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If it was next year at this time and we still had some of this inflation and supply disruptions were at an end, then i'd be more worried about it. >> the three of us with collectively a couple hundred years old so we remember what jonathan is talking about, right. inflation was a different game. double digit inflation, double digit forge rates, real interest rates that were very high. we don't have all that right now. what we have is a lot of people chasing after fewer available goods for the time being and oil prices back to where they were before the pandemic. request you from an economist's...

It's the lack of the readiness for some oil producers to bring oil to the market. there is enough oil. there is no need to worry about that. so, you're saying that the current supply problems, and this is about oil and gas, are much more about political decisions than they are about physical capacity? cos there's been a very — as you know — a very loud and long debate about russia, which is a vast supplier of natural gas. exactly, exactly. now you appear to be saying that the russians could put more gas into the european energy market, they're just choosing not to. the russians say, "well,...

Today, mr sackur, we have 6.5 million barrels per day of unused oil capacity today in middle east countries, and the tightness we have today is, in my view, an artificial one. if they wished so, they could easily bring volumes of oil to the market, and this would comfort the market. it is not a lack of oil, it's the lack of the readiness for some oil producers to bring oil to the market. there is enough oil, there is no need to worry about that. so, you're saying that the current supply problems, and this is about oil and gas, are much more about political decisions than they are about physica...

Welcome back to "state of the union." while democrats in washington tussle over their priorities and their strategy to pass president biden's agenda, millions of americans around the country are focused on empty shelves and sticker shock wondering what the administration can do to fix it. joining me now is transportation secretary pete buttigieg. thank you so much for joining me this morning, sir. we'll get to those supply problems in a minute, but first, president biden really raised the stakes this week when he went to capitol hill, he urged congress to pass his agenda. he explicitly said th...

Joining me now is transportation secretary pete buttigieg. thank you so much for joining me this morning, sir. we'll get to those supply problems in a minute, but first, president biden really raised the stakes this week when he went to capitol hill, he urged congress to pass his agenda. he explicitly said the fate of his presidency hangs in the balance, and yet democrats couldn't deliver. so why wasn't he able to close the deal with his own party? >> well look, we are the closest that we've ever been and the president is confident that this framework that we're putting forward can pass the ho...