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Medvídci vysvětlují: Drahý benzín

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Hey, what´s going on with gasoline prices? Gas prices are now the highest they ever been in the winter. Is it the gas station fault? No, gas station control the price of gasoline as much as supermarkets control the price of cereal. If the price of cereal suddenly went up a lot everywhere, would you blame your local supermarket? No. If it´s happening everywhere, it can´t be one supermarket fault. The same goes for gasoline. Most of the price of gasoline is based on the price of oil, which gas staions don´t control. Gas stations don´t make much on selling gas anyway, they make most of their money selling snacks and other items. So they aren´t profiting from the recent jump in prices? No, usually spikes in gas prices hurt gas stations, because they can´t raise prices fast enough. So our gas price is up, because there is not enough supply. No, supply is so high, that american refiners have started exporting gasoline to other countries. Why would they want to export their gasoline and not sell it here? Refiners sells their products wherever the customers are. If there was a large demand at home, they would sell their gasoline here, but domestic demand for gasoline is at a decade low. Why is demand so low? Demand is low for many reasons. Cars are becoming more effecient and more people are working from home. And the economy is still not very strong. But if there is no demand and plenty of supply, shouldn´t prices be falling? All else being equal, yes, but there is a third factor. Is it the recent instability in the mideast? Has there ever not been instability in the mideast? I guess not. Gas prices are higher now than even a year ago, when that entire region was experiencing popular uprisings and governments were falling. What else is left? Is it the speculators? I heard some politicians blame high gas prices on speculators. Speculators are politicians´ favourite scapegoat. What do you mean? Speculators can bet both ways. If gas price were falling, do you think the politicians would be blaming speculators? No, if prices were falling, the politicians would probably be taking credit. Right, even those speculators can just as easily bet on something going down. Do you remeber how at the start of the financial crisis politicians were blaming speculators for driving down bank stocks? Yes, they even made it illegal to bet against bank stocks. But bank stock collapsed anyway. Of course they did. The banks had too many toxic mortgages. So the speculators betting on that, made money, while the speculators that owned bank stocks lost. In the long run markets will go to equillibrium regardless of what speculators do. So what is making gas prices go up in America? The falling dollar. Really? Yes. The price of anything is based as much on what it´s worth as a design the currency you are using to pay for it. So as the value of the dollar goes down, we need more and more of it to buy a gallon of gasoline. Exactly. That´s why in America the price of gasoline has been rising despite high supply and low demand. Is the situation different in other coutries? Yes, in a country like Australia gas prices have not gone up as much, because their currency has been gaining value against ours. Why is the US dollar falling in value? Because Bernanke keeps printing more and more to stimulate the economy. But don´t higher gas prices hurt the economy? Absolutely, the last two times gas prices approached four dollars a gallon in America the economy slowed drastically. So what does Bernanke say about his driving up gas prices? He says his policies have nothing to do with rising gas prices. But doesn´t he keep taking credit for rising stock prices? Yes. Bernanke has said on many occasions that one of the direct benefits of his actions is higher stock prices. So does he think that two are not related at all? Apparently not. Is he lying? Completely. Can you prove it? Easily. How? By looking at a chart of gas prices compared to stock prices like this one. Can you tell which line is stocks and which one is gasoline? No, they look identical. Exactly! The white line is stocks and blue line is gasoline. They are consistenly moved up and down together. Indeed. This chart makes things so simple even an economist can understand what´s going on. And yet Bernanke claims credit for the white line, but says he has nothing to do with the blue. Right. It´s like admitting you drank too much then saying the hangover is not your fault. How does Bernanke hope to get away with that? He has a lot of help from misguided reporters and shady politicians. Doesn´t this all mean that whatever the Fed does to stimulate the economy will also hurt it elsewhere? Exactly. As the old saying goes there is no such things as a free lunch. Maybe one of these days the Fed will realize that. From your mouth to Bernanke´s ears. We hope you found this cartoon helpful. For better understanding of how inflation happens checkout this cartoon. You can learn more about the Fed and how its policies work in this cartoon and also this other one. Thanks for watching everyone. Bye bye. Transcribe Miroslav Cvrček

Video Details

Duration: 5 minutes and 32 seconds
Country: United States
Language: English
License: All rights reserved
Genre: Animated
Producer: Omid Malekan
Director: Omid Malekan
Views: 87
Posted by: mirekcvr on Apr 6, 2012

Video z dílny Omida Malekana, který se jednoduchou a přístupnou formou snaží vysvětlit, proč roste cena pohonných hmot.

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