1 00:00:02,520 --> 00:00:06,800 Speaker 1: Live from our nation's capital. This is Bloomberg's Sound On. 2 00:00:07,920 --> 00:00:10,360 Speaker 1: We're gonna talk all about the policy prescriptions of the 3 00:00:10,360 --> 00:00:12,600 Speaker 1: Biden administration. We're not going to hear any more about 4 00:00:12,640 --> 00:00:15,720 Speaker 1: Operation warp Speeds. They're gonna be calling it the COVID response. 5 00:00:15,880 --> 00:00:20,639 Speaker 1: We're talking right now about jockeying amongst Republicans. Bloomberg Sound On, 6 00:00:20,960 --> 00:00:25,440 Speaker 1: The Insiders, the influencers, the insiders. Siding has commented again 7 00:00:25,520 --> 00:00:28,120 Speaker 1: and again that he will unite the country. Who would 8 00:00:28,120 --> 00:00:32,280 Speaker 1: you think Biden has to watch in terms of moderate detectors. 9 00:00:32,280 --> 00:00:35,120 Speaker 1: The House has been voting for this stimulus package basically 10 00:00:35,200 --> 00:00:40,400 Speaker 1: for months. Bloomberg Sound On with Kevin Surreley on Bloomberg Radio, 11 00:00:42,200 --> 00:00:48,960 Speaker 1: Breaking News. Former President Donald Trump releases a scathing statement 12 00:00:49,080 --> 00:00:53,320 Speaker 1: against Senate Majority Leader Mitch McConnell. I just landed in 13 00:00:53,400 --> 00:00:57,360 Speaker 1: my inbox within the last five minutes. Full reaction plus 14 00:00:57,880 --> 00:01:01,160 Speaker 1: the fallout from a policy perspect active of the energy 15 00:01:01,240 --> 00:01:06,240 Speaker 1: crisis down in Texas As power outages grip the country 16 00:01:06,319 --> 00:01:11,880 Speaker 1: and thrust energy and infrastructure into the policy threshold. But 17 00:01:12,040 --> 00:01:16,200 Speaker 1: is there an appetite for more spending after nearly a 18 00:01:16,280 --> 00:01:20,080 Speaker 1: complete one point nine trillion dollars stimulus package. We're gonna 19 00:01:20,160 --> 00:01:24,360 Speaker 1: check in with the former Energy Secretary Dan Burulette. Lots 20 00:01:24,400 --> 00:01:27,520 Speaker 1: to get through jam packed political policy hour that we 21 00:01:27,640 --> 00:01:31,160 Speaker 1: have tonight, and I'm thrilled that accompanying me along for 22 00:01:31,200 --> 00:01:34,440 Speaker 1: the ride are Bloomberg Politics contributor Jeanie shn Zano and 23 00:01:34,480 --> 00:01:37,440 Speaker 1: Doug High, former deputy chief of staff for the former 24 00:01:37,440 --> 00:01:42,080 Speaker 1: House Majority leader Eric Cantor, and former communications director for 25 00:01:42,200 --> 00:01:45,160 Speaker 1: the r n C. We've got a lot going on 26 00:01:45,200 --> 00:01:47,880 Speaker 1: down in Texas, but just within the last five minutes, 27 00:01:47,960 --> 00:01:51,400 Speaker 1: this new statement from former President Donald Trump has caused 28 00:01:51,400 --> 00:01:54,240 Speaker 1: me to rip up the rundown show script and to 29 00:01:54,400 --> 00:01:58,440 Speaker 1: lead with tonight's big story. Trump says in this blistering 30 00:01:58,520 --> 00:02:02,160 Speaker 1: one page memo quote, the Republican Party can never again 31 00:02:02,280 --> 00:02:07,320 Speaker 1: be respected or strong with political leaders like Senator Mitch 32 00:02:07,400 --> 00:02:11,360 Speaker 1: McConnell at its helm. McConnell's dedications in business as usual, 33 00:02:11,440 --> 00:02:16,320 Speaker 1: status quo policies, together with his lack of political insight, wisdom, skill, 34 00:02:16,480 --> 00:02:20,359 Speaker 1: and personality, has rapidly driven him from majority leader to 35 00:02:20,440 --> 00:02:24,480 Speaker 1: minority leader, and it will only get worse. The President 36 00:02:24,520 --> 00:02:27,880 Speaker 1: made the remarks in his via a statement from his 37 00:02:28,000 --> 00:02:32,600 Speaker 1: Save America pack uh Jeannie come to you first. I mean, 38 00:02:32,680 --> 00:02:36,840 Speaker 1: just a remarkable response from the former president after he 39 00:02:36,880 --> 00:02:39,799 Speaker 1: has now been acquitted from his impeachment and a clear 40 00:02:39,880 --> 00:02:43,600 Speaker 1: sign that he's going nowhere in terms of going quietly. 41 00:02:44,160 --> 00:02:47,560 Speaker 1: And it's fascinating that this count doesn't come via tweet anymore. 42 00:02:47,680 --> 00:02:50,040 Speaker 1: We get it in a different way. But you know me, 43 00:02:50,160 --> 00:02:53,720 Speaker 1: I'm stuck on him calling Mitch a dour, sullen, unsmiling 44 00:02:53,840 --> 00:02:57,639 Speaker 1: political hack. Yeah, And you know, reading through it, it's 45 00:02:57,680 --> 00:03:01,800 Speaker 1: just stunning because you would think that Donald Trump one reelection, 46 00:03:02,200 --> 00:03:05,160 Speaker 1: let's not forget Mitch McConnell actually did win his seat. 47 00:03:05,639 --> 00:03:08,440 Speaker 1: Donald Trump did not. And so you read this and 48 00:03:08,480 --> 00:03:12,040 Speaker 1: it's like in another world to me. And you know, 49 00:03:12,280 --> 00:03:15,079 Speaker 1: we also at the same time have Steve Bannon, apparently 50 00:03:15,120 --> 00:03:18,960 Speaker 1: in Massachusetts, suggesting that Donald Trump should run for the 51 00:03:19,000 --> 00:03:21,840 Speaker 1: House and if they win and win big in two 52 00:03:22,120 --> 00:03:24,239 Speaker 1: he should be elected Speaker of the House to replace 53 00:03:24,280 --> 00:03:28,400 Speaker 1: Nancy Pelosi. It says, quote in this statement, it was 54 00:03:28,440 --> 00:03:32,720 Speaker 1: a complete election disaster in Georgia and certain other swing states, 55 00:03:33,000 --> 00:03:35,560 Speaker 1: but Conald did nothing, and we'll never do what needs 56 00:03:35,560 --> 00:03:38,200 Speaker 1: to be done in order to secure a fair and 57 00:03:38,320 --> 00:03:41,880 Speaker 1: just electoral system into the future. He doesn't have what 58 00:03:42,000 --> 00:03:46,920 Speaker 1: it takes, never did and never will. Doug High. Yeah, look, 59 00:03:46,960 --> 00:03:48,720 Speaker 1: I mean to be blue about it. I don't really 60 00:03:48,720 --> 00:03:50,680 Speaker 1: care what Donald Trumps anymore. You know, he's been a 61 00:03:50,720 --> 00:03:54,000 Speaker 1: he's been a disaster for the Republican Party. Cossues the House, costses, 62 00:03:54,040 --> 00:03:56,880 Speaker 1: the Senate, cosses, the White House. Um. And I think 63 00:03:56,880 --> 00:03:59,720 Speaker 1: the less nime Republicans send paying attention to, you know, 64 00:03:59,800 --> 00:04:02,400 Speaker 1: the An exile, the better off they are. Great. Donald 65 00:04:02,400 --> 00:04:07,760 Speaker 1: Trump's having another temper tantrum. Okay, he goes on too, right. 