1 00:00:00,000 --> 00:00:05,760 Chelsea, this week I have an interesting one that is going to probably be a little 2 00:00:05,960 --> 00:00:09,280 sorry, there is a dog right outside my door that is playing with his ball. 3 00:00:09,480 --> 00:00:10,920 Who's dog is it? 4 00:00:10,920 --> 00:00:16,840 Today I have news about inflation and what has been causing it. 5 00:00:18,360 --> 00:00:19,280 Oh, OK. 6 00:00:19,280 --> 00:00:21,520 Can we just skip out on this episode? 7 00:00:21,520 --> 00:00:23,640 Well, I think this one's an important one. 8 00:00:23,640 --> 00:00:26,440 It at least gives you an idea of what's causing it. 9 00:00:26,520 --> 00:00:26,920 OK. 10 00:00:26,920 --> 00:00:31,840 Because if you ask some people, they'll say, my view has been it's profit 11 00:00:31,840 --> 00:00:35,440 seeking that's basically saying they're allowed to take more profits from us. 12 00:00:35,640 --> 00:00:38,720 And they're just blaming inflation, despite the fact that they're making record 13 00:00:38,720 --> 00:00:42,760 profits, which doesn't make sense if you're just raising the rates due to what 14 00:00:42,760 --> 00:00:47,720 the demand is. Well, I think just given the situation in our country right now 15 00:00:47,720 --> 00:00:49,840 in Canada, a lot of people wouldn't think about it. 16 00:00:49,840 --> 00:00:51,480 They just blame our prime minister. 17 00:00:51,480 --> 00:00:52,160 Yeah, they do. 18 00:00:52,160 --> 00:00:53,680 Yeah. Talked about shrink inflation. 19 00:00:53,680 --> 00:00:55,360 We've talked about record profits. 20 00:00:55,360 --> 00:00:55,720 Yeah. 21 00:00:55,720 --> 00:00:58,840 This is one I haven't really considered, 22 00:00:58,840 --> 00:01:00,960 despite the fact that we kind of know it true. 23 00:01:00,960 --> 00:01:01,480 OK. 24 00:01:01,480 --> 00:01:04,040 But this is right from the FTC's website. 25 00:01:04,040 --> 00:01:04,520 Who is that? 26 00:01:04,520 --> 00:01:07,880 This is the Federal Trade Commission in the US. 27 00:01:07,880 --> 00:01:14,080 And they released a article on May 2nd of 2024, which says FTC order 28 00:01:14,080 --> 00:01:19,160 bans former pioneer CEO from Exxon Board seat in Exxon Pioneer deal. 29 00:01:19,320 --> 00:01:23,280 The Federal Trade Commission took action to resolve antitrust concerns 30 00:01:23,280 --> 00:01:28,480 surrounding Exxon Mobile Corporation's $64.5 billion acquisition of oil 31 00:01:28,480 --> 00:01:32,360 producer pioneer natural resources by approving a consent order that prevents 32 00:01:32,360 --> 00:01:36,920 founder and former pioneer CEO Scott Sheffield from gaining a seat on Exxon's 33 00:01:36,920 --> 00:01:40,520 board of directors or serving in an advisory capacity at Exxon once it 34 00:01:40,520 --> 00:01:41,680 acquires pioneer. 35 00:01:41,680 --> 00:01:45,920 The proposed consent order seeks to prevent pioneers Sheffield from engaging 36 00:01:45,920 --> 00:01:50,320 in collusive activity that would potentially raise oil prices, leading 37 00:01:50,320 --> 00:01:54,680 American consumers and businesses to pay higher prices for gasoline, diesel fuel, 38 00:01:54,680 --> 00:01:57,360 heating, oil, heating, oil and jet fuel. 39 00:01:57,360 --> 00:02:01,640 The FTC alleges in a complaint that Sheffield has through public statements 40 00:02:01,640 --> 00:02:04,840 and private communications attempted to collude with the representatives 41 00:02:04,840 --> 00:02:09,800 of the Organization of Petroleum Exporting Countries, OPEC, and a related 42 00:02:09,800 --> 00:02:13,760 cartel of other oil producing countries known as OPEC Plus to reduce the 43 00:02:13,760 --> 00:02:17,440 output of oil and gas, which would result in Americans paying higher prices 44 00:02:17,440 --> 00:02:20,720 of the pump to inflate profits for his company. 