has any prisoner try to steal a night from you? with what happened? i couldn't sleep was my anger and i killed the man, strangled him. leadership yoshi fish what really want to be back with you? these wait for me. and you can see konstantin says 2nd special report here nazi tomorrow that brings rips night little when use that i would back game with more nothing ah and it states it has to be rash to be able to afford inside and find the luxury that for sure despite having the most expensive health care system in the world, we have poor life expectancy. we have higher infant mortality. we have more deaths from treatable causes. so americans are suffering every day from it.

it's as if these people don't count. i saw how they can choose their customers and dump a sick so also i can satisfy their wall street, investors know parents that have to see what i saw. so if you're denying payment for someone's care, your make life and death decision and determine to get to live and who dies to me, that's best getting away with murder with ah,

with or this is room bus the one business show yet can't afford to miss. i've been one filling in, in atlanta, coming up oil prices are climbing yet again. as omni con, concerns have encountered by falling us supplies straight ahead. we discuss recent developments in 2022 forecasts with an expert in that sector. and as inflation continues to slam, the global recovery, the auto sector has been one of the hardest hitting industry later on will bring you the impact on car sales and the state of the ongoing semiconductor shortage. and as the opposed to to your market, the pandemic outbreak, new data shows that nearly 100000000 people, 100000000, have been thrown in the poverty during that times that we have a patch show today was dive right in. and we began with a look at those soaring oil prices that we've been seeing for the last year, a year behind us now. it has been headed to 2022. there are huge concerns,

not only about the cost of oil heating, oil, and gasoline, but also what will happen with those prices as we move into the new year. so here's where we stand right now. the on the kron variant has really not impacted oil prices. in fact, oil prices did decline on wednesday. even after government data showed that u. s. crude and fuel inventories fell. offsetting worries that rising corona virus cases might reduce demand. here's what that means. omni kron has not impacted oil prices by reducing demand, and yet the price continues to go up. it continues to climb. and a big part of that. how about this word, inflation? to give you an idea of just how bad inflation has been when it comes to energy and the energy market, or maybe it's the other way around. the price of gasoline is up 58 percent. the cost of heating oil is up over 34 percent as we headed to 2020. so oil prices look like they very likely may climb to up to $100.00 a barrel. yes,

we are not far away from hitting that mark unless the biden administration, of course, decides to change course, maybe not just on one level, but possibly on several. so i thought about this with kirk edward. he is the former chair of the permian basin petroleum association. kurt, great to have you with us like you beforehand. so absolutely. looking back in 2021 . okay. we know that obviously that year was what they call great inflation expansion, right? this is unlike anything that we have seen in the last 40 years in this country in terms of inflation, has been pretty incredible. a couple of numbers that i want to take a look at it here in november, consumer inflation was up 6.8 percent. that is the highest. it's been since 1982 and energy prices. they are a major root cause of that. are they not? will bid just think about this to a rib steaks, europe, 100 percent. so sales up papers up, everything is up across. we're trying to get a refrigerator today for your new house or just replace the one that just. ready

broke, it's across the board energy of course it's so important to delivering all those fields across country to heating our home air conditioning and during the summer. but yes, all of this is happening at the same time because i'm quite sure it's just running rapid in every part of our industry, every part of the world. wow. and of course, one of the differences between, even though lesson, there's pain everywhere, right? as you just alluded to, try by lumber right now, lumber is incredibly expensive, right? it try to buy a refrigerator. but what i can do in a lot of cases is not make those purchases, maybe of lumber and refrigerators. but i got to have energy, right? every single human being on this planet has got to have energy and especially if we go into winter months need for heating, we needed to be able to get around for travel. so with the bible administration right now, they canceled pipelines. obviously these drilling moratoriums and they pad, it appears that the environment for that is shifting a little bit. what are you see? is the button administration changing course?