66 00:04:07,840 --> 00:04:09,400 Speaker 1: I mean, I hear you, Doug, But I mean, I 67 00:04:09,400 --> 00:04:11,960 Speaker 1: mean a lot of you look at the base of 68 00:04:12,040 --> 00:04:13,960 Speaker 1: the party. And I'm gonna tell you about a conversation 69 00:04:14,000 --> 00:04:16,479 Speaker 1: I have with the source over the weekend. Uh, down 70 00:04:16,480 --> 00:04:19,960 Speaker 1: in Mara A Lago. The source via phone. I was somewhere. 71 00:04:20,000 --> 00:04:23,720 Speaker 1: I was socially distant in the nation's capital. The statement says, 72 00:04:23,760 --> 00:04:27,200 Speaker 1: quote likewise, McConnell has no credibility. This is Trump's statement, 73 00:04:27,400 --> 00:04:31,159 Speaker 1: McConnell has no credibility on China because of his family's 74 00:04:31,200 --> 00:04:35,720 Speaker 1: substantial Chinese business holdings. He does nothing on this tremendous 75 00:04:35,760 --> 00:04:40,040 Speaker 1: and economic and military threat. Uh. It's I mean this 76 00:04:40,120 --> 00:04:42,640 Speaker 1: is is blistering. It's like a one page memo against 77 00:04:42,720 --> 00:04:46,479 Speaker 1: Mitch McConnell. I've got sound on uh, the impeachment from 78 00:04:47,080 --> 00:04:49,560 Speaker 1: Mitch McConnell over the weekend on the Senate floor. I'm 79 00:04:49,560 --> 00:04:52,720 Speaker 1: sure you've already all heard it. But we gotta splice 80 00:04:52,760 --> 00:04:54,960 Speaker 1: them back with each other because we get this statement. 81 00:04:55,040 --> 00:04:57,279 Speaker 1: Let's take a listen to Mitch McConnell from over the weekend. 82 00:04:57,320 --> 00:04:59,400 Speaker 1: What what McConnell had to say about Trump? Here? It is, 83 00:05:00,080 --> 00:05:04,680 Speaker 1: there's no question gone their president. Trump is practically and 84 00:05:04,760 --> 00:05:11,760 Speaker 1: marley responsible for provoking of the day, no question about it, tug. 85 00:05:11,839 --> 00:05:17,200 Speaker 1: I mean, regardless of opinion from a pure political strategy perspective, 86 00:05:17,720 --> 00:05:20,480 Speaker 1: this is a fight for leadership of the Republican Party. 87 00:05:20,800 --> 00:05:24,520 Speaker 1: When the editorial board of the Wall Street Journal this morning, 88 00:05:24,760 --> 00:05:28,240 Speaker 1: the Murdoch Wall Street Journal editorial board this morning is 89 00:05:28,279 --> 00:05:32,599 Speaker 1: saying that Trump should not run for office in you 90 00:05:32,680 --> 00:05:36,040 Speaker 1: get this blistering critique, uh, in the in the past 91 00:05:36,200 --> 00:05:40,400 Speaker 1: fifteen minutes from Trump's statement over the weekend, McConnell's out 92 00:05:40,400 --> 00:05:42,800 Speaker 1: there on the Senate floor. This is a fight for 93 00:05:42,880 --> 00:05:47,359 Speaker 1: control of the Republican Party. Well, maybe maybe not. You know, 94 00:05:47,400 --> 00:05:50,320 Speaker 1: the reality is how is it not? Though, respectfully, Doug, 95 00:05:50,360 --> 00:05:51,880 Speaker 1: you and I go way back, but how is it not? 96 00:05:52,720 --> 00:05:55,479 Speaker 1: Donald Trump likes attention. So if he says something outrageous, 97 00:05:55,480 --> 00:05:58,240 Speaker 1: he's going to get attention. And he knows that because 98 00:05:58,279 --> 00:06:01,920 Speaker 1: for five years, even for he was considered a credible candidate, 99 00:06:02,120 --> 00:06:04,359 Speaker 1: he got all the attention that he wanted, you know, 100 00:06:04,400 --> 00:06:06,960 Speaker 1: as opposed to any other Republican who was running, who 101 00:06:06,960 --> 00:06:09,680 Speaker 1: was saying, Hey, I'm holding events, I'm doing town halls, 102 00:06:09,720 --> 00:06:12,680 Speaker 1: but nobody will come cover me. So Trump wants attention, 103 00:06:12,880 --> 00:06:14,960 Speaker 1: He's gonna get it. I'll be honest with you, I'm 104 00:06:14,960 --> 00:06:17,360 Speaker 1: not reading the statement my life's gonna be okay. Without 105 00:06:17,360 --> 00:06:19,240 Speaker 1: reading it, I know what he said. He says the 106 00:06:19,240 --> 00:06:22,520 Speaker 1: same thing all the time. So over the weekend, I 107 00:06:22,520 --> 00:06:25,720 Speaker 1: I checked in with an advisor to the former president 108 00:06:26,160 --> 00:06:28,719 Speaker 1: and I said, okay, so what's what's the Trump plan? 109 00:06:28,880 --> 00:06:31,400 Speaker 1: And Jennie, the source said to me, I don't understand 110 00:06:31,440 --> 00:06:34,280 Speaker 1: why the why the media tries to overcomplicate this. I said, well, 111 00:06:34,279 --> 00:06:36,719 Speaker 1: it's kind of complicated, and so the source says to 112 00:06:36,760 --> 00:06:40,560 Speaker 1: me back, well, look that you've got ten Republican members 113 00:06:40,560 --> 00:06:43,360 Speaker 1: of the House who voted to impeage him. He's definitely 114 00:06:43,360 --> 00:06:46,440 Speaker 1: going to use the Super Pact to try to primary them. 115 00:06:46,600 --> 00:06:49,400 Speaker 