Input | Output |
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Link | Youtube |
Published | 2024/03/20 |
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Status | article incomplete |
Beau says:
Gas prices are rising due to Ukraine's successful campaign against Russian energy production, leading to disruptions in the oil market and higher prices at the pump, with summer prices expected to remain high.
Consumers, Energy Analysts
The full transcript provides a detailed explanation of the connection between Ukraine's actions and rising gas prices, offering insights into the potential long-term impacts on summer prices.
#GasPrices #Ukraine #RussianEnergyProduction #OilMarket #SummerPrices
Well, howdy there, internet people, it's Bob again.
So today, we are going to talk about Ukraine
and your gas prices,
because those two things have a connection now, okay.
So you may have noticed that gas prices,
the price of the pump has started going up.
Some of this is the normal switching over
winter to summer thing that occurs every year.
Some of it has to do with something else. Ukraine has been running a relatively
successful campaign against Russian energy production and they have been,
well they've been going after a bunch of things, but what is important to this
conversation is that they've been pretty successful at hitting refineries. How
successful? Successful enough for Russia to say they're putting air defense at
their refineries. I have seen estimates about the disruption but they're all
over the place. Somewhere between 400,000 barrels and 900,000 barrels per day.
That's pretty significant. When you're talking about the oil market, it's a
global market. A disruption in one place impacts oil prices everywhere. So that
translates into higher prices here and higher prices at the pump. Why would
Ukraine do this? Because it is far more damaging to Russia to lose that
production capability than it is, than the damage caused by the price increase
here. So what does this mean long term? Well the disruption will only last so
long. It'll be repaired, other things will come online, so on and so forth. The
thing is by the time those repairs are completed and things get back to
normal, you'll be into summer. So the real translation is that your summer gas
prices, they're starting now. You know how every year in summer gas prices go up
because there's more people traveling, more expensive process, blah blah blah.
That's gonna begin around now. You'll start to see it. So that's what's going on
with it and realistically because of the success that they have they've had
there there's a pretty high likelihood that Ukraine attempts to keep up the
pressure in this way. So we'll have to wait and see but normally you start to
see that that spike and then it goes back down and then summer prices hit.
it. It's probably going to spike and then stay there through the summer. Anyway, it's
Just a thought y'all have a good day
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