Mark Slapinski - The Price Of Gas Is About To SKYROCKET

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.

00:00:00.000 So if you're a Canadian or someone who lives anywhere in the world, but specifically a Canadian, 0.58

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 0.99

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 0.51

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 0.75

00:07:13.220 then they somehow built it back up again and then they were ready to strike America. 0.80

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. 1.00

00:07:27.640 Quite frankly, the way I see it is that Trump is treating his supporters like they're stupid. 1.00

00:07:31.800 And I hate to say it, but a lot of them are, especially the ones in Canada. 1.00

00:07:36.480 And that's part of the reason I haven't been aligning myself with conservatives anymore. 1.00

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. 0.99

00:07:46.700 They just blame everything on Mark Carney. 0.99

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.

Mark Slapinski - March 07, 2026

The Price Of Gas Is About To SKYROCKET

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