1: Then there's some upcoming races. You you alluded to what 116 00:06:49,480 --> 00:06:53,760 Speaker 1: Bannon said, but there's some upcoming upcoming potential recall races 117 00:06:54,080 --> 00:06:56,760 Speaker 1: where the president former president could have an opportunity to 118 00:06:56,760 --> 00:07:00,480 Speaker 1: play Republican kingmaker, to test the data to see whether 119 00:07:00,600 --> 00:07:03,240 Speaker 1: or not people still want to follow him. And then 120 00:07:03,279 --> 00:07:05,799 Speaker 1: there's this issue of I mean right, wrong or indifferent, 121 00:07:05,800 --> 00:07:09,400 Speaker 1: whether you agree or disagree. The election integrity issue that 122 00:07:09,880 --> 00:07:14,679 Speaker 1: you know he tried and unsuccessfully made the case. Uh 123 00:07:14,960 --> 00:07:17,880 Speaker 1: in the recent months. We all remember how he didn't 124 00:07:17,880 --> 00:07:21,760 Speaker 1: provide evidence for election fraud. But you know this source said, 125 00:07:22,000 --> 00:07:23,880 Speaker 1: you look at some of the swing states at the 126 00:07:23,920 --> 00:07:28,040 Speaker 1: state legislator level, he might look to play a role there. Genie, 127 00:07:28,920 --> 00:07:31,560 Speaker 1: It's fascinating to me because I think as much as 128 00:07:31,640 --> 00:07:34,880 Speaker 1: you know, to Doug's point, many Republicans want to distance themselves, 129 00:07:34,920 --> 00:07:37,880 Speaker 1: like Mitch McConnell from Donald Trump. You look at the 130 00:07:37,960 --> 00:07:40,640 Speaker 1: latest polls and that is going to be very difficult, 131 00:07:40,680 --> 00:07:43,920 Speaker 1: and that's why we didn't see more than seven vote 132 00:07:43,920 --> 00:07:48,400 Speaker 1: to convict him. The latest Morning Consule polls of Republican 133 00:07:48,480 --> 00:07:50,840 Speaker 1: voters said they want Trump to play a major role 134 00:07:50,880 --> 00:07:54,400 Speaker 1: in the party going forward. That's up almost twenty from 135 00:07:54,400 --> 00:07:57,560 Speaker 1: what the poll they conducted on January seven. And again, 136 00:07:57,720 --> 00:08:02,640 Speaker 1: even though his favorability was oh, their latest poll of 137 00:08:02,680 --> 00:08:06,600 Speaker 1: Republican respondents give him high marks. That's why you don't 138 00:08:06,600 --> 00:08:09,360 Speaker 1: see more than seven crossover and the seven that did, 139 00:08:09,640 --> 00:08:12,680 Speaker 1: almost all of them are insulated from this sort of 140 00:08:12,720 --> 00:08:16,800 Speaker 1: electoral challenge that we're hearing people are fearing. I think 141 00:08:16,880 --> 00:08:19,160 Speaker 1: my big question is not whether Trump is going to 142 00:08:19,240 --> 00:08:22,520 Speaker 1: play a role in these races going forward, recalls, mid 143 00:08:22,680 --> 00:08:24,720 Speaker 1: terms and the like, but if he's going to be 144 00:08:24,800 --> 00:08:27,920 Speaker 1: disciplined enough to do this. And I think that's a 145 00:08:27,920 --> 00:08:30,880 Speaker 1: big question because he also is going to be fighting 146 00:08:31,080 --> 00:08:34,839 Speaker 1: these lawsuits out of Georgia, potentially New York, maybe d C. 147 00:08:35,360 --> 00:08:37,000 Speaker 1: So he's got a lot on his plate. But if 148 00:08:37,000 --> 00:08:39,560 Speaker 1: he can be disciplined, I think he will have a 149 00:08:39,679 --> 00:08:42,040 Speaker 1: role at least in two years, if not four years. 150 00:08:42,880 --> 00:08:45,440 Speaker 1: You know, I I'm looking at you mentioned the one 151 00:08:45,440 --> 00:08:47,480 Speaker 1: poll that morning, consult did I've got the other one 152 00:08:47,480 --> 00:08:49,640 Speaker 1: in front of me, uh, the Desiret News out in 153 00:08:49,760 --> 00:08:52,960 Speaker 1: Utah and our friend Boyd Mattson, who works out there, 154 00:08:52,960 --> 00:08:54,880 Speaker 1: who always comes on the show. You know he sent 155 00:08:54,960 --> 00:08:58,040 Speaker 1: me this one. This says the Political Morning consul flash 156 00:08:58,080 --> 00:09:03,000 Speaker 1: Pole found uh that Trump would Trump dwarfs all potential 157 00:09:03,080 --> 00:09:06,439 Speaker 1: candidates in the survey, with fifty three percent of Republicans 158 00:09:06,480 --> 00:09:09,360 Speaker 1: saying they would vote for him. Uh. In second places 159 00:09:09,440 --> 00:09:13,400 Speaker 1: Pence twelve percent. I don't know. I I think that 160 00:09:13,480 --> 00:09:16,160 Speaker 1: this is at the start of an election cycle, having 161 00:09:16,480 --> 00:09:19,760 Speaker 1: you know, covered multiple cycles. Now this is what happens. 162 00:09:19,800 --> 00:09:22,920 Speaker 1: It's a fight for control of the Republican Party. A 163 00:09:22,960 --> 00:09:25,559 Speaker 1: lot can happen obviously between now and the Iowa caucuses. 164 00:09:25,880 --> 00:09:29,240 Speaker 1: But you know, we're years out. But in terms of 165 00:09:29,679 --> 00:09:33,240 Speaker 1: what the what the Republican voters are saying, you know, 166 00:09:33,440 --> 00:09:37,120 Speaker 1: he's still of influence. Doug, what's the difference between caring 167 00:09:37,120 --> 00:09:40,920 Speaker 1: about what Donald Trump the individual does versus where Trump 168 00:09:41,040 --> 00:09:45,440 Speaker 1: is um politics and policy, Trump is m policies goes well, 169 00:09:45,440 --> 00:09:48,760 Speaker 1: one Trumpism doesn't doesn't include policies. It's all about one person. 