Mark Slapinski - March 07, 2026


The Price Of Gas Is About To SKYROCKET


Episode Stats

Length

8 minutes

Words per Minute

188.07622

Word Count

1,530

Sentence Count

58

Hate Speech Sentences

5


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 So if you're a Canadian or someone who lives anywhere in the world, but specifically a Canadian,
00:00:05.320 and you're worried about the cost of living, it's about to get a lot worse. I'm going to show you
00:00:09.460 exactly why. As you should know by now, the United States is now at war with Iran.
00:00:15.660 And Iran is pushing back pretty hard, right? They're pushing back a lot harder than Iraq or
00:00:20.560 Afghanistan did. And they're bombing literally every country that their missiles can hit in the
00:00:25.500 region. Now the problem with this part of the world is that it's an oil rich part of the world
00:00:31.180 and it produces a big portion of the world's oil. So we're going to take a look at how this is going
00:00:37.060 to affect the cost of living for Canadians. This is an article by the BBC. So oil price at two
00:00:44.200 year high after a cutter warns all golf production could stop within days. So oil prices have risen
00:00:52.180 to their highest level in more than two years after Qatar's energy minister warned he expects
00:00:56.940 all oil and gas exporters in the Gulf to stop production within days. All right, so this is
00:01:02.720 pretty bad, right? I mean, they produce a lot of oil down there. And if the war continues, which
00:01:08.800 it likely is, all oil production in that area is going to stop. So Saad Al-Kabi told the Financial
00:01:18.980 times the conflict in the middle east a region which plays a key role in global energy supplies
00:01:23.540 and shipping routes could bring down the economies of the world brand crude oil rose more than nine
00:01:29.540 percent on friday topping 93 a barrel the highest level since autumn 2023 and those are american
00:01:35.380 prices american dollars rising out oil prices could have wide-reaching effects not only on how
00:01:41.300 much it costs to fill up your vehicle but also on the cost of some eating food and imported goods
00:01:46.500 because the price of oil affects everything, right?
00:01:50.420 So if oil is more expensive because the Middle East stops shipping it out,
00:01:54.660 that means not only is gas more expensive,
00:01:57.180 but everything that's powered by gas, such as moving groceries, becomes more expensive.
00:02:03.180 And like I explained in my other video, once the prices rise, especially in Canada,
00:02:07.060 they don't come back down.
00:02:08.240 People just absorb the prices.
00:02:09.760 They learn to live with them.
00:02:11.140 And then when things become less expensive, the prices stay the same.
00:02:15.100 Canada doesn't have a lot of competition in the grocery market so I'm just warning you that if
00:02:20.680 this war continues like I think it is prices are going to skyrocket so there are warnings that if
00:02:29.120 the price of oil and gas which has also surged this week remain high this could fuel inflation
00:02:33.740 in major economies such as the UK and US where it has been on a down broadly downward trend
00:02:39.660 so this is coming from the BBC but this is also going to affect Canada as well because that's
00:02:44.360 where I'm reporting from.
00:02:47.040 Khabi said that oil could hit 150 a barrel
00:02:49.600 if the Iran conflict continues over the coming weeks.
00:02:52.920 He told the FT if this war continues for a few weeks,
00:02:55.740 GDP growth around the world will be impacted.
00:02:59.640 Everybody's energy price is going to go higher.
00:03:01.980 There'll be a shortage of some products
00:03:03.400 and there will be a chain reaction in factories
00:03:05.340 that can't supply.
00:03:07.860 Already, consumers in the UK are seeing higher petrol
00:03:10.560 and diesel prices, same in Canada.
00:03:13.420 Host-old energy bills could also rise, although this probably won't be felt until July,
00:03:17.860 as regulator Ofgem's energy price cap has already been set until then.
00:03:22.960 And there have been fears the current crisis could have a similar impact to Russia's invasion of Ukraine,
00:03:28.180 but so far prices of oil and gas remain below the peaks experienced in 22.
00:03:34.840 Okay, well, to be fair, the war is just beginning, right?
00:03:39.260 So we haven't seen how this is going to play out.
00:03:42.480 But as you can see right here, I mean, we're seeing this huge spike in oil prices.
00:03:46.040 And once again, this is in American dollars.
00:03:50.260 So I asked about the energy minister's warnings.
00:03:55.960 George Leon, analyst at Ryset Energy, told the BBC the situation poses a real risk to the global economy.
00:04:02.300 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.
