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Speaker 1: Moran, Brownie, This one is for girl Dad. Hey, imposture

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Speaker 1: girl really our six show granddaughter visiting me in the

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Speaker 1: Windower country. You have a problem with that. You don't

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Speaker 1: have monopoly on all this. Okay, have a good day.

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Speaker 2: It's a great way to start out on Monday morning.

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Speaker 2: Now means the goober's fighting among each other. That's fantastic,

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Speaker 2: better than yelling at us, that's right, just you know.

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Speaker 2: And you get grandfathers and daughters and fathers and daughters involved,

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Speaker 2: or grandfathers and granddaughters and fathers and daughters involved. Yeah,

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Speaker 2: that's a catfight. I want to watch. Yeah, because nobody

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Speaker 2: wins that one. My money's on girl dad, though kind

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Speaker 2: of I don't know.

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Speaker 3: He may have had more training than the South Dakota

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Speaker 3: grandma may have had more training.

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Speaker 2: And he is younger, but older, wiser and meaner.

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Speaker 4: There is something is old man's strength, I know.

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Speaker 2: That, and an old man rage, you know, just you

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Speaker 2: know rage. So we'll get we'll get the two of

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Speaker 2: them together. And of course I know they both have

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Speaker 2: the most beautiful granddaughters and daughters in the world, you know,

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Speaker 2: after mine, after mine.

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Speaker 5: I I don't know where to start.

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Speaker 2: I have I've been sitting out my little cubicle infested

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Speaker 2: with cockroaches, trying to figure out the order of today's program,

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Speaker 2: and so I'm just going to start, but I want

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Speaker 2: to lay out a roadmap just to give you a

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Speaker 2: little idea of what we're doing, because today's program is

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Speaker 2: is pretty heavy. But also I've got some light stuff

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Speaker 2: to do. But unfortunately the light stuff happens the more

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Speaker 2: funny stuff. I don't know where the funding or maddening

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Speaker 2: is the word comes out of Denver. So we'll intersperse those,

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Speaker 2: but probably later in the program. Instead, I want to

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Speaker 2: start with, uh, some energy stuff, and it's going to

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Speaker 2: be energy heavy for a little while, because everybody uses energy,

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Speaker 2: everybody needs it, and we're now living through an energy

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Speaker 2: crisis that a lot of people have warned about, us,

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Speaker 2: warned us about, you know, for years, and I'm want

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Speaker 2: to start with the evidence and not with the politics.

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Speaker 2: Let's set aside the politics for a moment. So we're

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Speaker 2: gonna talk about the strait of hor moves and what

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Speaker 2: that really means. And then we're going to go to

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Speaker 2: over the past three or four days, there has been

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Speaker 2: and I don't want to use I will use DeVos

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Speaker 2: as an example, but it's not. It's not a it's

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Speaker 2: not perfectly analogous.

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Speaker 5: There there was a.

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Speaker 2: Meeting over the past say, ninety six hours or so

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Speaker 2: of the world's leading energy experts. These are not politicals now.

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Speaker 2: Do they have lobbyists and stuff. Of course they do,

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Speaker 2: but they're not They're not like the DeVos group that

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Speaker 2: once to control of the world. They understand that the

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Speaker 2: world needs cheap, reliable energy in order for us to

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Speaker 2: live the kind of lifestyle that we live, and they're

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Speaker 2: in the job of providing that and analyzing that and

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Speaker 2: make me certain.

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Speaker 5: That we do it.

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Speaker 2: So I'm going to get to what the lead spokesperson

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Speaker 2: or I would say the lead expert in that group

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Speaker 2: had to say. But that's after I established some facts

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Speaker 2: about where we are right now. And I want to

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Speaker 2: do that without getting into the politics of it, because

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Speaker 2: the politics, I think, even as I was driving in,

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Speaker 2: I hear stories from Democrats about fear about boots on

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Speaker 2: the ground, and what's Trump doing or not doing, and

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Speaker 2: what's the endgame? Not the endgame, I think these yahoos

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Speaker 2: on both sides, Republicans and Democrats alike, are missing the

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Speaker 2: big picture.

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Speaker 5: And I don't know that Trump's going.