170 00:09:48,920 --> 00:09:53,800 Speaker 1: But I feel like you're writing the McConnell's statement rebuttal 171 00:09:56,160 --> 00:10:01,840 Speaker 1: the Christino o'donald's four Senate teams. Republicans loss because they 172 00:10:01,840 --> 00:10:05,200 Speaker 1: embraced the crazy and so they were warned, right, And yes, 173 00:10:05,320 --> 00:10:07,400 Speaker 1: anything can happen in a long time. You know, if 174 00:10:07,400 --> 00:10:11,040 Speaker 1: you go back to Republicans had the best bench drawn 175 00:10:11,080 --> 00:10:13,920 Speaker 1: for president, they've probably had any generation and the person 176 00:10:13,960 --> 00:10:17,080 Speaker 1: who wanted wasn't on the bench and wasn't being pulled about. Um. 177 00:10:17,160 --> 00:10:19,680 Speaker 1: So I take things with three years at pulling for 178 00:10:19,720 --> 00:10:21,560 Speaker 1: three years out. It's a big grain of salt. But 179 00:10:21,640 --> 00:10:23,679 Speaker 1: this was a problem before Donald Trump. It will be 180 00:10:23,720 --> 00:10:26,040 Speaker 1: a problem after Donald Trump. To me, he's much of 181 00:10:26,080 --> 00:10:29,160 Speaker 1: a symptom as he is a cause. Jenny just coming 182 00:10:29,240 --> 00:10:34,160 Speaker 1: here quickly about the policies and the reworking of Conservatism 183 00:10:34,160 --> 00:10:38,440 Speaker 1: as it relates to energy and infrastructure for example. I 184 00:10:38,480 --> 00:10:42,800 Speaker 1: mean the old guard Republican establishment as we once saw 185 00:10:42,960 --> 00:10:47,160 Speaker 1: covered it is gone. Does someone inherit that? Someone like 186 00:10:47,360 --> 00:10:49,800 Speaker 1: a decantist down in Florida? Do you know what I'm 187 00:10:49,800 --> 00:10:53,120 Speaker 1: trying to get up? It's true. And we've seen de 188 00:10:53,240 --> 00:10:56,360 Speaker 1: Santis rise. I mean, we see reports today because of 189 00:10:56,400 --> 00:10:59,160 Speaker 1: his handling of the COVID epidemic, and I think we 190 00:10:59,280 --> 00:11:03,360 Speaker 1: are seeing younger, more, you know, governors and others on 191 00:11:03,400 --> 00:11:06,080 Speaker 1: the Republican side who are rising to the top. And 192 00:11:06,120 --> 00:11:08,240 Speaker 1: I think it's very possible. I don't know that the 193 00:11:08,280 --> 00:11:11,080 Speaker 1: future of somebody like NICKI Haley. But I do think 194 00:11:11,120 --> 00:11:14,480 Speaker 1: the question of where Republican policies go is one that 195 00:11:14,559 --> 00:11:18,120 Speaker 1: we have seeing battled since at least oh eight if 196 00:11:18,200 --> 00:11:22,240 Speaker 1: not in my view, when we saw you know, sort 197 00:11:22,280 --> 00:11:26,480 Speaker 1: of post George Bush Senior in fact. So it's a 198 00:11:26,520 --> 00:11:28,800 Speaker 1: battle really over who they want to be and everything 199 00:11:28,840 --> 00:11:31,960 Speaker 1: from foreign policy to domestic policy. And you know, folks, 200 00:11:32,040 --> 00:11:35,200 Speaker 1: I know I'm gonna get criticized, but Clinton and Sanders 201 00:11:35,200 --> 00:11:38,600 Speaker 1: went at it after things went down. So here we 202 00:11:38,640 --> 00:11:40,480 Speaker 1: are much more coming up next, We're gonna talk policy 203 00:11:40,480 --> 00:12:01,760 Speaker 1: down in Texas. I'm Kevin Sereally, this is Bloomberg. This 204 00:12:02,120 --> 00:12:09,520 Speaker 1: is Bloomberg. Sound on with on Bloomberg Radio. My name 205 00:12:09,600 --> 00:12:13,280 Speaker 1: is Kevin CURRELLI I'm the chief Washington correspondent for Bloomberg 206 00:12:13,320 --> 00:12:17,280 Speaker 1: Television and for Bloomberg Radio. We begin to we continue 207 00:12:17,320 --> 00:12:20,800 Speaker 1: tonight with the big story following that fallout from former 208 00:12:20,840 --> 00:12:25,240 Speaker 1: President Donald Trump versus Mitch McConnell at the energy crisis 209 00:12:25,360 --> 00:12:28,080 Speaker 1: that is gripping the country. And I'm diving into my 210 00:12:28,080 --> 00:12:32,000 Speaker 1: Bloomberg terminal Brian K. Sullivan and Marine Malik report the 211 00:12:32,200 --> 00:12:37,000 Speaker 1: energy crisis crippling the US showed few signs of abating Tuesday, 212 00:12:37,040 --> 00:12:42,640 Speaker 1: as blackouts left almost five million customers without electricity. Pile 213 00:12:43,000 --> 00:12:48,000 Speaker 1: refineries and oil wells were shut during unprecedented freezing weather 214 00:12:48,440 --> 00:12:51,520 Speaker 1: To prevent the collapse of their network, suppliers from North 215 00:12:51,600 --> 00:12:55,600 Speaker 1: Dakota to Texas are instituting rolling power cuts for the 216 00:12:55,720 --> 00:12:59,440 Speaker 1: second consecutive day. Earlier today, I spoke with a senior 217 00:12:59,480 --> 00:13:02,800 Speaker 1: staffer to Congresswoman Fletcher of the Greater Houston area and 218 00:13:02,840 --> 00:13:04,600 Speaker 1: I said, you know, we were trying to get cut 219 00:13:04,640 --> 00:13:07,480 Speaker 1: the congresswoman. It's a call into our program. And the 220 00:13:07,520 --> 00:13:10,120 Speaker 1: source said to me, look, she's without power, you know, 221 00:13:10,160 --> 00:13:12,560 Speaker 1: I mean, there's nowhere to charge the phone. They're saving power. 222 00:13:12,600 --> 00:13:16,560 Speaker 1: I mean, it is a complete, complete issue down in 223 00:13:16,720 --> 00:13:20,160 Speaker 1: um in the lone Star state. Check this spot. Power 224 00:13:20,240 --> 00:13:24,920 Speaker 1: prices in Texas hit the nine thousand dollar per megawatt 225 00:13:25,080 --> 00:13:29,200 Speaker 1: hour cap for a fourth straight day, and the deep 226 00:13:29,280 --> 00:13:34,599 Speaker 1: freeze is forecast to remain at least at least until Wednesday. 227 00:13:34,880 --> 00:13:37,640 Speaker 1: We've got sounds on this energy crisis, which is cripple 228 00:13:37,679 --> 00:13:41,080 Speaker 1: power grids across the United States and showed few signs 229 00:13:41,080 --> 00:13:45,040 Speaker 1: of abating as blackouts left almost five million customers again, 230 00:13:45,200 --> 00:13:50,520 Speaker 1: five million people Americans without electricity during this unprecedented cold weather. 