Lower prices at the pump cool inflation. That’s good, right?
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 7 August 2023
⏱️ 7 minutes
🧾️ Download transcript
Summary
Low oil prices have been great for consumers trying to stay afloat in an economy where everything else feels more expensive. But they aren’t so great for oil companies themselves. With OPEC cutting production, the pendulum could soon swing the other way. Then, why amped up international travel is rough for low-cost domestic airlines, and how American-made films are performing in Chinese movie theaters.
Transcript
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| 0:00.0 | Why Hollywood is making a comeback in China, and it's not all just about Barbie and Greta? |
| 0:07.7 | I'm David Brankacheo. |
| 0:08.7 | First, a key part of inflation coming down has been lower oil prices for consumers trying |
| 0:14.0 | to run households and inflation fighters at the Fed. |
| 0:16.6 | This has been welcome news, but not for investors and oil companies. |
| 0:20.2 | Today, there's news that Saudi Arabia, state-owned firm Aramco, became the latest oil company |
| 0:25.0 | to release quarterly results damaged by low prices. |
| 0:28.7 | Aramco's second quarter net profits were down almost 40 percent from the same time last |
| 0:36.2 | year. |
| 0:37.2 | It's not too surprising, considering oil prices are much lower this year. |
| 0:41.0 | The cost of oil soared in 2022 after Russia invaded Ukraine. |
| 0:46.1 | Other oil companies like British Petroleum, Exxon Mobile, and Shell also reported lower |
| 0:50.8 | earnings. |
| 0:51.8 | But OPEC announced early this summer it was cutting production in an effort to raise |
| 0:56.0 | prices. |
| 0:57.0 | So oil prices are expected to rise during the second half of this year. |
| 1:01.0 | That should boost oil company stock, making investors happy, but lower energy prices |
| 1:06.3 | have helped drive down overall inflation this year, making consumers lives easier and helping |
| 1:11.8 | the Federal Reserve fight inflation. |
| 1:14.2 | I'm Nancy Marshall Genser for Marketplace. |
| 1:18.0 | Summer of 2022 last summer, domestic air travel had rebounded as COVID receded, and even |
| 1:23.3 | though there were crushes at many European airports, a key part of that was staff shortages. |
... |
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