In this episode of his "Thinking Out Loud" series, Double D discusses the surging price of gasoline in the wake of the Russian invasion of Ukraine.
Double D opens the video by citing several articles, including one from the New York Times, which outlines the drastic increase in fuel over the weeks following Russia's invasion of Ukraine. He claims that the fossil fuel industry was already raking in record profits, justifying their predatory pricing by using a reopening economy as an excuse to ream Americans at the pump. He goes on to show that those same corporations are now using the War in Ukraine to price gouge even more; citing the fact that from January 1st to February 24th, the price of gas increased 24%, while in the days following the initial invasion, the price increased by 17%.
Double D attempts to discredit corporate justifications for criminal pricing, citing the fact that the US imports only 8% of its crude from Russia, is almost completely self-sufficient in oil and natural gas production, and that the fossil fuel industry has recently used massive profits to increase dividends and engage in stock share buybacks; a move which only increases their bottom line.
Double D continues by claiming that even in our current "free market system", there are government measures which should be taken to protect consumers from supposed "market volatility." Noting the massive infrastructure of emergency oil caches known as the Strategic Petroleum Reserve, and recalling the "Nixon Shock" price controls of the 1970's, which put a 90 day freeze on raising prices for essential commodities.
Double D then dispels the notion that exorbitant gas prices are a global phenomena, providing current market data on the price of gasoline for countries which have nationalized fossil fuel infrastructure.
Ending the video, Double D calls for the nationalization of energy production. Suggesting that so long as our energy system is ran as a racket, price gouging at the pump will only grow worse as the tensions of an increasingly multipolar world provide continuous excuses for an endlessly greedy capitalist class.
In this episode of his "Thinking Out Loud" series, Double D discusses the surging price of gasoline in the wake of the Russian invasion of Ukraine.
Double D opens the video by citing several articles, including one from the New York Times, which outlines the drastic increase in fuel over the weeks following Russia's invasion of Ukraine. He claims that the fossil fuel industry was already raking in record profits, justifying their predatory pricing by using a reopening economy as an excuse to ream Americans at the pump. He goes on to show that those same corporations are now using the War in Ukraine to price gouge even more; citing the fact that from January 1st to February 24th, the price of gas increased 24%, while in the days following the initial invasion, the price increased by 17%.
Double D attempts to discredit corporate justifications for criminal pricing, citing the fact that the US imports only 8% of its crude from Russia, is almost completely self-sufficient in oil and natural gas production, and that the fossil fuel industry has recently used massive profits to increase dividends and engage in stock share buybacks; a move which only increases their bottom line.
Double D continues by claiming that even in our current "free market system", there are government measures which should be taken to protect consumers from supposed "market volatility." Noting the massive infrastructure of emergency oil caches known as the Strategic Petroleum Reserve, and recalling the "Nixon Shock" price controls of the 1970's, which put a 90 day freeze on raising prices for essential commodities.
Double D then dispels the notion that exorbitant gas prices are a global phenomena, providing current market data on the price of gasoline for countries which have nationalized fossil fuel infrastructure.
Ending the video, Double D calls for the nationalization of energy production. Suggesting that so long as our energy system is ran as a racket, price gouging at the pump will only grow worse as the tensions of an increasingly multipolar world provide continuous excuses for an endlessly greedy capitalist class.