231 00:13:51,000 --> 00:13:53,120 Speaker 1: Let's take a listen to the Bloomberg guests and how 232 00:13:53,120 --> 00:13:56,880 Speaker 1: they responded to the implications for the US energy production. 233 00:13:57,920 --> 00:14:00,959 Speaker 1: What is our priority for uh, for keeping the lights 234 00:14:01,000 --> 00:14:03,640 Speaker 1: on and the heat on? Really do need to have 235 00:14:03,920 --> 00:14:08,079 Speaker 1: a very broad mix of power generating sources. We need 236 00:14:08,120 --> 00:14:10,200 Speaker 1: to make sure that we are smart enough to make 237 00:14:10,240 --> 00:14:13,960 Speaker 1: those co existing alongside one another, but while still keeping 238 00:14:14,600 --> 00:14:17,439 Speaker 1: a focus on improving our environment. This is a timely 239 00:14:17,480 --> 00:14:19,880 Speaker 1: reminded for a wake up called really in saying that, yeah, 240 00:14:19,920 --> 00:14:22,760 Speaker 1: we absolutely need fossil fuel in the mix, It's about 241 00:14:22,760 --> 00:14:26,040 Speaker 1: how we get in greener. Let's bring it to the conversation. 242 00:14:26,120 --> 00:14:29,080 Speaker 1: Jeannie Schanzano and Doug High, I mean, Doug coming up. 243 00:14:29,120 --> 00:14:32,400 Speaker 1: We're gonna talk to the former energy secretary in the 244 00:14:32,400 --> 00:14:36,680 Speaker 1: Trump administration, Denver Lett. Uh. You know what, what should 245 00:14:36,680 --> 00:14:41,080 Speaker 1: Republicans be discussing now in an era of an energy 246 00:14:41,120 --> 00:14:46,400 Speaker 1: crisis because of this powerful cold spell in Texas? Looks 247 00:14:46,440 --> 00:14:50,240 Speaker 1: like we lost Doug some up. Doug, you there, Doug, 248 00:14:50,760 --> 00:14:54,400 Speaker 1: go ahead, We got you, loud and clear worries. It's 249 00:14:54,440 --> 00:14:57,360 Speaker 1: an opportunity for them to actually talk about ideas and 250 00:14:57,440 --> 00:15:00,120 Speaker 1: solutions which for four years they weren't able to do so. 251 00:15:00,240 --> 00:15:02,200 Speaker 1: I mean, this is this is part of why Mitch 252 00:15:02,280 --> 00:15:05,600 Speaker 1: McConnell wants to turn the page on Donald Trump and 253 00:15:05,640 --> 00:15:08,040 Speaker 1: put him in the rear view mirror. The four years 254 00:15:08,040 --> 00:15:11,600 Speaker 1: the term Infrastructure Week was a joke. And you know, 255 00:15:12,000 --> 00:15:13,960 Speaker 1: my guess is that if you ask the president, the 256 00:15:14,000 --> 00:15:17,280 Speaker 1: former president about infrastructure, he talked to you about bridges 257 00:15:17,320 --> 00:15:19,200 Speaker 1: and tunnels and roads. He wouldn't talk to you about 258 00:15:19,240 --> 00:15:21,920 Speaker 1: our energy grid, which needs to be modernized, which is 259 00:15:22,080 --> 00:15:24,520 Speaker 1: you know, failing right now in Texas for a lot 260 00:15:24,560 --> 00:15:27,560 Speaker 1: of reasons, maintenance being one of them. Republicans should be 261 00:15:27,600 --> 00:15:29,640 Speaker 1: able to talk about solutions for this, and they haven't 262 00:15:29,640 --> 00:15:32,840 Speaker 1: been able to for four years. Genie, you know, in 263 00:15:32,920 --> 00:15:35,560 Speaker 1: terms of the infrastructure, that's a great point, dug In 264 00:15:35,680 --> 00:15:38,600 Speaker 1: terms of the infrastructure spending, I mean, do you think 265 00:15:38,720 --> 00:15:41,000 Speaker 1: Democrats are no doubt going to say that this is 266 00:15:41,160 --> 00:15:45,320 Speaker 1: evidence that we need to improve the nation's infrastructure. But 267 00:15:46,040 --> 00:15:49,680 Speaker 1: the centrist Democrats, including four down in Texas a couple 268 00:15:49,760 --> 00:15:52,280 Speaker 1: of weeks ago, wrote to the Biden administration and said, 269 00:15:52,280 --> 00:15:55,480 Speaker 1: President Biden, please resind some of those executive orders that 270 00:15:55,520 --> 00:15:59,000 Speaker 1: you did on energy, because we're getting pummeled down here 271 00:15:59,000 --> 00:16:01,360 Speaker 1: in the Lone Star state. Republicans are are going to 272 00:16:01,480 --> 00:16:03,760 Speaker 1: make the case that hey, now is not the time 273 00:16:03,800 --> 00:16:06,800 Speaker 1: for this, for these Green New Deal type of policies. 274 00:16:07,720 --> 00:16:10,760 Speaker 1: It is something that I think we're I'm curious to 275 00:16:10,880 --> 00:16:14,560 Speaker 1: see how the President and the administration respond. I mean, 276 00:16:14,640 --> 00:16:18,280 Speaker 1: I agree they want to act on infrastructure, and they 277 00:16:18,280 --> 00:16:20,720 Speaker 1: want infrastructure, to Doug's point, to be more than just 278 00:16:20,840 --> 00:16:24,320 Speaker 1: bridges and tunnels. They want to also, however, do a 279 00:16:24,440 --> 00:16:28,160 Speaker 1: number of other things, all of which bear enormous cost. 280 00:16:28,720 --> 00:16:31,160 Speaker 1: And so one of my big questions is how are 281 00:16:31,200 --> 00:16:35,080 Speaker 1: you going to afford a big infrastructure bill? And we 282 00:16:35,160 --> 00:16:38,240 Speaker 1: do need a big infrastructure bill in addition to a 283 00:16:38,320 --> 00:16:41,440 Speaker 1: one point nine trillion COVID relief bill, and so that's 284 00:16:41,480 --> 00:16:45,400 Speaker 1: one big question. Another big question is we don't even 285 00:16:45,640 --> 00:16:49,680 Speaker 1: have an energy secretary in place yet, as the last 286 00:16:49,800 --> 00:16:53,320 Speaker 1: I've seen, Jennifer Granholm's nomination has still not made it 287 00:16:53,360 --> 00:16:55,600 Speaker 1: to the floor, and no FLORAVO, at least as I 288 00:16:55,680 --> 00:16:59,240 Speaker 1: know yet, is scheduled. Now obviously they're out. So this 289 00:16:59,360 --> 00:17:01,800 Speaker 1: pushes this all back at the top at a time 290 00:17:01,800 --> 00:17:05,040 Speaker 1: when you see a state like Texas colder than Alaska, 291 00:17:05,560 --> 00:17:10,840 Speaker 1: with rotating power outages by its power grid operator because 292 00:17:10,880 --> 00:17:13,919 Speaker 1: they have no other way to reduce the demand on electricity. 