He thinks you’re TOO STUPID to notice

Added: 2026-05-17

[00:00:00]There are professional liars in the Trump administration. And they tried to lie to you again over oil and gas prices, which you know are at their highest point in basically 4 years. They think you're stupid.

[00:00:17]And I don't mean that as an insult to you.

[00:00:19]It was such a simple question to Scott Bessent. Do you think oil prices will be lower by the midterms? A question of significant political consequence, because we know voters vote based on their perception of the economy. And $4.50 gas prices, which is roughly where we are right now, almost a 4-year high, don't engender warm fuzzy feelings for the people in power. And Scott Bessent talks about oil futures and all these different things that don't answer the question. This only works, or it only theoretically, they believe would work, because they believe you're stupid.

[00:00:57]>> Yeah, so in other words, more oil on the market is simple supply and demand.

[00:01:01]You're thinking that this is going to help the case on oil prices. You've got the UAE no longer needing to follow quotas from OPEC. They'll put more oil on the market and that adds to the oil on the market to send prices. Do you think oil prices will be lower before the midterm elections? I I think oil prices we we can see in the futures market that oil prices are already lower 3 months, 6 months, 9 months out. But again, Maria, there are hundreds of oil tankers waiting in the Gulf to come out. The the US is only blockading Iranian ships. And you know, we will see. I I wouldn't be surprised if we don't see more of those ships coming out. The Iranians, it reminds me they're they're kind of like the Keystone Cops here. Reminds me of Baghdad Bob back the during the Iraqi war. You had the guy kind of spouting nonsense while the tran- while the tanks were driving around behind him. And you know, the the Iranians are like this. They're they're not towing the straight. Okay. So, Becent chooses, rather than to answer the question, yes, prices will be lower by election time, which he really can't say yes to because they very well may be even higher. He says, "Futures are already lower." So, so there you go.

[00:02:22]Now, if you're sitting at home or you're listening to me in headphones as you are pumping gas right now, you might be saying, "Okay, but how is that helping the price of gas?" Futures do not necessarily predict future prices. Futures are contracts. That's ultimately what is being traded. And they reflect what people are willing to buy or sell oil for at a future date right now. So, when somebody says, "Well, the 3-month future is lower," what that means is that there are people who are willing to buy oil at a cheaper price in 3 months. It doesn't mean oil prices will be cheaper. It's not a crystal ball. Prices may be lower, they may be higher. In fact, sometimes futures are lower specifically because the market is tight right now.

[00:03:09]And it's about supply conditions and storage and hedging and refiners and all these different things. It's not an answer to will prices be lower before the midterms. He didn't answer the question. Now, it would be acceptable and far more respectable for him to say, "I have no idea, Maria. Depends on a lot of things. We got to see what happens with Iran. We've got to see what happens with the Strait of Hormuz. Pri- gas prices and oil prices go up during the summer because of demand for road trips and all this He could just say, "We don't know the answer to that." But instead, he goes, "Well, they're they kind of are lower in the sense that futures are lower on al- already." This is the pattern with these people. Direct question, cloud of jargon. Did President Trump lose the 2020 election? Well, Joe Biden was certified. Right, but did Trump lose the popular vote? Well, I'm not a pollster and that's a political question. Okay, but can Trump run again?

[00:04:04]Well, that's a theoretical question about something that it's the same thing. Will will oil and gas be lower? Futures are already lower right now.

[00:04:13]But clearly Bessent perceives that it would be politically dangerous to just go we we really don't know. Could be lower, could be higher.

[00:04:20]Oil prices, importantly, are not an abstract concept. It's just like what is the price of a barrel of oil? And gas prices flow, literally and figuratively, from the price of oil. And then the price of gas affects inflation more generally because it affects transportation costs and then that affects elections. And so the reason that they are so cagey about this and so visibly scared is that they know these are the core economic questions voters feel every single day or however often they fill up their oil tank in their basement if they have oil heat or fill up their car with gas if they have a gas-powered vehicle. They can't even be straight with you about it. And it tells you everything. It's not a complicated policy debate. Are they willing to tell you the truth, which is they don't know if oil and gas will be lower and it could be higher?

[00:05:11]Or instead, do they just talk past you?

[00:05:14]I think a lot of the American people, even many who voted for Scumps, are smart enough to realize they aren't answering the question for you. They think you might not notice that you're not getting a real answer to this question. And it only works if some of the audience accepts it. And it depends on people going, "Oh, that sounded technical.

[00:05:35]I probably don't totally understand it, but he must be telling the truth." As opposed to, "Now, I'm smart enough to know he's not answering the question." Now, there's also a power dynamic at play. The more opaque the answer is, it is harder to challenge it, and it puts the speaker in control, and everybody else is left trying to decode what was said, and before you know it, the interview is over. The bigger point is that this isn't about oil markets or futures contracts. It's are Trump public officials seeing their role as informing people or managing for personal benefit. And it is obviously not their view that they are there to inform people. If they were, we would get straight answers. Appreciate you watching. Stick around for this next video, and don't forget to hit subscribe, so you actually see our uploads. You can also catch the full podcast on Spotify and Apple podcasts.