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Speaker 2: To be able to accomplish what I think the big

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Speaker 2: picture is, but I will say this, he has at

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Speaker 2: least recognized it, which is more than I think anybody

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Speaker 2: else has. Everybody going back even before my old boss,

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Speaker 2: George W. Bush kicked the can down the road because

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Speaker 2: nobody wanted to deal with it. And while nobody wanted

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Speaker 2: to deal with it, that was strengthening our adversaries, primarily

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Speaker 2: Russia and China. And at the same time, and that

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Speaker 2: was strengthening the Iranians, who were the world's leading state

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Speaker 2: sponsor of terrorism.

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Speaker 5: So where do we start.

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Speaker 2: We start with the fact that Iran has effectively closed

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Speaker 2: the strait of Hermus. Twenty billion barrels of oil per day.

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Speaker 2: That's roughly one in five barrels of oil consumed anywhere

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Speaker 2: on the freaking planet flows through that narrow stretch of

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Speaker 2: water between Iran and Oman.

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Speaker 5: And that's not a talking point.

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Speaker 2: That's the US Energy Information Administration, And right now most

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Speaker 2: of it isn't moving. I don't care what Trump says.

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Speaker 2: Trump can go out and this is a little bit

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Speaker 2: of politics. Trump's going to talk about the big, beautiful

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Speaker 2: and all that kind of bullk wrap, which I expect

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Speaker 2: him to do. No surprise is there. I just want

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Speaker 2: to deal in reality. Cutter Energy has declared a force

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Speaker 2: mazuere on all exports. Now, what's a force mazure? Force

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Speaker 2: measure is a term a clause in a contract which

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Speaker 2: basically talks about acts of God, things beyond anything that

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Speaker 2: the parties to the contract could anticipate, or even if

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Speaker 2: they could anticipate, it would be beyond their control. An

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Speaker 2: act of God a force mazure. So, Cutter Energy has

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Speaker 2: declared a force masure on all exports.

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Speaker 5: What does that mean?

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Speaker 2: In practical terms, it means all these contracts are just

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Speaker 2: kind of null and void. They're not enforceable at the moment. So, Brent,

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Speaker 2: at one point, I don't know why, I see if

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Speaker 2: it's up there today. I don't see anything up there

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Speaker 2: right now, But Brent, at one point, while I was

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Speaker 2: preparing these stories over the weekend, top to one hundred

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Speaker 2: and twenty dollars a barrel. Now, the Dallas Federal Reserve

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Speaker 2: says that if the strait stays closed for two quarters

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Speaker 2: to just two quarters, global GDP growth gets cut by

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Speaker 2: nearly one point three percent. That's not a slowdown. That's

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Speaker 2: recession territory. Now, the first thing the climate movement, all

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Speaker 2: the people in the Church of the climate activists want

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Speaker 2: you to know, and what they keep telling you that

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Speaker 2: I've already seen it is that this is proof, somehow,

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Speaker 2: this is proof that we need, we need to accelerate

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Speaker 2: the transition away from fossil fuels. There's even a David

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Speaker 2: Wallace Wells piece in the New York Times with this

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Speaker 2: line so stupid. No one has ever started the war

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Speaker 2: over solar panels. What does that have to do with

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Speaker 2: the price of eggs in Denmark? Come on, It's true.

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Speaker 2: Nobody goes to war over solar panels.

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Speaker 5: You know what else? Nobody goes to war over candles?

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Speaker 5: Tic tacks.

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Speaker 2: There were some a bitch of tic tack, not tic TACs.

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Speaker 2: Kit cats, kit cats. I got my kit cats, all

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Speaker 2: confused kit cats going from somewhere in Switzerland to Poland

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Speaker 2: or somewhere got hijacked, and everybody's all worried about that.

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Speaker 2: I don't think this Switzerland and Poland are going to

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Speaker 2: go to war or the missing kitcats, but I know

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Speaker 2: who knows. Here's the fact that the Church and the

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Speaker 2: climate activists cannot explain away. A gallon of jet fuel

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Speaker 2: contains thirty four kilowatt hours of energy and a package

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Speaker 2: that weighs six pounds.

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Speaker 5: Got that?

