*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Mike Papantonio: Amazon founder Jeff Bezos attacked the Biden administration for calling out oil company prices and price gouging and Ring of Fires Farron Cousins joins me to talk about what’s happening here. And I, I say it again and again, honestly, I follow your stories. You’re really one of the best progressive commentators in the business.
Farron Cousins: Well, I appreciate it as always.
Mike Papantonio: This story really grabbed me. It’s Bezos saying a couple of things. This is after, this is after Biden made this hair brain decision. Let’s send 5 million gallons of our reserve oil that we have for emergencies, let’s send 5 million gallons to China and other countries in Europe. And that’s with this idea, we’re always supposed to have 700 million gallons of reserve oil. It’s been depleted big, big time. So Bezos is saying, you, you gotta fix this man. You, you don’t understand global policy and you’re maybe out of your league where it comes to fixing a problem like this.
Farron Cousins: Well, you know, and, and Bezos of course, weighing in more and more on politics, just kind of leads me to believe this guy may be somebody to watch out for, for a future presidential run.
Mike Papantonio: I agree.
Farron Cousins: But you have right now oil companies making more money than they know what to do with, you know, it almost seems like every year the profits get higher and higher and higher. And right now for the first quarter, Exxon alone already made $16 billion.
Mike Papantonio: Mm-hmm.
Farron Cousins: And yes, the price of oil is, is over a hundred dollars per barrel. It’s coming down slightly. Gas prices of course, of, in the past week and they’ve trended down about 25 cents national average. But the gouging is what’s really at the heart of this because we have no controls in place at all on what oil companies can do to us.
Mike Papantonio: Chevron 800% increase in profits, just in the last, in the last, in the last year. They’ve had their two biggest quarters in the entire history of the company. And nevertheless, we’ve got a president that is making his begging tour where he’s going to the Saudis begging for oil. He’s making his rounds begging for oil at the same time, shipping our oil over to China and to Europe. You see the problem there?
Farron Cousins: Yeah, there.
Mike Papantonio: I mean, it’s like something’s not connecting with it. And that’s what Bezos is saying. He’s, he’s saying you are a nut case who doesn’t understand economic policy and you, you have no business making decisions you’re making. That’s, that’s, it’s heavy criticism coming from Bezos.
Farron Cousins: It, it really is. You know, because Bezos is a guy that always avoids, you know, taxes, whatever he can at any given opportunity. So there is some truth to it, obviously that yes, we, we’ve got bad politics at play here. Biden should not be going around to Saudi Arabia, one of the biggest human rights abusers on the planet and saying, please we’ll do whatever it takes. Give us your oil.
Mike Papantonio: Yeah, bended knees.
Farron Cousins: And then taking what we have for emergency use and saying, okay, we’re gonna give it to Italy. We’re gonna send it all over the place. It, it’s, it is very, I mean, it’s stupid. It’s just stupid.
Mike Papantonio: I don’t, I don’t care how you analyze it. It’s the, it is the workings of an idiot. It is truly the workings of an idiot. And Bezos says, yes, Mr. President, you are an idiot. That’s basically what he’s saying in a nice kinda way.