or are we going to continue to head down this road of kind of keeping a hard line against energy independence? you know, we're, we're seeing those science. but again, we have never seen anything from the bible as far as going back and saying, hey, united states energy industry are very important to us. you're very strategic to us . you're going to report on poverty here in a minute. we're doing with low entry prices that we had last year to help so many it out of poverty that couldn't afford the the price of natural gas and oil and gas lee in the past few years. yes. the by the ministry, she couldn't linda hand to the american energy industry, telling us where we want it telling us to get back to work and quote, punitive is a great word against us as they have businesses administration took place it had we have not seen lead up in the s b our move, just a few weeks ago was another shot across about us. i didn't do anything if you could possibly imagine, but it's just them sticking a seminar out one more time,

telling us to go away. that's. that's what we're. yeah, you know, i've gotten into arguments on this very show with people who will say, hey, there's plenty of energy out there and plenty of folks buying it and that's the reason prices are going up. is there such a huge demand? i don't buy that at all. curve, i don't know where you fall, i guess i'll propose that to you. but here's the thing. is that when, when we hear that the indication is o, china needs a lot more energy. that's why prices are going up. europe needs if they and so it's this, it's this demand market. however, the demand market was still there just a year ago. we gas prices were not as high in energy. prices were not as high. and the thing that seems to have changed is the fact that there are moratoriums on drilling moratoriums on exploration and pipelines that have been canceled, that, that have made the us less productive in creating energy. am i getting that wrong? well, one thing you've got to keep in mind your business, okay, plus the key to all of this. okay. plus russia,

which is the plus part of that they have taken this stand to not flood the mortgage . you saw what happened last year in march through may and last year, when the saudi flooded the market and drove the price, the navy pricing saudi and russia have gotten together to limit the amount of oil is flooding the market. they like what's going on. they like the amount of production in the world and a stable price that they can make money. yes. united states as being beneficial to this. and so now you see our major pioneer and conoco phillips and apache and companies like that. not go out and put a whole bunch of more research, talk about a 100 other war. many people are predicting that, but these companies are saying, hey, we're not to put more rigs out next year. we're going to pay dividends. star stockholders, and we're going to keep that lock. it is because we know they can make money right now for the next year or so. and they're very afraid of open opec plus money to markets again. so right now everybody's just trying to get healthy again from the horrible 2020 we had last year. but can the u. s. club the market if we would begin

producing energy the way that we were 2 years ago? could we get more energy on the market and drive prices down because that's what consumers may need. it might not be great for shareholders in oil companies, but that's what consumers need. do they not work? yeah, but again, bill would be like you say you're a calculator and you're selling me and so you want to go. so how much it, you know, how much work out to drive your price down of what you're doing. it cut your profit . so it's one of those arguments that again, there's only asking one rig to put it back on the market right now would be a $100000000.00 investment for a year for a whole company to do that. so it's a very big game. there's a lot of strategy, a lot of dedication to boys and people. and again, we're sure right now, and people and manpower to really wealth or after denial on various hurting the people in the warfield too. so it's going to be a good, tough month or 2 to get through this. but i do think you're exactly rap on the contrary and knock the price down when it was announced. but coming back out of it,

i think we're going to be just fine. and i think you're going to see a lot more people traveling and finally get rid of this corona virus in the future . yeah. last question here. we got about 30 seconds left. what can be done in the next 6 to 12 months to get oil prices down significantly, or is that simply not going to happen? again, it's not going to happen because opec and russia are not on the market. i think they lack what's going on. they know coming very of in the comb with everywhere is hurting the world's energy look right now. so what's all that external? i think then they'll be able to produce more oil. they put it on the market for right now. i think everybody is the energy producer is lacking. what they're saying makes you want to ask just 2 days ago they're going to put export in 2023. so there's more files on the rise and for higher prices than lower prices. i had her again were former chair of the permian basin petroleum association. appreciate your insight. thank you. thanks for having been happy new year. i was

thinking of inflation. obviously there's a lot of it is affected virtually every single industry that is out there in the country. right. but one industry has actually been hit harder than most others. the car industry, in fact, a new report claims that inflation has actually effected car ownership and it's related expenses, more than other essential goods and services in the us this year. again, i want to remind you that the inflation rate reportedly increased the 6.8 percent the highest number in 40 years. so let's get some insight on this from lauren fixed . she's the car coach and she knows all things cars. lauren, thanks for being here. thanks ben. yes. so the number one thing here, the increase right in car cost as, as we just discussed, if you're looking at a chart of these numbers, right? number one thing is fuel, no question about it, but there are a number of cars that of his in used. cars are up, electric cars or up can you break down kind of what the industry and this means for

