It illegal for us companies to work with one another to price fix The government looks the other way when they keep prices low but when you raise the price they don’t
First of all the West use Oil for their industrial and the West have had Oil cheaply for decades which made the West richer and OPEC countries poorer (except Gulf countries with fewer population numbers) ...... And remember OPEC countries mostly don't have the technology to drill for oil and gas, so Western companies do that for them, and in exchange Western oil companies take huge cuts and leave OPEC countries with little ...... Do bit of research
But don't worry. You are still expected to pay your loans and health bills and credit card bills and will be reprimanded accordingly if you don't. Pay no attention to what happens to those in power. They're the exception.
The people in the comments talking about opec don’t even understand the story. The main point is not about opec fixing prices, it’s about American companies colluding with opec, when that is illegal. The American companies are to blame for inflation.
Inflation strictly speaking applies only to Monetary Inflation. The price increases, decreased which result in scarcity or plenty and the prices of commoditys increasing, decreasing should never be confused with or even called inflation. Can society please stop repeating lies , inaccuracies to perpetuate the Idea living with inflation is part of a normal and ethical market place when the fact that we have inflation at all is because of money printing, literally creating money out of thin air. Charging Interest on money loaned IS NOT PRODUCTIVITY, IT IS INFLATION!!! IT is a FRAUD,A PONSI SCHEME !, Perpetrated by the MONEY CHANGERS for Centuries. SAVERS should be rewarded, compensated with REAL ,TANGIBLE Commodities NOT MORE FIAT Currency.
The entire COVID LOCKDOWNS PURPOSE was to bankrupt and Crush the PETITE BOURGEOIS CLASSES while allowing ESSENTIAL BUSINESSES like Walmart, Amazon to remain open for business. It was Lenin himself who said ," The way to crush the Petite Bourgeois classes is between the Millstones of Inflation and Taxation. " So to destroy a Market Economy in favor a Mostly Centralized Economy but in 2024 using Public / Private Partnerships is literally the VERY DEFINITION of GLOBAL FASCISM.
I like how Krystal glosses over the other 75 percent of the equation in terms of price increases. Because it would burst her narrative of inflations being primarily driven by "greedflation." Something that was 100 dollars is now 137.50 instead of $150 dollar according to the numbers laid out here. But I am suppose to be worried about the 25 percent that is being blamed on Oil Cartels and corporations.
@@mrt094 and this is why they think people can't do math anymore. That price increase is affecting _every_ "consumer", who are passing their costs on... PLUS more. That's your $30 price increase, combined, especially, with global shipping issues.
injustice EVERYWHERE... why? because NO ONE is doing ANYTHING about ANYTHING. These MFs do WHATEVER they want, WHENEVER they want -and they KNOW no one will do ANYTHING about it. I... HATE.... IT.... HERE
I feel ya, just take a deep breath and focus on what you can control. Support unions, they are the elected representatives of the working class, as they grow so does the influence of the working class. Union support is growing, theres a light at the end of the tunnel.
The point of the story is that the Biden administration is doing something and that is new. His FTC chair is going after the corruption and has referred the illegal case to the DOJ.
I used to work on an oil rig and it’s crazy dangerous. I’m surprised oil doesn’t cost more because it exacts a high environmental and human toll. There were signs on every Street Corner in this small town that our man camp was in, and they said the water was too polluted to drink. But mothers still had to wash their dishes and bathe their kids in that polluted water.
If we can get enough like-minded individuals in office then we can. I agree that nothing will be done currently. But we keep blaming everyone but ourselves for the leadership we keep choosing.
@@Gobbldeegoo1 it's obvious you don't know the kind of people that 💘 power and 💵, 💘 to dictate how others live and die, and 💘 to be admired and adored like GODS ain't leaders but had been running the show for ages.. 💯💯
LMAO the naivety. Let me fix that for you. Stock market guys: "OPEC has been fixing oil markets for decades and today there is going to be an OPEC meeting. Therefore, I am going to go balls deep into betting on options based on what I think they will say." >Oil prices pump. >Commodity prices pump. >Bond rates pump. Biden: "Oh nooooooo the stock market guys are calling out daddy Jerome Powell and I's BS and now oil prices are spiking again! Someone do something!" >Recession headlines. >Another war in the middle east. >Yet another country gets sanctioned. >More free money directed towards the military. >Oil prices start to fall as a result. >OPEC has another meeting. Thanks for playing.
@@christopho3255 That is not true there has always been collusion then it was OPEC now there is OPEC. Regardless they greased the politicians and screw us all.
@strikeforourrights There is a time when the operation of the machine becomes so odious, makes you so sick at heart, that you can’t take part; you can’t even passively take part, and you’ve got to put your bodies upon the gears and upon the wheels, upon the levers, upon all the apparatus, and you’ve got to make it stop. And you’ve got to indicate to the people who run it, to the people who own it, that unless you’re free, the machine will be prevented from working at all! -Mario Savio
With what happened with Boeing I would be concerned for Matt Stoller. Truth is dangerous, and any threat to profits is a threat. I want more coverage like this. Journalistic integrity is wonderful.
