jack rasmus, a professor of economics and politics at st. mary's college in california. now jackson for been with us, nothing happens in a vacuum. there's always a knock on effect. what have been the effects of the recent u. s. ban on russian oil? has it also affected us allies as well? well, on the ban on russian oil company, united states is pretty small. it's not going to affect the supply problem much united states, but you know, it's very clearly oil companies, united states are doing everything they can to construct supply before. no coven didn't 2019 the u. s. was pumping 13000000 barrels a day. they could do that. now, but they're making sure they only pump 11000000 a day. and you know, they're going to have to provide oil to western europe now, which means even more shortages in u. s. and even more oil inflation in the u. s. oil and gas in commodities, inflation is not peaked yet. it whether united states or western europe or, or globally, we're still going to see a further rise in these costs, commodity cost, industrial metals, grains, fertilizers, oil, gas, th

jack rasmus, professor of the canon, economics and politics have st. mary's college of california. jack here someone who i want to talk to when it comes to things like this because this is a rather complicated story. if you get down to it, the u. s. is loosening its crippling sanctions against venezuela so that it can buy more oil from the south american country. could this expand into a broader warming of relations between the countries? no, i don't think so. i think this is, this is 2 sides to this development to one side on a surface in us media you hear about? well, they're letting chevron do a little bit more. in exchange, they want, you know, the venezuelan to really open up the political system, narrator went, oh ah, and well, the lift of a sanction on one of the directors. and it's a very token thing. it's set off a fire storm in cuban venezuela, community. and even within the democratic party, i don't think that's going anywhere. i think the real thing here is that a behind the scenes, the real issue is to allow venezuela to ship some oil, to russia and russia to a western