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The Real Reason Gas Prices Are So Damn High | The Daily Show - YouTube
Channel: The Daily Show with Trevor Noah
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right now inflation is the one thing
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people hate even more than jake
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gyllenhaal
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it seems like everything is more
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expensive these days groceries are more
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expensive
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cars are more expensive
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thai dollar sign is now tied dollar
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fifty i can't afford that anymore
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but there's one price that people notice
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more than anything
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and that's the price of gas
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more paint at the pump for drivers as we
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head into the busy holiday travel season
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gas prices keep going only one direction
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up gas prices rising over 6 percent over
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the last month up nearly 50 percent over
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the last year gas prices are at their
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highest levels in seven years according
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to aaa we're looking at 342 a gallon on
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average right now americans are spending
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430 million dollars more every day on
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gasoline than just one year ago today
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every time i fill up it's close to like
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89
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it's like uh
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do you want to eat steak or you want to
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fill up your tank
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yeah that's a tough choice
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do you want to eat steak or do you want
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to pour gas in your car
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i mean i i do have to say you don't have
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to choose yeah you just fill up your car
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and then drive it into a cow boom then
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you get both no but for real though this
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is a big problem high gas prices affect
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so many aspects of life like from
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getting to work to child care to you
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know all your friends who bike becoming
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even more smug about it but the question
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is
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why are gas prices going up so much
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well like everything in our life right
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now it has a lot to do with the pandemic
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so let's talk about why this is
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happening and what joe biden can do
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about it in another installment of
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getting back to normalish
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[Music]
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think back for a moment to spring of
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2020
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much of the world had ground to a halt
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which meant that people weren't driving
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they weren't visiting friends or going
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into the office
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or hanging out of the passenger side of
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their best friend's ride trying to
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holler at me
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if you left your home at all it was
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probably to take a sad walk around the
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block
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i mean at least until you heard someone
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cough down the street and then you ran
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your ass back inside
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now because of all of that
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that meant that america's oil industry
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which had been producing more than any
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country in the world basically shut down
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and even though society has ramped back
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up again the oil industry hasn't
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early in the pandemic demand for
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gasoline dropped dramatically as workers
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were told to stay home that immediately
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walloped the oil and gas industry like
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nothing ever in its history has ever hit
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them before at one point early on in the
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coronavirus crisis the price of a barrel
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of oil it cost less than zero dollars
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when prices dropped abruptly with the
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pandemic shutdown u.s shale producers
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dramatically slowed the drilling of new
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wells rigs were taken out of service and
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oil production in the u.s dropped off
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significantly they shut down production
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they laid off tens of thousands of
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workers
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to try and stay alive during the
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pandemics just like everything else in
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our lives
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the oil production has been impacted by
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covet you can't just flick a at a
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refinery and operations and have
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everything back to normal
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yeah one of the reasons gas prices are
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so high is because america is making
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less gas than it did before the pandemic
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because people may be driving again but
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that doesn't mean that it's easy for gas
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producers to just instantly produce as
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much as they were before
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you got to grow a whole new dinosaur and
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then smoosh it until the oil comes out
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that takes time
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and it makes sense that it's going to
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take them time to adjust i mean it's
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been hard for all of us right every
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single one of us it's been hard for us
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to get back to normal life after the
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pandemic
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do you remember the first time
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you had to make small talk at the office
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nobody knew what we were doing welcome
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to the elevator
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do you remember weather yeah i do
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not my wife is leaving me
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this is not my floor but i'm getting out
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now if america isn't making enough oil
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to keep up with demand then why doesn't
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it just buy more from the rest of the
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world well it could but it turns out the
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people who control the oil in the rest
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of the world well they just don't feel
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like sharing gas prices really not being
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driven up by the demand on the horizon
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it's really more about the supply oil
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producing nations are actually
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constricting the supply a little bit
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because they're trying to recoup their
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pandemic losses there's a cartel that
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controls the price of oil
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internationally and that cartel is
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called opec opec the biggest oil
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producing nations aren't increasing the
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amount of oil they release into the
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global economy so as demand rebounds in
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the u.s americans are paying about 16
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dollars more to fill up their tanks than
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a year ago president biden recently
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appealed to opec and russia to boost
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production but received a flat no
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wow they received a flat no
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i mean to be fair every no coming out of
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a russian is a flat no
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have you ever talked to a russian person
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they're never afraid of a flat no hey
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are you having a good day
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no
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well there's there's always tomorrow
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right
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no
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and look you can understand opec's
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position i mean how much longer is oil
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gonna be around
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right they need to make money on this
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now before we're all driving elon
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musk's cars that curse out bernie
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sanders when you honk the horn
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and by the way you also know what this
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means right you realize that this is the
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first time america could openly go to
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war for oil because usually when america
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goes into the middle east it's always
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like this isn't about oil my son is
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going over there to fight for freedom
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but if prices go any higher now
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americans can just be like kevin you get
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your butt in that fighter jet because
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your dad is not paying six dollars a
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gallon that's my steak money now the
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good news is america is not going to war
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yet
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but asking opec nicely also didn't work
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so the big question is what can be done
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to lower gas prices
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well the bad news for president biden is
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not much the biden administration is
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scrambling for solutions to one of his
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biggest biggest political liabilities
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soaring gas prices like presidents who
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came before him joe biden has few
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options when it comes to combating high
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fuel prices nearly a dozen senate
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democrats are calling on biden to
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consider all the tools available at your
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disposal even the extreme step of
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banning american oil exports which
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goldman sachs warned would be
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counterproductive and could actually
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raise prices the president also
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considering tapping the strategic
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petroleum reserve though industry
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experts have warned that would do little
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to alleviate the problem if you ask the
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energy industry they would say well the
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white house could cut environmental
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regulation and maybe that would help and
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it could maybe for next winter but that
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would take some time president biden
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does not have a magic wand to
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dramatically lower gas prices and if he
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did judging upon his sinking poll
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numbers he would use that magic wand
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well i don't know about that i mean i
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feel like even if joe biden did have a
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magic wand he'd still need to recite a
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spell
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based on what we've all seen i do not
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have confidence that he'd be able to get
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it right uh uh alex zam abraca
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abdul-jabbar uh wanna one of the great
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negro you know the thing you know the
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thing
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did it work
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what's tough for biden is that it
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doesn't matter what else he does if the
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price of gas stays high that's that
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he could sign all the infrastructure
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bills he wants he could get everyone to
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agree on abortion but all people care
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about is how much is the black goo from
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the ground higher than before then get
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the out of here
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so it's not exaggerating to say that his
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whole presidency his entire presidency
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could depend on whether gas prices stay
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up or go down
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and based on this new psa the biden
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administration just put out
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they're willing to try anything
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all across this great nation americans
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are feeling pain at the pump
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but help is on the way
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we at the biden administration know you
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want nothing more than for gas prices to
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go back to where they were last year
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which is why we're laser focused on the
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one method guaranteed to make that
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happen creating a new pandemic
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as we speak our world-class scientists
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are working hard to develop the next big
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viral strain
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they're experimenting with expired
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wombat meat iguana sneeze droplets
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and whatever they can scrape off the new
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york city subway
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we're throwing all of it into a big old
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blender and feeding it to a sick hippo
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trust me if kofi 22 is out there
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somewhere we're gonna find it we're not
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stopping until gas prices are the least
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of your problems once again
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that's the biden promise
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guys is this something
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[Music]
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you
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