I'm very surprised that they kind of just glanced over the time frame in the interview. 2015-2020 oil didn't really go up. Who made that decision? Saudi Arabia. Who's Saudia Arabia? MBS !! Who was president in that time? Trump. Trump has a good relationship with MBS (yes yes the left would say a corrupt good relationship with Trump and his family blah blah) but good. The second Biden takes office oil sky rockets through the roof. MBS haaaaaaates Biden. Especially after the killing of the reporter incident where he was involved. I believe that gas will go down if Trump is reelected. As powerful as these people are, they are just as petty.
Interest rates and inflation uncertainty impacts the hurdle rate (returns investors require to beat inflation and risk) and the willingness for producers to invest in additional production equipment. The inflationary environment was supposed to be transitory and therefore oil producers didn't want to overproduce heading into (usually inflationary periods are followed by) a recession with reduced demand. I'm sure there is coordination between producers since every producer has a different breakeven price for oil and can be pushed out by lower cost producers at any moment, but to say that the lack of production expansion was purely a conspiracy is ignorant of many economic incentives and uncertainties.
The corporations know what the windfall tax would be but it instead of paying it all to the treasury they just pay a portion directly to the republicans and democrats.
I work for an oil company in midland, TX, the heart of the US oil and gas industry. I am amazed because this guy has no idea what he’s talking about. We cannot just turn off wells whenever we want to. A big trait that differentiate shale wells which we call unconventional from conventional is that they decline rapidly over time. So when Covid happened and oil was LITERALLY negative oil companies stopped drilling new wells and the current wells production declined. Then when the economy started moving again it takes AWHILE for new drilling to begin. like the lead time for some of the necessary surface equipment is literally 8 months. So we could not meet demand and prices went up. Basic economics. Maaaybe Pioneer, one company did some shady business but this is not widespread. Chevron has been very open about their goal to reach 1MM BBLS per day production in the Permian Basin by 2025 and have been investing in new drilling like crazy.
Sure not. Shell BD Chevron etc… are based in Texas. That’s called laying the ground to sanction Arab states and confiscate their assets and use it to fund entitlement programs.
Somebody should let Krystal and Sagar in on something: the ESG push of the last number of years scared the life out of basically all oil companies and put them to a place where none of them wanted to ever grow production because their produced became so "hated." So, they all shifted to a mode to pay down as much debt as possible and to just produce what they already have in reserves at the best price possible to maximize the return to shareholders. They also got pushed by their shareholders to not invest any money in new discoveries for growth for the same reasons. It's a bit of a case of "be careful what you wish for." I hate to say it, but I this video shows a lot of bias on behalf of the Breaking Points crew. Bring on someone who knows this space next time to bring a counter point to round out the discussion. A couple good options would be fund managers like Eric Nuttal or Rafi Thamazian. There are others. There maybe some cartel-like behaviour happening, but this behaviour was driven by the oil companies being scared to death to grow production by the ESG movement and the various disinvestment efforts driven by activists.
No, this is an example of collusion between states and corporations to fix prices to rob and cripple the working class of their wealth, because capital is power in capitalist systems. Stop deflecting.
Not saying OPEC isn't price fixing, however we did sanction Russian oil around the same time. In addition, Trump offered to buy 100 million barrels of oil at $50 a barrel and it was voted down back in 2019. Within two years, the price doubled.
OPEC is price fixing and sanctioning Russia is an attempt to fix the price lower (theres literally a price cap on Russian oil). Its extremely obvious but normies cant be bothered to look past Ukraine to care.
I’m an Arab and I been living in America for some time now. I’m so glad that you guys talking about MBS and his BS. Guys and girls it’s all lies. We are human beings and we need to unite against those who are just stealing our joy and life. Yes, we stand with you since you are already standing with us.
Remember when the pandemic hit during his presidency and people were using a lot less gas? You are ignoring the facts. We have also been energy independent with Biden in office. It just means that more is being produced than we are using.
@@churam88 really? I thought we were floating the idea of pulling from strategic reserves to lower cost. Do you have a source? I thought the reason gas has doubled the past 4 years was due to opec...
well they aren't the only ones. Rental companies were caught with the same thing and I'm sure they won't be the last. It might be prudent to investigate other companies that have been buying their own stock en masse.
I remember the prices spiking right at the beginning of 2020 when the Keystone was Canceled and the largest east coast refinery was cyber attacked. I think that was the point when the corrupt executives saw the opportunity to use that as an excuse to raise prices. Unfortunately, once prices go up, not very often they go down.
I pay 2.22 a gallon for E85 and get 22mpg highway in my 200k 5.0 v8 F150. The oil I use is made from natural gas. I use almost 0 crude oil and I get and additional 40hp and a cleaner engine. The e85 is made right here in the Midwest.
@@ClownCarCoup Nothing you said is true. E85 is a solution to an already big ag problem of excess corn production. So it was a solution to a financial problem. And I am surprised anyone still does not know that EV cars are the most destructive to the environment. You really should educate yourself more because that is pretty common knowledge at this point in time. When my truck needs a new engine, this one will be rebuilt. When the ev needs a battery, the battery will be put in a landfill for eternity and a new one made from slave labor mining that releases toxic chemicals. My guy. You watch CNN and got vaxxed dont lie.
