Nets: Ramping Up Oil Production Will ‘Take Some Time’ (Go Electric Instead)

Well, now they tell you. The network morning shows on Monday all admitted that ramping up oil production in the wake of the war in Ukraine will “take some time.” But there was no mention of the Biden administration’s war on energy independence. And NBC’s Today mentioned buying an electric car instead to save money on gas. (The average price of an electric car is over $56,000, by the way.)

On ABC’s Good Morning America, Rebecca Jarvis showcased the bad news, noting that “a gallon already averaging $5.34 in California. Up 52 cents in just the last week.”

She things admitted aren’t getting better anytime soon: “Now if the US were to fully ban Russian imports, we would make up for that gap by ramping up production here domestically. That would take time.”

On CBS Mornings, reporter Carter Evans asked, “How long is this going to last?” UCLA Professor Leo Feller responded bluntly, “It’s going to last as long as the war between Russia and Ukraine lasts and until we’re able to ramp up production in the US The demand is there.”

Without ever mentioning that, for instance, Biden canceled the Keystone Pipeline deal on day one of his administration, Evans added,

Now by the end of the week, we could see the national average price of gas shatter the all-time high record of $4.11 a gallon. But with oil close to $100 a barrel, US oil producers will probably ramp up production. But you see, that takes timeabout six months to get into the pipeline.

On NBC’s TodayJo Ling Kent also ignored any role the Biden administration might have played and instead floated the idea of ​​going electric as a solution: “Now, with the national average where it is, Americans are going to spend more than half a trillion dollars on gas this year. That has interest in electric vehicles going up. A Bay area dealership here in California says they are seeing interest skyrocket ten times more than usual.

(The average cost of an electric vehicle is $56,437.)

The Media Research Center last year produced a documentary on energy independence and how the Biden administration ended the Keystone Pipeline. You can watch it below:

An op-ed in Fox News by Senator Josh Hawley on March 4 put it this way:

At the behest of far-left environmental, President Biden canceled the Keystone XL pipeline, paused new oil and natural gas leases on federal lands, the United States back into the job-killing Paris Climate Agreement, proposed harmful environmental rules on forced oil and gas emissions, and hiked the “social cost of carbon”—a government metric first used by Barack Obama—to a sky-high $51 per ton.

CBS waking up to the dangers of being reliant on Russia was sponsored by Progressive insurance. On ABC, it was Popeyes. On NBC, it was BMW. Click on the links to let them know what you think.

Partial transcripts are below. Click “expand” to read more.

Good Morning America
3/7/2022

7:15 AM

GEORGE STEPHANOPOULOS: The economic impact of war now and growing calls for a ban on oil imports from Russia. The price of oil has topped $130 a barrel overnight. Nas prices spiking too, a gallon already averaging $5.34 in California. Up 52 cents in just the last week. Our chief business correspondent Rebecca Jarvis has the latest. Good morning, Rebecca.

REBECCA JARVIS: Good morning to you, George. Russia is the world’s third largest energy producer, accounting for about 10 percent of global supply. But the US imports a relatively small amount of that. Last year, about three percent of our oil came from Russia. Now if the US were to fully ban Russian imports, we would make up for that gap by ramping up production here domestically. That would take time and even potentially pressuring OPEC sources like Venezuela and Saudi Arabia to release more supplies.

But that near term short fall is why you are seeing oil surging above $130 a barrel overnight. That is the highest price in 13 years. If gas prices stay here, Patrick De Hann of Gas Buddy estimates the national average for a gallon of regular would be $4.55 a gallon. In the next 24 hours, the average nationwide will hit a record high. Now, keep in mind, Americans are currently spending a quarter billion dollars more on gasoline every day than we were a month ago. When we spend more on gasoline, we have less money to spend elsewhere. That means less growth in the economy. George?

CBS Mornings
3/7/2022
7:42 AM ET

NATE BURLESON: You’ve likely noticed gas prices are surging because of the economic fallout from the Russian invasion of Ukraine. The US Average per gallon topped $4 for the first time in more than a decade. Many experts warn prices will rise even further. And not just for gas but also for other essential goods. Carter Evans is at a gas station in Los Angeles. Carter, what are the prices looking like over there this morning?

CARTER EVANS: [Standing in front of a gas station.] Take a look behind me. You can see the prices so high here in the sevens, rising so quickly, looks like they ran out of sixes for the top price there. States like New Jersey and Pennsylvania, well, they also hit all-time highs, and prices could keep rising if the white house makes good on its threat to ban all Russian oil imports.

EVANS: Nationally, gas prices are skyrocketing, averaging more than $4 a gallon. A typical driver paying $16 more to fill up than this time last year. Russia’s invasion of Ukraine putting pressure on global oil markets is partly to blame. When can we see gas prices actually start to decline?

LEO FELER (UCLA): Realistically, it’s going to be rough for the next six months.

EVANS: UCLA Senior Economist Leo Feler says the war in Ukraine is impacting its exports and Russia’s.

FELER: We’re seeing big supply shocks. We’re seeing oil prices go up, we’re seeing wheat prices go up. Ukraine is the bread basket of Europe, right. So there is a lot of concern that this is going to make an inflationary problem even worse.

EVANS: Russia and Ukraine supply nearly a third of the world’s wheat last year, and since the gyp vaccination, exports have come to a standstill meaning shoppers could see a right in prices for items like cereal and bread and even meat since some farmers rely on wheat to feed livestock. How long is this going to last?

FELER: It’s going to last as long as the war between Russia and Ukraine lasts and until we’re able to ramp up production in the US The demand is there.

EVANS: Now by the end of the week, we could see the national average price of gas shatter the all-time high record of $4.11 a gallon. But with oil close to $100 a barrel, US oil producers will probably ramp up production. But you see, that takes time, about six months to get into the pipeline. Nate?

Today
3/7/2022
7:13 AM ET

JO LING KENT: Now, with the national average where it is, Americans are going to spend more than half a trillion dollars on gas this year. That has interest in electric vehicles going up. A Bay area dealership here in California says they are seeing interest skyrocket ten times more than usual.

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