This is just hard to believe without watching it yourself: (h/t Expose The Left)[gv data=”https://www.floppingaces.net/russertecon.flv”][/gv]
MR. RUSSERT: Mr. Secretary, if, if demand is up but supply is down, why are the profits so high?
MR. BODMAN: For that reason.
MR. RUSSERT: No, think about that.
MR. BODMAN: You know?
MR. RUSSERT: Play it out.
MR. BODMAN: Demand is up.
MR. RUSSERT: Correct.
MR. BODMAN: Right?
MR. RUSSERT: Right.
MR. BODMAN: So you?ve got more demand, you?re going to force price up.
You?ve got, you?ve got limited supply, and you?re going to have?
MR. RUSSERT: But that?s a decision by the oil companies.
MR. BODMAN: No, it is not. That is a decision?those are?oil is traded every minute of every day, and it?s traded basically 24-by-seven. And it?s, it is determined in marketplaces in New York and London and Tokyo, all over the world. That?s the, the?the oil companies do not determine the price of oil; the producers determine the price of oil.
MR. RUSSERT: They determine, they determine, help determine the price at the pump. And if the, if their profits are going up, they have made a decision to add on the cost at the pump at such a level to guarantee higher profits.
Take a look at Jim Cramer’s face during this thing, classic.
This is just rudimentary economics that we all learn in friggin Jr. High so either Russert is plainly ignorant or he is playing the partisan. I know, shocker coming from the MSM.