Everybody's Business — "Those Gas Prices Aren’t Going Anywhere"
Podcast by Bloomberg & iHeartPodcasts
March 13, 2026

Episode Overview

In this episode, hosts Max Chafkin and Stacey Vanek Smith dive deep into why gas prices have spiked and why they're likely to remain high for the foreseeable future. With contributions from Bloomberg Businessweek reporters and guests, the show explores the relationship between global oil markets, geopolitics, and the daily realities facing American consumers—from truckers paying $500 a day to fill up to the political implications for the 2026 U.S. midterms.

Additional segments tackle economic inequality, the emotional and psychological impact of gas prices, and a viral McDonald's CEO burger-tasting video, drawing broader insights into white-collar insecurity in an age of AI and corporate authenticity—or lack thereof—on social media.

Main Discussion: The Pain at the Pump

Why Gas Prices Are Rising (01:16–15:47)

Recent Price Spikes and Consumer Reactions (01:25–05:34)

• Personal Stories from the Pump:
  • Stacey describes witnessing her local gas price jump 30 cents per gallon overnight, underscoring how keenly individuals notice and remember fuel prices.
  • Producer Jasmine J.T. Green interviews New Yorkers at a Brooklyn gas station, from everyday motorists to truckers spending $500 a day on diesel.
    • "I'm putting about $35 in gas just to move around. I'm using diesel. It's $5... I put in 100 gallon. It's $500. Every day? Yes, every day." (04:18–04:34)

Geopolitical Context: Iran Conflict and Oil Choke Points (05:48–13:25)

• The Trigger Event:

  • Max & Stacey break down how a U.S. attack on Iran has caused Brent crude to soar from ~$65 to almost $120 a barrel, destabilizing markets.
  • The closure of the Strait of Hormuz, through which 20% of the world's oil flows, is the primary choke point, halting global supplies.
    • "Our entire economy, for better or for worse, really runs on oil. And it all comes down to this tiny 12-mile stretch that Iran has kind of seized control of. And he's kind of got the whole global economy in this chokehold." (11:09–11:40)

• Why U.S. Gas Prices Follow Global Markets:

  • Despite being the world's largest oil producer, U.S. gas prices are driven by global supply and demand.
    • "We make enough gas and enough oil to sustain ourselves. I believe this is more an issue of oil companies being able to charge the market rate." (12:11–12:44)

• The Rule of Thumb:

  • Every $10/barrel increase in oil leads to a 20 cent/gallon rise at the pump.
    • "That's super helpful. So when this conflict started, the price of oil was around $60 a barrel... As we're recording this... around 85 bucks a barrel. So we would expect a 40 cent increase in the cost per gallon, which is pretty close to what I think when you asked me at the top of the show what the difference was." (09:52–10:20)

Political Fallout and Economic Implications (06:09–14:47)

• Presidential Dilemma:

  • Stacey points out President Trump previously touted low gas prices as a signature achievement—a situation now upended by geopolitical events, with potential fallout for midterms.
  • Restricting U.S. oil exports could crash global markets and is politically and economically risky, per expert interviews.

• Return to Normal?

  • Even a ceasefire and reopening the Strait wouldn't yield immediate price relief—backlogs and demand could keep prices elevated for the rest of the year.
    • "She said it would take at least until the end of the year." (14:18–14:47)

• The Emotional Power of Gas Prices:

  • Despite being a smaller portion of most consumers' budgets, gas prices are highly salient and influential.
    • "The amount of emotion and attention oil prices get is probably bigger than the actual economic impact." (15:34–15:46)

Segment 2: How Much Do You Make? Inequality on Display (18:10–33:59)

Taboo Questions, Stark Realities (18:10–23:23)

• Inspired by New York Magazine's Salary Survey:
  • Anonymous New Yorkers report salaries from $20k to $16 million, exposing vast pay gaps across professions.
    • "The value of the work that the person does almost has no correlation whatsoever to how much they make." — Ben Steverman, Bloomberg reporter (22:16–22:25)
  • Many cobble together multiple jobs; stability is elusive.
    • "They seem very much like they could be like one off things... I think that putting those portfolio jobs... these side hustles, it just seems like a lot of work." (23:29–24:12)

Technology, Anxiety, and Labor Shifts (24:12–27:42)

• White Collar Anxiety:
  • AI and weak labor markets create insecurity even among well-paid professionals.
  • Technology, from gig platforms to streaming, is squeezing workers ("The Uber Eats DoorDash guy... the apps are squeezing him" 24:12–25:00).
  • Historical echoes: the loss of job security seen since the 1990s—no more "job for life."

