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Ryan Bridge: On oil shock, people want more self-reliance · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: The war in Iran is not a shocking event in
• 0:02
  Speaker 1: the sense that we knew it was coming. Trump's been
• 0:04
  Speaker 1: not so much hinting but sounding a foghorn for months now,
• 0:08
  Speaker 1: and as we've been covering on this show, as you
• 0:10
  Speaker 1: well know, he's been amassing military assets in the region
• 0:12
  Speaker 1: since the end of January. So not surprising. But what
• 0:16
  Speaker 1: has surprised is Iran hitting their neighbors the Golf States
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  Speaker 1: so hard, including the oil fields and the refineries. This
• 0:22
  Speaker 1: has surprised the markets, hence what we're seeing in Asia
• 0:25
  Speaker 1: and at home. Same goes for the price of oil.
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  Speaker 1: Yesterday when we talked about that Gold and Sax estimate
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  Speaker 1: of one hundred dollars a barrel by the end of
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  Speaker 1: the week, we got there by the end of Monday.
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  Speaker 1: Remember they also warned of one hundred and fifty dollars
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  Speaker 1: a barrel by the end of the month. Let's hope
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  Speaker 1: we're not there by Friday. Oil and fertilizer run our
• 0:45
  Speaker 1: agricultural sector. And yesterday I was listening to a grain
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  Speaker 1: farmer in christ Church say that daily harvesting costs on
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  Speaker 1: his farm would increase by two to three thousand dollars
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  Speaker 1: a day already during harvesting. We're not immune to the
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  Speaker 1: price spikes, but we're all so not that well insulated
• 1:01
  Speaker 1: from them either. We're reliant on energy imports to keep
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  Speaker 1: US afloat now more than ever. Marsden Point used to
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  Speaker 1: refine seventy percent of our petrol ninety percent of our diesel.
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  Speaker 1: Extracting oil and gas became a cardinal sin under labor.
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  Speaker 1: You don't know what you've got till it's gone, do you.
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  Speaker 1: The international shocks, which as we all now know, aren't
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  Speaker 1: that shocking, are also driving a surge in support for
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  Speaker 1: economic nationalism and self reliance. Look at New Zealand. First,
• 1:30
  Speaker 1: to this government's credit, it has extended our emergency oil
• 1:33
  Speaker 1: backup supplies, done deals with the Singapore's of the world
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  Speaker 1: so that we don't run out. Hopefully and as a
• 1:38
  Speaker 1: backstop we're about to do LNG, but again that's imported
• 1:43
  Speaker 1: subject to shocks. The more global events we have, the
• 1:47
  Speaker 1: more we un for self reliance and greater energy independence.
• 1:51
  Speaker 1: Our world beating exports keep US afloat, But what use
• 1:55
  Speaker 1: are they without a reliable supply of reasonably priced ins
• 2:01
  Speaker 1: that help produce them? For more From early edition with
• 2:04
  Speaker 1: Ryan Bridge listen live to news talks it'd be from
• 2:07
  Speaker 1: five am weekdays, or follow the podcast on iHeartRadio