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Inside Scoop with Breitbart News - John Carney · Brian Thomas

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  Speaker 1: A O six and fifty by KRC the Talk Station.
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  Speaker 1: Bryan Thomas wishing everyone a very happy Tuesday. Always reminding
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  Speaker 1: you this time of the week we always could hear
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  Speaker 1: from bright Bart News to call it the inside Scoop,
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  Speaker 1: and I always start by recommending Breitbart dot com be
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  Speaker 1: R E I T B A RT dot com outstanding reporting,
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  Speaker 1: in depth and very informative and reliable reporting. And you
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  Speaker 1: get to read stuff like from John Carney, the economics editor.
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  Speaker 1: It's a great heaven. And back on the program, John Carney,
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  Speaker 1: welcome back to the Morning Show. Good to have you
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  Speaker 1: on as always, is he there?
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  Speaker 2: Thank you, Yes, sure, thanks for having me.
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  Speaker 1: I know it's always good heaving you on. John. So
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  Speaker 1: the economic impact, everybody's pulling their hair out. Oh my god,
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  Speaker 1: the straight of horror Moves is shut down. Obviously oil
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  Speaker 1: has impacted. Twenty percent of the world's consumption goes through
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  Speaker 1: the strait of horror moves. We've been down this road before, John,
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  Speaker 1: We've had the straight up hor Moves shutdown. We've also
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  Speaker 1: experienced massive increases in very short periods of time, like
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  Speaker 1: when Russia invaded Ukraine. Actually the price of gas increased
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  Speaker 1: more during that episode that passed as well. I'm I
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  Speaker 1: can only guess the strait of horm Moonves is going
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  Speaker 1: to open back up and then we'll get some relief.
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  Speaker 1: And I brought this up earlier this morning. John, the
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  Speaker 1: Democrats are screaming bloody murder about Donald Trump causing the
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  Speaker 1: price of gas go up and causing all this economic
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  Speaker 1: disruption with the straight of Horror moves being shut down.
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  Speaker 1: So it's Donald Trump's fault, but they ignore the reality
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  Speaker 1: that they want the price of gasoline to go up.
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  Speaker 1: It's their economic policies, the Green agenda by legislation, not
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  Speaker 1: active war, temporary as that may be permanent, embodiment of
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  Speaker 1: getting rid of fossil fuels, elimination of plant food from
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  Speaker 1: the environment, and you know number one goal for the left.
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  Speaker 1: It's okay when they do it, but it's not okay
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  Speaker 1: if it happens as a consequence of war. John, Can
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  Speaker 1: you make sense of this for me?
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  Speaker 2: Sure, you're you're absolutely right that they have for years
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  Speaker 2: actually wanted gasoline prices to go up. They want oil
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  Speaker 2: prices to be higher because they want to discourage the
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  Speaker 2: consumption of those things and make renewable energy cheaper relatively.
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  Speaker 2: So this is one reason that they actually in states
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  Speaker 2: like California where they have very high gas taxes, the
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  Speaker 2: intention is to raise the price of gasoline. So you're
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  Speaker 2: right about that. And we have had this straight up
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  Speaker 2: for moves closed. But I don't want to underplay this.
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  Speaker 2: It is a cost to the economy when you get
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  Speaker 2: gasoline prices very high. That leaves people with less money
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  Speaker 2: to spend on other parts of the economy. They eat
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  Speaker 2: out less, they know, there's less vacation planning. If gasoline
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  Speaker 2: prices are high going into the summer, there will be
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  Speaker 2: fewer road trips or shorter road trips. That's a problem. However,
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  Speaker 2: we're already seeing gas prices come down. They went really
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  Speaker 2: high over the weekend. They were up Brent crue, the
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  Speaker 2: international standard, was up near one hundred and ten dollars
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  Speaker 2: a barrel. This morning it's down here ninety. Yesterday it
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  Speaker 2: got all the way down into the low eighty. So
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  Speaker 2: I don't think that the And if you look at
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  Speaker 2: the futures market, it's telling you that even those prices
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  Speaker 2: aren't expected to last. That if you when you can
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  Speaker 2: buy a futures contract that allows you to buy oil
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  Speaker 2: a year from now, and that is much cheaper than
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  Speaker 2: the futures contract that allows you to buy oil a
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  Speaker 2: month from now. What that's telling you is that smart
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  Speaker 2: investors think that this spike in oil prices is going
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  Speaker 2: to be a spike, meaning you go up and then
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  Speaker 2: you come down rapidly as well.