45 00:02:20,720 --> 00:02:24,880 Mr. Sheffield's past conduct makes it crystal clear that he should be nowhere 46 00:02:24,880 --> 00:02:26,360 near Exxon's boardroom. 47 00:02:26,360 --> 00:02:30,400 American consumers shouldn't pay unfair prices of the pump simply to pad a 48 00:02:30,400 --> 00:02:32,320 corporate executive's pocketbook. 49 00:02:32,320 --> 00:02:36,480 The Kyle Mock, deputy director of the FTC's Bureau of Competition, 50 00:02:36,480 --> 00:02:37,520 continued the quote, 51 00:02:37,520 --> 00:02:41,240 the FTC will remain vigilant in its enforcement efforts to protect 52 00:02:41,240 --> 00:02:43,920 competition in these vital markets. 53 00:02:43,920 --> 00:02:47,400 After public statement text messages in person meetings, WhatsApp conversations, 54 00:02:47,400 --> 00:02:50,920 and other communications while at pioneer, Sheffield sought to align oil 55 00:02:50,920 --> 00:02:55,760 production across the Permian Basin in West Texas and New Mexico with OPEC Plus. 56 00:02:55,760 --> 00:02:58,480 Sheffield, for example, exchanged hundreds of text messages with OPEC 57 00:02:58,480 --> 00:03:02,920 representatives and officials assessing crude oil market dynamics, pricing, and output. 58 00:03:02,920 --> 00:03:06,840 In discussing his efforts to coordinate the Texas producers under a production 59 00:03:06,840 --> 00:03:10,520 cut mandate by the Railroad Commission of Texas, Sheffield said, quote, 60 00:03:10,520 --> 00:03:15,360 If Texas leads the way, maybe we can get OPEC to cut production, maybe Saudi Arabia 61 00:03:15,360 --> 00:03:16,840 and Russia will follow. 62 00:03:16,840 --> 00:03:18,000 That was our plan. 63 00:03:18,000 --> 00:03:22,720 I was using the tactics of OPEC Plus to get a bigger OPEC Plus done. 64 00:03:22,720 --> 00:03:24,440 There's a bit more I should probably keep going. 65 00:03:24,440 --> 00:03:28,360 The FTC's proposed consent order would prohibit Exxon from nominating, 66 00:03:28,360 --> 00:03:30,840 designating, or appointing Sheffield to the Exxon board. 67 00:03:30,840 --> 00:03:34,360 The commission vote to accept the consent agreement and place the complaint. 68 00:03:34,360 --> 00:03:37,200 An order on the record of public comment was three to two. 69 00:03:37,200 --> 00:03:41,440 The FTC will publish the consent agreement package in the federal register shortly. 70 00:03:41,440 --> 00:03:44,520 Instructions for filing comments appear to be published. 71 00:03:44,520 --> 00:03:46,560 Notice that's probably far enough. 72 00:03:46,560 --> 00:03:51,920 And the important thing here, Chelsea, is that this guy was clearly colluding with OPEC, 73 00:03:51,920 --> 00:03:54,920 who basically sets the price of oil worldwide. 74 00:03:54,920 --> 00:03:58,240 He wanted to get the price of oil higher so he'd spree better profits, 75 00:03:58,240 --> 00:04:03,440 which has impacted literally everything from your actual cost of gas in your car 76 00:04:03,440 --> 00:04:07,040 to anything that needs to be shipped, which is everything. 