America Doesn't Buy Middle East Oil So Why Is Gas So Expensive | Richard Wolff

Added: 2026-05-05

[00:00:00]So holding up shipping through the straight of Hormuz not our problem. We don't get oil that way. When my students ask me how is that expl how do you explain that? if it doesn't affect us, why is the gasoline project? And so I explained to them, imagine you were the head of the oil company of Oklahoma and you saw oil in Europe going for $102 a barrel, which is but you're getting $65 a barrel. Would you consider no longer selling to an American but taking your oil and selling it in Brussels? Because look what you know you're making 60% more money per barrel. You normally expect a lifetime before you're going to see that. Then they understood.

[00:00:51]So the price here is going up uh because that's what markets