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  Speaker 1: Yeah, and again we've been down this road before. This
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  Speaker 1: happens all the time. But that the even some Republicans
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  Speaker 1: are worried about the November election. And that's the other thing,
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  Speaker 1: you know, on this whole climate thing. You know, we
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  Speaker 1: go in to the remember of election, we worried about
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  Speaker 1: the price of gastline being high. And you know, I
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  Speaker 1: understand inflation has been a problem, but you know, let's
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  Speaker 1: face it, the Biden administration unleashed trillions of dollars in
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  Speaker 1: the American economy, had a massive inflationary effect. Nobody points
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  Speaker 1: the Democrats for that. Why are the prices high? Joe
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  Speaker 1: Biden and his COVID money others. Then the climate policies
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  Speaker 1: themselves cost the price of everything energy wise to go up.
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  Speaker 1: There's no recollection of that. Is this the mainstream media's
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  Speaker 1: coordinated effort to like do people into thinking this is
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  Speaker 1: somehow literally the Republican's fault, not the Democrats. And the
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  Speaker 1: other puzzling phenomenon is, John, if you're angry with the
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  Speaker 1: current economic situation, you can't appreciate that do you really
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  Speaker 1: want to vote in Democrats who are full on socialists
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  Speaker 1: slash you know, democrats socialists class outright socialists, and all
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  Speaker 1: the policies that go along with it, like men playing
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  Speaker 1: against women in sports and every other crazy policy they've
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  Speaker 1: come up with. I just can't believe rational people would
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  Speaker 1: view this momentary problem and pursue that long term path
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  Speaker 1: that Democrats will most assuredly put in place.
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  Speaker 2: That's right. Look, I would say that every Republican should
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  Speaker 2: be reminding voters exactly what you just said, which is
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  Speaker 2: that Democrats actually want higher gasoline prices. They are not
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  Speaker 2: in favor of cheap fossil fuels. They would like us
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  Speaker 2: to not be able to use them at all, and
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  Speaker 2: the path to getting us off using them is to
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  Speaker 2: make it so expensive that we don't. However, people do
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  Speaker 2: have short term memories, and you're absolutely right. The legacy
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  Speaker 2: media discovered the idea of affordability the day Donald Trump
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  Speaker 2: was elected. Until then, they kept telling us that inflation
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  Speaker 2: wasn't a real problem, it wasn't a big deal.
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  Speaker 3: It was all going away.
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  Speaker 2: It had gotten much better. All of that. Donald Trump
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  Speaker 2: gets elected and suddenly we're in an affordability crisis. This
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  Speaker 2: is completely manufactured. We are about to see later this week,
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  Speaker 2: actually tomorrow, we will get inflation numbers that are expected
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  Speaker 2: to be the lowest year over year inflation numbers in
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  Speaker 2: five years. So where's the affordability crisis We're actually and
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  Speaker 2: at the same time, we have wages that are rising
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  Speaker 2: much faster than inflation, so things are actually becoming more affordable.
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  Speaker 2: You're not going to see that anywhere except on Breitbart,
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  Speaker 2: on your show, or on the bripart Business Digest, which
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  Speaker 2: is an email we send out. Everybody can subscribe, but
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  Speaker 2: it's going to get ignored. I guarantee you you will
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  Speaker 2: not see a headline in the New York Times saying
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  Speaker 2: affordability crisis over. It will never be over as long
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  Speaker 2: as Donald Trump is president.
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  Speaker 1: As president well, and then the other factor is and
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  Speaker 1: we have not okay, like every administration, it takes time
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  Speaker 1: to get the policies in place and for them to work.