them right now as we look at some of these numbers here, actually the, from the screen folks can see again, that different areas that are up right now it's kind of insane if we're talking about one industry getting impacted this art. absolutely. you got rental cars, which we have a shortage of rental car, so the price goes up. basic supply and demand used cars are up around 31 percent, but i've seen them as high as 50 percent depending you're looking at new cars. are up at least 11 percent, but they're selling these vehicles more than sticker yesterday i got an email from someone from a jeep that was literally $50000.00 on top of the price. that's absurd . and that's a problem. so what happens is dealers are making money by selling less cars and having larger profits. in addition to that, you've got equipment, repairs and maintenance, are up 10 percent plus a shortage of parts. and you've got insurance up somewhere around 6 percent. and of course the cost to insure an electric vehicle has gone up $2.00 times over what it is for a gasoline comparative. so now look at that, plus the cost of the vehicle going up and electricity costs more like you've been

saying. and you can see right in the box, it's going to cost consumers a lot more money. okay, hold on. you got it back up for a 2nd. you said that you saw someone who sold a jeep $50000.00 above the asking price. is that what you said? right, exactly. so for friend of mine is an l. a. he went to a to a jeep dealership, looking at buying a jeep and he found that the price was uh, listed. i am additional dealer mark up $50000.00. no words if you want it, we got it, but there's going to be a price to pay for it. supply and demand is how they call it. i think that's highly robbery, but because they are franchises, they can choose to have no markup or choose to have a markup. wow. and if you have a jeep, now's the time to maybe put it on the market. how did these increase cost? you know, really impact the rising costs of the electric vehicle economy, right? because of the electric vehicles, it seems like it might wind up with the chicken and the egg scenario, right? you might end up with more people say hey, gas prices are so high on the go get an electric vehicle or you may have people say,

i'm not going to pay for an electric vehicle because my electricity costs are so high and the vehicles more expensive. so what do you seeing happening right now? well i see it, the same thing is happening. they've basically stagnant electric vehicle market. you're looking between 2 and 4 percent sales. we'll get some final numbers here in the next couple days. but when you look at the numbers as a whole, there's only been 2 percent take rate. it's not just the ranges, it's the fact that there's a fee to purchase this electric vehicle. there are limitations and you can't charge that fast in the state of california, which has the most charging stations of any state in the country. they still have a problem with people getting to charging stations, which i experienced myself. and there's something in the someone's already park there, so that leaves you with out a way to charge. that means you don't, you go to get gasoline, takes 7 minutes to fill up in your, on your way. that is not the case of electricity. yeah, and if you try to do it from your home, right, i think there's some, some places in california where they're kind of, they're cheating a little bit and they may change the price of electricity at nighttime in the us so

that people can charge their electric vehicles, right, something to that effect. let me shift gears would be for a 2nd to write about. we don't do that, you know right now, but you know, we don't do that just like your phone when it's time. you see an outlet, you plug and people do that with cars as well. that's absolutely correct, right. if you've ever been to the airport, you know, they're all 40 in the outlets. let's talk about semi chrysler exactly. now, you know, china is going through this process of trying to really get the semi conductor industry built up in their country. and one of the things they have done is that the ruling communist party there has tasks. ali baba, the world's biggest e commerce company, they have tasked them with actually designing its own processor chips. what do we know about? well, it's going to take about 3 years from the time that you've been tasked with this. even if you have unlimited cache, you still have to produce it right now. we've got a lot of factors coming online here, even in the u. s, than in other countries. but from the time you created to it's inception of actually delivering product to the market, it's

a 3 year time window. it takes that long. but remember, trying to hold the keys because they have all the materials that are required in order to create the chips. so they have the material, they might be able to get it done quicker, but still it's not going to be less than a year. so that's why other countries have been working on this since the started, which has been about a year and a half now. yeah, and i think a lot of the recognize the actual actual stakes here in a semiconductor race, if you will, between china and the u. s. it's pretty incredible. and on the us side of it, texas, it seems to be kind of the ground central or ground 0, excuse me, of where's the me conductors are being developed here about $50000000000.00 exported specifically in that one industry of semiconductors in taxes. do we expect to see taxes continue to be that hover? we're going to see it spread out more across the country. i wanna see texas right now because that's where intel is based, but there's also going to see some, some coming out of california and other states because as quickly as they can re tool their companies and shift to that production. or if they made the older style