@@TonicofSonic This sounds like confused MAGA logic regurgitated by Faux news talking heads. If ethanol wasn’t subsidized and MANDATED, the corn wouldn’t be grown. In a true market w/o mandates and subsidies, ethanol would never be used for fuel. Its a make-work program, AKA welfare for rural farmers. How do you think the corn is grown? With nat gas? No, with OIL for diesel and fertilizer. EVs are far better for the environment than ICE. This has been studied ad nauseam from JD Powers to EPA to MIT. And not only are EVs better for the environment now, but as the cost of renewable electricity continues to drop (which oil nor corn does not) the case is even more convincing. Its hilarious you think your flex fuel truck getting 22 mpg is a huge accomplishment. F150 Lightening MPGe is 68 miles. Are you one of the corn belt farmers with his hands out for ag subsidies?
@@TonicofSonic this sounds like the ravings of a MaGa-addled mind. Either you’re in the ethanol industry or in the ag industry, both of which are welfare. Everyone knows the ethanol industry would collapse without subsidies. The problem of excess corn production is because it’s subsidized with this idiotic ethanol production. It takes more oil for diesel and fertilizer to grow this ethanol corn than that saves in gasoline. It’s a net negative. It’s make-work for rural ag states. Most studies have shown EV lifecycle to be less carbon intensive than ICE cars during their usable lifetime. Look up JD Power or MIT studies, for example. And every year it gets more convincing as renewables ramp up. Lastly, if you drive a F150 Lightening you’d have allot better mpg equivalent than 22. That’s a sad joke
this sounds like the ravings of a MaGa-addled mind. Either you’re in the ethanol industry or in the ag industry, both of which are welfare. Everyone knows the ethanol industry would collapse without subsidies. The problem of excess corn production is because it’s subsidized with this idiotic ethanol production. It takes more oil for diesel and fertilizer to grow this ethanol corn than that saves in gasoline. It’s a net negative. It’s make-work for rural ag states. Most studies have shown EV lifecycle to be less carbon intensive than ICE cars during their usable lifetime. Look up JD Power or MIT studies, for example. And every year it gets more convincing as renewables ramp up.
@@norrell35Yes and no. Oil prices affect inflation because everything needs to be transported. So increases in oil prices lead to broad increases in basically everything
@insanittiez4860 scheduling has nothing to do with it. Not to mention, the overall premise of the story is flawed. The US is not a price setter in oil. OPEC sets the price they want. The consolidation of oil and gas in the US is because it's infinitely cheaper to acquire assets than to develop assets, especially when 1mm btu of NG is cheaper than a can of coke.
Thanks for covering this ! I don't follow politics or the economy in great depth, but this was the most obvious to me and I keep telling jist of this segment since oil and energy prices went up, which also pushed up the prices of everything else . Also, remember that this is not a US only issue, it's global. prices of products went up by at least 50 to 90 % but salaries are not keeping up, as a small business owner my expenses got higher but my sales got lower. This should be everyone's number one political issue, not only in America.
They went negative because of the pandemic when people were not driving a lot or flying a lot on trips. When people use a lot less gas, the price goes down. It had zero to do with who was president.
Holy crap! I called my congressman five hundred times about this and they just sent me a restraining order. What else shoudl we do about price fixing from a monopoly? Stop driving to work?
OPEC is the literal antithesis of a free market…but ok. I mean Venezuela has the largest oil reserves on the planet, is a member of opec and has a socialist dictator…and constantly complains about capitalist sanctions against them… Amazing comment, this truly made my day.
Common trap that ppl fall for, but this isn't unchecked capitalism, bc free markets/competition create a better environment for the consumer. This is crony capitalism, and why would "checking" this do anything? The current administration is on board with this. You really need to study Thomas Sowell and not just "capitalism bad" The words "capitalism" and big multinational price fixing are literally incompatible. The latter is a feature of when you supercede capitalism and destroy the free markets. Keep thinking socialism or gov't control is the answer, and more of this will happen
What corporations/ ceos /c-suites are NOT actively engaged in corrupting and capturing our government and siphoning off all wealth from as many serfs as possible.
Well under free market capitalism you can't ever possibly hold corporations accountable. And as a good party line-voting conservative, that's his bread and butter.
@neilmcclaran2834 thats not true whatsoever. We don't have free market capitalism because capitalism is not free markets. Free markets have no intervention from the state. Name me any industry that doesn't have the states hands all over it?
@neilmcclaran2834 yes. But us real consevativess know that this bad. And we will not be able to conserve anything. Mainstream conservatives only mime this. When it comes to war and their hobby horses. They are more liberal than most of the dnc. See Mike Johnson joining them.
You missed the real story. Biden’s FTC chair is going after the corrupt corporate higher ups and that is what’s new. They are shocked that there’s a penalty for doing things that are illegal.
@@turdferguson1603 he released a shitload of extra Oil. What else was he supposed to do? Damned if he didn't damned if he did. I am sick of defending this guy, but the Right is full of less minded people, and it isn't even close.
We can as we already produce enough for our domestic needs. However, it's the oil companies that won't allow it to be required to be sold here because they can (and do) sell it overseas for far greater profits.
