Let's talk about oil, gas prices, Trump, and banks....
Belle of the Ranch
Belle of the Ranch
4.9 • 1K Ratings
🗓️ 29 November 2024
⏱️ 5 minutes
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Summary
Let's talk about oil, gas prices, Trump, and banks....
Transcript
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| 0:00.0 | Well, howdy there, Internet people, it's Bell again. So today, we're going to talk about |
| 0:07.2 | banks, oil, gas prices, and Trump. So, banks and oil industry experts have taken to the belief |
| 0:16.7 | that Trump won't actually introduce his promised tariffs on Mexico and Canada, that it's all |
| 0:24.4 | just a made-up storyline like Trump's shark and battery fixation. A global strategist from |
| 0:31.3 | McQuary Capital said, I do not believe for a second that there will be a massive increase in overall tariffs. |
| 0:40.4 | Other quotes from experts suggest, quote, they will never be introduced, or Trump hasn't |
| 0:47.7 | thought that far ahead. Okay, so why do they have this opinion? In short, they don't believe anybody could be that self-destructive or elect to harm the U.S. economy that much. |
| 1:02.2 | Trump's promised 25% tariff on Canada would include things that would send gas prices up. |
| 1:09.6 | The U.S. imports about 4 million barrels of crude per day from |
| 1:14.0 | Canada, despite the U.S. hitting domestic production records. A co-head of global commodities |
| 1:21.3 | research over at Goldman Sachs said Trump's tariffs hitting oil would have, quote, pretty significant consequences |
| 1:30.0 | for U.S. consumers. Citibank's research team said, quote, this would increase costs for U.S. |
| 1:38.3 | refiners and U.S. consumers. To those who might say it will be swapped out with oil from a different source, |
| 1:47.6 | that's not how this works. Not all oil is the same. Canadian oil is known as heavy sour. |
| 1:56.0 | That means it has a high sulfur content. Refinaries set up for that type can't just switch. Most U.S. |
| 2:04.1 | produced oil is light sweet, but whatever. The cool part about this, though, is that because of how |
| 2:11.9 | certain refineries use certain types of oil, you can even track down where gas prices will rise because of Trump's |
| 2:20.0 | promised tariffs. I was sitting down to look it up when I stumbled on Patrick DeHan talking about it |
| 2:27.4 | already. He beat me. He said, quote, because refineries in the Great Lakes, Rockies, and Midwest rely on Canadian |
| 2:37.3 | heavy crude oil for feedstock to refine, if these are tariffed by 25%, that's going to basically |
| 2:45.3 | mandate refiners pay a lot more for feed. Guess who pays? End users, consumers. So, if you're in those areas, |
| 2:56.0 | you can expect a 25 cent to 75 cent increase in gas prices, assuming Trump does what he said he |
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