Fox continues its embarrassing “FAIL” in understanding how global economics works. If you possess something that can be used and sold anywhere around the globe and it’s not unique, there will be a global price. Right as this is being typed, there is a global price for gold, even U.S. dollars can be purchased and sold through foreign currency. Oil is probably the world’s biggest single global commodity. The price per barrel upon delivery is the price per barrel no matter where you are. There is no such thing as “energy independence” unless one is talking about total energy consumed versus total energy produced.

Despite all of the above, which – admittedly, is obvious, it is not obvious to Fox. Fox continues to believe that in this capitalist country, the president sets the price of gas, or at least has a lot to do with the price of gas, rather than the price of gas being the result of a complex web of international drilling, shipping, storage, futures, usage, all that.

Fox’s Jacqui Heinrich asked Psaki why the White House isn’t increasing domestic energy production. Psaki could have simply said that the White House doesn’t produce energy and perhaps Heinrich could go out and find someone who does, and ask them.

Instead, Psaki made it clear she knew this question was coming:

PSAKI: “Well, there are 9000 approved oil leases that the oil companies are not tapping into currently. So I would ask them that question.”

HEINRICH: “Is there nothing that the administration can do to get those providers back to pre-pandemic levels?” 

Psaki hitting it perfectly:

PSAKI: “Do you think the oil companies don’t have enough money to drill on the places that have been pre-approved? I would point that question to them and we can talk about it more tomorrow when you learn more.”

OUCH! There was a far sharper edge to that answer than we’re used to but Psaki has questions about a war to deal with and doesn’t have time to explain why gas is 40 cents more per gallon now than what Fox might prefer. Stating, in effect, “you need to study before I have time to deal with your question” is not what we’re used to from Psaki. And she kept her calm tone throughout, a true pro at work.

WATCH:

Psaki and Fox’s Jacqui Heinrich go back-and-forth over domestic oil production:

Heinrich: “Is there nothing the admin can do to get … back to pre-pandemic levels?”

Psaki: “You think the oil companies don’t have enough money to drill on the places that have been pre-approved?” pic.twitter.com/G72r4fbGlJ

— The Recount (@therecount) March 3, 2022

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[email protected] with Nicole Hickman