Democrats PANIC Over Gas Prices after Trump drops brutal ultimatum for Iran

Okay, big updates economically starting with gas prices. They're starting to spike due to the conflict in Iran, including a new jobs report that has come in. Doesn't look good. But the White House has their own explanation about what's happening here. But first, let's see exactly what's going on with oil prices. Take a listen. >> The conflict in the Middle East is disrupting one of the world's largest supplies of oil. >> And prices at the pump here in the United States jumping more than 30 cents since last week. >> Todd Pyro is here with the details. Todd, >> good morning to all three of you. As tensions are ramping up in the Middle East, here at home, gas prices seeing a major surge, not seen since the start of the war in Ukraine. Right now, the national average for a gallon of regular gas, $3.32. That's up 34 since last week and up 42 cents from a month ago. Meanwhile, a major 10-cent jump on Monday night marked the largest single day price hike since the Russian invasion four years ago. President Trump looking at ways to relieve your pressure at the pump. Listen, >> yesterday my administration announced decisive action to help keep down the oil prices, including offering political risk insurance for tankers transiting into the Gulf, as you know, pretty dangerous territory. Further action to reduce pressure on oil is eminent. And in the long term, the actions we're taking will dramatically increase the stability of the region and [snorts] oil prices and stock markets and everything else. >> All right, so here's what you need to know right up front about this reporting. Number one, it is true gas prices are rising as a reaction to what's happening in Iran, particularly crude oil. The price per gallon is continuing to skyrocket. Point number two, this is why military personnel are now escorting these tankers through those shipping routes. Uh number three, which is something also you should know, 15th of the oil uh that we consume here in America essentially is due to that particular shipping route. So um it's a very key thing that's happening there. It is temporary. We've seen spikes on certain things before in the past and the White House responded to it, i.e. eggs for an example. So, I don't see anything differently here. >> The rising gas prices that you pay are being fueled by the soaring oil prices. Take a look. A barrel of crude oil now trading above $81. This all comes of course as the military action impacts a critical oil shipping route in the straight of Hormuz through which about 1if 20% of the world's crude oil and natural gas typically passes. This is a really interesting time lapse of marine traffic showing the flow of ships slowing there since the joint USIsraeli strikes began not as much in the last week. >> And that's why what I said yesterday in my opinion was spot on, which is the longer this goes on, the more likely people will turn against this and not support the president any longer, including the people of Iran, including some of the Gulf States. They need to get this over as quickly as they practically can. Um, and we're seeing a reason for that right there as you guys just watched. So, let's go to CNN because here is their perception of everything. Take a listen. Here's where we are right now. 332 a gallon. Some context. That's up 34 cents just since the war started. It's the highest gas price of either of the president's terms. Why is this happening? It's because the flow of energy out of the Middle East has been derailed by the war and investors are getting increasingly concerned about when that flow will get turned back on. Look at oil prices. Prices were low and stable for the last 8 months or so. But now because of the war, they're going straight up, getting closer and closer to $90 a barrel. And the president told CNN's Dana Bash that he believes the situation in the straight of Hormuz has been largely resolved. But I got to tell you, I think the message from the market is it has not been resolved and that Wolfe this situation is not sustainable. >> Okay, so there's not many things to agree with CNN on, but that last statement from him is absolutely facts. I mean, this is not a sustainable situation. So, we'll have to see how the White House reacts, and based on history, I think they'll figure it out. Okay. I I think that is fair to say at this point. Now, uh CNN Dana Bash had a phone interview with the president earlier this morning. Now, they didn't record his voice, so what she's doing is just reporting what he had told her and she did ask him about the gas prices and apparently this is what he told her. Take a listen. >> Region, I asked about rising gas prices and he said, "That's all right. It'll be shortterm. It'll go way down very quickly." And I said, "Well, they're pretty high now." And he said, "No, they're not. They're up a little bit. Not much, but it'll drop to record lows." >> And so I asked, "Well, does this mean that you're going to figure out the straight of Hormoose soon?" Again, something you were just talking about. He said, quote, "It's already figured out. We've knocked their navy because, you