How Oil Companies Are Scamming You
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- Опубликовано: 1 июн 2024
- Gas prices - and the wider crisis of inflation they cause - have become a national crisis. In this short video, we talk about how a big part of the increase in gas prices in recent months is a result of decisions by oil and gas investors, and how a more rational way of running the oil and gas industry could both support ordinary consumers and move toward a post-oil future. Featuring Matt Bruenig.
Sources in the video.
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I remember when gas prices fell in 2020 people were complaining about how this was bad for workers in the O&G industry
Funny thing is that the actual workers never really see a crumb of any benefit of gas prices going up.
Since when did CEOs count as workers?
I remember that. A guy said it was bad for the local economy with low gas prices. I asked "so we should rely less on oil and gas?" And because he was conservative he had to back up
I don't remember anyone in the USA ever giving a shit about workers. All the complaints that I can recall were about falling stock prices!
I wish I had extra money to invest when oil stocks fell. I knew the gas company’s would want their money back X4.
Well that is the great wonder of the capitalistic system. Revenue goes up... you can keep your job but nothing else. Revenue goes down and you lose your job as well. It´s a lose lose situation if you are not already at the top.
I'm glad someone finally mentioned the actual solution is being less dependent on oil, instead of tax solutions etc.
Because taxes bad. Just look at the UN top 10 happiest nations in the world. Most are social democracies with high progressive taxation system.... /sarcasm
You mean the $0.08 we can save for a national tax holiday? That's the only answer your going to get, remember to vote blue for more 8 cent solutions to crippling inflation
I feel like a lot of people talk about this, maybe you just aren't broad enough in who you listen to?
@@marco12377 Not really, Americans both conservative and liberal are very car-brained. They rarely consider public transportation and changes to urban planning as solutions. Only leftists and some progressives put more importance on phasing out car travel when not necessary
@@sudovirus3285 Public transportation and urban planning are great ideas, I was more talking about getting off oil and investing more in wind and solar. I hear plenty of people talking about transitioning to clean energy.
For about ten years, whenever someone says "well it's supply and demand, good ol capitalism baby, hur dur dur" I rebut with: "Yeah, supply and demand. When you control supply, you can manipulate demand"
Price is decided by supply and demand. When demand is constant, and supply is manipulated, you control the price. I get your point, but it's price that is the dependent variable, and supply that is the independent variable in this equation. Demand remains unaffected.
@@satolah Demand also gets manipulated through marketing and elimination of alternatives by monopolies.
@@baruchespinoza6703 there are multiple gas companies
@@Andy-km1xp Really? How many? 10? How long until they consolidate into a monopoly?
@@baruchespinoza6703 you could say there’s an oil oligopoly, but oil is oil, and I don’t see it becoming a monopoly
The thing i least expected to learn is that people genuinely believe the president actually controls gas prices. Not like I'm some big brain, I just knew it didn't make sense that the president controls that directly
No one thinks he sets the prices directly. He ran on ending the fossil fuel industry and from day one in office he's made oil artificially scarce in America. The US was energy independent when Biden took office.
Its because each side wants to criticise the other side any chance they get
being skeptical is not a big brain move performing an investigation to get the right answers is
They don’t have direct effect on the price but completely ruling out their policies effect on oil prices is moronic as well. It’s clear on Policy joe isn’t helping prices whatsoever, and our current administration is being sued by Canada for not expanding.
honestly with the amount of their profits that come directly from government subsidies, im pretty sure we could legally seize most oil companies.
If I say I lost $300 I would mean that I had $300 and somehow lost it. When the bourgeoisie say that lost $300 billion they don't mean that they had $300 billion to begin with and then lost it. The oil companies are making money. They're making a lot of money. When the bourgeoisie say they lost $300 billion they never had the money. They mean that they wanted to make $300 billion more. Imagine if I sold you something for $300 more than I paid for it, but then said I lost $300 by selling it. You imagine that I paid $300 more than I sold it for; no, what I really meant was that I wasn't satisfied with the $300 I made. I wanted to make $600. What I'd really meant was that I was so greedy that I considered the plenty I made off of you a terrible lose because I wanted more from you.
this is a very good comment thank you
Corporate greed will be the death of us all.