chips shifting to the newer styles, a little easier. i think you're to see a lot more vertical production companies like forwarded gm. and a lot of the other domestics are starting to build their own chips here. so they can control the content. i know a lot of manufacturers are doing that. having talked to a lot of executives in the car industry, they tell me they are going to control it. they are never gonna find themselves in this position ever again because it's hurting the car companies financially were off by about 4000000 vehicles. that's somewhere around $400000000000.00 in lost sales. that's based on the average profit of the average card. that's a lot of lost money, which means jobs, union jobs, non union jobs, and all the supporting companies around that. whether it be marketing companies, social media companies, advertising, whatever. it may be everybody's impacted, including all the sub suppliers like tire companies and all the sorts of players or components. so this impacts kind of me as a whole, cuz remember half of the dow jones half of it is impacted by the auto industry. that's how important the auto industry is to our country as it is also the same

case in germany. yeah, absolutely. lauren, fix the car coach, making me wish i own the jeep. thanks so much. thanks. but i love where a quick break, but when we come back, we discuss another aspect of the coven, 900 fallout. new estimate show that nearly a 100000000 people have fallen into poverty during the pandemic. we'll talk about that. and as we go to break the numbers, i think lose with 2021. rapidly coming to an end to this time for some reflection. what will we

remember about this year? how did our lives change? also we look forward to the new year. what does 2022 have in store for us? will we be living an interesting one of the was to have a mess. shootings in america was in las vegas in 2017. the tragedy exploded a little of the real las vegas, where many se elected officials are controlled by casino knows the vegas shooting. revealed what the all vs p d really is. and now it's part of the stand machine. most of the american public barely remembers that it happens. that just shows you the power of money in las vegas. the powerful showed that true colors when the pandemic hit the most contagious contagion that we've seen in decades. and then you have a mayor who doesn't care. so here is caroline goodman, offering the lives of the vegas residence to be the control group. to the shiny

facades conceal a deep indifference to the people who lives could have been saved. if they were to take an action, absolutely keep the registering and keep the slot machines being vegas as a money machine is a huge cash register that is ran by people who don't care about people's lives. being lawson with and welcome back. you know, over the past 2 years, virtually every single new story around the world has somehow incorporated some aspect of cobra. but here's what's interesting is how one of the most important aspects of covered rarely ever gets talked about. so how's this for a headlight? for cohen pandemic, it has pushed over the last 2 years,

nearly 100000000 people in the poverty since it began. so here's the hard truth. the pandemic didn't actually do that. policies instituted by governments around the world did that, and they did something else. they also pushed the world's richest people to soaring new heights of wealth. so who better to talk about this issue with us than richard was host of economic update professor wolf. good to have you here. so let's talk about this 1st part of the headline. 100000000 people worldwide have been pushed into poverty since this pandemic began. now this is to be clear something that i've actually been talking about for a long time. and i know you have to. so if people like you and i can see this, why couldn't governments around the world recognize that this was happening? and how did it sneak up on them or did it? i don't think it really did. i mean, your question is, is right on the money, but i think they understood perfectly well. there were plenty of signs and were

a good number of reports, a by a variety of international agencies. i think what you see is governments responding, if i can be in poli, are they are captured by their donors as a man, one said, ah, they didn't do what they good on. you're quite right. they could have said, for example, do they a few 1002 or 3000 billionaires in the world? look, you already are billionaires, you're already the richest people on this planet. we would like to tax a portion of you are increasing wealth, oddly a burden. and that will take care of avoiding this polity increase could have been done, should have been done, wasn't done. and so whether we had a huge me an increase of a 100000000 in what we call extreme poverty, which is what this is, brings that number up to something like 700000000 people. wow.

