The Price Of Gas Is About To SKYROCKET
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Summary
If you're a Canadian or someone who lives anywhere in the world, but specifically a Canadian, and you're worried about the cost of living, it's about to get a lot worse. As you should know by now, the United States is now at war with Iran, and Iran is pushing back pretty hard. They're bombing back a lot harder than Iraq or Afghanistan did, and they're bombing literally every country that their missiles can hit in the region. Now the problem with this part of the world is that it's an oil rich part of world, and it produces a big portion of world's oil.
Transcript
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So if you're a Canadian or someone who lives anywhere in the world, but specifically a Canadian,
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and you're worried about the cost of living, it's about to get a lot worse. I'm going to show you
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exactly why. As you should know by now, the United States is now at war with Iran.
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And Iran is pushing back pretty hard, right? They're pushing back a lot harder than Iraq or
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Afghanistan did. And they're bombing literally every country that their missiles can hit in the
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region. Now the problem with this part of the world is that it's an oil rich part of the world
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and it produces a big portion of the world's oil. So we're going to take a look at how this is going
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to affect the cost of living for Canadians. This is an article by the BBC. So oil price at two
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year high after a cutter warns all golf production could stop within days. So oil prices have risen
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to their highest level in more than two years after Qatar's energy minister warned he expects
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all oil and gas exporters in the Gulf to stop production within days. All right, so this is
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pretty bad, right? I mean, they produce a lot of oil down there. And if the war continues, which
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it likely is, all oil production in that area is going to stop. So Saad Al-Kabi told the Financial
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times the conflict in the middle east a region which plays a key role in global energy supplies
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and shipping routes could bring down the economies of the world brand crude oil rose more than nine
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percent on friday topping 93 a barrel the highest level since autumn 2023 and those are american
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prices american dollars rising out oil prices could have wide-reaching effects not only on how
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much it costs to fill up your vehicle but also on the cost of some eating food and imported goods
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because the price of oil affects everything, right?
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So if oil is more expensive because the Middle East stops shipping it out,
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but everything that's powered by gas, such as moving groceries, becomes more expensive.
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And like I explained in my other video, once the prices rise, especially in Canada,
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And then when things become less expensive, the prices stay the same.
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Canada doesn't have a lot of competition in the grocery market so I'm just warning you that if
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this war continues like I think it is prices are going to skyrocket so there are warnings that if
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the price of oil and gas which has also surged this week remain high this could fuel inflation
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in major economies such as the UK and US where it has been on a down broadly downward trend
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so this is coming from the BBC but this is also going to affect Canada as well because that's
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if the Iran conflict continues over the coming weeks.
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He told the FT if this war continues for a few weeks,
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Everybody's energy price is going to go higher.
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and there will be a chain reaction in factories
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Already, consumers in the UK are seeing higher petrol
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Host-old energy bills could also rise, although this probably won't be felt until July,
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as regulator Ofgem's energy price cap has already been set until then.
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And there have been fears the current crisis could have a similar impact to Russia's invasion of Ukraine,
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but so far prices of oil and gas remain below the peaks experienced in 22.
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Okay, well, to be fair, the war is just beginning, right?
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So we haven't seen how this is going to play out.
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But as you can see right here, I mean, we're seeing this huge spike in oil prices.
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So I asked about the energy minister's warnings.
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George Leon, analyst at Ryset Energy, told the BBC the situation poses a real risk to the global economy.
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So I think we're on the edge of trying to understand if this is a very short energy crisis with limited implications or for at the beginning of a massive economic and energy crisis.
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If this lasts more than two weeks, then the likelihood of seeing very significant implications
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for the energy system and the global macroeconomic outlet are much higher.
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And Qatar is also a major producer and exporter of oil and liquefied natural gas.
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So this week, Qatar Energy said that it stopped production of LNG following military attacks
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So it declared force majeure, a clause feeding it from liability for failures in supply due to events inside its control.
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And Cobby said he believed all other energy exports would have to follow suit the next day if the war continues.
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And I've already seen reports that they're expecting this war to last around six months, right?
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Hopefully it ends earlier, but this could drag out for six months.
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So based on what I'm getting from this article and BBC is a credible source that this is really going to hurt people,
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not just in america not just in europe but also in canada as well
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about a fifth of the world's oil this is really important listen to this about a fifth of the
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world's oil supply is usually shipped through the strait of hormuz each day but traffic through the
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narrow passage has all but halted since the u.s israel war with iran began last weekend
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so this is really bad right i mean there's a lot of canadians that are really struggling to get by
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and an extra increase to the price of gas and then the extra increase that everything gas
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is used to produce which is basically everything that could push people right off the edge
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now there's a lot of conservatives and i deal with these people all the time that say oh trump's not
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our problem trump's not our problem well when you read stuff like this becomes pretty clear that
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trump is our problem he's made himself our problem as canadians he's made himself our problem that's
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part of the reason our economy has shrunk and also because another reason why groceries are
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more expensive canada in the united states we do a lot of business a lot of trade together
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so donald trump has completely disrupted that with his tariffs and it's not just tariffs on
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canada he's got tariffs on the whole world and then you add to this an increase in energy prices
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so we're in some serious trouble here right and i'm not sure how this is america first
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like how is it america first to start another war in the middle east like wasn't this what
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donald trump and mega was against i thought america first was about putting americans first
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building roads you know helping the little guy out not going to war with the middle eastern
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country and it doesn't even seem clear why they're doing this they're essentially just making stuff
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up they're saying that iran's building a nuclear weapon or they were about to build one they
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They already had one. And that's simply not true. If you remember the 2003 invasion of Iraq, Bush
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said the same thing. He lied. He said that Saddam had weapons of mass destruction. And as we found
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out, there was no weapons of mass destruction. And on top of that, Donald Trump also said last
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year that they wiped out Iran's nuclear program. So which one is it, right? He wiped it out and
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then they somehow built it back up again and then they were ready to strike America.
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I mean, in case people are unfamiliar, Iran is on the other side of the world.
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So it's pretty hard to hit America with a nuclear weapon if you're on the other side of the world.
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Quite frankly, the way I see it is that Trump is treating his supporters like they're stupid.
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And I hate to say it, but a lot of them are, especially the ones in Canada.
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And that's part of the reason I haven't been aligning myself with conservatives anymore.
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And the conservative party, I'm still pretty conservative, but I can't take all the gaslighting and the stupidity from these people.
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They just blame everything on Mark Carney.
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Because what's going to happen is that we're going to see gas prices increase, groceries
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are going to become more expensive, and then what you're going to see is that conservatives,
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Maple, Mega, they're going to blame Carney for this, even though Carney had nothing to