77 00:04:07,040 --> 00:04:09,680 Because that cost of oil is included in that price. 78 00:04:09,680 --> 00:04:14,520 So all prices have gone up because this particular individual was colluding with OPEC 79 00:04:14,520 --> 00:04:16,480 to raise the price of oil in North America. 80 00:04:16,480 --> 00:04:20,440 So that he, the probably billionaire already, could have more money. 81 00:04:20,440 --> 00:04:21,400 Yeah. And you know what? 82 00:04:21,400 --> 00:04:24,760 Let's do a quick little background on Mr. Sheffield here. 83 00:04:24,760 --> 00:04:27,280 He has a net worth of 1.3 billion. 84 00:04:27,280 --> 00:04:32,400 Forbes has an article on him called The Oil Patch Prince, a great tale of West Texas. 85 00:04:32,400 --> 00:04:35,520 Unfortunately, I didn't think of doing this beforehand, 86 00:04:35,520 --> 00:04:40,840 but I'm sure he has a good lobbying arm and a lot of investment in right wing media, 87 00:04:40,840 --> 00:04:42,920 as most oil billionaires do. 88 00:04:42,920 --> 00:04:45,320 So I'm just going to speculate on that. 89 00:04:45,320 --> 00:04:47,280 I don't actually have confirmation on that. 90 00:04:47,280 --> 00:04:51,240 But like the Daily Wire was investment money from that or for that, 91 00:04:51,240 --> 00:04:55,280 which is a huge right wing media corporation, came from fracking billionaires. 92 00:04:55,280 --> 00:04:56,760 Oh. Yeah. 93 00:04:56,760 --> 00:05:01,400 But yeah, that's just another one of those inflation is not because we put money 94 00:05:01,400 --> 00:05:04,720 in everybody's pockets to help them through COVID. 95 00:05:04,720 --> 00:05:07,320 It's because billionaires are trying to get richer. 96 00:05:07,320 --> 00:05:08,920 It's as simple as that. 97 00:05:08,920 --> 00:05:15,320 Maybe his house is on a beach where the sand dune just gave way. 98 00:05:15,440 --> 00:05:17,200 Actually, Chelsea. 99 00:05:17,200 --> 00:05:21,120 Can I quickly make this a two part fringy mini then? 100 00:05:23,520 --> 00:05:27,880 Because I have a tie into that that I really I was torn on which one I was going to do. 101 00:05:27,960 --> 00:05:33,280 Maybe what I'm getting to is that maybe he really needs the money 102 00:05:33,280 --> 00:05:35,240 because he probably really needs money. 103 00:05:35,320 --> 00:05:38,640 You and your cost of living just always meets. 104 00:05:38,640 --> 00:05:40,880 Yeah. 105 00:05:40,880 --> 00:05:47,600 And his sand dune just washed out and he's facing a worthless property. 106 00:05:47,600 --> 00:05:49,280 So he probably needs the money. 107 00:05:49,280 --> 00:05:54,000 Yeah. And Chelsea never mind all the people that will never see that amount of money. 108 00:05:54,200 --> 00:05:58,080 I just need to make sure you're not worried about these wealthy waterfront owners 109 00:05:58,080 --> 00:06:00,920 because the government does have their back. 110 00:06:00,920 --> 00:06:05,560 Salisbury leaders announced a six million dollar plan to fight catastrophic beach erosion. 111 00:06:06,240 --> 00:06:08,160 They're getting bailed out. 112 00:06:08,160 --> 00:06:13,440 Yeah. This comes from Boston.com by Emily Spatz on April 30th, 2024. 113 00:06:13,440 --> 00:06:16,800 State Senator Bruce Tarr said at a press conference Monday that Salisbury Beach 114 00:06:16,800 --> 00:06:19,680 now faces an increased set of severe overwash and erosion, 115 00:06:19,680 --> 00:06:23,080 proposing a six million dollar two phase plan to stop further damage, 116 00:06:23,080 --> 00:06:25,320 according to a local report. 