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Speaker 2: A gallon of jet fuel, a gallon of jet a

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Speaker 2: contains thirty four kilowatt hours of energy, and that package

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Speaker 2: weighs six pounds. A lithium ion battery storing the same

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Speaker 2: amount of energy thirty four kilowatts, weighs two hundred and

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Speaker 2: fifty pounds. I'm not making a political argument here, I'm

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Speaker 2: telling you the physics and that density gap is why

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Speaker 2: every freaking military on this planet runs on liquid hydrocarbons.

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Speaker 2: That's why every container ship that's crossing the Pacific burns

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Speaker 2: bunker fuel. Every combine harvester in the on the Eastern Plains,

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Speaker 2: or out in Iowa or out in the Cornhusker State,

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Speaker 2: whatever that idea is as Nebraska or something, they run

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Speaker 2: on diesel. Every commercial flight from Denver International to Chicago

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Speaker 2: runs on kerosene. The fact that nobody wages a war

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Speaker 2: over solar panels is not evidence of solar energy superior

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Speaker 2: or superiority. It's evidence of solar energies. Limitations. Limitations. Now

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Speaker 2: here's what makes this crisis unfolding right now, infuriating for

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Speaker 2: those of us who have been paying attention. We not

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Speaker 2: particularly you and me, but we meaning the people in

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Speaker 2: the church of the climate activists and those who allowed

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Speaker 2: that church to proliferate and bring in all new congregants

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Speaker 2: everywhere they created it. The International Energy Agency, it's not

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Speaker 2: exactly an advocacy for fossil fuels, documented that last year alone,

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Speaker 2: just last year, the entire world invested two point two

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Speaker 2: point two trillion dollars two point two trillion dollars in

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Speaker 2: clean energy. That's twice the amount of one point one

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Speaker 2: trillion that was invested in oil, gas and coal combined. Now,

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Speaker 2: in this country, federal tax expenditures for renewable energy and

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Speaker 2: fiscal year twenty twenty five alone hit almost fifty eight

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Speaker 2: billion dollars, almost sixty billion dollars, precisely, fifty seven point.

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Speaker 5: Nine billion dollars.

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Speaker 2: Do you realize that is more than the total of

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Speaker 2: all federal fossil fuel tax expenditures over the previous thirty

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Speaker 2: one years combined. So don't tell me that we because

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Speaker 2: we did not underinvest in green energy. What we did

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Speaker 2: was we wasted at over invested in green energy and

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Speaker 2: We did it at the same time that we were

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Speaker 2: systematically strangling the very energy infrastructure that actually runs the

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Speaker 2: entire world, including this country. Give you some exemple. Do

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Speaker 2: you remember the Atlantic Coast Pipeline. Yeah, of course you don't.

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Speaker 2: Nobody remembers the Atlantic Coast Pipeline, six hundred miles of

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Speaker 2: natural gas that went from West Virginia North Carolina. Watched

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Speaker 2: its cost double from four point five to eight billion

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Speaker 2: dollars during years of environmental litigation, and then Duke Energy

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Speaker 2: and Dominion Energy canceled that pipeline in July of twenty twenty.

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Speaker 2: The Constitution Pipeline, and it ran from Pennsylvania to New York.

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Speaker 5: It's dead.

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Speaker 2: The penn East Pipeline won its case at the US

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Speaker 2: Supreme Court, but it still could not get built because

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Speaker 2: New Jersey refused to issue the state permits. Trans Canada

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Speaker 2: abandoned the fifteen point seven billion Energy East pipeline in

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Speaker 2: Canada after regulators demanded an unprecedented review of upstream and

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Speaker 2: downstream emissions, which is essentially saying we won't build a

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Speaker 2: pipeline anywhere, and then strolls in Joseph Robinette Biden Jr.

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Speaker 2: In January twenty twenty four, paused all pending approvals for

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Speaker 2: LNG liquid natural gas export terminals. Projects that represented tens

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Speaker 2: of billions of cubic feet per day of potential capacity

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Speaker 2: got frozen by bird brain, just frozen. And then when

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Speaker 2: the Hormuz straight crisis hit, that's capacity that.

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Speaker 5: We don't have. That's because of Joe biden Gin.

