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Inside Scoop with Breitbart News - Financial Editor John Carney · Brian Thomas

• 0:00
  Speaker 1: We get what we call the inside scoop with bright
• 0:02
  Speaker 1: Bart News and as I always start the program segment
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  Speaker 1: Breitbart dot com. It's worth a bookmark. Read what they
• 0:08
  Speaker 1: have to say each and every day. B R, E I,
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  Speaker 1: t BA, RT dot com. Solid reporting quite often is
• 0:14
  Speaker 1: reporting on things before anybody else reports on it, and
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  Speaker 1: sometimes the only source of information that is actually true.
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  Speaker 1: John Carney knows all about that. He's written for byite
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  Speaker 1: Bart for a long time. We've had him on many
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  Speaker 1: times before. Welcome back to the program, John Carney. It's
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  Speaker 1: always a pleasure to have and you want to appreciate
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  Speaker 1: what you and the team at Breitbart do each and
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  Speaker 1: every day.
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  Speaker 2: Thanks so much for having me.
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  Speaker 1: Am I staring at a at a good news on
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  Speaker 1: the topic list, I mean, what price of gas and oil?
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  Speaker 1: Donald Trump just tweeted the other day about forty three
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  Speaker 1: states having gas under three dollars per gallon. Before we
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  Speaker 1: started talking, I just went over to gas Buddy my
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  Speaker 1: personal zip code gas about between two o nine and
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  Speaker 1: two forty two in the city proper the zip code
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  Speaker 1: for the city of Cincinnati two seventy nine, and then
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  Speaker 1: I just randomly chose Middletown, which is you know, between
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  Speaker 1: here and Dayton two dollars and thirty three cents. I
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  Speaker 1: haven't seen prices like that for many, many years. That
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  Speaker 1: is an outstanding development and immediate relief in terms of
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  Speaker 1: the inflationary pressures we're talking about.
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  Speaker 2: John, your take, Yeah, that's absolutely right. I drove the
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  Speaker 2: other day just to a local gas station and I
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  Speaker 2: hadn't been the I hadn't been driving for a you know,
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  Speaker 2: it must have been a week or two since I
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  Speaker 2: last filled up my car, and it was down to
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  Speaker 2: two forty nine. And I thought, Okay, this is an amazing.
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  Speaker 3: Development because we have, as you said, it mechanically actually
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  Speaker 3: forces down inflation in large part because the gasoline is
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  Speaker 3: and oil fuel energy in general is a large part
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  Speaker 3: of the entire inflation index.
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  Speaker 2: But also everything we touch has petroleum in it, and
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  Speaker 2: so and or is shipped with gasoline. So you have
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  Speaker 2: you know, whether it's food coming on trucks, whether it
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  Speaker 2: is the you know, plastics that we're buying everything. I
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  Speaker 2: was on Larry Tudlow's television show the other day and
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  Speaker 2: he was pointing out that his glasses are made of petroleum.
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  Speaker 2: Keeap oil. Cheap gasoline is a way of getting everything
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  Speaker 2: less expensive in our lives.
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  Speaker 1: Yeah, and one can only hope, but also maybe perhaps
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  Speaker 1: presume on some level that the price that we passed
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  Speaker 1: along the consumer. I think many manufacturers and providers of
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  Speaker 1: goods are looking for ways to provide some price relief,
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  Speaker 1: and if they're going to save some money in terms
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  Speaker 1: of what they're paying to ship goods and serve or
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  Speaker 1: to ship the goods, I would think that's an easy
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  Speaker 1: way for them to pass along a little bit of
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  Speaker 1: savings to the American customer.
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  Speaker 2: Right, And it's not just out of the goodness of
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  Speaker 2: their heart of court. Target wants to compete with Walmart,
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  Speaker 2: so when Walmart's costs go down, they can lower the
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  Speaker 2: cost and then they they try to lower their prices
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  Speaker 2: when their costs go down to beat Target, Target has
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  Speaker 2: to do the same thing. So the competitive economy means
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  Speaker 2: that you do get these costs start to come down.
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  Speaker 2: And I also just think it will help people psychologically.