293 00:17:14,240 --> 00:17:17,800 Speaker 1: And so that raises a whole host of questions as 294 00:17:17,840 --> 00:17:20,720 Speaker 1: to how the United States can move forward if something 295 00:17:20,800 --> 00:17:23,879 Speaker 1: as basic as our power grid can be brought down 296 00:17:23,920 --> 00:17:28,119 Speaker 1: by a cold snap five million people. I mean, you 297 00:17:28,200 --> 00:17:30,119 Speaker 1: hear some of the stories that have been and the 298 00:17:30,160 --> 00:17:32,400 Speaker 1: news reports that have been coming up. I mean, and 299 00:17:32,400 --> 00:17:35,719 Speaker 1: and just to to double down on this, the Texas 300 00:17:35,800 --> 00:17:38,800 Speaker 1: Governor's office, I'm reading from the terminal. The Texas Governor's 301 00:17:38,840 --> 00:17:42,440 Speaker 1: Office has asked that the Freeport l en G Export 302 00:17:42,640 --> 00:17:47,960 Speaker 1: Terminal curtail operations in accordance with the state's disaster declaration 303 00:17:48,040 --> 00:17:51,440 Speaker 1: amid a polar blast. This, the company said in a 304 00:17:51,520 --> 00:17:56,680 Speaker 1: regulatory file follow filing. To minimize gas and power consumption, 305 00:17:56,840 --> 00:18:00,960 Speaker 1: Freeport will reduce gas feed and shut down liquid faction 306 00:18:01,080 --> 00:18:04,560 Speaker 1: units two and three, which will result in unplanned flaring, 307 00:18:04,920 --> 00:18:08,680 Speaker 1: the company said. So the energy uh situation in Texas 308 00:18:08,680 --> 00:18:11,080 Speaker 1: and all throughout the country for that matter, really now 309 00:18:11,080 --> 00:18:13,040 Speaker 1: a big story. Much more coming up next we talk 310 00:18:13,119 --> 00:18:16,400 Speaker 1: to the Farmer Energy Secretary, damnver Lett. This is Kevin's really, 311 00:18:16,680 --> 00:18:39,679 Speaker 1: this is Bloomberg broadcasting live from our nation's capital, Bloomberg 312 00:18:40,960 --> 00:18:45,240 Speaker 1: to New York, Bloomberg eleven, Frio to San Francisco, Bloomberg 313 00:18:46,400 --> 00:18:50,480 Speaker 1: to the Country, Sirius XM General one, and around the 314 00:18:50,480 --> 00:18:54,879 Speaker 1: globe the Bloomberg Business app and Bloomberg Radio dot Com. 315 00:18:54,880 --> 00:19:00,320 Speaker 1: This is Bloomberg Sound On with Kevin's Really I'm Kevin 316 00:19:00,400 --> 00:19:05,200 Speaker 1: CURRELLI coming up my exclusive conversation with former Energy Secretary 317 00:19:05,320 --> 00:19:09,800 Speaker 1: Damn blue Roulette has energies in focus down in Texas. 318 00:19:10,920 --> 00:19:14,880 Speaker 1: I'm joined by Doug High as well as Uh as 319 00:19:14,920 --> 00:19:18,719 Speaker 1: well as Genie Chazan No. Doug is the former communications 320 00:19:18,760 --> 00:19:20,560 Speaker 1: director to the r n C and Genie is of 321 00:19:20,600 --> 00:19:25,959 Speaker 1: course are Bloomberg Politics UM contributor. So coming up, We're 322 00:19:25,960 --> 00:19:29,639 Speaker 1: gonna talk to former Energy Secretary Damn Broulette in the 323 00:19:29,680 --> 00:19:32,160 Speaker 1: next block. But I want to talk about the other 324 00:19:32,359 --> 00:19:36,159 Speaker 1: major driving force here, and we alluded to it, but 325 00:19:36,200 --> 00:19:40,840 Speaker 1: it's the economic stimulus and now with this crisis down 326 00:19:40,880 --> 00:19:44,320 Speaker 1: in Texas and the energy and infrastructure at the forefront, 327 00:19:45,119 --> 00:19:48,400 Speaker 1: it we there has still not passed the one point 328 00:19:48,480 --> 00:19:52,560 Speaker 1: nine trillion dollar stimulus package. I've got sound on this 329 00:19:52,600 --> 00:19:56,720 Speaker 1: from White House Press Secretary Jen Saki, who gave a 330 00:19:56,760 --> 00:19:59,320 Speaker 1: briefing earlier today. Take a listen to what you said. 331 00:19:59,720 --> 00:20:02,520 Speaker 1: The President has not shifting gears. He has been focused 332 00:20:02,520 --> 00:20:06,000 Speaker 1: every single day, even as others have not, which is understandable, 333 00:20:06,400 --> 00:20:10,280 Speaker 1: on engaging with partners, stakeholders, people who agree with him, 334 00:20:10,320 --> 00:20:13,280 Speaker 1: people who don't agree with him, on getting this package through. 335 00:20:14,520 --> 00:20:19,320 Speaker 1: Jennie chas No, I mean, I'm trying to figure out, 336 00:20:19,800 --> 00:20:23,719 Speaker 1: once they get this through, is infrastructure really where they 337 00:20:23,760 --> 00:20:28,320 Speaker 1: want to spend their political capital next. Obviously COVID is 338 00:20:28,400 --> 00:20:32,760 Speaker 1: certainly first, and I think it may not be infrastructure. 339 00:20:32,840 --> 00:20:37,080 Speaker 1: I think we see a real focus on immigration. Actually, 340 00:20:37,480 --> 00:20:40,840 Speaker 1: that has become an enormous problem just in the last 341 00:20:40,920 --> 00:20:44,560 Speaker 1: few weeks. Obviously it was a problem before, So I 342 00:20:44,600 --> 00:20:47,400 Speaker 1: think there may be a fight, if you will, between 343 00:20:47,560 --> 00:20:52,800 Speaker 1: where to put these these limited resources, infrastructure or immigration. 