117 00:06:25,320 --> 00:06:28,640 Tarr, environmental scientist and consultant for Salisbury, Tom Hughes 118 00:06:28,640 --> 00:06:32,320 and Salisbury Tom, manager Neil Harrington, warned a severe overwash risk 119 00:06:32,320 --> 00:06:35,680 on the beach, calling it a new threat for residents along the waterfront. 120 00:06:35,960 --> 00:06:40,200 Overwash occurs when waves exceed the height of dunes during coastal storms, 121 00:06:40,560 --> 00:06:42,920 transporting the sand and other sediment inland. 122 00:06:42,960 --> 00:06:46,520 The damage will be exponentially worse than what we've seen so far, Tarr said. 123 00:06:46,560 --> 00:06:50,080 This area of the beach is extremely vulnerable and it compels our action. 124 00:06:50,240 --> 00:06:53,560 Not because they're rich, because it's extremely vulnerable. 125 00:06:53,560 --> 00:06:54,800 That's a different thing. 126 00:06:54,800 --> 00:06:57,280 Oh, no, it would never be because they're rich. 127 00:06:57,280 --> 00:07:00,000 It's not like money makes the world go around. 128 00:07:00,080 --> 00:07:00,960 Plan to fix erosion. 129 00:07:00,960 --> 00:07:04,480 The first phase of Hughes and Tarr's proposal would see the restoration 130 00:07:04,480 --> 00:07:07,400 of sand dunes to an elevation of 17 feet above sea level. 131 00:07:07,400 --> 00:07:11,440 And the Daily News reported in phase two would bring dune elevation up to 19 feet, 132 00:07:11,480 --> 00:07:13,920 extending the volume further towards the water. 133 00:07:14,000 --> 00:07:15,520 The project would cost six million. 134 00:07:15,520 --> 00:07:17,600 Yeah, you've got to love that. 135 00:07:17,600 --> 00:07:21,560 The problem was there wasn't enough sand, so they're just going to put six million 136 00:07:21,560 --> 00:07:23,160 dollars worth of sand. 137 00:07:23,160 --> 00:07:28,720 You know, I do love that I love that they're putting six million dollars into this. 138 00:07:28,880 --> 00:07:32,560 I'm sure the homeless people, the problem of. 139 00:07:32,800 --> 00:07:36,720 Well, I'm sure it's a homeless beach, in fact, that has washed away. 140 00:07:36,720 --> 00:07:39,320 And that's why they've moved into the cities, because they don't have their 141 00:07:39,320 --> 00:07:41,360 homeless beach to relax on anymore. 142 00:07:41,360 --> 00:07:43,720 Yeah. Wow. This is incredible. 143 00:07:43,720 --> 00:07:46,920 Thank God is what I have to say. 144 00:07:47,240 --> 00:07:50,120 Yeah, I don't think I need to go any further into that article. 145 00:07:50,120 --> 00:07:54,440 And we will give you an update when the sand dune washes away, I should say. 146 00:07:54,920 --> 00:07:59,960 Wow, we just got hit with a lot of information that we need to digest over the next 147 00:08:00,520 --> 00:08:02,720 how many 48 hours? Yeah. 148 00:08:02,720 --> 00:08:04,680 I mean, slightly less, because we did a double header. 149 00:08:04,680 --> 00:08:09,080 So it's probably like 47 hours and 49 minutes or something like that. 150 00:08:09,200 --> 00:08:10,800 Yeah. Oh, don't do the math. 151 00:08:10,800 --> 00:08:12,920 It's pretty complicated. Let the phone do it. 152 00:08:12,920 --> 00:08:14,520 We'll see you on Friday. 153 00:08:14,520 --> 00:08:15,960 I will not be doing it. 154 00:08:15,960 --> 00:08:20,160 Good bye.