I legit cant tell if your being sarcastic or if your just dense. The whole issue is american producers dont want to pump out large quantities of oil, they were colluding to cut production to raise prices…
There is a TH-cam video explaining the oil the USA drills for isn’t the right type of crude oil we need. So we export that oil but USA imports the middle eastern oil
This whole corporate profits talking point from the left is stupid. Of course massive inflation leads to massive increase in profits. Corporations in venezuela and argentina experience immense "corporate profits" each year, considering the value of money is decreasing.
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Opec is literally made to price fix oil lol. Welcome to the modern age.
That’s fine, they are a sovereign country. Our private companies shouldn’t be able to do that to us
Modern capitalism hurts
@@moazim1993OPEC isnt a country…
It illegal for us companies to work with one another to price fix
The government looks the other way when they keep prices low but when you raise the price they don’t
First of all the West use Oil for their industrial and the West have had Oil cheaply for decades which made the West richer and OPEC countries poorer (except Gulf countries with fewer population numbers) ...... And remember OPEC countries mostly don't have the technology to drill for oil and gas, so Western companies do that for them, and in exchange Western oil companies take huge cuts and leave OPEC countries with little ...... Do bit of research
In other breaking news, water is wet and fire burns.
True but I still want to see it on a chart 😅
I know right like we haven't figured this out when there's a supposedly unlimited supply but we pay and arm and a leg for it. 😂😢
I was just thinking this 😂
so true, sadly so very true.
So you're indifferent to U.S. companies blatantly violating U.S. law to rob Americans?
Best case scenario class action lawsuit and we all get a check for $3.48. & the lawyers get hundreds of millions
that's about right
75^% of theft is wage theft. 💀 Corporate crime isn’t prosecuted.
That's $3.48 per year. Don't minimize the benefits here! 🤣
As long as it hurts the companies enough to never pull this stunt again.
@Yodalemos the chances of any suit payments would be higher than the amount made from the gouging and fixing is practically non existent.
But don't worry. You are still expected to pay your loans and health bills and credit card bills and will be reprimanded accordingly if you don't. Pay no attention to what happens to those in power. They're the exception.
But how many times you V0TED?? 😂😂😂
@@jonathan7249 blue no matter who!
Rules for thee but not for mee
@@shenronded Big oil doesn't even operate out of america why the fuck would our rules apply to them?
@@Beefytiing wasn’t talking about big oil. Was replying to the comment about the government running up debt while expecting Americans to pay.
Hang on, you're telling me OPEC is a cartel?
*shocked Pikachu face
That's not the story... 🙄
Yea, everyone is aware of this and nobody is going to do anything about it.
Huh I didn’t know the US was in OPEC.
Journalists are just figuring this out now…?
Pikachu doesn't get shocked. He shocks.
The people in the comments talking about opec don’t even understand the story. The main point is not about opec fixing prices, it’s about American companies colluding with opec, when that is illegal. The American companies are to blame for inflation.
US companies jacking up prices resulting in huge profit margins wasn't lost to "the people"
Dude…they are piggy backing on opec, don’t get me wrong, it’s pretty blatant profiteering, but acting as thought they are main problem is ludicrous.
Inflation strictly speaking applies only to Monetary Inflation. The price increases, decreased which result in scarcity or plenty and the prices of commoditys increasing, decreasing should never be confused with or even called inflation. Can society please stop repeating lies , inaccuracies to perpetuate the Idea living with inflation is part of a normal and ethical market place when the fact that we have inflation at all is because of money printing, literally creating money out of thin air. Charging Interest on money loaned IS NOT PRODUCTIVITY, IT IS INFLATION!!! IT is a FRAUD,A PONSI SCHEME !, Perpetrated by the MONEY CHANGERS for Centuries. SAVERS should be rewarded, compensated with REAL ,TANGIBLE Commodities NOT MORE FIAT Currency.
That's not inflation then. That's just greed
The entire COVID LOCKDOWNS PURPOSE was to bankrupt and Crush the PETITE BOURGEOIS CLASSES while allowing ESSENTIAL BUSINESSES like Walmart, Amazon to remain open for business. It was Lenin himself who said ," The way to crush the Petite Bourgeois classes is between the Millstones of Inflation and Taxation. " So to destroy a Market Economy in favor a Mostly Centralized Economy but in 2024 using Public / Private Partnerships is literally the VERY DEFINITION of GLOBAL FASCISM.
Greedflation is a thing? This is my shocked face.
15% inflation will cause prices to go up 15% without ZERO "greed" outside of the stolen wealth by the ruling parasites,
America is producing more oil than ever before.. than any singular country in human history.. how that counts as "price fixing" is amazing.
So many folks have been screaming that this is what's really going on this entire time.
I like how Krystal glosses over the other 75 percent of the equation in terms of price increases. Because it would burst her narrative of inflations being primarily driven by "greedflation." Something that was 100 dollars is now 137.50 instead of $150 dollar according to the numbers laid out here. But I am suppose to be worried about the 25 percent that is being blamed on Oil Cartels and corporations.
