NBC’s Costello: ‘You Can Thank What’s Happening in Ukraine’ for the Gas Price Increase in the U.S.

JANSING Growing concerns this ░░░░░░░░ as well that those ░░░░░░░░ prices to fill up ░░░░░░░░ tank or heat your ░░░░░░░░ are going to only ░░░░░░░░ worse raising the question ░░░░░░░░ is next Well we ░░░░░░░░ a little peek at ░░░░░░░░ today with news from ░░░░░░░░ Let s go to ░░░░░░░░ s Tom Costello who ░░░░░░░░ been following these prices ░░░░░░░░ But then we got ░░░░░░░░ whammy this morning today ░░░░░░░░ the Nord Stream pipeline ░░░░░░░░ us how this all ░░░░░░░░ together Tom COSTELLO This ░░░░░░░░ a major development You ░░░░░░░░ this is controversial Russia ░░░░░░░░ pipeline to Germany called ░░░░░░░░ Stream 2 supplying oil ░░░░░░░░ gas the Americans never ░░░░░░░░ the idea because it ░░░░░░░░ this dependence on Russia ░░░░░░░░ now because of the ░░░░░░░░ invasion of Ukraine Germany ░░░░░░░░ said it will not ░░░░░░░░ Nord Stream 2 which ░░░░░░░░ for now there will ░░░░░░░░ be oil and gas ░░░░░░░░ on that pipeline from ░░░░░░░░ However Chris as you ░░░░░░░░ about a third of ░░░░░░░░ s gas and oil ░░░░░░░░ from Russia They are ░░░░░░░░ heavily dependent on Russia ░░░░░░░░ to keep their homes ░░░░░░░░ during the winter How ░░░░░░░░ all of that affect ░░░░░░░░ Have you been to ░░░░░░░░ pump lately Gas prices ░░░░░░░░ averaging about 3 50 ░░░░░░░░ gallon The expectation is ░░░░░░░░ we may see them ░░░░░░░░ over 4 a gallon ░░░░░░░░ and perhaps pushing 6 ░░░░░░░░ gallon out in California ░░░░░░░░ taxes of course are ░░░░░░░░ on gasoline because we ░░░░░░░░ in a global market ░░░░░░░░ oil and gas prices ░░░░░░░░ set globally and what ░░░░░░░░ with the third largest ░░░░░░░░ exporter Russia and how ░░░░░░░░ affects the world oil ░░░░░░░░ and the potential for ░░░░░░░░ and counter sanctions all ░░░░░░░░ that right now is ░░░░░░░░ to higher prices Now ░░░░░░░░ you know Chris we ░░░░░░░░ United States and Canada ░░░░░░░░ that matter have not ░░░░░░░░ pumping at capacity since ░░░░░░░░ pandemic I should say ░░░░░░░░ collapsed during the pandemic ░░░░░░░░ as a result oil ░░░░░░░░ dramatically dropped their production ░░░░░░░░ the pandemic We re ░░░░░░░░ yet back to pre ░░░░░░░░ pumping levels So as ░░░░░░░░ result we re still ░░░░░░░░ fully utilizing that capacity ░░░░░░░░ the United States oil ░░░░░░░░ or for that matter ░░░░░░░░ Canadian fields And so ░░░░░░░░ oil companies have been ░░░░░░░░ to pump more because ░░░░░░░░ want some price stability ░░░░░░░░ their prices collapsed two ░░░░░░░░ ago Now the pressure ░░░░░░░░ on not only on ░░░░░░░░ S oil producers but ░░░░░░░░ By the way Saudi ░░░░░░░░ has said they will ░░░░░░░░ pump more oil than ░░░░░░░░ OPEC has already agreed ░░░░░░░░ So next time you ░░░░░░░░ pumping more and paying ░░░░░░░░ at the gas pump ░░░░░░░░ can thank what s ░░░░░░░░ in Ukraine and in ░░░░░░░░ for the price increase ░░░░░░░░ you re paying here ░░░░░░░░ So Tom how bad ░░░░░░░░ it get That s ░░░░░░░░ bottom line people want ░░░░░░░░ know COSTELLO Yeah so ░░░░░░░░ expectation is if we ░░░░░░░░ over I think it ░░░░░░░░ 4 15 4 20 ░░░░░░░░ gallon nationally that would ░░░░░░░░ an all time record ░░░░░░░░ could move over that ░░░░░░░░ could move the 6 ░░░░░░░░ gallon out in California ░░░░░░░░ you know what Chris ░░░░░░░░ this thing continues to ░░░░░░░░ out of control and ░░░░░░░░ wants that but if ░░░░░░░░ does then all bets ░░░░░░░░ off in terms of ░░░░░░░░ high gas prices could ░░░░░░░░ how much higher your ░░░░░░░░ heating bill could go ░░░░░░░░ well It s already ░░░░░░░░ 56 from a year ░░░░░░░░