know, when you knock out the Navy, they can't do what they wanted to be able to do. The Navy is almost," he said, "we just hit the 25 mark." Can you imagine that? big ones. 25 ships are down. We're doing very well. And >> yeah, so bottom line, the president believes that this spike is going to be temporary. He's not the only person saying that in his administration. I'll show you another clip of that. And historically, oil shocks tied to geopolitical events often are temporary. So, this is not an Armageddon moment. Uh this is not all hell breaks loose. I know mainstream media will characterize it as such, but you have to again, patience is a virtue. I I would say and the other thing is in many past conflicts oil prices have surged quickly but then fell once the market realized uh global supply was going to continue to move in the right direction. So that's essentially um what they're going to be focused on here. All right. Now let's actually hear from the secretary of energy because I think he's the person who should be speaking about this and here's his reaction to the rising oil prices. Take a listen. I was told by a little bird that you may have some news to break today and so I just want to give you that opportunity to say that if that >> yeah so back to your question about oil we need to get oil on the market in the short term in the long term supplies are abundant there's no worries there but as oil gets bid up a little bit because because of those constraints coming out of the straight straight of hormuz we're taking a short-term action to say all this floating Russian oil storage that's around southern Asia It's China just backed up. China does not treat their suppliers well. So there's a bunch of floating barrels just sitting there. We've reached out to our friends in India and said, "Buy that oil. Bring it into your refineries." That pulls stored oil immediately into Indian refineries and releases the pressure on other refineries around the world to buy oil that they're no longer competing with the Indians for in that marketplace. So we have a number of measures like that that are short-term and temporary. This is no change in policy towards Russia. This is a this is a very brief change in policy just to keep oil prices down a little bit better than we could otherwise. >> So if you guys are trying to understand what the solution really is, it's more of a logistical one trying to find a shortcut for existing tankers out there to hit the market faster. So obviously we have access access to oil faster. Um and the important part to know is that oil markets are incredibly sensitive to even small increases in available supply or the other way around like we are seeing now. Sometimes just a few additional cargo shipments uh reaching refineries can calm the markets down and push prices back to a more comfortable level. So clearly like I told you guys, the White House has responded and they are actively trying to implement a solution. We'll see if the results show that it works. Now, let's hear from an actual gas station owner out of Florida. Here's what he had to say. >> Now, we've seen the price jumps nearly every day this week. And this afternoon, I talked with gas station owner Alex Fernandez. >> So, it's going back up today. The gas uh compared to yesterday to today port-wise, it's a little bit more open. Um they have it more free flowing and everything, but the price like it's been the last for a few days, it's been going up. I think right now the projection today on gas is 15 cents and diesel's 30 cents. >> All right. Again, supply is not the issue here. It's all about the price. And Alex says it's not out of the question if there's another jump in this price tomorrow. The biggest price jumps we've seen though, diesel fuel. I saw one station today selling it at $4.99 a gallon. >> Yeah, I mean, no question people are going to start noticing that and no question people will probably start complaining about it. Which brings me to my next clip because some Republicans on Capitol Hill have I guess in their mind they have a certain message for their constituents and basically they want their constituents to accept the fact that this is going to be a short-term pain as we do what we are supposed to do with Iran, what should have been done with Iran decades ago. Uh but I'll let him explain it for himself. Take a listen. I think we all know that when you have a kinetic conflict like this, whether you want to call it a war or not, we are putting energy, resources, money into this, uh it is going to take a little bit of sacrifice uh on the part of Americans. Um there is a political component to this. We have the midterms coming up. Uh the Democrats have tried to make it about affordability. Uh that will certainly play into that. But I think the average American in my district understands the need that we decapitate this terrorist regime and make sure it never grows ahead again. >> And Congress, >> yeah. So, what's your reaction to that particular stance? Do you support the idea of dealing with higher gas prices uh in the short term uh in an effort to deal with Iran? Now, I we don't know how long these gas prices are