@@mrt094 and this is why they think people can't do math anymore. That price increase is affecting _every_ "consumer", who are passing their costs on... PLUS more. That's your $30 price increase, combined, especially, with global shipping issues.
injustice EVERYWHERE... why? because NO ONE is doing ANYTHING about ANYTHING. These MFs do WHATEVER they want, WHENEVER they want -and they KNOW no one will do ANYTHING about it. I... HATE.... IT.... HERE
I feel ya, just take a deep breath and focus on what you can control. Support unions, they are the elected representatives of the working class, as they grow so does the influence of the working class. Union support is growing, theres a light at the end of the tunnel.
The point of the story is that the Biden administration is doing something and that is new. His FTC chair is going after the corruption and has referred the illegal case to the DOJ.
I say that at least once a day....old man raging.
youre doing it right now bud
@@michaelflynn6952 what is "it"?
And water is wet
We all knew it but needed proof without assassins getting reporters or whistleblowers.
Water can't be wet. Being wet is what happens when something absorbs water.
@@maillardsbearcatwet is the term to determine how much water a thing contains.
Water: containing 100% water, is thus, the most wet a thing can be.
Water can absorb water via intermolecular bonds though @@maillardsbearcat
There are proofs that oil wells replenish ,much like water replenish a well. They keep us slaves.
I used to work on an oil rig and it’s crazy dangerous. I’m surprised oil doesn’t cost more because it exacts a high environmental and human toll. There were signs on every Street Corner in this small town that our man camp was in, and they said the water was too polluted to drink. But mothers still had to wash their dishes and bathe their kids in that polluted water.
When will Elon Musk stick his robots on oil rigs to do the dirty, dangerous work? 🤔
Also the cost of extraction has gone up. The "easy" oil is gone.
The elites that own the land do not value human life. Thats why your pay is sh1t.
Humans and the environment are disposable thus cheap
Only things you can own are valuable, capitalism 101
absolutely nothing will be done
Did you see the "Proof" that Breaking Points promised you...?
Let's keep VOTING then BEG for CHANGE.. 😂😂😂
If we can get enough like-minded individuals in office then we can. I agree that nothing will be done currently. But we keep blaming everyone but ourselves for the leadership we keep choosing.
@@Gobbldeegoo1 it's obvious you don't know the kind of people that 💘 power and 💵, 💘 to dictate how others live and die, and 💘 to be admired and adored like GODS ain't leaders but had been running the show for ages.. 💯💯
What? I thought we just assumed the prices were fixed and we were just okay with it for oil, gas, and the energy sector as a whole.
Strange there was no "Corporate Greed" under Trump isn't it...?
Stock market guys: there’s no price fixing in oil markets
Gas prices just before a presidential election:📈
LMAO the naivety. Let me fix that for you.
Stock market guys: "OPEC has been fixing oil markets for decades and today there is going to be an OPEC meeting. Therefore, I am going to go balls deep into betting on options based on what I think they will say."
>Oil prices pump.
>Commodity prices pump.
>Bond rates pump.
Biden: "Oh nooooooo the stock market guys are calling out daddy Jerome Powell and I's BS and now oil prices are spiking again! Someone do something!"
>Recession headlines.
>Another war in the middle east.
>Yet another country gets sanctioned.
>More free money directed towards the military.
>Oil prices start to fall as a result.
>OPEC has another meeting.
Thanks for playing.
Skies are blue
Grass is green
This is news this started in the 1970’s
The U.S. was far less dominated by consolidating private interests in the 1970s
@@christopho3255 That is not true there has always been collusion then it was OPEC now there is OPEC. Regardless they greased the politicians and screw us all.
And yet BP’s stock price is abysmal
6$ trillion dollar elephant in the room in every inflation discussion on this show
Care to elaborate, or is everyone just supposed to use telepathy to understand what you're going on about?
@strikeforourrights
There is a time when the operation of the machine becomes so odious, makes you so sick at heart, that you can’t take part; you can’t even passively take part, and you’ve got to put your bodies upon the gears and upon the wheels, upon the levers, upon all the apparatus, and you’ve got to make it stop. And you’ve got to indicate to the people who run it, to the people who own it, that unless you’re free, the machine will be prevented from working at all!
-Mario Savio
I'm embarrassed for anyone who's surprised by this.
With what happened with Boeing I would be concerned for Matt Stoller. Truth is dangerous, and any threat to profits is a threat. I want more coverage like this. Journalistic integrity is wonderful.
What part of cartel did you not understand?
They are inside one and dont even know it.
shocker
I'm very surprised that they kind of just glanced over the time frame in the interview.
2015-2020 oil didn't really go up. Who made that decision? Saudi Arabia. Who's Saudia Arabia? MBS !!
Who was president in that time? Trump. Trump has a good relationship with MBS (yes yes the left would say a corrupt good relationship with Trump and his family blah blah) but good.
The second Biden takes office oil sky rockets through the roof. MBS haaaaaaates Biden. Especially after the killing of the reporter incident where he was involved.
I believe that gas will go down if Trump is reelected. As powerful as these people are, they are just as petty.
Duh its a cartel...
Drive electric and say bye bye to the pumps
Where does electricity come from?
With “allies” like these, what is the point of having enemies?
Interest rates and inflation uncertainty impacts the hurdle rate (returns investors require to beat inflation and risk) and the willingness for producers to invest in additional production equipment.