The Real Roots of Wealth Inequality (27:42–31:53)

• Stock Market vs. Salary:

  • Accumulated wealth from stocks and property, not wages, now drives real economic divides.
  • "So much of the inequality that we're talking about here... in terms of wealth inequality, there’s a seesaw between incomes for middle income folks... they haven't kept up with stock market gains by any means." (28:04–28:44)
  • Many in the salary survey save nothing; "the big distinction is between people who've been able to save, put some money into a home... and the people who can't." (31:06–31:53)

• Notable, Surprising Jobs:

  • Personal favorites from the magazine survey include a tugboat chief engineer ($145K/yr), a lice removal specialist ($75K), and a $100K dog walker.

Segment 3: The Perils of Corporate ‘Authenticity’ on Social (37:27–41:31)

Viral McDonald’s CEO Burger Video (37:27–40:36)

• The CEO’s overly sanitized, awkward burger-tasting video became a meme:
  • "[He] looks like a really boring office... it is the most corporate video you could possibly imagine. It is like a robot CEO." (38:44–39:08)
  • Competitor CEOs responded with purposely casual, authentic videos.
• Discussion: True authenticity is hard for corporate execs; social media amplifies awkwardness.

The K-Shaped Economy in Video Form (40:13–40:36)

• "It is very hard for big companies to make, like, social media videos." (39:58–40:13)
• "He's way at the top of the K, to the point where no one tells him things like, you should not call this a product. You should not wear the sweater vest." (40:14–40:27)

"Authenticity at Work" Debate (40:52–41:09)

• "I don't think being authentic at work is a good idea. That's my hot take. I think being inauthentic at work is a better idea." — Stacey (41:01–41:09)
• Reflection: Not every leader thrives on radical authenticity.

Segment 4: Underrated Stories & Technology’s False Promises (41:33–43:52)

AI Isn’t Reducing Workloads — It’s Making Them Worse (41:33–43:24)

• Max highlights a Wall Street Journal piece: Those using AI are working harder, not less.
  • "You have to grind even harder now that AI is here, which seems to be like, the opposite of what this was supposed to do. It was supposed to make things easier." (42:23–42:32)
• Gary Tan of Y Combinator tweets: “I'm giving up drinking because of Claude code. I need my brain to be maximally pristine so I can sling 10k LOC lines of code a day.” (42:56–43:13)
• Stacey suggests companies need “court jesters” to ground out-of-touch executives (43:22–43:43)

Noteworthy Quotes & Memorable Moments

• "It's not just something that goes into everything. It's something that people notice... everybody remembers the price of gas every time, everywhere." – Max Chafkin (06:58–07:18)
• "Our entire economy... really runs on oil. And it all comes down to this tiny 12-mile stretch that Iran has kind of seized control of." – Stacey (11:09–11:40)
• “The amount of emotion and attention oil prices get is probably bigger than the actual economic impact.” – Stacey, quoting experts (15:34–15:46)
• "The value of the work that the person does almost has no correlation whatsoever to how much they make." – Ben Steverman (22:16–22:25)
• "These guys, they just need—people need, like a court jester, right? ...Somebody who can make fun of them to their faces." – Stacey (43:22–43:43)

Timestamps of Key Segments

• Gas Price Shock & Geopolitics: 01:16–15:47
• Salary Transparency & Inequality: 18:10–33:59
• Viral McDonald’s CEO Video & Corporate Authenticity: 37:27–41:31
• AI and Workload Intensity: 41:33–43:52

Summary Tone:
True to the hosts' style, the discussion is sharp, conversational, and laced with wit—a mix of serious economic analysis and relatable, sometimes humorous commentary on how global events intersect with daily life and business culture. The podcast remains accessible even as it gets granular with economics, and it doesn't shy away from asking uncomfortable questions—whether about executive pay, technology’s impact on work, or corporate missteps online.

For Further Listening:
The episode closes with lighthearted talk on dream side-hustles, a call-out for tugboat enthusiast feedback, and a reminder to email the show with your own stories—just don’t expect them to reveal their salaries.