those are in extreme poverty, while the richest amongst us get richer. i'm not aware of any moral code, any religion, any ethics that makes that reasonable. we shouldn't have done it. we didn't need to do it. the richest people could have been taxed and still be the richest people today without us having the poverty all around us. and as we know from studies of poverty, when it gets worse, loads of other social problems immediately follow. so we're going to be paying the price for how we handle this pandemic for years to come. and one of the things we're all going to have to remember is when our leaders said, well, let's fight the pandemic. we're all in it together. we weren't all in it together. some of us were in a boat going up, and a lot of us were in

a boat going down. yeah, i think that's it. that's very well said. the 2nd part of the, the story, of course, is this issue that you are talking about of the wealthiest people around the world becoming vastly more wealthy. some numbers here, the top one percent grab 38 percent of all additional wealth accumulated since the mid 19 ninety's, while the bottom 50 percent capture just 2 percent of it. now i think professor, you and i just having interviewed you a number of times before, i believe you and are going to differ pretty greatly on what to do about this. but here's where i thing with you. and i would probably agree that this isn't just a moral and ethical problem. it is an unsustainable problem when you allow so much wealth to flow upward and so much a degrading of people. it's really what it is and the degradation of people to take place on the bottom half of the entire planet. it is an unsustainable system that will collapse on itself. will it not?

absolutely. i you are i, we agree. i could not agree more with literally, every word you just said, and i think we already see it. if we just, you know, connect the dots. we have levels of hostility in our country division in our country tension in our country, of squabbling on every level in our country. those things are not unconnected to, not just the poverty, but the anxiety of the people who want in poverty yet, but on blind to see what's happening around them. and wonder, perfectly understandably, whether the one percent having basically done what they good to the bottom, 50 percent are now going to go after the middle and the middle already feels shaky . yeah, i think this is an unsustainable social, psychological and political problem that is going to shake us and i think to the foundations of our society. yeah, and what you just said there,

i'm on the anger right in the country because there is a truth here that i think so many people miss. there is just unbelievable, angst, anger, frustration, mounting, growing all throughout society in all levels of society. right now. what the pandemic did was it smashed the middle class that the little bit that remained of it. it seems like, and it further polarized people and, and the, the last, the earliest thing you said about, you know, the politicians and their donors for the politicians have to understand is that when this anger begins to boil over, they are not going to be in a in a advantageous place, having been the catalyst for all this, i'll give you the last word here. no, i agree that you're at your again i would we agree on all of this? and i think even if we don't agree on this, that our whole system, which has been carefully sanitized to be out of the conversation. so we focus on the details. our whole system is going to come into question. and it's going to

shake our society because a system that for 40 years moves well up the scale away from the mass. that's as you put it correctly, an unsustainable historical and social situation. absolutely, it is professor richer whoa, whoa, some economic update. always a pleasure talking to you. thank you. and finally, you know, technology has become pretty incredible. rise, come a long way from those clunky cellphones to all the way to smartphones, you know, walking around with a computer in your pocket and such. the revolution really has come at a breakneck speed. and as it turns out, have you heard of enough t's well the perfect enough t for the times has just been sold in paris. listen to this, the world 1st s m s. text message. yeah, the 1st one ever sent has been sold as enough t for nearly a $150000.00 and an auction in the french capital. the message,

while it's kind of perfect for the season, it reads merry christmas. it was sent all the way back in 1992 from a british computer programmer to the vin head of british telecom giant vodafone. the cell encompasses the rapid evolution of technology over the past 3 decades, and is now preserved in what seems to be the art wave of the future, making all things new again, we could say, because that is our show. that's it for this time. you can always catch boom bus on demand on the portable tv app, which is available on smart growth, smart phones through the android and the apple systems. google play, apple tv, all those good things. plus, you can also find us on the apple app store by searching portable tv. that's the best way to watch the show. we leave you with a live shot out of our washington d. c. studio. happy new year.

with both in colorado became kind of a test bed for medical and then later recreational marijuana and it started with something so innocent. i was wanting to socialize, everybody does it? so i cannot and then it just keeps going and going and going. i'm just going to do it was yeah, minutes. oh i'm just going to try this. why said never do it again because they want to wife one them on and i right on inside. okay. and you surround yourself with people who are encouraging you to do it and not to stop or it's all my life was over, jumped office about the balcony and died. he knew he just comes

with help stories this out belgium suddenly back tracks on its co. we'd kind of time and we couldn't see it says in cinemas that offers highest court slammed the restrictions as excessive. meanwhile, j biden distances himself from previous promises to shut down. the virus might have said it's up to individual state the white house, the saudi times. we discuss his response to the pandemic so far, and we look back to what's been a tough year for americans. big tech, which is leading companies in broiled in political fights, both the republicans and the democrats. and also that we get a rare glimpse inside one of brushes, most notorious prisons to some of the countries most dangerous criminals in the wake of the soviet collapse in the 90.