Actually, in this case their investors really did give them the $300B in cash and the oil companies lost it. Most of the losses were in the fracking industry, which turned out to only be economically viable when oil prices were quite high. This was the case when the investments were made, but then OPEC increased production which lowered the oil price. This was done specifically in order to drive the American oil frackers out of business. It's a classic case of the practice known as predatory pricing.
The "bourgeoisie" as you call them genuinely lost $300B of their money. Not that I'll lose any sleep over that. If you want to accept the profits then you'll also have to accept the risk of losses.
Well said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figure in 3 month, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement
@@rajeshupadhyay5683
lookup Priscilla Dearmin-Turner, this is her name online, she's the real investment prodigy since the crash and have help me recovered my loses
gas companies can go on strike and form union/cartels
but workers cannot
that's America in a nutshell.
Well said.
OPEC is primarily made of Middle East countries. Price fixing is illegal in the US and has been for over 100 years. It's rarely investigated, but it's illegal.
Also, workers (generally, there are a few exceptions) can strike and form unions, it's protected by the National Labor Relations Act of 1935. It's just that state laws like "right to work" laws (the ones that allow your employer to fire you at any time for any reason not specifically protected by law, and often without telling you why you were fired) make it really hard for employees to actually exercise their right to collective bargaining without being fired for "an untucked shirt" and not the actual reason of unionization.
@@angolin9352 so de facto companies can often form cartels so long as they're not tooo obvious about it, and de facto workers in many states can't form effective unions?
@@williamchamberlain2263 Basically yes, but details are important when it comes to policy because if you get the details wrong then the policies you fought so hard for are ineffective or counterproductive. Knowing the exact truth is the only way to push for effective change.
Wish The Gravel Institute had a TV network, it would shut up all the mainstream media lies about why Gas is so high, once & for all.
I agree. Even the supposedly liberal networks like ABC, NBC, CNN, etc. don't tell the truth about why gas prices have jumped.
And the silly conservatives blame Biden for shutting down a single oil pipeline. I live in a red state and have geard this argument often.
Republican: "Biden shut down ONE oil pipeline and now shit hit the fan!"
Me: 🙄
That's, of course, only if people are receptive to the message.
@@GenerationX1984
Lol
And cut back oil leases.
And wants us to buy electric cars.
And cut world supply with sanctions on Russia.
And says the price will be high as long as it takes.
@@GenerationX1984 the funny thing is, that if that one oil pipeline, that transports oil on the American continent (from Canada to America I believe), than why are prices also so high here in Europe? Because according to Republicans, that pipeline, Biden shut down, which doesn't even run through Europe, and doesn't even transport oil to Europe, is the reason why oil prices are up here as well.
I'm glad that here in the Netherlands we've already started building a vast cycling and public transport infrastructure to decrease both our CO2 emissions and dependance of oil in the seventies. I don't need a car to go from A to B. I can chose to use our vast train network, to go by tram or bus or simply step on my bicycle to get around in my city. You should try it ones.
You can thank the motorist who killed the child son of the transport minister of the Netherlands.
If a car didn't kill a cycling child who was the son of the transport minister, Stop the Child Murder (Stop de Kindermoort) wouldn't have succeeded in turning Netherlands into the cycling nation.
The reason why you are the only cycling nation is because our transportat ministers didn't have tragedies in their families.
That one dead child saved thousands of people who would have died because of car accidents.
Lucky, I am so sick of driving.
@@Moses_VII And the US is addicted to oil because fossilized turds run our government
@@Moses_VII utter nonsence
@@paulmitford5189 close enough to the truth. In the 50s we had a lot of child road-deaths. Cycling was introduced to stop this.
