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

EXCERPT:

COSTELLO: “Now, as you know, Chris, we, the United States, and Canada for that matter, have not been pumping at capacity since the pandemic, I should say. Prices collapsed during the pandemic, and as a result, oil companies dramatically dropped their production during the pandemic. We’re not yet back to pre-pandemic pumping levels. So as a result, we’re still not fully utilizing that capacity in the United States oil fields or, for that matter, the Canadian fields. And so far, oil companies have been reluctant to pump more because they want some price stability after their prices collapsed two years ago. Now the pressure is on not only on U.S. oil producers, but worldwide. By the way, Saudi Arabia has said they will not pump more oil than what OPEC has already agreed to. So, next time you’re pumping more and paying more at the gas pump, you can thank what’s happening in Ukraine and in Russia for the price increase that you’re paying here."