344 00:20:53,400 --> 00:20:56,120 Speaker 1: And of course we have to have the political will 345 00:20:56,160 --> 00:20:58,320 Speaker 1: to do these things. And we heard the President over 346 00:20:58,359 --> 00:21:02,800 Speaker 1: the weekend also add into the mixed common sense gun reform, 347 00:21:02,880 --> 00:21:05,480 Speaker 1: which then I have some questions about how Jen's Hockey 348 00:21:05,480 --> 00:21:07,960 Speaker 1: addressed that at the press conference today. So, you know, 349 00:21:08,119 --> 00:21:11,280 Speaker 1: those things all at the forefront of this massive agenda 350 00:21:11,359 --> 00:21:14,399 Speaker 1: he campaigned on, and they're going to have to pick 351 00:21:14,480 --> 00:21:17,600 Speaker 1: and choose in order to get these through. I'm not 352 00:21:17,640 --> 00:21:19,960 Speaker 1: sure where they go next, but I do think immigration 353 00:21:20,040 --> 00:21:22,560 Speaker 1: is vying for infrastructure at this point. Doug, do you 354 00:21:22,640 --> 00:21:26,200 Speaker 1: agree with that? Do you think immigration could lose its uh, 355 00:21:26,480 --> 00:21:32,680 Speaker 1: lose its cloud on the to do list to immigration? Well? Yes, yes, um, 356 00:21:32,720 --> 00:21:35,760 Speaker 1: because it's become such an emerging crisis. And if Texas 357 00:21:35,800 --> 00:21:38,320 Speaker 1: is able to you know, recover in the next few 358 00:21:38,400 --> 00:21:42,440 Speaker 1: days to where we focus on how we prevent a way, 359 00:21:42,560 --> 00:21:45,760 Speaker 1: then maybe it gets back to where infrastructure um is 360 00:21:45,840 --> 00:21:48,800 Speaker 1: number one. But immigration is something that politically could be 361 00:21:48,880 --> 00:21:51,439 Speaker 1: very vulnerable for Biden and if he's not seen as 362 00:21:51,480 --> 00:21:54,200 Speaker 1: addressing and head on and we know Republicans are going 363 00:21:54,240 --> 00:21:57,320 Speaker 1: to be very aggressive on this issue, and and so 364 00:21:57,400 --> 00:21:59,440 Speaker 1: Biden may want to try and tackle something on this 365 00:21:59,720 --> 00:22:03,240 Speaker 1: this really well. And that's a great point because from 366 00:22:03,280 --> 00:22:06,280 Speaker 1: your perspective, when you talk to Republicans all across the country, 367 00:22:06,280 --> 00:22:09,239 Speaker 1: not just Republicans in in the House as well as 368 00:22:09,240 --> 00:22:12,760 Speaker 1: in the Senate, Doug, is there an appetite after they 369 00:22:12,840 --> 00:22:16,480 Speaker 1: may be support a handful of them might support the stimulus. 370 00:22:16,720 --> 00:22:19,920 Speaker 1: Is there an appetite for more government spending on infrastructure 371 00:22:19,960 --> 00:22:22,200 Speaker 1: after a one point nine trillion on top of the 372 00:22:22,760 --> 00:22:26,359 Speaker 1: last stimulus. Well, that's gonna be a problem, especially, you know, 373 00:22:26,440 --> 00:22:28,480 Speaker 1: for a lot of Republicans who are are going to 374 00:22:28,520 --> 00:22:31,560 Speaker 1: say that we haven't spent everything from the last and 375 00:22:31,680 --> 00:22:33,840 Speaker 1: leos yet. And that seems to be you know, one 376 00:22:33,840 --> 00:22:35,760 Speaker 1: of one of the challenges that we always have when 377 00:22:35,800 --> 00:22:39,080 Speaker 1: we when we have a crisis where we spend, we 378 00:22:39,080 --> 00:22:42,640 Speaker 1: we allocate and appropriate stimulus money, but before all gets spent, 379 00:22:42,640 --> 00:22:45,280 Speaker 1: we got to do more and and so um, it 380 00:22:45,320 --> 00:22:47,479 Speaker 1: may be tough to get some Republican buying on that 381 00:22:47,600 --> 00:22:51,080 Speaker 1: just for that reason the Jennie I think this is 382 00:22:51,119 --> 00:22:56,840 Speaker 1: fascinating in terms of how Republicans decide based upon where 383 00:22:56,920 --> 00:23:01,119 Speaker 1: their local politics are for how much they're willing to spend. 384 00:23:02,000 --> 00:23:04,520 Speaker 1: It is and you know, as we think about what's 385 00:23:04,560 --> 00:23:07,040 Speaker 1: going on in Texas and we talk about an issue 386 00:23:07,080 --> 00:23:10,959 Speaker 1: like immigration and which wins out infrastructure immigration, let's not 387 00:23:11,040 --> 00:23:15,040 Speaker 1: forget that the cold in Texas has been hitting migrants 388 00:23:15,040 --> 00:23:18,520 Speaker 1: coming across the border harder than almost any of them. 389 00:23:18,560 --> 00:23:21,720 Speaker 1: Many of them have been forced to be intense as 390 00:23:21,760 --> 00:23:25,199 Speaker 1: they await entry into the country. Now we've seen that 391 00:23:25,280 --> 00:23:28,600 Speaker 1: policy adjusting and creating some confusion hence some of the 392 00:23:28,640 --> 00:23:31,120 Speaker 1: crisis we're seeing, but the cold is going to make 393 00:23:31,160 --> 00:23:34,120 Speaker 1: it more and more important that the Biden administration addressed 394 00:23:34,160 --> 00:23:38,280 Speaker 1: this for humanitarian reasons. And to your point, how Democrats 395 00:23:38,320 --> 00:23:41,000 Speaker 1: decide to move forward, They're not going to be able 396 00:23:41,000 --> 00:23:43,680 Speaker 1: to move forward on these things by themselves, as much 397 00:23:43,720 --> 00:23:45,919 Speaker 1: as they may like to. They're going to have to 398 00:23:45,960 --> 00:23:49,040 Speaker 1: have buy in from Republicans. And that's where I think 399 00:23:49,080 --> 00:23:51,600 Speaker 1: they're probably going to have to address a mountain crisis 400 00:23:51,600 --> 00:23:55,520 Speaker 1: on commigration prior to infrastructure. Even though people across both 401 00:23:55,560 --> 00:23:58,760 Speaker 1: parties would love to address both. All of these things 402 00:23:58,800 --> 00:24:01,320 Speaker 1: cost money that after one point nine trillion or whatever 403 00:24:01,359 --> 00:24:03,920 Speaker 1: this ends up being, we may not have a great 404 00:24:03,960 --> 00:24:07,560 Speaker 1: deal to spare well. And and in terms of the infrastructure, 405 00:24:08,960 --> 00:24:12,520 Speaker 1: I don't see how that