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Speaker 2: Reflecting to what the Church of the Climate activists, Now,

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Speaker 2: let's talk about that seven trillion dollars number, because you're

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Speaker 2: gonna hear it. UN Secretary General Antonio Gutriz Kutiras says

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Speaker 2: that we give seven trillion dollars, and I hear this

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Speaker 2: from from from liberals all the time. We give seven

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Speaker 2: trillion dollars in annual subsidies to fossil fuels, and he

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Speaker 2: cites it as proof that the fossil fuel companies, oil

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Speaker 2: and gas companies are engaged in market manipulation.

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Speaker 5: But here's what he doesn't tell you.

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Speaker 2: I'm always amazed at what they do tell you as

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Speaker 2: much as I am amazed at what they do not

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Speaker 2: tell you. The IMF their own data, not Exon Mobile,

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Speaker 2: not golf Oil, not you know, Valero, But the IMF

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Speaker 2: shows that only eighteen percent of that seven trillion dollars

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Speaker 2: represents actual government spending, in other words, actual subsidies or

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Speaker 2: undercharging for supply cars. The other eighty two percent, you

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Speaker 2: know what, the IMF calls the other eighty two percent

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Speaker 2: of so called subsidies implicit subsidies. There's a new word

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Speaker 2: for you, implicit subsidies.

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Speaker 4: You know what that is.

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Speaker 2: That's economists speak for this. We assign a or they

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Speaker 2: not me. They assign a theoretical dollar value to the

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Speaker 2: environmental costs of burning fossil fuels, and then we're calling

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Speaker 2: the failure to tax those costs a subsidy. Now, by

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Speaker 2: that logic, the coffee you had this morning is subsidized

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Speaker 2: because nobody charges you for the traffic congestion on your commute.

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Speaker 2: That's the best analogy I could come up with. That's

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Speaker 2: how stupid.

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Speaker 5: This is the.

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Speaker 2: Actual, real direct US government support for the oil and

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Speaker 2: gas extraction sector. The drillers to about three billion dollars

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Speaker 2: annually against one point eight trillion dollars in industry revenue.

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Speaker 2: That's zero point one seven percent, less than one percent.

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Speaker 2: That is not a subsidy. That surrounding error and basically

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Speaker 2: that's in tuch ride offs, which they're going to claim

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Speaker 2: is a subsidy. But here's the lesson that, frankly, I

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Speaker 2: think keeps getting ignored. We've now had three major energy

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Speaker 2: shocks in five years. I know we can to forget

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Speaker 2: about them. We're also adhd. We we live so much

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Speaker 2: in the moment. We're always being you know, told to focus, focus, focus,

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Speaker 2: that we forget we've got. Maybe it's all the marijuana.

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Speaker 2: I don't know, but we have short term memory loss.

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Speaker 2: We've now had three energy shocks in five years. We

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Speaker 2: had the COVID supply chain disruption, we had Russia's invasion

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Speaker 2: of Ukraine, and now we have the Strait of Hormuz crisis.

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Speaker 2: Every single one of those energy shocks has delivered the

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Speaker 2: exact same verdict. The world, not just us, The entire

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Speaker 2: world remains structurally dependent on fossil fuels and any policies

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Speaker 2: that strangle fossil fuels supply and they don't build adequate alternatives,

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Speaker 2: that creates and we end up suffering through catastrophic vulnerabilities.

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Speaker 2: Now Europe entered this year January one, of twenty twenty six,

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Speaker 2: do you how much how many billion cubic meters of

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Speaker 2: gas they had in storage forty six billion. So Europe

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Speaker 2: started January one, twenty twenty six with forty six billion

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Speaker 2: cubic meters of gas in storage, compared to sixty billion

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Speaker 2: the year before and seventy seven billion cubic meters of

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Speaker 2: gas and storage two years before that. So they've gone

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Speaker 2: from seventy seven seventy seven billion, the sixty billion, the

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Speaker 2: forty six billion. Why Because the dumass Europeans treated the

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Speaker 2: rush of Ukraine energy crisis as proof that they needed

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Speaker 2: more renewables, instead of recognizing that the crisis was caused

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Speaker 2: by their suppressing domestic energy production at the same time,

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Speaker 2: because you can't just suddenly convert to renewables, and even

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Speaker 2: if you did or were able to convert immediately to renewables,

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Speaker 2: you still have to have the fossil fuels to create

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Speaker 2: the renewables, So the crisis was caused or instead of

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Speaker 2: recognizing that the crisis was caused by suppressing domestic energy

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Speaker 2: production while increasing dependence on import And then we get

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Speaker 2: to the tail.