America is a Corporatocracy, especially for oil companies that are arms deep in every level in politics in the US.
Yes, generally speaking it is a plutocracy, soon to be an oligarchy if the republiclans come back into power.
Just a shine light on this, what you're talking about is fascism.
ok commie@@ProleDaddy
As a Norwegian oil worker, I can say that local companies, including the state owned ones are very aware that offshore wind for example is the future. They are really changing to enegy broadly
Is it true that y'all's environmental record is relatively good compared to America, for instance? If that's true, is that because there's no profit motive?
I think extracting the Oil only produces like 10-20% the emissions of what actually using it for transport/power produces.
So yes, I think Norway can claim to have low CO2 emissions themselves, as they largely don't use all that Oil they produce.
Selling all that Oil to allow other countries to use Oil for longer and cheaper however is probably not as environmently friendly...
But still a lot better than other countries that start crying for more Oil production whenever Oil prices get too high for them.
@@alexandererhard2516 Oh, if you were responding to me, I was asking more about the literal oil extraction, not emissions.
I've heard that Norway's oil production is far safer in terms of oil spills/contamination/etc.
It's not a future, not as long as we can't mine the resource to make those, as we can't afford to import all the materials for those.
@@night6724 Wrong. China makes more solar panels than the world combined . The current wind turbine technology is mostly European, and Europe has more installed wind capacity.
The US could do more if only the Republicans could shut up and accept the future. When China starts exporting wind technology to the US, same Republicans will complain about China stealing US jobs. But we're not now capitalizing on the opportunities we have here.
This channel is constantly improving
@@night6724 you're welcome to view the sources yourself
@@teeth-man looks like some comments were deleted here...
Sus
''How AMERICAN-WESTERN oil companies are scamming you. Russian & Chinese oil companies are awesome'' Kravel Institute
They knew putting lead in gas was bad. They knew about climate change. You can't fix privatized oil. We need to nationalize the oil industry. Hold them accountable to the people.
Nationalizing oil is about the worst idea I have ever heard, if you thought big oil was bad get ready for government oil.
@@andrewgreeb916 It's literally the same thing though. The Oil Industry already owns the government through lobbying, so who cares if they switch the order of the names in front of the company?
The only way to bring the oil price down is by being less reliant on it. The entire country is above 85% dependent on the fossil fuel industries. This should’ve never been able allowed to happen in the first place foreseeing the damage it would cause to our pockets.
There is one other that is possible but incredibly worrying is State control of the resource and production.
It can give great things like France had with EDF and Nuclear power before the opening to free market.
Or terrible things like Kadafi and oil control in the name of US corporation.
Biden and his policies have Purposefully effected the gas prices, by canceling drilling leases and limiting domestic production. halting federal permits for oil and gas drilling and leasing shortly after taking office. Also, he is blocking drilling in a major oil-rich Alaskan region. These decisions by Biden, and nobody else, affect FUTURE production, causing prices to rise in anticipation of lower supply. Expectations of increased future supply lowers the prices. Also, the EPA is imposing such choking regulations that companies can’t even get cleared to use existing wells. Everyone understands that if it costs more to grow wheat because of fertilizer prices that the cost of bread will go up. It’s the exact same thing. Also, just the presidents anti-fossil fuels rhetoric will cause higher prices but his words were followed by his ACTIONS. Canceling the Keystone XL pipeline, blocking leases, restricting imports, and pursuing regulations. His open hostility to the oil and gas sector DEFINITELY curbed investment that otherwise would have occurred. Less investment = less supply = higher $ $ $. The funniest part of this?? Biden was warned over and over that this would happen but went and did it anyway. Biden doesn’t care about the environment! He’s begging Saudi Arabia, Iran, Venezuela to produce MORE OIL.
