Stay Tuned with Preet The Price and Politics of Oil (with Daniel Yergin)
Apr 14, 2022
Daniel Yergin, a Pulitzer Prize-winning author and energy expert, shares intriguing insights into the volatile global oil market shaped by Russia's invasion of Ukraine. He discusses the future of electric vehicles and the U.S. shale revolution, revealing geopolitical dynamics that influence gasoline prices. Yergin recounts a tense moment with Vladimir Putin at a St. Petersburg conference and examines the role of oil giants in tackling climate change. The conversation also touches on America's energy independence and its implications for national security.
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Gas Price Politics
- Gas prices are a political football, with each party blaming the other for high prices.
- However, oil is a global commodity with a global price, largely outside of any particular president's control.
Gas Price Variations
- Price differences between nearby gas stations are due to varying purchase times, distributors, and profit margins.
- Larger state-to-state disparities are often caused by differing environmental regulations on gasoline blends.
Price Gouging Accusations
- Allegations of oil company price gouging are common during price spikes, echoing similar claims from as early as 1923.
- These claims are often politically motivated and investigations usually reveal market forces, not gouging, as the primary driver.