The inflationary environment was supposed to be transitory and therefore oil producers didn't want to overproduce heading into (usually inflationary periods are followed by) a recession with reduced demand.
I'm sure there is coordination between producers since every producer has a different breakeven price for oil and can be pushed out by lower cost producers at any moment, but to say that the lack of production expansion was purely a conspiracy is ignorant of many economic incentives and uncertainties.
And they would have gotten away with it if wasn't for your meddling Kids!!!
They did get away with it. Nothing will be done.
Nice knowing ya Matt. Thanks for your service!
More proof that we live in an Oligarchic-Corporatocracy.
Thank you guys so much for this segment… 💯
So... Can they be punished and we get lower gas prices finally?
Not in our lifetime
lol
Hahaha good one.
The government may fine them and take their cut of the scam
Corruption in every industry
JAIL Time!! They need jail time!!!!
This is not surprising at all. The only thing surprising is that they are being outed. I wonder how many other industries do very similar things.
That’s why the FTC chair is going after multiple industries.
Really important work here, thank you.
This is why a windfall profits tax should be in the Federal arsenal when such gouging is documented.
The corporations know what the windfall tax would be but it instead of paying it all to the treasury they just pay a portion directly to the republicans and democrats.
I work for an oil company in midland, TX, the heart of the US oil and gas industry. I am amazed because this guy has no idea what he’s talking about. We cannot just turn off wells whenever we want to. A big trait that differentiate shale wells which we call unconventional from conventional is that they decline rapidly over time. So when Covid happened and oil was LITERALLY negative oil companies stopped drilling new wells and the current wells production declined. Then when the economy started moving again it takes AWHILE for new drilling to begin. like the lead time for some of the necessary surface equipment is literally 8 months. So we could not meet demand and prices went up. Basic economics. Maaaybe Pioneer, one company did some shady business but this is not widespread. Chevron has been very open about their goal to reach 1MM BBLS per day production in the Permian Basin by 2025 and have been investing in new drilling like crazy.
Yes I am sure our nice billionaires, CEOs and politicians are not gonna do any shady sht to enrich themselves further
Good work. Keep digging.
👍🏼😎
Of COURSE!!!!
Bears do in fact shit in the woods
Glad you guys are brining this to people’s attention.
This channel is more left than tyt at this point.
It's just Krystal
@@satansshadow2163 no, no sagar too, he parades as someone on the right but his views are not at all on the right. He’s a squish mitt Romney type.
@@greattribulation1388 who are some of the best examples of the political right to you ?
Matt Stoller has some excellent segments
These people know nothing about oil pricing 😂😂😂
Sure not. Shell BD Chevron etc… are based in Texas. That’s called laying the ground to sanction Arab states and confiscate their assets and use it to fund entitlement programs.
Somebody should let Krystal and Sagar in on something: the ESG push of the last number of years scared the life out of basically all oil companies and put them to a place where none of them wanted to ever grow production because their produced became so "hated." So, they all shifted to a mode to pay down as much debt as possible and to just produce what they already have in reserves at the best price possible to maximize the return to shareholders. They also got pushed by their shareholders to not invest any money in new discoveries for growth for the same reasons. It's a bit of a case of "be careful what you wish for." I hate to say it, but I this video shows a lot of bias on behalf of the Breaking Points crew. Bring on someone who knows this space next time to bring a counter point to round out the discussion. A couple good options would be fund managers like Eric Nuttal or Rafi Thamazian. There are others.
There maybe some cartel-like behaviour happening, but this behaviour was driven by the oil companies being scared to death to grow production by the ESG movement and the various disinvestment efforts driven by activists.
This is why central banking and fiat currency is always inherently problematic
Really.. So how many times you VOTED?? 😂😂😂
No, this is an example of collusion between states and corporations to fix prices to rob and cripple the working class of their wealth, because capital is power in capitalist systems. Stop deflecting.
Really? You think you can't fix oil prices with gold?
Not, because you can't print gold/silver to the tune of trillions of units arbitrarily.
@@jonathan7249 I'm guessing you've never voted.
Inflation has one cause: expansion of the money supply by the Fed.
Precisely.
Not saying OPEC isn't price fixing, however we did sanction Russian oil around the same time. In addition, Trump offered to buy 100 million barrels of oil at $50 a barrel and it was voted down back in 2019. Within two years, the price doubled.
OPEC is price fixing and sanctioning Russia is an attempt to fix the price lower (theres literally a price cap on Russian oil). Its extremely obvious but normies cant be bothered to look past Ukraine to care.
I’m an Arab and I been living in America for some time now. I’m so glad that you guys talking about MBS and his BS. Guys and girls it’s all lies. We are human beings and we need to unite against those who are just stealing our joy and life. Yes, we stand with you since you are already standing with us.
Nooooo!!! But they're so very "free market" and "no colluding here" and "'Merica first!"
Lower gas prices means no one would want the EVs.
Remember when we became energy independent during the last presidency?
Remember when the pandemic hit during his presidency and people were using a lot less gas? You are ignoring the facts. We have also been energy independent with Biden in office. It just means that more is being produced than we are using.
Domestic oil production is at an all time high.