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Speaker 3: Can you please stop telling me about the nose, it's.

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Speaker 6: Really going Yeah, you stay.

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Speaker 2: Talk about your dogs and say sweet, I'd so much

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Speaker 2: rather talk about my dogs.

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Speaker 5: My my older girl.

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Speaker 2: Greted the Lienburger was quite embarrassing at the dog park

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Speaker 2: Sunday morning. She's such a childhound. I mean, I think

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Speaker 2: that dog would eat herself to death. I I don't

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Speaker 2: know the damage it would cause. And then the vet bills.

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Speaker 2: I'd like to just open a bag, like, you know,

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Speaker 2: a twenty five pounds bag of dog food, and just

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Speaker 2: see how long she would go before she just passes out.

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Speaker 4: She'll pass out in the bag.

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Speaker 5: In the bag, right, the head will be in the bag.

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Speaker 2: So we there are a few people in the dog

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Speaker 2: park that we we know by their dogs. Some has

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Speaker 2: a great day, a bulldog, a husky, a couple of

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Speaker 2: maleu mutes, and most of them carry treats.

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Speaker 5: So when she sees them, she knows that she runs

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Speaker 5: up to me. These are lumbering The Limburgers are lumbering dogs.

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Speaker 2: They're not exactly you know greyhounds, right, They're the opposite

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Speaker 2: of the greyhounds.

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Speaker 4: They're not swift. They're not swift.

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Speaker 2: But she sees any of them, she turns into John

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Speaker 2: Kerry swift boat boom like loves on her miles eyes.

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Speaker 2: She's a fast boat on the strain of her booze

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Speaker 2: heading straight to them, and of course it's become a

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Speaker 2: running joke. You know, you know you need to start

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Speaker 2: feeding your dog. You know, she started doing this high Sunday.

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Speaker 2: Oh you up to total strangers. Well, you up to

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Speaker 2: total strangers and kind of nudget. They're like, hey, anything

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Speaker 2: to eat? Like, hey, that'll that'll bastard back there. He

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Speaker 2: won't feed me anything to eat, so embarrassing. So I

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Speaker 2: started carrying. I started carrying treats. She's still so I

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Speaker 2: make sure she knows I got treats in my pocket.

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Speaker 4: She ignores me. He goes to other people. She's got

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Speaker 4: you trained.

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Speaker 3: Now if she goes to any random stranger, you're gonna

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Speaker 3: give her a treat.

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Speaker 2: Well, no, now, because it's because if she gets to

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Speaker 2: the treat that I'm not gonna give her when she

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Speaker 2: gets back, because she's already had a treat, I'm not

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Speaker 2: going to I'm not gonna exactly that's what she's trying

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Speaker 2: to do. Hey, I'm gonna get a treat. I'll come

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Speaker 2: back and you'll give me a treat, and I'll just

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Speaker 2: keep going back and forth. No, it's not gonna work that.

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Speaker 4: Well, he's smart.

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Speaker 5: She is smart.

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Speaker 2: She's also a pig totally, And I'm just curious, like

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Speaker 2: you know, as a pup, was there something was She

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Speaker 2: wasn't the runt, but something just made her grow to

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Speaker 2: be this just insatiable kind of like you and I

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Speaker 2: are sometimes true kind of like us. So there there's

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Speaker 2: a story there. There's a story about the dogs, the

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Speaker 2: the tell about this crisis that we're in. What happened

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Speaker 2: when the crisis hit?

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Speaker 1: Huh?

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Speaker 2: The world's response was not Hey, we've got to build

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Speaker 2: more solar panels, it was coal. India is firing up

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Speaker 2: coal plants to meet their air conditioning demand. Japan, South Korea,

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Speaker 2: the Philippines, they're bringing mothballed coal stations back online. Even

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Speaker 2: the Germans, yes, the stiff Germans reopened coal plants that

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Speaker 2: they had just closed. The net zero by twenty fifty

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Speaker 2: target is, as one analyst put it, now viewed across

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Speaker 2: policy making circles as quote, almost practically impossible.

