CNBC is reporting that oil is currently under $100 a barrel for the first time since last month:
U.S. oil tumbled more than 8% on Monday, breaking below $100 per barrel, amid talks between Russia and Ukraine as well as new lockdowns in China — which could dent demand.
West Texas Intermediate crude futures, the U.S. oil benchmark, lost 8.75% to trade at $99.76 per barrel. International benchmark Brent crude shed 8% to trade at $103.68 per barrel.
That brought MSNBC host and NBC News’ senior business analyst Stephanie Ruhle to ask a question:
OIL IS NOW LESS THAN $100 A BARREL.
What’s going on at the pump?— Stephanie Ruhle (@SRuhle) March 14, 2022
That tweet brought with it an avalanche of “oil company price gouging” replies. As a matter of fact, Ruhle was joined by Sen. Elizabeth Warren on MSNBC late last year to call out the real drivers of inflation: Greedy corporations.
Weird how oil companies weren’t being accused of “price gouging” before Biden got into office.
Isn't this woman supposed to know something about business? https://t.co/b8IdmNy4on
— jimtreacher.substack.com (@jtLOL) March 14, 2022
She's being deliberate.
Even she knows the retailers have to sell off what they filled the underground tanks with at the higher wholesale price
— Tony Macharoni (@Machovell1an) March 14, 2022
Ruhle has certainly demonstrated in the past she doesn’t mind pushing the “corporate greed” angle for high gas prices.
If Ruhle was actually involved in the quant part of IB (lol!) she’d know there’s a price lag especially at retail. Even if the futures markets have all adjusted their forward pricing valuations. https://t.co/mgJv7DGKIP
— Farmer Hooch🌻 (@CompanyHooch) March 14, 2022
They have to buy the <$100/barrel first before you see a change.
— Jesse Potts (@jpotts79) March 14, 2022
Yep. Why would a gas station immediately drop the price on something they paid a lot more money for? But nevertheless, you can be sure Elizabeth Warren and the rest will get plenty of “Big Oil greed” mileage out of this one.
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Related:
MSNBC’s Stephanie Ruhle reminds us ‘presidents do not control gas prices’ (and people have thoughts)