00:04:10.520 If this lasts more than two weeks, then the likelihood of seeing very significant implications
00:04:15.460 for the energy system and the global macroeconomic outlet are much higher.
00:04:22.740 And Qatar is also a major producer and exporter of oil and liquefied natural gas.
00:04:27.560 So this week, Qatar Energy said that it stopped production of LNG following military attacks
00:04:32.920 on its facilities.
00:04:35.860 So it declared force majeure, a clause feeding it from liability for failures in supply due to events inside its control.
00:04:43.140 And Cobby said he believed all other energy exports would have to follow suit the next day if the war continues.
00:04:48.920 And I've already seen reports that they're expecting this war to last around six months, right?
00:04:54.000 I mean, we can't predict the future.
00:04:55.300 Hopefully it ends earlier, but this could drag out for six months.
00:04:58.300 So based on what I'm getting from this article and BBC is a credible source that this is really going to hurt people,
00:05:04.100 not just in america not just in europe but also in canada as well
00:05:12.420 about a fifth of the world's oil this is really important listen to this about a fifth of the
00:05:16.100 world's oil supply is usually shipped through the strait of hormuz each day but traffic through the
00:05:20.900 narrow passage has all but halted since the u.s israel war with iran began last weekend
00:05:26.740 so this is really bad right i mean there's a lot of canadians that are really struggling to get by
00:05:32.180 and an extra increase to the price of gas and then the extra increase that everything gas
00:05:37.540 is used to produce which is basically everything that could push people right off the edge
00:05:42.500 now there's a lot of conservatives and i deal with these people all the time that say oh trump's not
00:05:46.340 our problem trump's not our problem well when you read stuff like this becomes pretty clear that
00:05:51.060 trump is our problem he's made himself our problem as canadians he's made himself our problem that's
00:05:57.620 part of the reason our economy has shrunk and also because another reason why groceries are
00:06:02.500 more expensive canada in the united states we do a lot of business a lot of trade together
00:06:07.460 so donald trump has completely disrupted that with his tariffs and it's not just tariffs on
00:06:11.540 canada he's got tariffs on the whole world and then you add to this an increase in energy prices
00:06:17.140 so we're in some serious trouble here right and i'm not sure how this is america first
00:06:23.060 like how is it america first to start another war in the middle east like wasn't this what
00:06:28.500 donald trump and mega was against i thought america first was about putting americans first
00:06:35.540 building roads you know helping the little guy out not going to war with the middle eastern
00:06:40.260 country and it doesn't even seem clear why they're doing this they're essentially just making stuff
00:06:44.740 up they're saying that iran's building a nuclear weapon or they were about to build one they
00:06:48.740 They already had one. And that's simply not true. If you remember the 2003 invasion of Iraq, Bush
00:06:55.060 said the same thing. He lied. He said that Saddam had weapons of mass destruction. And as we found
00:07:00.280 out, there was no weapons of mass destruction. And on top of that, Donald Trump also said last
00:07:07.220 year that they wiped out Iran's nuclear program. So which one is it, right? He wiped it out and
00:07:13.220 then they somehow built it back up again and then they were ready to strike America.
00:07:17.660 I mean, in case people are unfamiliar, Iran is on the other side of the world.
00:07:22.280 So it's pretty hard to hit America with a nuclear weapon if you're on the other side of the world.
00:07:27.640 Quite frankly, the way I see it is that Trump is treating his supporters like they're stupid.
00:07:31.800 And I hate to say it, but a lot of them are, especially the ones in Canada.
00:07:36.480 And that's part of the reason I haven't been aligning myself with conservatives anymore.
00:07:40.640 And the conservative party, I'm still pretty conservative, but I can't take all the gaslighting and the stupidity from these people.
00:07:46.700 They just blame everything on Mark Carney.
00:07:48.940 Because what's going to happen is that we're going to see gas prices increase, groceries
00:07:53.140 are going to become more expensive, and then what you're going to see is that conservatives,
00:07:58.520 Maple, Mega, they're going to blame Carney for this, even though Carney had nothing to
00:08:02.420 do with it.
00:08:03.580 So I just want to throw that out there.
00:08:05.500 Don't forget to like and subscribe.
00:08:07.280 Talk to you next time.