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Happening with russia in war in ukraine. so i think that part is perfectly appropriate. as you know, when you release oil from the strategic petroleum reserve, its direct impact lasts only as long as you are releasing oil. and the question always becomes how does it change the dynamic? it's a world commodity. how does it change the dynamic for the other producers? they aren't fighting it thus far. a lot of times they say if the u.s. releases oil we'll cut our oil to try to keep prices the same. they aren't doing that. hopefully it doesn't happen. >> bill: i guess what i was looking at one of t...

Key allies keeping them together is paying off. >> all of this -- the war is really hurting germany, france, other european countries more than any of the others. they've not fully agreed to all the sanctions. but two countries that are are really not participating in this effort are saudi arabia and the uae. u.s.a. an, talk to me about the persian gulf and opec plus and they're still doing business with russia. >> the two things to remember is oil is obviously a world commodity. so, the price really is set worldwide. so, when the u.s. releases, from the strategic petroleum reserve, as the bid...

Important. i think to the broader inflation point that doug raises and which you are -- you're kind of going at, there, they are stuck in a little bit of a -- in a little bit of a pickle because the timeframe of the easing of the supply chain constraints -- which are easing -- but that's going to be months. and that's not a political timeframe. so that's why it's uncomfortable when you look beyond oil, which is a world commodity. >> right. and i understand there are some who say inflation is driven purely by how much money supply there is and there are others who say it's what people expect is...

Hardship, groceries 73, gas prices 72, housing costs 53%. steve, it could get worse than this. some suggesting we are just on the leading edge of the inflationary pressures did. >> let's take gas prices. we have an american president who declared war an american energy. doesn't want to produce american oil, gas, coal. shutting down pipelines around the country. it makes no sense and they want to sue the oil companies for charging more money. if you reduce the supply of something this is just junior high education. if you reduce the supply of something the price goes up. i think the democrats w...

Its role in the united states economy is much smaller. saudi arabia's far more dependent on us than we are on them. >> i hear that all the time. are the saudis, austin, investing hundreds of millions of dollars in the united states? are they the reason that our prices are low right now? >> i mean, we get very little of our actual imports of oil from saudi arabia, but oil's a world commodity. saudi saudiweudi arabia's decisions influence the price of oil. i think what's driving it down are uncertainties of whether the whole world is going to go into recession or whether there's demand that we k...