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Speaker 5: Huh. Who's been saying that for years? Yes, yours truly.

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Speaker 7: So.

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Speaker 2: Who built pipelines and who developed their fossil fuel hydrocarbon resources, Well,

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Speaker 2: those nations that did that are weathering the storm.

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Speaker 5: Who didn't.

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Speaker 2: Well, those nations are scrambling, and there's an enormous irony

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Speaker 2: sitting right in the middle of the entire story. The

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Speaker 2: United States, this wonderful country we live in, we cut

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Speaker 2: our electric power sector carbon emissions by thirty two percent

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Speaker 2: between two thousand and five and twenty nineteen. Now, that

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Speaker 2: is a real, verified, enormous achievement. But sixty five percent

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Speaker 2: of that reduction came from natural gas replacing cold It

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Speaker 2: did not come from the solar panels that the Church

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Speaker 2: of the Climate activists keep pushing on us. It did

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Speaker 2: not come from wind turbines, from the one energy source

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Speaker 2: that the Church of the Climate Activists have spent the

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Speaker 2: last decade trying to destroy. That's where we got our

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Speaker 2: reduction an emissions from. Yes, so the climate movement, the

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Speaker 2: Church of the Climate activists, have done more damage to

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Speaker 2: the climate by blocking nuclear and demonizing natural gas than

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Speaker 2: any oil company lobbyist. And that's not rhetoric, that's math. Yeah,

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Speaker 2: there's good news, and there actually is some is that

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Speaker 2: governments are starting to notice the European Union as stupid

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Speaker 2: as they are just committed to seven hundred and fifty

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Speaker 2: billion dollars in purchases of American oil, American liquid natural gas,

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Speaker 2: and our nuclear technology. Belgium's prime minister is openly calling

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Speaker 2: for normalizing relations with Russia to restore energy supply.

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Speaker 5: The International the.

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Speaker 2: IEA director is saying that all conditions, not some conditions,

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Speaker 2: all conditions, that all conditions now point toward fully integrating

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Speaker 2: nuclear energy into the global energy mix. France, the French,

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Speaker 2: they're setting March output records from its reactors. Japan is

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Speaker 2: restarting their nuclear plants. We are finally having the energy

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Speaker 2: policy conversation that we should have had, oh, I don't know,

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Speaker 2: twenty or thirty years ago. We're just having an under

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Speaker 2: emergency emergency conditions instead of having an undersensible calm planning conditions. So,

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Speaker 2: I think the deepest lesson here is this. The hydro

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Speaker 2: carbons didn't win because of subsidies. Hydro Carbons didn't win

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Speaker 2: because of political corruption or politics. And hydro carbons didn't

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Speaker 2: win because of some sort of corporate conspiracies coming out

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Speaker 2: of Houston or Dallas somewhere. No, they won because hydro

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Speaker 2: carbons packed enormous amounts of energy into a small, portable, storable.

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Speaker 5: Dispatchable package.

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Speaker 2: You see physics doesn't care about your politics. Physics doesn't

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Speaker 2: care about your ideology. And guess who else or what

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Speaker 2: else doesn't care about your politics, your ideology. The strait

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Speaker 2: of her moves. They don't care about your ideas. Ranians

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Speaker 2: don't care about your ideology other than death to the

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Speaker 2: Great Satan that they don't care. So now I want

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Speaker 2: to do something or start something a little different. Maria

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Speaker 2: Barbarotimo Barbaromo. Maria Bartaromo sat down with Daniel Jrgan And

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Speaker 2: if you don't know who Daniel Jrgen is, this is

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Speaker 2: what I was referring to earlier. I want you to

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Speaker 2: stop for a moment make note of this. Daniel Jurgen

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Speaker 2: is the vice chairman of S and P Global. He's

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Speaker 2: the author of the book called The Prize. The Prize

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Speaker 2: is the definitive history of the oil industry. He's also

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Speaker 2: the chairman of Sarah Week, which is essentially what I

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Speaker 2: was calling for lack of a better comparison, the DeVos

