Capitalism _baby_ ! 🤯
why would they not, its a free country
Finally a smart post!
@@Amyamy001 thanks 😉
Of course increasing the TOTAL money supply by 40% in a year and handing it out like candy and shutting the entire country down for several years has absolutely nothing to do this this. (Sarcasm off now).
проблема в том что ФРС США напечатало кучу бумажек, как следствие инфляция и необходимость изъять лишние деньги через высокие цены. Вы заметите но будет поздно: цена на золото. Почему цена на золото на прежнем уровне (а если точнее получается оно подешевело, цена должна был тоже вырастить)?
Complete GREED. In mexico where they still import huge amounts of oil, price hasn’t changed.
You’re joking man haha I have family in Mexico… the price of everything is rising all over the world. You think the oil companies all of a sudden decided to be greedy. They’ve been greedy forever. The problem here is the lack of oil production caused by bad policy aka more taxes for oil companies. Fundamentally, all this inflation is caused by increase monetary supply. It’s basic economics.
Well, last time I was told that lobbying election was expensive and our presidential candidates win in case they raise more money, therefore, the oil companies had to get spent money back.
Thank you Dr. Krishnamoorti, you may collect your check from companies currently gouging the market on your way out.
So, they just artificially increasing the price... It got nothing to do with the war.