going to continue to rise. uh it could be essentially stopped next Wednesday and prices start to drop. That may take a couple of weeks. Uh but let me know your feeling of it all and your perception in the comments section below. Now let's go to the Fed Governor Steven Moran because he also has a statement regarding the oil prices. Take a listen. >> I know you don't think we have an inflation problem, but WTI right now is up 10.5% at around $90 a barrel. Is there a level where you would think uh-oh like this is going to have a bigger pro? this is going to be a bigger inflationary problem for the economy. >> So it's a so it's a question of one the amount of time it spends elevated. If it spikes up and then comes down that doesn't really leave a lasting mark on the economy. If it stays elevated for a long period of time and we haven't got there yet then it's the type of thing you have to think about. But also inflation expectations are critical for judging whether or not that spike is going to pass through into broader core inflation. >> They've been moving up a little bit, haven't they? >> A little bit, but they're they're still consistent with inflation running running pretty much at our target. They're all, you know, other than the sort of short-term one-year inflation expectations, the 2 3 5 10 year inflation expectations are all, you know, in ranges they've been in in the last several months. So, there's nothing there's nothing in inflation expectations thus far that tells me that we're in concern of of that infl oil inflation bleeding into the broader indices. >> So, he says no problem here. The spike in the oil prices will not create inflation. Uh we heard from the secretary of energy what they're doing about the supply by creating a more shortcut in a sense to speed up the time it's taking for other oil tankers in other regions of the world to hit the market faster. And so it's clear that the president doesn't have an expectation that this will be a permanent thing. This is a short thing uh and they are fixing it. So I guess it's up to you on whether or not you believe that's exactly what's going to happen. Now, as I stated, according to history, this stuff is temporary. All right. Uh, let's go to our next update. And this is still in relation to the economy, so to speak, because a new jobs report came out and it wasn't good. Take a listen. Here we go. This is the big Feb job jobs report. Non-farm payrolls minus 92,000. Minus 92,000. That is a biggie. - 92,000 in last month's 130K downgraded to 126,000 - 92,000 well what would that comp to minus wow 185 in December of 2020 there's where our comp is now that means we have a revision over two months now of -69,000 average hourly earnings always important up 4/10 a little bit better than expected uh up 410 t would equal where we were in the rear view mirror to find a higher number. You're going all the way back to March of 25 when it was a 510. If we take a >> All right. Obviously, something about the jobs report is definitely going to confuse people, especially when you see a number like that depending on who you listen to. One side will say it's Armageddon and the economy is going in the dump. And on the other side, you're going to hear people say, "Well, the economy is doing just fine." So, how do you know what is what or what is true in a sense? Well, when you're dealing with economic numbers, especially the data, you always want to look at the trends. You need at least a threemon um amount of data to figure out, all right, is this continuing to happen or is this noise? Is this just a one-off? Uh and usually that's not the way that people talk about it on mainstream media. We will get to that, of course, but first, let's go to Kevin Hasset. Here's his reaction. Take a listen. You know, Jim's right that there have been so many strong indicators this month that it's something of a surprise, but there are some weather. There are strikes on the West Coast. And I think that we also have this birth death model, the change in the procedure at the BLS. And so I think what we need to start doing with these jobs numbers, at least on the payroll side, is take the average over a few months. And if you take the average over a few months, we had a surprisingly positive one last month and a surprisingly negative one this month. But on average, it's about what we expect to be seeing because immigration has gone down by so much that break even employment is probably in the sort of 30 or 40,000 jobs a month range. And so, yeah, I think I think it's consistent with everything else we're seeing, which is that the economy is really strong. And the headline for me is something uh that I'm sure you guys probably already noticed is that productivity is about the highest we've ever seen. and manufacturing wages are up uh year-over-year by $2,400 now. Uh and so what we're seeing is a productivity boom which is consistent with the strong output and you can have uh strong output and uh not really you know magnificent job growth if there's a big gain in productivity but workers getting rewarded for that productivity. >> Yeah. So according to the White House economic team obviously Kevin Hasset