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  Speaker 2: Gasoline is one of those prices that we all see
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  Speaker 2: very frequently, even when we're not necessarily filling Normal prices
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  Speaker 2: you only see when you're buying something. Prices of furniture
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  Speaker 2: you rarely see because how often do you even buy
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  Speaker 2: a piece of furniture. Groceries you see more often, but
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  Speaker 2: only when you're at the grocery store. Gasoline you see
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  Speaker 2: all the time because of the minute you pass a
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  Speaker 2: gas station, they advertise what the price is. And so
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  Speaker 2: I think it adds a lot of saliens for people,
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  Speaker 2: and people understand that they're not spending as much on
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  Speaker 2: the pump. It puts a little more money in their
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  Speaker 2: pockets to buy other things, and I think that'll be
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  Speaker 2: make people feel some relief from some of this burden
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  Speaker 2: left over from the Biden administration of very high inflation
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  Speaker 2: that a lot of us are still dealing with.
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  Speaker 1: Well, and I guess there's a compounding factor. You know,
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  Speaker 1: you would think more oil, more oil, more oil, the
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  Speaker 1: price will continue to go down. But there's a point
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  Speaker 1: at which a barrel of oil doesn't really generate sufficient
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  Speaker 1: revenue for the oil companies. I've heard domestic oil production
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  Speaker 1: companies need about fifty dollars a barrel. I think part
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  Speaker 1: of that has to do with the added costs of
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  Speaker 1: extracting oil and natural gas from shale, but there is
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  Speaker 1: a point of limited return. Now we've got allegedly this
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  Speaker 1: Venezuela and oil that's going to be coming online. I'm
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  Speaker 1: not sure how much that's going to impact. And there are,
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  Speaker 1: of course a lot of logistical hurdles we have to
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  Speaker 1: deal with before that oil is going to start flowing,
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  Speaker 1: including oil companies agreement to go back to areas where
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  Speaker 1: they used to be able to drill and keep their
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  Speaker 1: profits until after the communist government socialist government comes in
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  Speaker 1: and nationalizes their resources. Can we get them to go
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  Speaker 1: back in And ultimately is that going to be a
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  Speaker 1: good thing for the oil companies considering it probably will
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  Speaker 1: bring the price of oil down, John.
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  Speaker 2: Yeah, So a couple of things. One, at the price
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  Speaker 2: of US oil I've often heard fifty dollars quoted, that's
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  Speaker 2: not necessarily fixed. We can bring down the cost of
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  Speaker 2: production of US energy and oil, in particular by one
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  Speaker 2: allowing some of these pipelines to get built, allowing less
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  Speaker 2: not necessarily even less regulation, but more confident regulation. Look,
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  Speaker 2: the Biden administration didn't want it to be easy, and
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  Speaker 2: the Obama administration before that did not want it to
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  Speaker 2: be easy or cheap to extract oil out of the ground.
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  Speaker 2: They actually wanted to drive up the price because that
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  Speaker 2: would drive down the relative price of things like solar
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  Speaker 2: and wind. So they had been engaged in a campaign
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  Speaker 2: of making it more expensive to get oil out of
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  Speaker 2: the ground. So yes, fifty dollars is the break even now,
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  Speaker 2: but it can come lower and once we get the
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  Speaker 2: regulation of it correct. As for Venezuela, I don't think we.
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  Speaker 2: I think Exon Mobil has been very hesitant about going in.
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  Speaker 2: I understand that you got burned once the commys seasons
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  Speaker 2: this stuff. You're you're worried. But smaller guys actually are.
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  Speaker 2: We are eager. They want to go in. They say, look,
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  Speaker 2: we think this time will be safer. We know we
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  Speaker 2: have the back of the US President, so we think
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  Speaker 2: this is an investible opportunity. And is it risk free? No,
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  Speaker 2: But you know a lot of these do they call
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  Speaker 2: them wildcatter oil drillers. They're not going for the risk
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  Speaker 2: free things. These guys want to take risks because that's
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  Speaker 2: where you make money.
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  Speaker 1: Well, I have always been convinced that taking plant food
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  Speaker 1: out of the atmosphere is dangerous for plants. It is
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  Speaker 1: not a pollutant carbon dioxide. It keeps the world green
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  Speaker 1: and going. We all learned about that in elementary score.