The solar cells and windmills are made in China. Our grid cannot tolerate the huge amount of electricity. Being Green is naive, if not evil.
Yeah we should've stayed in the 1800s for sure.
I don’t understand why everyone is so quick to defend oil. It’s not good for the planet. The company’s that distribute oil have us hostage. Our roads are not build for walking/ public transport. I don’t see it actually changing for 30 years.
I find it tends tk be because of a combo of ignorance and fear of change. Older generations, like older than 50, grew up with radically different set of norms being pushed or what was important to the general public. The information they had was also different.
Pair that with a majority of ppl being lacking emotional intellegence and critical thinkijg skills; thus seeing any sort if change as a dangerous terrible frightnening thing (and not knowing how to handle any sort of change or conflict heakthily). It's a simple yet complicated global issue that kinda doesnt have a start. Its already caused issues in a persons life because of their parents/guardians, who is effected by their parents/guardians, etc etc it just keeps going back.
Because they live in a Republican run oil producing state. For example, if you criticize big oil in Tusla, OK they might just stone you to death or burn you at the stake.
@@night6724 even so. Oil companies have a lot more money than solar companies. Cutting down the big boys and killing monopolies is important for a healthy, more competitive economy.
@@night6724 I don't believe they do. I think they mislead the public into thinking they invest in renewables. They would invest in renewables like the tobacco industry would invest in nicotine patches and gums.
you could always go back to the 1800s and join the amish.
Thank you for this. The good old US of A is in a serious decline.
Americans giving up on oil is about as likely as Christ coming down from heaven and giving me a vintage blue and white Nike windbreaker and 40$. Very Unlikely
The Lord works in mysterious ways, my friend
That Nike windbreaker was made with oil.
al gore rhythm
That sounds like the saddest dance of all time
Clever 'bubbles' Aria?.... you have a pun, but what have you actually said?
@@9UaYXxB i mostly just wanted to leave a comment to help boost this video in the youtube recommendation algorithm. but i didnt actually have anything to say, and i had heard that just commenting "algorithm" doesnt actually contribute to a video getting boosted to prevent system-gaming. so instead i commented a pun on "algorithm"
"A better way is very possible," is a progressive slogan at this point, and I love it.
Would've loved a side note about France depending on its Neo-colonies in Africa (mainly Mali and Niger, iirc) for its cheap and plentiful Uranium supply, but I guess the video can't be 5 hours long. Definitely appreciate that Norway wasn't showcased uncritically. All in all, another Gravel banger!
On the other hand France appearently is also the only country that recycles nuclear waste.
@@KrolPawi Quoting from a Newsweek fact check article titled, "Can nuclear waste be recycled?" - "Countries such as China, Japan, and Russia are all currently using spent fuel to generate electricity, as well as several European countries, according to the WNA."
I don't doubt that France is one of the "several European countries". But even if they were the only country in the world to do so, it wouldn't justify exploiting their neocolonies to get the Uranium in the first place.
A very timely and important topic, great job y’all. #NationalizeBigOil
Nah, stop drilling oil completely
Break up oil companies and more competition
@@kittycatwithinternetaccess2356 Why not? It will benefit the people.
@@kittycatwithinternetaccess2356 Nationalizing it would help more, because the price would be stable and not as high as it currently is in the US
@@kittycatwithinternetaccess2356 Really? Explain how
Lmao they raised the gas prices due to Russia but the US barely even imports any gas from Russia!
US has to compete for the gas other countries want. Those countries that buy from Russia are trying to outbid USA on the sources it is using, so that's why price rises in USA
We give oil away. Ask Joe...he just sold to the Chinese.
2:30 I remember SImCity strategy - step 1. Lowest taxes (get more citizens), step 2. Highiest taxes (until riots get too large) - you repeat it 3 or 4 times and have millions in budget.
the level of graphics and animation on this one is a huge step up!! good work!!
Ultimately the oil and gas industry will price themselves out of the market.