@@churam88 really? I thought we were floating the idea of pulling from strategic reserves to lower cost. Do you have a source? I thought the reason gas has doubled the past 4 years was due to opec...
@@churam88where did you hear that from ?
There is no such thing as "energy independent".
Lock them up please
well they aren't the only ones. Rental companies were caught with the same thing and I'm sure they won't be the last. It might be prudent to investigate other companies that have been buying their own stock en masse.
Matt covered those other ones towards the end. The FTC and DOJ already have open cases as well as several States AGs.
I remember the prices spiking right at the beginning of 2020 when the Keystone was Canceled and the largest east coast refinery was cyber attacked. I think that was the point when the corrupt executives saw the opportunity to use that as an excuse to raise prices. Unfortunately, once prices go up, not very often they go down.
Umm opec.. Jesus childeren.. wake up.
CORRECT BUT INCORRECT
Even if they pumped as much as possible, we don't have refineries to process the oil we have.
I pay 2.22 a gallon for E85 and get 22mpg highway in my 200k 5.0 v8 F150.
The oil I use is made from natural gas.
I use almost 0 crude oil and I get and additional 40hp and a cleaner engine.
The e85 is made right here in the Midwest.
Ethanol is a scam to prop up big ag. May as well move to EVs if you want lower cost, better environment and cleaner engine
@@ClownCarCoup Nothing you said is true. E85 is a solution to an already big ag problem of excess corn production. So it was a solution to a financial problem. And I am surprised anyone still does not know that EV cars are the most destructive to the environment.
You really should educate yourself more because that is pretty common knowledge at this point in time.
When my truck needs a new engine, this one will be rebuilt. When the ev needs a battery, the battery will be put in a landfill for eternity and a new one made from slave labor mining that releases toxic chemicals.
My guy. You watch CNN and got vaxxed dont lie.
@@TonicofSonic This sounds like confused MAGA logic regurgitated by Faux news talking heads. If ethanol wasn’t subsidized and MANDATED, the corn wouldn’t be grown. In a true market w/o mandates and subsidies, ethanol would never be used for fuel. Its a make-work program, AKA welfare for rural farmers. How do you think the corn is grown? With nat gas? No, with OIL for diesel and fertilizer.
EVs are far better for the environment than ICE. This has been studied ad nauseam from JD Powers to EPA to MIT. And not only are EVs better for the environment now, but as the cost of renewable electricity continues to drop (which oil nor corn does not) the case is even more convincing.
Its hilarious you think your flex fuel truck getting 22 mpg is a huge accomplishment. F150 Lightening MPGe is 68 miles. Are you one of the corn belt farmers with his hands out for ag subsidies?
@@TonicofSonic this sounds like the ravings of a MaGa-addled mind. Either you’re in the ethanol industry or in the ag industry, both of which are welfare.
Everyone knows the ethanol industry would collapse without subsidies. The problem of excess corn production is because it’s subsidized with this idiotic ethanol production. It takes more oil for diesel and fertilizer to grow this ethanol corn than that saves in gasoline. It’s a net negative. It’s make-work for rural ag states.
Most studies have shown EV lifecycle to be less carbon intensive than ICE cars during their usable lifetime. Look up JD Power or MIT studies, for example. And every year it gets more convincing as renewables ramp up.
Lastly, if you drive a F150 Lightening you’d have allot better mpg equivalent than 22. That’s a sad joke
this sounds like the ravings of a MaGa-addled mind. Either you’re in the ethanol industry or in the ag industry, both of which are welfare.
Everyone knows the ethanol industry would collapse without subsidies. The problem of excess corn production is because it’s subsidized with this idiotic ethanol production. It takes more oil for diesel and fertilizer to grow this ethanol corn than that saves in gasoline. It’s a net negative. It’s make-work for rural ag states.
Most studies have shown EV lifecycle to be less carbon intensive than ICE cars during their usable lifetime. Look up JD Power or MIT studies, for example. And every year it gets more convincing as renewables ramp up.
So 27% from oil price fixing, 50% from corporate profiteering, but all the armchair economists whining about stimmy checks
Inflation is a product of money supply
@@norrell35Yes and no. Oil prices affect inflation because everything needs to be transported. So increases in oil prices lead to broad increases in basically everything
@insanittiez4860 scheduling has nothing to do with it. Not to mention, the overall premise of the story is flawed. The US is not a price setter in oil. OPEC sets the price they want. The consolidation of oil and gas in the US is because it's infinitely cheaper to acquire assets than to develop assets, especially when 1mm btu of NG is cheaper than a can of coke.
Thanks for covering this ! I don't follow politics or the economy in great depth, but this was the most obvious to me and I keep telling jist of this segment since oil and energy prices went up, which also pushed up the prices of everything else .
Also, remember that this is not a US only issue, it's global. prices of products went up by at least 50 to 90 % but salaries are not keeping up, as a small business owner my expenses got higher but my sales got lower.
This should be everyone's number one political issue, not only in America.
But ignore when oil prices went negative in 2020....
Different President, different oil prices.
They went negative because of the pandemic when people were not driving a lot or flying a lot on trips. When people use a lot less gas, the price goes down. It had zero to do with who was president.
Global pandemic shutdown. Doesn’t happen often.