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  Speaker 1: At least we used to this whole idea that they
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  Speaker 1: wanted to. I mean the predicate, remember Barack Obama, price
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  Speaker 1: of gas will necessarily go up. It was an artificial
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  Speaker 1: price increase, take away the opportunity to drill easily take
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  Speaker 1: You throw in regulatory hurdles, insurmountable. They are you're going
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  Speaker 1: to force people to go over to And you said
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  Speaker 1: that would make solar and wind appear more affordable only
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  Speaker 1: because gas a lien had been artificially increased in price.
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  Speaker 1: So you're competing with an artificially increased price product that
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  Speaker 1: we all want and need and can't do without because
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  Speaker 1: most of us have internal combustion engines. You're going to
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  Speaker 1: replace it with solar panels and windmills that only come
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  Speaker 1: with subsidies. The only way those can even manage themselves
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  Speaker 1: financially is with government subsidies taxpayer dollars. The whole thing
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  Speaker 1: built on what I would argue the house of cards
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  Speaker 1: that seems to be falling apart in front of our
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  Speaker 1: very eyes, that we are somehow destroying the planet by
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  Speaker 1: allowing carbon dioxide to naturally exist and not try to
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  Speaker 1: extract it or not put it into the environment and
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  Speaker 1: environment in the first place.
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  Speaker 2: So that's absolutely right, and you got the really perverting
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  Speaker 2: part of the policy there, absolutely correct, and it was intentional.
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  Speaker 2: You can need the environmentalists, this is what they say
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  Speaker 2: they wanted to do. You subsidize the energy they like,
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  Speaker 2: you tax the energy, or and regulate the energy they
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  Speaker 2: don't like. And so you are basically in visibly forcing
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  Speaker 2: people to bot to, you know, seek out alternatives because
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  Speaker 2: you've driven the price of gas so high, and you've
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  Speaker 2: artificially driven the price of non flossil fuels much lower.
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  Speaker 2: And that was actually but the problem is you can't
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  Speaker 2: get enough energy to run modern society with windmills and
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  Speaker 2: solar panels. It's not going to happen. We don't actually
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  Speaker 2: even have the technology for a lot of the Look
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  Speaker 2: where I live up in the Northeast coast of the
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  Speaker 2: United States, if you try to run everything on solar,
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  Speaker 2: you would be in a like you just wouldn't have
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  Speaker 2: energy for six months of the year. We're you know,
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  Speaker 2: we're in cloud covered New England here. This is not
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  Speaker 2: you can't run solar all over the country.
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  Speaker 1: No, of course not. And of course with artificial intelligence
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  Speaker 1: demands increasing the load on the grid. I mean exponentially.
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  Speaker 1: We can't satisfy the needs of AI, and so much
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  Speaker 1: so that I think the one development that's coming out
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  Speaker 1: of all this that's going to be great for America
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  Speaker 1: generally speaking, is that we're no longer turning our backs
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  Speaker 1: on the concept of small modular reactors or nuclear production.
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  Speaker 1: Generally speaking, an abundance of power and oh look, it's
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  Speaker 1: been carbon free the whole time. And yet the environmentalists
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  Speaker 1: fought nuclear tooth and nail, much in the same way
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  Speaker 1: they fight anything that involves fossil fuel. It's all insane.
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  Speaker 1: But the demand of business and industry and these evil
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  Speaker 1: multi billionaires with their AI companies seems to be trumping
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  Speaker 1: this religion that we all have been following blindly.
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  Speaker 2: It's actually been a great development. Not intentional, but this
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  Speaker 2: is the way things have worked out that for a
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  Speaker 2: long time, we actually had a bunch of these tech
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  Speaker 2: companies that believed that because they themselves weren't using much energy,
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  Speaker 2: that they we're willing to get behind a lot of
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  Speaker 2: these horrible climate change policies that drove up the price
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  Speaker 2: of energy. Now that we have the new technology and
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  Speaker 2: the money that's going into things like AI, that it
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  Speaker 2: is actually energy intensive rather than than not. You're actually
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  Speaker 2: getting Silicon Valley and the new technologists to support energy
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  Speaker 2: abundance rather than oppose it. That's a very positive and
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  Speaker 2: frankly unexpected development. I didn't see that coming, and it's
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  Speaker 2: terrific because it means that basically we're recruiting a bunch
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  Speaker 2: of pretty wealthy people to be on the side of
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  Speaker 2: ordinary Americans when it comes to energy, and that's terrific.