@@GaleLD The problem is job security as CEO would be nil unless profits continuously grow.
The CEO's & Shareholders determined the price of gas, the problem is they sponsor all The Mainstream Media outlets we watch, & they tell them who should be the one to blame...which of course is never them.
Thank you for this video. Those companies are actual ghouls.
Thank you for the video, I learned a lot. There are some gaps in the closed captioning under a few of the news clips but I don't think I missed too much.
I appreciate when you bring up Norway in your video to support your argument you also acknowledge the issues associated. That’s integrity and it’s refreshing to see issues acknowledged in supporting arguments rather than just pretending Norway is perfect.
Thank you for stating this clearly.
A really informative and helpful piece!
Amazing Video Comrades! Short and to the point.
we need to expropriate some oil rigs.
without compensation
the same way cops do asset forfeiture.
That's what gets you bombed and embargoed
We need to do this, but with our politicians in the pockets of those who own the oil rigs it's highly unlikely to come to fruition.
They (The Gravel Institute) needs to create a follow up video on the PROBLEM WITH REFINING CAPACITY. Many of the current refineries are ageing out and there has not been a new refinery built in a long time.
Without a good refining capacity, the amount of oil you extract will just sit useless.
not to mention the fact the refineries were not built to handle the light crude that the US produces from the main shale plays. They were set up to based on the crude that was coming from overseas years and years ago.
Thank you, TGI.
In Canada, the vast majority of our electrical production is hydro, so much so that we don't say "electric bill", we say "hydro bill". Gas prices are sky high but I bought an ebike and commute with it when it's not raining. I now use it more than my car.
great breakdown, yall
Nationalizing the oil industry would end a lot of the fuckery behind the scenes of trying to continue and worsen the dependence on oil.
Amazing and insightful
The essential sectors of the economy should be nationalized, only the commodities should be in the private sector and even then, there should be good measures to protect consumers from profit seeking businesses especially for commodities that are essential to daily life, not luxuries
Thank you. I think most Americans would agree if they knew all the benefits doing that would actually provide. Ralph Nader has been saying this for decades.
in pseudo capitalist (can call it that or consolidation capitalism because its not really capitalism in the pure sense) america, adequate sleep, food and hygiene are seen as luxuries reserved for the well off. this is why you see the well off constantly whining about the smell of poor people and disgusting classist behavior like that
👃🏻 *sniff* *sniff* 👃🏻
🔨 Smells like communism. 😱
☎️ *Get’s Henry Kissinger on the phone*
“Yeah, we’ve got another one on the RUclips!”
What if you,have a really bad politician like Trump running the state owned business then it may go like in Venezuela or in Brazil.
@@thorsrensen3162 A bigger hazard would be a Margaret Thatcher who is deliberately sabotaging it for privatization's sake as seen with many aspects of British industry.
can you guys make a video on Bolivia?
how did the left won there? and how they have almost no inflation.
Useful data. Norway's solution sounds like it would help us a lot here
The faster we as a society can reduce our dependence on oil, the better.
Kyle Kulinski said that the last time the cost of oil per barrel was at the same price it is today, gas only cost $3 and change.
It’s almost as if we add millions of people a year and add more people using cars in general
@@peaceiskey3272 That's a fair point. However, is the percentage of today's markup relative to the percentage of new cars on the road? I think not.
I am all for nationalizing the oil and gas industry! Use the profits for social programs instead of it going into rich CEO's pockets
Maybe it's time to nationalize oil companies
We should stop using our cars every time we need to go somewhere. Why not use a bicycle or simply walk or just take the bus. However the oil companies want us to use cars and planes to commute and travel. I see a lot of people going on long trips during summer holliday, they should made aware how much such behavior harms the environment.
@@tilleryinnovations592 I must admit I dont have the time to use bike or bus myself but It would be good if other did it.