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  Speaker 1: We have the one big, beautiful Bill which is now
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  Speaker 1: in effect and that's going to probably bring some even
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  Speaker 1: more significant economic positives in the markets. That's going to
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  Speaker 1: take a little time, though, to grow roots and bear fruit.
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  Speaker 1: And do you think that's going to happen for November.
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  Speaker 2: I do. Actually, we're going to start to see some
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  Speaker 2: of the very direct effects of that in the next
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  Speaker 2: couple months. Peoples are going people are getting much higher
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  Speaker 2: refunds because they have had tax cuts, so they paid
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  Speaker 2: taxes under the old Biden regime, but the refunds are
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  Speaker 2: actually many of them retroactive, so they are going to
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  Speaker 2: get better refunds than they were used to. And then
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  Speaker 2: going forward, they're actually going to have less money taken
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  Speaker 2: out of their paychecks because we have no tax on tips,
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  Speaker 2: no tax on overtime, no tax on extra income under
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  Speaker 2: Social Security. This is going to put more more money
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  Speaker 2: into people's pockets. They're going to be able to save more,
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  Speaker 2: they're going to be able to a forward more. And
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  Speaker 2: this is not like unlike a stimulus check, which tends
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  Speaker 2: to be a bit inflationary, because if you're a business
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  Speaker 2: and you see a huge surge of demand due to
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  Speaker 2: a stimulus check, you don't go ahead and expand operations
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  Speaker 2: because you know that's just a temporary, temporary high. What
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  Speaker 2: you really want to do is make it permanent, and
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  Speaker 2: that's what the tax CITs do, so businesses can actually
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  Speaker 2: expand supply to match the increased demand so it won't
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  Speaker 2: be inflationary's and I think we're going to see that
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  Speaker 2: in the next coming months. I also think we're going
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  Speaker 2: to see gasoline prices come down. They've gone up because
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  Speaker 2: of what's happening in the strait forms. That is not
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  Speaker 2: a permanent problem, however, and I do think by the
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  Speaker 2: summer that will be resolved and we will oil prices
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  Speaker 2: will come down, Gasoline prices will come down, and people
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  Speaker 2: will be This will be a you know, a memory
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  Speaker 2: rather than a current problem by the time we.
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  Speaker 1: Get to November, except for places like the state of
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  Speaker 1: California where the regulatory burden has imposed the reality that
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  Speaker 1: the gas prices are never going to come down. I'm
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  Speaker 1: sorry I keep pivoting back to that, but yeah, we're
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  Speaker 1: going to be back let's say, two dollars gallon gasoline,
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  Speaker 1: hopefully if we were there just a moment in time ago,
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  Speaker 1: temporary disruption, back to status quo. But then we get
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  Speaker 1: this constant reminder it's like the cautionary tale, don't go
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  Speaker 1: down that road because we don't want to pay five
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  Speaker 1: bucks for gasoline. Don't do what California did, going back
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  Speaker 1: to these you know, policies pursued by Democrats.
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  Speaker 2: That's right, it's terrible in California. I'll also says it's
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  Speaker 2: a problem beyond California because there's no pipeline that goes
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  Speaker 2: to the West coast. So we produce a ton of
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  Speaker 2: oil in the middle of America, whether it's the Dakotas
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  Speaker 2: or Oklahoma or Texas, and yet we have no pipeline
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  Speaker 2: that goes west because the environmental extremists will not allow
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  Speaker 2: us to. They fight any proposal. In fact, it's so
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  Speaker 2: bad that people don't even propose building a pipeline. So
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  Speaker 2: what that means is that oil comes down into the Gulf,
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  Speaker 2: it gets to the rest of America, the east coast,
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  Speaker 2: the Midwest. American oil can get to the rest of America.
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  Speaker 2: It can't get to the west coast because we have
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  Speaker 2: no west coast pipeline we need. It's a little like
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  Speaker 2: remember when we obviously we don't remember this, but you
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  Speaker 2: remember in history class we learned about the trans Continental
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  Speaker 2: railroad and how important that was to creating a national economy.
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  Speaker 2: We have no trans continental pipeline, and so California Oregon
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  Speaker 2: are sort of on their own when it comes to oil.