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  Speaker 1: Well, they have to advocate that for their own survival. Finally,
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  Speaker 1: the chickens as home to ruse for these you know,
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  Speaker 1: multi billionaires who were so blindly following leftists and funding
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  Speaker 1: every leftist cause out in the world. Oh whoops, I
• 10:55
  Speaker 1: guess our situations changed, So we're going to change our
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  Speaker 1: minds and maybe that'll help Again. Can people over to
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  Speaker 1: the right side of thinking, which is, no carbon dioxide
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  Speaker 1: isn't bad, it's plant food, all right? Is the economy
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  Speaker 1: getting better? Are we booming? Are we not? I suppose
• 11:09
  Speaker 1: it depends on where you read an article. Everybody with
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  Speaker 1: an opinion has a different outlook on it. It's like
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  Speaker 1: subjectivities into the equation. Shouldn't this be a sort of
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  Speaker 1: a concrete thing I guess it just depends on which
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  Speaker 1: sector of the economy you're looking at, John Carney.
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  Speaker 2: So right now, the economy is growing very rapidly, and
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  Speaker 2: I think it's important that people see this. That we
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  Speaker 2: grew at a three point eight percent in the second
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  Speaker 2: quarter of four point one in the third, and we
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  Speaker 2: might be growing as fast as even faster than that
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  Speaker 2: in the fourth quarter. That gave us a lot of
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  Speaker 2: momentum going into this year. That's really good. The unemployment
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  Speaker 2: rate has fallen, which is the opposite of what a
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  Speaker 2: lot of people thought it was going to do, and
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  Speaker 2: they thought it was going to keep going up. So
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  Speaker 2: this is all good news, and in place it has
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  Speaker 2: come in quite Look in just a couple of minutes
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  Speaker 2: we'll get some more inflation numbers. This is what we want.
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  Speaker 2: We want non inflationary growth. And by the way, wages
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  Speaker 2: are rising faster than the rate of inflation, which means
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  Speaker 2: that people have more purchasing power. The things we all
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  Speaker 2: need to survive in this world are becoming more affordable
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  Speaker 2: because we're getting the amount we get paid is going
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  Speaker 2: up faster than the prices. That's terrific and it's something
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  Speaker 2: that hasn't happened in a long time. There are dangers. Look,
• 12:27
  Speaker 2: interest rates are still pretty high. That could still cause
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  Speaker 2: one of the things interest rates do eventually is slow
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  Speaker 2: down hiring. So there are dangers still in the economy.
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  Speaker 2: Will never not you not have risks to the economy.
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  Speaker 2: But the economy is doing well right now, and I
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  Speaker 2: think the legacy media is trying to blind us like this,
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  Speaker 2: But we are doing well well.
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  Speaker 1: Three things that Democrats seem to have going into the
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  Speaker 1: November election. You got healthcare and the subsidies, you got inflation,
• 12:59
  Speaker 1: and of course I suppose in the immigration situation, what
• 13:03
  Speaker 1: side are you on getting rid of these evil people
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  Speaker 1: in the United States or letting everybody just stay here
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  Speaker 1: without any intervention. So that's it. Hopefully the economy kicks
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  Speaker 1: in in full earnest before November, taking the wind out
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  Speaker 1: of the Democrats sales on that one. We know that
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  Speaker 1: John Carney from Breitbart's going to be reporting on all
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  Speaker 1: of it. Breitbart dot comsy find John and the crew. John,
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  Speaker 1: thank you so much for joining me on the program
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  Speaker 1: this morning. It's always a pleasure having you on and
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  Speaker 1: for my listeners and me. Keep up the great workover
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  Speaker 1: at Breitbart.
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  Speaker 2: Thanks so much, and looking forward to being.
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  Speaker 1: On again, looking forward to it already, my friend, have
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  Speaker 1: a great week. It's eight twenty here fifty five k
• 13:38
  Speaker 1: SE the talk station, The Daniel Davis Deep Dive coming up.
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  Speaker 1: I hope you can stick around w KRC, Cincinnati,