Very informative
I love the style of your videos! What kind of programme do you use to make them? :)
Who would have thought that urban development in the USSR was the solution.
People love blaming the government for corporate failures.
Oh the corporations never get blamed. The CEO sometimes gets a raise as a reward for losing the game. It's only a fair game if the rich can lose too. But they rarely do.
people love blaming corporations for government failures. See I can do it too.
I am so shocked. It was corporate greed all along... I'm shocked, SHOCKED I SAY...😐
high gas prices are a good thing in the long term. they incentivise investment in transit alternatives, spur people to make fewer car trips/use bikes or walk where possible, and shift the market away from massive wasteful SUVs and trucks and towards hybrids, sub/compacts, EVs etc
No they aren't. There is not enough public transportation in america, people's jobs are too far away to walk (due to suburban sprawl), and bike infrastructure is ineffective. All raising gas prices does is make life harder for the average american and line the pockets of shareholders.
@@communistspectre1984 in the short term, yes. but in the long term it will spur investment in pedestrianism, public transport, and hybrids/evs
@@umangmalik Why would investors switch to investing in green energy stocks? As the video says, oil companies are making record profits due to price gouging. Investors want to make higher profits so they will keep their investment in oil as long as oil prices stay high. The oil lobby is also very well established, so they will still probably be able to get money from government subsidies even if people buy less oil.
Also oil prices increased significantly in the 70s, but that didn't lead to any large changes in transportation. These high energy prices will also probably stop after the Russo-Ukranian war, or whenever sanctions on Russia are ended.
Electric cars are also not a solution because they take so much energy and resources to manufacture. Have you watched the gravel institutes video on them?
@@communistspectre1984 you're still thinking in the short term. The transition to renewable energy is inevitable at this point because RE's marginal costs are lower. High oil prices right now are because the oil industry is anxious about investing millions into new drilling sites when the future of the industry is up in the air. This leads to high profits in the short/medium term, but in the long term it effectively means the oil industry is ceding the market to any alternative that is better able to meet demand.
Let's be realistic. the oil companies don't let us get independent from gas soon. The price of energy is high in Europe, including Norway and France. The oil companies will eventually buy the companies which they produce clean energy and then they will milk the people. All sources of energy must be nationalized.
This reminds me of a book I wrote on Wattpad called “Democracy vs Corporatocracy”. It is set in a dystopian future where the economy is entirely controlled by corrupt corporations that are motivated only by profit and social inequality is rife throughout America. Many are homeless despite having jobs and working extremely long hours and the Corporations use their vast power and influence to alter laws in their favour. A resistance group known as the “Freedom Democracy League” seeks overthrow the U.S Government, end Corporate rule and turn America into a Direct Democracy. In 2061, the CEO of the biggest company, MegaCorp, is assassinated and the company falls apart into various splinter factions who start to literally fight each other for control. Entire cities turn into war zones and only New England is spared as the F.D.L takes it over and launches a successful offensive to take control of New York. The message behind Democracy vs Corporatocracy is that the power must be divided in a fair manner. Because if one group gains too much power, the results, no matter what, end in blood. And when MegaCorp was given too much power, America collapsed into a Second Civil War and countless lives paid the price.
The first American civil war was started over blood and cotton
@@MagnificentMaimonides9797 yes and this civil war was started over control of the nation.
Great video
I never thought something like this could be misunderstood. Educating the US is one tough goal.
When many Americans cannot afford to travel, and poverty and homelessness is widespread, it is a good thing. -Your father
3:30 ish - one alternative is to buy stock and block vote ; I think that some organisations help organise that for people to buy however much of a share they can afford and coordinate a vote
"Profits serve the social good" That is the most unamerican thing I have ever heard.
Thanks for the video glhf
Weird. I always assumed Biden had a "Wheel of Fortune" setup in the oval office that determines gas prices. The more you know!
I've always loved the idea of having transportation almost entirely buses, even if it's too drastic of a change to be realistic.