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Speaker 2: of the global energy world, eleven thousand energy industry executives,

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Speaker 2: heads of state energy ministers just spent a week in

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Speaker 2: the same room and the main attraction Daniel Jurgen. He

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Speaker 2: was on stage with thirty nine thirty nine of these

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Speaker 2: industry titans to talk about where we are, what we're doing,

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Speaker 2: what you're gonna have to say in an interview that

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Speaker 2: you're going to hear starting in a minute. I think

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Speaker 2: it's one of those moments where everything you've been told,

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Speaker 2: everything you've been told about energy, about climate policy, about

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Speaker 2: renewable energy, about Iran, about the United States strategic position

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Speaker 2: in the entire world. He stress tests that against reality.

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Speaker 2: Reality wins, and reality wins decisively. So I want to

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Speaker 2: play the interview. I'm gonna stop the interview and so

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Speaker 2: it's gonna carry over into the next hour or two.

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Speaker 2: I'm gonna stop it at several points because what Jurgen

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Speaker 2: is saying between the lines deserves to be said out loud.

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Speaker 5: So we'll start that next.

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Speaker 6: Hey, girl, Grandpa, girl, Dad. Just want to point out

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Speaker 6: something that I think is really awesome. We have both

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00:26:26,040 --> 00:26:29,199
Speaker 6: figured out a way to get the younger generation to

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Speaker 6: listen to this situation with Michael Brown and the Weekend

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Speaker 6: with Michael Brown.

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Speaker 4: I think that's a win.

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Speaker 5: Also, can we be friends.

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Speaker 7: Too?

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Speaker 5: Che That's classic, That's classic.

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Speaker 2: I just have to talk about Limberger's every once in

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Speaker 2: a while, just you know, just enough, just to tease,

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00:26:50,640 --> 00:26:53,960
Speaker 2: you know, talk about their dogs, you know, or or

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Speaker 2: we can make fart noises. I mean in number of

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Speaker 2: things we can always I.

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Speaker 3: Can talk about my cross eyed Siamese cat or my

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Speaker 3: fat or either of those.

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Speaker 5: Case. Wait, I thought you were the fat orange tabby.

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Speaker 4: Well that too, but nobody wants to hear about me.

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Speaker 5: All right, let's get started.

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Speaker 2: So this is the interview that Maria Barbaromo did with

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Speaker 2: Daniel Jurgen, and we're going to walk through this. It's

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Speaker 2: going to take us into the next hour, but I

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Speaker 2: want to at least get started because he talks about energy,

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00:27:30,880 --> 00:27:36,000
Speaker 2: climate policy, renewables, around our strategic position in the world,

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00:27:36,520 --> 00:27:40,520
Speaker 2: and he stress tests all of those subjects against reality,

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Speaker 2: and reality wins decisively. It's really important what he has

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Speaker 2: to say.

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Speaker 8: Jodaman Now was one of the foremost experts on oil,

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Speaker 8: gas and energy policy. He is an author and vice

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Speaker 8: chairman of S and P Global and chairman of SERA Week,

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Speaker 8: SMP's flagship global Energy conference, which just wrapped up last week.

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Speaker 8: Dan Jurgen with me now, Dan, great to see you,

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Speaker 8: Thanks so much for being here. You and I go back.

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Speaker 4: I don't know. Is it twenty thirty years, Dan, I don't.

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Speaker 8: Even know if it's thirty years I think, But you

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Speaker 8: just wrapped up this incredible conference. You were on stage

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Speaker 8: with thirty nine different executives oil people. Tell me what

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Speaker 8: your observations.

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Speaker 4: Were again, Well, there were three big things.

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Speaker 7: We had eleven thousand people there at Maria, and it's

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Speaker 7: really good to be on with you again.

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Speaker 5: Obviously.

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Speaker 7: The first one was the biggest energy disruption that really

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Speaker 7: has ever happened in the history, and.

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Speaker 4: How it plays out and what the risk are.

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Speaker 7: The second big thing was rising electricity prices and assuring

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Speaker 7: electricity supplies. Big tech meets the energy industry. And the

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Speaker 7: third thing, Maria is something that I know you've thought about,

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Speaker 7: which is that how hard it is to build things

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Speaker 7: in America like the pipelines, the transmission we need and

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Speaker 7: getting our system fixed so we can have the infrastructure

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Speaker 7: in place that the country really needs.

