[laughter] michael: thing for that, thank you for being open to my lifestyle. greg: what you see this going? michael: it s infuriating our government is way too big, way too big was the permit of energy even doing even your this? do we need like lower gas prices and ways to transport oil question richter spills everywhere that a permit of energy is like the scooby-doo gang. anybody with half a brain knew that he came from a lab and department, was the fbi which is too busy? hey, we have kidnappings to fake, we have january 6 to do. we have russian emails to make. that harmony of energy like come as the links we will go over. greg: yeah, i love the fight to the only person who uses that word. michael: i do want to give a big shout out to the chinese propaganda people forgetting that much mileage.
get much from saudi arabia when it comes to oil? right. and that i think is natasha s point. but we have seen biden administration officials really trying to do the legwork here. so we have seen nfc officials, state department officials meeting with saudi arabia over the last year repeatedly and i think that that legwork reflects the fact that they hope that they know what they re going to get walking away. they can t be assured of anything and particularly when it comes to the oil question, saudi arabia has been tough, they have been very clear in saying they have no incentive to raise their oil production because they think it won t be good for global markets. that is just their thesis of this issue where the biden administration is saying politically this is awful for us, globally this isn t good for the world. i think the other thing to recognize is that mbs is 36 years old so this is a reflection of the fact that he s going to be in charge, the leader that have country, for
hungary and slovakia. quite have an exemption for countries like hungary and slovakia. hungary and slovakia. quite clearly, those are resistant hungary and slovakia. quite clearly, those are resistant to hungary and slovakia. quite clearly, those are resistant to any hungary and slovakia. quite clearly, those are resistant to any band. - hungary and slovakia. quite clearly, those are resistant to any band. you touched on it there, poland offering touched on it there, poland offering to help reliant countries. what sort of help can offer? is not as though it has massive reserves of its own that will make up the shortfall. it s very, very complicated. you don t even have to go to a country like hungary, which is dependent incredibly on russian gas. austria gets 80% of its gas from russia, and the problem for them, it doesn t have a seaport. where can it bring in other segments of gas to supply the needs for its industry? so, this is a very, very complex question. the oil question,
gas just north of $4 a gallon on sunday. that s according to aaa. and continue to pay 40 cents more than a week ago. and now some might think why. why in the u.s. feeling this. russia is a massive exporter of oil. 11% of global oil consumption. 17% of global natural gas consumption. and as much as 40% of natural gas consumption in western europe and western europe, we had a big issue for many months now about the price of natural gas, the way many of us heat our homes and the oil question has been one that is front and center when it comes to this conflict and what the u.s. is going to do about it. especially in the u.s. is a major exporter as well, and nancy pelosi the house speaker saying the house is exploring quite strong legislation to ban the import of russian oil and that is sending oil prices to $130 for brent and wti. so obviously this is a part of what s going on but asian markets overnight plunged as we look, as ukraine continues.
the su -l question of traders are concerned the supply of question of traders are concerned the supply of oil question of traders are concerned the supply of oil could question of traders are concerned the supply of oil could be - question of traders are concerned the supply of oil could be hit, i question of traders are concerned the supply of oil could be hit, so i the supply of oil could be hit, so when the suppliers are constrained, demand rises on the price goes up as a result. now, oil is a very liquid. sorry to use the phrase. commodity, unlike a gas which comes through pipes, it is fixed with where it can come through. investors say that there is the possibility that we will be able to get oil from other places, but that takes too much or three months to happen. so, there is a period where people are very concerned about what this disruption in russia could mean for the oil market. the oil market. katie, you may not know the answer the oil market. katie, you may not kno