Which cost consumers a lot.
Holy crap! I called my congressman five hundred times about this and they just sent me a restraining order. What else shoudl we do about price fixing from a monopoly? Stop driving to work?
buy electric? or just suck it up
Ahhh... unchecked capitalism, gotta love it.
OPEC is the literal antithesis of a free market…but ok. I mean Venezuela has the largest oil reserves on the planet, is a member of opec and has a socialist dictator…and constantly complains about capitalist sanctions against them…
Amazing comment, this truly made my day.
It's crony capitalism, which is greed plain and simple.
Common trap that ppl fall for, but this isn't unchecked capitalism, bc free markets/competition create a better environment for the consumer.
This is crony capitalism, and why would "checking" this do anything? The current administration is on board with this. You really need to study Thomas Sowell and not just "capitalism bad"
The words "capitalism" and big multinational price fixing are literally incompatible. The latter is a feature of when you supercede capitalism and destroy the free markets. Keep thinking socialism or gov't control is the answer, and more of this will happen
What corporations/ ceos /c-suites are NOT actively engaged in corrupting and capturing our government and siphoning off all wealth from as many serfs as possible.
Ever heard of OPEC?
I think they owe us all money then no?
Have the MSM reported on this?
I like how Saagar pretends to care about Joe Average. 😅
Sorta like Krystal cares about other issues but does nothing to actually try to make any meaningful change?
Well under free market capitalism you can't ever possibly hold corporations accountable. And as a good party line-voting conservative, that's his bread and butter.
@neilmcclaran2834 thats not true whatsoever. We don't have free market capitalism because capitalism is not free markets. Free markets have no intervention from the state. Name me any industry that doesn't have the states hands all over it?
@neilmcclaran2834 yes. But us real consevativess know that this bad. And we will not be able to conserve anything.
Mainstream conservatives only mime this. When it comes to war and their hobby horses. They are more liberal than most of the dnc.
See Mike Johnson joining them.
Where's the scandal? This is how it's always been done.
You missed the real story. Biden’s FTC chair is going after the corrupt corporate higher ups and that is what’s new. They are shocked that there’s a penalty for doing things that are illegal.
Everyone knew this except Trumpers! Who try to blame Biden for everything.
opec entire concept is to keep oil prices high. its like a union for oil countries.
No it's to keep oil prices stable!
idk about USA but in Canada they call it "summer blend gasoline" and that's why prices go up in the summer...
Happens big time around long holiday weekends
And there were blaming Biden 🤣🤣
What did he do about. Not engaged!!!
@@turdferguson1603 he released a shitload of extra Oil. What else was he supposed to do? Damned if he didn't damned if he did. I am sick of defending this guy, but the Right is full of less minded people, and it isn't even close.
Hey Einstein, Biden went after the Saudi government calling the Prince a pariah... or did you forget. Biden also limited domestic oil production.
@fiedler230 from our reserves
I'm shocked that people are shocked
Nice, government forced refund checks!!!.....oh wait
I bought 100 shares of Exxon in 92 and wish I still had it.
Thank you for this
Everyone knows this been going on sense the 90’s
1960s
This is why we need price controls.
File that under dah
Save the planet
Eat a billionaire
The planet is fine. And i don't eat gmos.
Let's instead create the conditions for life to thrive. Like a garden.
It's always been a game we lose at.
Opec exists
The Saudi Kingdom is no lesser evil than USA
They are a greater evil actually. Have you seen their religion in tge last century? The catholics haven't been that rowdy since the crusades
But what about all those "I did that" stickers on the gas pumps?
If only the US could pump all their own oil…
We can as we already produce enough for our domestic needs. However, it's the oil companies that won't allow it to be required to be sold here because they can (and do) sell it overseas for far greater profits.
What? Explain what you mean.
I assume you're calling for a ban on oil exports?
I legit cant tell if your being sarcastic or if your just dense. The whole issue is american producers dont want to pump out large quantities of oil, they were colluding to cut production to raise prices…
There is a TH-cam video explaining the oil the USA drills for isn’t the right type of crude oil we need. So we export that oil but USA imports the middle eastern oil
Great information
Lol it's the oil companies... has nothing to do with the trillions of dollars "printed"
Good Point, when you print trillions of dollars, it is then devalued on the global stage and affect is reduced purchasing power of goods overseas.
lol, they literally had a press announcement when they did this.
It would be interesting to hear you cover various folk music, old stuff. I was listening to "Rumelaj" recently and "Tri Martolod."
So, when does anyone goes to prison?
Everyone knows they all collude in price setting, it’s nice to see someone has the proof now.
We all know about this and it is not a surprise. Everyone in DC are benefiting from it.
Is anyone going to be held responsible
Nope
Oh no! Who would have thought. 🤨🧐🙄
Pitchforks and torches
This whole corporate profits talking point from the left is stupid. Of course massive inflation leads to massive increase in profits. Corporations in venezuela and argentina experience immense "corporate profits" each year, considering the value of money is decreasing.
Crazy how no one will go to jail for this
Matt Stoeller, you beautiful man. Doing the lord's work.
Thoroughly exposing these fkers and the flaws in our system is important work.
Whatsapp "end to end encryption" is amazing. Lol