ANGIE MILES: The perception, among voters is that the economy is influenced largely or maybe totally by whomever is president at the time.

Is that true?

BOB McNAB: Well, just look at the conversation around gas prices.

Presidents love to claim credit when gas prices are low.

They love to say it's not my fault when gas prices are high.

Gas prices are a function of oil prices.

Oil prices are determined on a global market.

And so consumers will say, well, we must be producing less oil because gas prices are higher.

And yet, if you look at the data, the US is actually producing a record amount of oil in 2024.

We've actually increased oil and natural gas production over the last four years.

But because of global conditions, the price of crude is higher and thus gas prices are higher.

We also have a refinery constraint.

We can pump as much oil as we want, but if you can't get it through the refinery system, doesn't mean that gas prices are going to be lower.

So what we're seeing right now is a decline in gas prices because of seasonal demand.

A switch to winter blends out of summer blends.

And so consumers are going to feel better about that.

Whether or not they say that's because of the president or not because of the president is another story.

ANGIE MILES: Some people understand that it's global factors.

And they will say, well, it's because of what's happening with Russia and Ukraine, and the United States needs to isolate from that.

And, that would also protect us from these inflationary factors.

Do you think that's the case?

BOB McNAB: Russia's invasion of Ukraine is tightly tied with US national security policy.

This is not something that is happening within a vacuum.

We have seen Russia's encroachment in Georgia, and we've seen its meddling in politics in the United States and also in Europe.

And if you talk to our allies in the Baltics, or if you talk to our ally in Poland, they would say a very simple thing.

If we abandon Ukraine, we're next.

And if you think commodity prices are uncertain now, imagine what would happen if Russia controlled Ukraine and then made moves on the Baltics or Poland.

That would be a much wider geopolitical conflict, which would create significant instability in commodities prices globally.

It is in our national security interests, in my opinion, to provide aid to Ukraine.

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