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Speaker 2: You get that, You catch that the biggest energy disruption

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Speaker 2: that has ever happened in history. Not a disruption, the disruption,

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Speaker 2: the biggest one ever.

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Speaker 5: Now what caused that?

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Speaker 1: Iran?

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Speaker 2: The Islamic Republic of Iran, the same regime that as

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Speaker 2: you're going to We'll remind us later as we get

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Speaker 2: in further into this interview. Started down this road in

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Speaker 2: nineteen seventy nine when they seized our embassy. They started

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Speaker 2: chanting death to America. That wasn't rhetoric. That was their

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Speaker 2: mission statement. And for forty six years we've been watching

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Speaker 2: them execute on that mission statement, slowly, methodically, and with

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Speaker 2: increasing boldness. Why because the world just kept letting them

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Speaker 2: do it. Every president since nineteen seventy nine just let

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Speaker 2: them do it. From Jimmy Carter on Republicans and Democrats alike.

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Speaker 2: Here's the thing I want you to understand before we

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Speaker 2: go any further. The Strait of her Moves is not

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Speaker 2: just a body of water. I would consider it to

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Speaker 2: be the economic jugular of the modern world. At its

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Speaker 2: narrowest point, twenty one miles wide twenty one miles, and

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Speaker 2: through those twenty one miles flows about twenty percent of

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Speaker 2: the world's entire oil supply every single day. Iran sits

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Speaker 2: on the northern shore of that strait and has for

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Speaker 2: decades now threatened to close it as a political weapon,

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Speaker 2: and the world kept saying, well, they wouldn't there, Oh,

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Speaker 2: they'll never do that. Well, here we are now listen

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Speaker 2: to what Jurgen says about a prolonged closure and what

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Speaker 2: a prolonged closure might actually mean.

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Speaker 8: Well, that's right, and a lot of oil executives have

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Speaker 8: told me permitting is so critical. That's why the President

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Speaker 8: did executive orders around permitting. But Congress needs to codify

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Speaker 8: these things. There are some rulemaking there in the big

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Speaker 8: beautiful Bill, but I agree this is.

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Speaker 5: The main issue.

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Speaker 4: So let me get your take on the.

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Speaker 8: Straight of Hormuz and how significant this is and what

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Speaker 8: you're expecting from the strait in terms of how long

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Speaker 8: it may stay shut down and what that means for oil.

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Speaker 7: And gas dan Well, certainly what it means is, as

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Speaker 7: I said, the biggest disruption and its effects are particularly

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Speaker 7: being felt right now in Asia. We're seeing it here

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Speaker 7: in gasoline prices. They're actually having real shortages. And I

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Speaker 7: think this was a theme that rans through the conference

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Speaker 7: in the sense of the risk that it's really going

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Speaker 7: to be up to the military operations. And there's a

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Speaker 7: second risk, which is that other strait that goes out

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Speaker 7: of the Red Sea called the bab El Mandeb, which

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Speaker 7: is some of the oil that was going through the

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Speaker 7: Strait is now going through pipelines from the east coast

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Speaker 7: of Saudi Arabia to the west coast, and what the

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Speaker 7: healthy's there? Who are the allies of the Iranians will

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Speaker 7: do there? So I think what I carried away is

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Speaker 7: that if it's a couple more weeks, this crisis is manageable.

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Speaker 7: If it goes longer, it really is a big hit

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Speaker 7: to the global economy.

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Speaker 5: Here in the United States.

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Speaker 2: A couple more weeks manageable. Longer than that a big

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Speaker 2: hit to the global economy. That's Jrgen the man who

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Speaker 2: literally wrote the book on oil, telling you that Iran,

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Speaker 2: a nation with a GDP roughly the size of Louisiana,

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Speaker 2: has engineered a situation where it supposedly gets to determine

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Speaker 2: the fate of the global economy. And here's who benefits

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Speaker 2: from that arrangement if it continues. And I want you

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Speaker 2: to think carefully about this because what I'm about to

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Speaker 2: say does not get discussed enough. That's next