If you increased the amount of buses (and bus driver's, routes, etc.) to account for a majority of people, traffic jams would almost cease to exist. Even in places notorious for traffic like Manhattan and Los Angeles. Yes there are more buses but the decreases in cars is more than enough to cancel out that effect.
People think that if they have their own car they have the freedom to go wherever they want whenever they want, but when you're sitting at stop signs for 20 minutes just to get to the other side of town, that's not really "wherever, whenever" is it?
Not to mention we'd save so much on oil, carbon emissions, and just spending in general. The oil and car industry would never stand for it though. And not [entirely] without reason. What would we be supposed to do with all the cars and gas stations we currently have everywhere?
Wait until you hear about electric trains. They don't need diesel or even rubber tires that are currently made from petroleum. Trams, light rail, metros etc. are all highly efficient, however they need good economies of scale to run, and so buses are more viable in most of low-density America. But what Americans fail to understand is that density itself is economical and they'd pay less in taxes if they had denser communities which could also be easily made oil independent with trains and bicycles. Especially now that electric bikes are getting pretty good.
NATIONALIZE THE AMERICAN OIL INDUSTRY
Getting Bruenig to appear on one of these is awesome. Always rockin that white tee baby
I'm getting to the point where hearing good ideas like this depress me since the political and corporate obstacles are seemingly insurmountable.
They pay A LOT of money lobbying and what not to make it stay that way. Sucks, man.
@@MrMooAndMoonSquirrelToo Yeah. That got me thinking. What if we made a citizen lobby. Instead of wasting money trying to get good people elected (which barely happens and when it does even the good ones temper their goals once elected) let's pool our money together to bribe the politicians more than the corporations do. Bribe politicians to do the right thing.
@@zigfreidbop could be a good idea that might help a little. Sad thing is it wouldn’t matter how much we pool. They have enough money to throw more at it.
@@MrMooAndMoonSquirrelToo I think back to Michael Moore's Sicko and recall senators or congressmen being bought off by the medical industry lobbyists for like $20k - $40k or so... individually that is. It wouldn't take a lot of people (given we have over 250 million adults in this country) to beat that. Bernie ran a comparable campaign to the corporate supported candidates twice off of small donations. I really think it could be done (at least starting with the most important issues first, like say full Healthcare coverage for all).
@@zigfreidbop take a sec to look up the profits of oil companies versus the profits of the medical industry. Both are huge industries but the oil industry is SO much larger. I’m not saying it wouldn’t have an effect but I highly doubt we could out-fund them.
In the Long Run, Increasing prices higher for Gas forces people to turn to other forms of energy faster. Shareholder greed always eventually hits a point where it hurts the company, which makes them panic further eating the company " Squeezing the Wells Dry" before cashing out
This ultimately drives everyone faster away from Oil and towards different forms of energy or fuel.
But at what cost?
Or are they keeping it high because they know the American people of paycheck to paycheck cannot afford electric vehicles? Can they even afford new petrol vehicles?
Oil execs are sneaky wolves.
@@Moses_VII People will invent or come up with new ways of traveling over using cars in general. A Electic car is a good goal for most but people will turn to public transport more and more as well as other forms of travel
This video is a lot better than I thought it would be. I expected them to extensively bash price gouging and advocate for price caps (which is a vary bad idea), but they introduced a reasonable idea. Nice
We have owners and shareholders making private decisions over so much of our energy production in the US. Whatever their priorities are, it will affect the rest of us.
Also never forget the majority of US oil is Canadian in origin and these companies based in Calgary have publicly and furiously stated they want high prices and no new competition. They were furious with the Alberta NDP government (2015-2019) for organizing and building a new highly profitable refinery called the Northwest Upgrader that they swore would be a money pit... Quite the opposite, like our provincial owned bank it rakes it in for the province quietly while screaming up and down about "SoCiAiLiSm" all the time... The nerve is quite astounding actually...
