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| Time | Text |
|---|---|
| Gas prices have fallen far and fallen quickly, but don't celebrate yet. | |
| It's a manipulated price, and behind it are some horrific trends. | |
| Before we talk about those trends, I want to give you a quick comparison and some historical perspective. | |
| I just bought gas for $1.79 a gallon and a 20-ounce bottle of water for $1.29. | |
| and a 20 ounce bottle of water for $1.29. | |
| That's $8.25 per gallon for refrigerated water. | |
| Of course, I can get a gallon of unrefrigerated water at a retail grocer for around a dollar, | |
| but there are also huge taxes on the gas. | |
| In Texas, that's 38 cents per gallon. | |
| Federal and state? | |
| Much cheaper than the high gas tax states of, say, California, New York, or Pennsylvania, where you'll pay up to 65 cents a gallon. | |
| So taking out the taxes, I paid $1.40 per gallon. | |
| Think about that for a moment. | |
| A dollar a gallon for just taking some water, pouring it into a jug and shipping it to retail versus a dollar forty per gallon for exploring for the oil, developing a well. | |
| If that doesn't work out, they start all over again. | |
| Once it does work out, they have to ship it to refinery, refine it, then ship it again to retail. | |
| Of course, Saudi Arabia doesn't have any exploration or startup costs. | |
| They're just looking at production costs. | |
| And their production costs are very low. | |
| Estimated to be about $20 per barrel. | |
| They have said they believe U.S. | |
| shale cost is about $50 per barrel. | |
| They can easily live with $40 per barrel, still 100% profit. | |
| They've been getting 500 to 600% profit. | |
| 0% interest rates haven't helped the global economy, neither has printing money, and not even drastically lower oil prices are expected to help. | |
| Here's the most important thing that nobody is talking about. | |
| The global economy has weakened so much, so quickly, that in just the last few months the Saudis were able to cut the price of oil in half by just maintaining production levels. | |
| That's how weak the global economy is. | |
| So enjoy that gas that's about the price of water right now. | |
| It's a sugar fix. | |
| It's a Trojan horse by the Saudis so that they can regain and keep control of the world's oil supply. | |
| And then they will charge you accordingly. | |
| Most economists say, oh, it's good for the consumer. | |
| Well, of course it is. | |
| We save maybe $2 a day and lower oil prices, but it's going to burst one of the biggest bubbles we've had recently, the fracking bubble. | |
| We were told we're going to be energy independent and we got this great fracking revolution. | |
| It's just a bubble industry without 5% jump on rates, the lowest we've ever seen in history, normally 8 to 10% for those type of high risk lending. | |
| And without $100 plus oil prices, fracking doesn't work. | |
| So fracking is dead. | |
| That's a million jobs. | |
| That's $980 billion in investment that's going to go bad and a half a trillion dollars in debt. | |
| And it's not just oil that's declining. | |
| Other commodities are as well. | |
| A metric of 24 commodities shows a drop of 43% since 2011, with 28% of that coming in just the last seven months. | |
| with 28% of that coming in just the last seven months. | |
| And that's part of a long-term trend. | |
| In history, when you try to cure debt with debt, you end up either in an inflationary blowout and or a deflationary | |
| crash. | |
| And we see, and we've been saying consistently. | |
| Deflationary. | |
| And a lot of very smart people. | |
| And with deflation accelerating, the other D word comes to mind. | |
| Depression. | |
| and all we've seen. Europe's worried about deflation. | |
| U.S. is worried about deflation. Commodity prices are collapsing. | |
| Older people are deflationary. Young people cost everything to raise. | |
| Old people downsize everything. | |
| And with deflation accelerating, the other D word comes to mind. | |
| Depression. | |
| As we saw with the Great Depression, economic hardship brings civil unrest. | |
| And our government has been preparing for civil unrest. | |
| It's war. | |
| The greatest concentration of fighting troops in Washington since 1865. | |
| I knew something was going to happen. | |
| That they might be attacked. | |
| And I had a press card. | |
| So I passed the police lines. | |
| And then I saw the soldiers advancing. | |
| And they started throwing tear gas. | |
| I've never seen anything like it. | |
| To prevent civil war and a major economic collapse, governments will start foreign wars. | |
| And the U.S. | |
| is laying the groundwork for war with Russia. | |
| And if the Russian economy collapses, they will want a foreign enemy too. | |
| War with Russia has already begun, with Western-funded revolution in Ukraine, economic sanctions, and with the CIA and the Saudis targeting Russia's most important economic sector, The CIA's ally, Saudi Arabia, is once more working against the interests of our country. | |
| And working to make us dependent on foreign oil, something the military industrial complex has used to push us into wars throughout the 20th century. | |
| And engaging directly in economic warfare on Russia, pushing us towards real war as the world slips from deflation into depression. | |
| For InfoWars Nightly News, I'm David Knight. | |
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