Nets: Ramping Up Oil Production Will ‘Take Some Time’ (Go Electric Instead)

Now they will tell you. The network morning shows on Monday all admitted that ramping up oil production in the wake of the war in Ukraine will “take some time.” But there was no mention of the Biden administration’s war on energy independence. And NBC’s TodayTo save gas money, you could consider buying an electric vehicle. The average cost of an electric vehicle is more than $56,000. 

You can find more information here ABC’s Good Morning America, Rebecca Jarvis showcased the bad news, noting that “a gallon already averaging $5.34 in California. Up 52 cents in just the last week.”

She admitted things aren’t getting better anytime soon: “Now if the U.S. were to fully ban Russian imports, we would make up for that gap by ramping up production here domestically. That would take time.” 

On CBS Mornings, reporter Carter Evans asked, “How long is this going to last?” UCLA Professor Leo Feller responded bluntly, “It’s going to last as long as the war between Russia and Ukraine lasts and until we’re able to ramp up production in the U.S. The demand is there.” 

Evans said that Biden had cancelled Keystone Pipeline on the first day of his administration. 

We could now see gas prices in the US surpass the record high of $4.11 per gallon by the middle of next week. However, with crude oil at close to $100 per barrel, U.S. producers of oil will likely increase production. You’ll see that this takes some time.It takes approximately six months for the pipeline to be completed.

On NBC’s Today, Jo Ling Kent also ignored any role the Biden administration might have played and instead floated the idea of going electric as a solution: “Americans will be spending more than half of a trillion dollars for gas in the year ahead, despite having a national average. Electric vehicles are becoming more popular. California’s Bay area dealer says that interest is rising ten-fold.” 

The average price of an electric car is $56,437. 

Last year, the Media Research Center produced a document on energy independence and the end of the Keystone Pipeline by the Biden Administration. Watch it here: 

This is what Senator Josh Hawley wrote in an op-ed on Fox News, March 4, 2009. 

At the behest of far-left environmental activists, President Biden cancelled the Keystone XL pipeline, paused new oil and natural gas leases on federal lands, forced the United States back into the job-killing Paris Climate Agreement, proposed harmful environmental rules on oil and gas emissions, and hiked the “social cost of carbon”—a government metric first used by Barack Obama—to a sky-high $51 per ton.  

Progressive insurance sponsored CBS’s awakening to Russia’s dangers. It was Popeyes on ABC. It was BMW. To let them know your thoughts, click the links. 

Below are partial transcripts. Click “expand” to read more. 

Good Morning America
3/7/2022

7.15 am 

GEORGE STEPHANOPOULOS: Economic impact of war and increasing calls for a ban oil imports Russia. Oil prices have risen to $130 per barrel in the past 24 hours. The Nas price has risen too. A gallon in California is now at an average of $5.34. In the past week, prices have risen 52 cents. Rebecca Jarvis is our chief business correspondent. Good morning, Rebecca. 

REBECCA JAVIS: Hello George. Russia is the world’s third largest energy producer, accounting for about 10 percent of global supply. The U.S. only imports very little of this. Only three percent came from Russia in the last year. If the U.S. decided to ban all Russian imports completely, then we could make up that difference by increasing our domestic production. This would be slow and could even lead to Saudi Arabia and Venezuela releasing more supply. 

This short term drop is the reason oil prices are so high, at $130 per barrel. This is the highest oil price in thirteen years. Patrick De Hann from Gas Buddy predicts that the national average price for regular gas would reach $4.55 per gallon, if gasoline prices continue to rise. The average national gasoline price will reach a new record within the next 24 hour. Keep in mind that Americans spend a quarter of a billion dollars per day on gasoline compared to a month ago. Spending more money on gasoline means we are less likely to have any other spending funds. It means there’s less economic growth. George? 

CBS Mornings
3/7/2022
7.42 am ET

NATE BOULESON: Gas prices have risen due to economic decline following the Russian invasion Ukraine. In the United States, gas prices topped $4 per gallon for the first-time in over a decade. Experts predict that gas prices will continue to rise. Experts warn that prices will rise not only for gas, but also for essential goods. Carter Evans stops at Los Angeles’ gas station. Carter, what’s the price of gas in that station this morning? 

CARTER EVANS [Standing in front of a gas station.]Look behind you. It is easy to see that the sevens are rocking up so rapidly. New Jersey, Pennsylvania and other states have also reached all-time highs. Prices could continue rising if Russia is banned from all imports. 

…

EVANS: Gas prices have risen to an average of $4 per gallon nationally. The average motorist pays $16 less to get gas when they fill up this year than it was last year. Russia’s invasion and pressure on oil markets worldwide is partially responsible. What is the best time to see gas prices begin to fall? 

LEO FELER, UCLA: It’s going be tough for six months. 

EVANS: Leo Feler, a senior economist at UCLA, says that the conflict in Ukraine has a negative impact on its exports as well as Russia’s. 

Feller: There are big supply shocks. We’re seeing oil prices go up, we’re seeing wheat prices go up. The bread basket for Europe is Ukraine, correct? There is concern this could make the inflationary problems worse. 

Evans: Russia and Ukraine supplied almost a third world’s wheat in 2013 and exports have slowed down. Because some farmers rely heavily on wheat for their cattle, shoppers may see an increase in cereal prices. This is going to continue for how long? 

Feller: This will last for as long as there is war between Russia, Ukraine and the United States. Until then we can ramp up U.S. production. There is demand. 

EVANS – By next week’s end, the average national gas price could surpass its all-time record of $4.11/gallon. U.S. oil production will increase, however, as oil prices hover around $100/barrel. It takes six months for the oil to reach the pipeline, but that is not a quick process. Nate? 

Today
3/7/2022
7:13 AM ET 

JOLING KENT Electric vehicles are becoming more popular because of this. California’s Bay area dealer says that interest is rising tenfold.