Nations about whether to ban russian energy. this as the price of gas, not adjusted for inflation, for the price of gas in the united states has reached record levels. joining me now is the head of petroleum analysis for gas buddy, patrick duhan. this breaking news just in. the u.s. banning russian oil imports. what is the significance of that? well, certainly it causes a lot more strife at the nation s refineries that turn oil into gasoline, because they have to jump to other sources that they can find to make their feed stocks, blend stocks into their refineries. so expect a further jump in the price of oil with this announcement. it makes things a little bit harder, you know, but compared to the eu, which imports about 4.5 million barrels of russian crude oil, the u.s. is relatively safe without russian imports. but europe certainly is much more hostage to the russians for oil. the u.s. imports 10% of its
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Gas feed stocks are going to enjoy lower prices that allow them to improve their margins. that may result in more investment and more jobs. the chinese are buying up every bit of oil they can. they ve sent the price of tankers through the roof. it s roughly quadrupled, but teern an is quite right, the underlying issue to keep in mind here, that low oil prices have other affeceffects. it s dirty oil, not only that, but they discourage wind, solar, and they discourage more efforts to reduce energy consumption. what abo what about that? we need to transition to a clean energy economy. part of the reason that we re seeing oil prices lower, the obama administration has done a lot to increase fuel economy for cars. there s been so much progress made and we need to continue that progress. we need to rely on american ingenuity and continue that
Feed stocks in their chemical companies. so they re moving new production into the u.s. and that creates greater job opportunities, that creates a demographic shift, higher household formation. you also have one of the things interesting, we excerpted in our current issue. we love meredith. i thought was interesting is the way these governors are kind of competing to bring companies and that s a big part of the story now, more so than ever before. you mentioned how mitch daniels tha th has done a lot. they like corporate ceos trying to get business. recruit people from connecticut to florida. how much is that shift driving? that s exactly right. yes, there s the energy thing that has to be acknowledged. the tax policy that has to be acknowledged and the issue of state arbitrage where governors are aggressively going after their competitors, other state governors, corporations. and you see that clearly in florida. and i think as unpopular as governor scott has been, he s
Has to be. i got to leave it there. ron insana, good friend at cnbc. teles, thank you both. thank you. thanks. this morning on morning joe former vice president dick cheney promoting his new memoir defended the bush administration s decision to go to war in iraq against saddam hussein. it s very clear that he had preserved the capacity to produce, he had the people and the technical know-how, he had the feed stocks and he had the intent, once the sanctions were lifted, to go back into the business again and convinced all of his senior people that he did, in fact, have weapons of mass destruction. by the way, yesterday, former secretary of state condoleezza rice, who cheney in his book says tearfully admitted that he had been right about not issuing a public apology about the botched iraq intelligence, is firing back. she told reuters in an interview it certainly doesn t sound like me, now, does it. she also ripped cheney for claiming she misled president
For the dallas fort worth airport. these are very important refineries, strategic for the nation. the challenge that we have right now is while they are ready to get back operational, some of the suppliers still don t have power to get the feed stocks that they need to get back up and operational. so right now our big challenge is getting power back to the suppliers and also getting the corpus christi ship channel open to get the refiners back open and get commerce moving and get people back to work. harris: you hear people pontificating about whether oil prices will go up because of this. are we in a zone that you can say that or have we passed it? is there a tipping point? well, i can t speculate on oil. clearly we re seeing gasoline prices spike. that could be the case with aviation fuels as well. the pipelines from the eagleford formations, which are the