usually is the one speaking here everything is going according to plan. the job growth is continuing to trend in the right direction. And to back up that claim from him, it's very simple. Productivity has been recognized as being extremely high. An example of that is manufacturing ra wages have increased about $2,400 year overyear. That is not a rhetoric. That is official number, guys. So when you're seeing things like that, that doesn't speak to an economic collapse. What this is starting to look like is noise and a one-off as far as the amount of jobs lost in February. So, um, obviously I think the person we really should be listening to is the labor secretary because this is her wheelhouse, right? Here's what she had to say. Madam Secretary, 92,000 jobs out in in uh in fe in February. Low fewer jobs in healthcare, fewer jobs for information services because of AI. The weather hurt things. Government employment down. If you add it all up, it doesn't look good for the Trump economy. >> Yeah, I couldn't agree with you. I think we have to address the fact that this is not a good report uh in its raw numbers, but we have to also talk about why this possibly has happened. This snapshot in time, it was mentioned the weather. We saw healthc care numbers go down. We saw a record strike in California, over 30,000 jobs uh lost there, but that has been resolved. So, we're hoping to see those numbers tick back up next month. Um, but overall, we've gained 60,000 new jobs over the last two months. Um, so this is important for us to recognize what the messages here, what the noise is, and how focused the labor department is in making sure that we can bring back those jobs in construction, manufacturing. Um, we're seeing the confidence go up. We've seen the investments that the president has made. I've said it over and over again. The president and I talk, we visit on this often. It's important to him. We're laser focused to make sure that we have that skilled workforce. Um, and it's just going to take some time. So, we're recognizing what happened this month and we're going to stay laser focused to bring those jobs numbers up. >> Now, I'm of the opinion that based on what she's saying there, it sets up the most important question, which is, will these numbers continue to improve or not improve as we go into the midterms? because this is an election year as you guys know and the way people feel about the economy will usually influence the way that they vote. Now, according to history, there's not much Republicans can do uh to prevent them from losing their supermajority. It's just the way that it works. Since 1946, the opposing party has taken at least one chamber of Congress when a new president comes in. So, I I'm not too sure Republicans can do much, but I do know the president has to keep hammering on making sure people feel like their economic reality is improving. So, of course, they had to ask her about that regarding the midterms. And here's what she said. Take a listen. >> The midterms are about roughly 9 months away. How soon can we expect the jobs picture to pick up sharply more more jobs coming into the economy? When are we going to see that? Well, I think we have seen that uh tick up a little bit. Again, this number um in its raw numbers is not something we wanted to see, but overall, we're still better than uh what we inherited from the Biden administration. So, again, in the last two months, Stuart, 60,000 jobs have been created, and we need to remind ourselves that I'm working with our community colleges and our tech schools and our private industries so that we recognize what the market demands are and get in that trained workforce as soon as possible. So bottom line is this. Voters will always judge economic performance based on essentially three things. Wages, jobs, and inflation. Meaning what? If it feels like the cost of everything is not as high or doesn't feel that way anymore, why? Because their wages have increased. Why? Because people are able to get higher paying jobs. Then everybody thinks the economy is going in the right direction. But when all those three things are not uh in sync with each other in a sense or again speaks to someone's economic reality that it's going in the wrong direction then the actual political party has a problem. Now one can argue that inflation the president has done the most important step which is to slow it down. Uh and now the next two steps is to get wages up and jobs up and that's not going to happen uh essentially in the first 12 months of his administration. That's just going to take some time. One can argue we may not even see this economy humming until another year. So the question remains, how will people feel going into the midterms? I guess that's a question you'll have to answer for yourself in the comment section. How do you feel about it? Let me know. So this takes us to our next video from the president where he issued an urgent warning to the Iranian regime. Surrender or face death. If you guys miss out on that update and more, click on that video because it's coming up right now. Hey, oh [music] hey oh

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