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  Speaker 2: They have to they actually get it from places like
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  Speaker 2: the Middle East, because otherwise you have to go all
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  Speaker 2: the way around America or through the Panama catw It's
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  Speaker 2: not really practical. So, uh, what we need is to
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  Speaker 2: stop that a lot and Republicans I think could actually
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  Speaker 2: score a victory in California if they ran on pushing
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  Speaker 2: for a transcontinental pipeline.
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  Speaker 1: I think that's an outstanding idea. But instead of doing
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  Speaker 1: something like that, which would make life better for all Californians,
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  Speaker 1: they're at least going to get their high speed rail
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  Speaker 1: project on Carney. Don't you think that represents a bit
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  Speaker 1: of an environmental problem too, because I would think you're
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  Speaker 1: doing comparable activities to build a railroad that you would
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  Speaker 1: for a pipeline.
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  Speaker 2: Right, Well, they solved problems. They solved that problem by
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  Speaker 2: never actually building a railroad. Right. They build one mile
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  Speaker 2: of it. You're okay, right, so that's all they ever get.
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  Speaker 1: But I guess quickly, John Carni another is this another
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  Speaker 1: self inflicted wound. Has this idea of actually bringing natural
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  Speaker 1: gas to the state of California by way of a
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  Speaker 1: pipeline system? Has that been proposed and rejected? Or is
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  Speaker 1: that no one ever stepped up to the plate and say, hey,
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  Speaker 1: how about that continental railway. There's an idea that we
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  Speaker 1: might want to put in place by way of pipeline.
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  Speaker 2: People have tried to propose it. The problem is they
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  Speaker 2: know how it's going to go. We barely succeed in
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  Speaker 2: building a pipeline even to you know, the you know,
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  Speaker 2: up to Canada, a Northwest pipeline or sorry, a North
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  Speaker 2: South pipeline Excel, so the you know, these things are
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  Speaker 2: expensive and people aren't really thinking, well, you know, it's
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  Speaker 2: probably worth my time to spend twenty five years in
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  Speaker 2: litigation to build a pipeline that you know, and frankly,
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  Speaker 2: I've talked to people who have thought about this and
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  Speaker 2: they're afraid of environmental terrorism as well. You not only
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  Speaker 2: have to you know, finally get legal permission into it,
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  Speaker 2: you don't have to put armed guards around it because
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  Speaker 2: the echo extremists will try to blow it up.
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  Speaker 1: They're gonna put armed guards around the railroad to keep
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  Speaker 1: people from causing train the araunments, John Carney, for terrorism purposes.
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  Speaker 2: They did, indeed have to in the in the nineteenth
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  Speaker 2: century have armed guards to guard the railroads because there
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  Speaker 2: were you know, criminals, bandits who you know, I mean
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  Speaker 2: very famously right, we all know the train robbers.
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  Speaker 1: Well, I would is indeed, what could happen, John Carny.
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  Speaker 1: I would suggest that if we didn't engage in any
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  Speaker 1: activity because something might happen criminally, we would never have
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  Speaker 1: advanced past the Stone Age. That's a good point, John Carney.
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  Speaker 2: That's a good point.
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  Speaker 1: Go ahead.
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  Speaker 3: I think I think that we really I think as
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  Speaker 3: we become a more energy abundant and more energy dominant country,
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  Speaker 3: it will inevitably happen.
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  Speaker 2: It makes too much sense, so it's going to happen.
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  Speaker 2: But we really do have But frankly, Republicans have to
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  Speaker 2: get bolder about this and point it out. If they
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  Speaker 2: will not do that, it will never make progress on it.
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  Speaker 1: California, help us, help you, help us, save you from yourself,
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  Speaker 1: John Carney. You'll find what he writes at Breitbart dot Com.
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  Speaker 1: He's the economics editor. And I'll look forward to having
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  Speaker 1: you back on the program. Keep up the great work
• 13:32
  Speaker 1: you and the entire team at Breitbart. We'll have you
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  Speaker 1: back on soon, John, thanks so much, always a pleasure.
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  Speaker 1: Eight twenty fifty five krc DE Talk Station, Daniel Davis