Really good video. People need to talk about this more.
Clime Town has a great video on this too.
The magic words re expropriation and public ownership. It is clear that any attempt to do so means a hard fight with corporate power. But it's doable and worth it!
If you’re saying we should just invest in solar and wind, you’re kidding yourself. The big benefit with fossil fuels is the guarantee of generating energy for the grid 24/7. Wind and solar won’t ever be close to that. By their very nature they can’t. Now you could’ve built nuclear power plants, but green movements are more interested in shooting them selves in the foot and accepting nuclear power as a source. Hydro is ok, but is very geography centric and can create headaches for those down stream like what’s happening in south East Asia and Egypt.
Prioritizing profit over the good of humanity leads to these kinds of problems. The private sector is ultra efficient...... at maximizing profits at the expense of the average citizen, the actual everyday Americans economy and the planet.
'Carbon Democracy' (2011) is a heck of a book.
4:36 Of course, this presupposes an efficient and clean government.
Dense housing does not seem like a good solution. I mean sure it would help with reducing the oil production. But have you heard about khrushchyovkas? Thats an example of dense housing, and they are widely hated and despised. You made very good points by the way, but dense housing is best for demoralizing population, even if that is not your intention.
So we are basically SCREWED! Those on fixed income are REALLY screwed, those who can demand higher pay will do OK. (back in the Carter days I was getting two 10% raises per year!)
C'mon RUclipss! WTF does this channel ONLY have 382k subscribers?! STOP THE SHADOWBAN!! This is quality f*cking content!
ESG investing is potentially a source of this as well. Large funds like Blackrock are offering portfolios which include ESG controls and individual investors (like me, with my puny fund) are choosing “green” companies.
1:41 Cartels, let's call it what it is
BLOOD AND OIL
All national resources should be nationalized. Communities pay with their lives, health, local environment and the community and workers usually get pennies for their trouble.
The oilfield pays pretty good and local communities benefit quite a bit from the taxes companies pay.
Joke's on you. I use busses and trains. Gas prices don't concern me one bit.
Like every other oil producing country, the US needs a state-owned oil company that will fill the need when the private sector goes on a price gouging binge. Releases from a 'strategic reserve' just go to oil company profits and never help consumers.
#PetroAmerica is what's needed!
Dense housing is a massive necessary component in the climate transition. #yimby
The shareholders are the politicians…
Easiest way to decouple oil prices in US to world price. Add a substantial export tax or just stop all oil exports.
When your gas tank is empty, it's full of gas.
What's the y axis on the Dallas Bank graph
You can bet everyone in the media screaming about gas prices would have a heart attack if the big "nationalize" lever was pulled.
UK is also mostly nuclear. Right now the world needs oil.
Less oil*
Algo be praised
important
Stockholders are incentivised by higher EBITA target. This needs to fundamentally change. The legislature need to relook at how are companies evaluated and add more meaningful metric which reflect the democratic priority of the times. For eg a carbon fuel based tax credit system
Next urban planning
5:11 I know that writer! She is a friend of a friend. Glad she's doing well for herself.
They might engineer this high prices for now, what they are forgetting is consumer confidence is now very low. No unnecessary travelling or buying big expensive cars. People opt for electrical cars instead. In the coming years, oil will be pretty useless.
French guy here.
I have to mention that, while yes, we use nuclear energy, we are still reliant on oil for most transportation.
Public transportation is decent if you're looking at Paris and other big cities but public transportation anywhere else is lacking (it's there but it's not convenient enough for the average user).
When it comes to cars, we still use oil as combustible. We could switch to electric transportation but there hasn't been a push to adopt electric cars. Living in rural France, I legitimately don't know where you can find electric recharge stations. Never seen one.
And that's not even going into the problems of nuclear energy, like nuclear waste and the problem with electric cars which you have outlined in one of your videos.