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Transcripts for CNN CNN Newsroom With Ana Cabrera 20240604 17:39:00

daniel, we know it s complicated but can you just boil it down, is greed from oil companies to blame for the high prices right now? you re right. it is complicated. viewers at home and americans, especially low-income households, are suffering from the high energy prices. the finger pointing we see in congress from both sides is shedding more heat than light. there are literally thousands of oil and gas producers in the united states, some of them very large, most very small, and they do not set prices. oil prices and gasoline prices are really set by global market forces. today s high prices are mostly driven by market fundamentals and the russian invasion of ukraine. the best way to reduce exposure is to gradually reduce oil consumption and move towards an economy that s less reliant on fossil fuels which have the benefit of addressing climate

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Transcripts for CNN CNN Newsroom With Ana Cabrera 20240604 17:42:00

profits, $11 billion for the last quarter. so that doesn t add up. that just feels like their answer of, oh, well, we don t want to hurt our investors. it seems silly. exactly. there s no point in debating whether companies should have profits. of course companies need to have profits and shareholders want and put pressure on companies to have profits, but we are in a special situation right now. there is a war going on, a lot of people are being asked to sacrifice and what s happening at the gas pump americans are paying more than $4 per gallon at the gas pump but that money is not going to pay for crude oil. they are buying back shares of stock. that is called profit earring or

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