becomes more popular or maybe 406 00:24:12,520 --> 00:24:15,160 Speaker 1: there's even a push to to add funding to this 407 00:24:15,280 --> 00:24:17,600 Speaker 1: DOUG Is that even possible? Could they could they say 408 00:24:17,640 --> 00:24:20,000 Speaker 1: they want to add funds to to protect power grids, 409 00:24:20,000 --> 00:24:22,880 Speaker 1: for example, in this new stimulus bill. I think that's 410 00:24:23,000 --> 00:24:24,960 Speaker 1: very hard to do in a short period of time, 411 00:24:25,320 --> 00:24:27,560 Speaker 1: especially given how high the price tag is already. You know, 412 00:24:27,600 --> 00:24:30,520 Speaker 1: one point nine trillion is a massive bill, so to 413 00:24:30,560 --> 00:24:33,640 Speaker 1: try and attack anything additional onto that. You know, at 414 00:24:33,640 --> 00:24:36,440 Speaker 1: that point you're almost talking like an omibus appropriations bill. 415 00:24:39,080 --> 00:24:41,399 Speaker 1: Oh yeah, And I just wanted to add to that that. 416 00:24:41,520 --> 00:24:45,199 Speaker 1: Of course, you see this what's going on is Um, 417 00:24:45,720 --> 00:24:48,159 Speaker 1: I'm gonna make it very hard because whatever Republicans and 418 00:24:48,200 --> 00:24:51,160 Speaker 1: even some moderate Democrats been saying, the COVID relief should 419 00:24:51,200 --> 00:24:54,399 Speaker 1: focus on COVID relief, not adding anything else to it. 420 00:24:54,480 --> 00:24:57,200 Speaker 1: So the idea that you would tie that into infrastructure 421 00:24:57,760 --> 00:25:00,760 Speaker 1: or the environment or a fifteen dollar minut wage, that's 422 00:25:00,800 --> 00:25:05,000 Speaker 1: what makes it unpalatables to some moderate Democrats and many Republicans, 423 00:25:05,000 --> 00:25:08,120 Speaker 1: And of course Biden cannot afford to lose if they 424 00:25:08,440 --> 00:25:12,800 Speaker 1: use this. This this means of reconciliation one Democrat. And 425 00:25:12,840 --> 00:25:16,320 Speaker 1: that's where Kristen Cinema and others are potentially problematic on 426 00:25:16,359 --> 00:25:18,560 Speaker 1: the fifteen dollar minimum wage. You know, and I look 427 00:25:18,560 --> 00:25:21,600 Speaker 1: at this in the Bloomberg terminal. Um and Mike Shephard 428 00:25:21,680 --> 00:25:24,840 Speaker 1: just are one of our editors in the White House 429 00:25:24,880 --> 00:25:27,080 Speaker 1: team down here in the Washington Bureau. He tweeted out 430 00:25:27,119 --> 00:25:30,639 Speaker 1: the story the energy crisis crippling power grids across the 431 00:25:30,760 --> 00:25:34,280 Speaker 1: US showed no signs of abating. On Tuesday morning, as 432 00:25:34,359 --> 00:25:40,520 Speaker 1: blackouts left almost five million customers without electricity during unprecedented 433 00:25:40,600 --> 00:25:43,920 Speaker 1: cold weather. To prevent the collapse of their network, suppliers 434 00:25:43,920 --> 00:25:47,480 Speaker 1: from North Dakota to Texas are having to institute rolling 435 00:25:47,520 --> 00:25:51,320 Speaker 1: power cuts for the second consecutive day to limit demand, 436 00:25:51,680 --> 00:25:55,160 Speaker 1: and the shortages are expected to continue throughout and last 437 00:25:55,240 --> 00:25:58,280 Speaker 1: until tomorrow. I'm Kevin Sirley damber Let's up next. Don't 438 00:25:58,280 --> 00:26:03,720 Speaker 1: miss it. This is Bloomberg. You're listening to Bloomberg Sound 439 00:26:03,760 --> 00:26:08,680 Speaker 1: On with Kevin on Bloomberg Radio. My name is Kevin Surilly, 440 00:26:08,760 --> 00:26:12,400 Speaker 1: and I am the chief Washington correspondent for Bloomberg Television 441 00:26:12,400 --> 00:26:16,879 Speaker 1: and Bloomberg Radio along with Bloomberg Politics contributor Jennie Shanz. 442 00:26:16,880 --> 00:26:20,000 Speaker 1: They know we've been talking about the big story, five 443 00:26:20,080 --> 00:26:24,760 Speaker 1: million Americans without power in the lone star state of Texas. 444 00:26:24,800 --> 00:26:28,359 Speaker 1: So let's head now to an exclusive conversation with none 445 00:26:28,400 --> 00:26:32,600 Speaker 1: other than the former Energy Secretary dam Broulette. Mr Secretary, 446 00:26:32,600 --> 00:26:34,359 Speaker 1: thanks for joining us, and it's great to catch up 447 00:26:34,359 --> 00:26:38,439 Speaker 1: with you again. Unfortunately, given the news story as it 448 00:26:38,520 --> 00:26:42,080 Speaker 1: may be, just put on your your professor oreal cap, 449 00:26:42,119 --> 00:26:45,680 Speaker 1: if you will, and just explain to our audience how 450 00:26:45,760 --> 00:26:50,120 Speaker 1: much energy Texas provides, not just to the United States, 451 00:26:50,359 --> 00:26:55,480 Speaker 1: but also to Mexico. Well, Kevin's great to be with you, 452 00:26:55,520 --> 00:26:57,880 Speaker 1: Thanks for having me today. I look for direct conversations. 453 00:26:58,040 --> 00:27:01,359 Speaker 1: I think they cannot be overstated how important Texas is 454 00:27:01,400 --> 00:27:04,560 Speaker 1: to the energy world, as you point out, not only 455 00:27:04,600 --> 00:27:06,640 Speaker 1: here in the United States, but also to Mexico as 456 00:27:06,640 --> 00:27:08,879 Speaker 1: well as the rest of the world. Uh. You know, 457 00:27:08,920 --> 00:27:11,159 Speaker 1: we import a fair amount of oil from Mexico and 458 00:27:11,200 --> 00:27:14,800 Speaker 1: it's refined in in Texas, and those refineries, as I 459 00:27:14,840 --> 00:27:18,359 Speaker 1: understand it today, have been shut into some degree and 460 00:27:18,440 --> 00:27:22,399 Speaker 1: that's creating some havoc in the gasoline pricing across the country. 461 00:27:22,400 --> 00:27:25,600 Speaker 1: But it cannot be overstated how important Texas is to 462 00:27:25,640 --> 00:27:28,080 Speaker 1: the energy world. And I think as we looked at 463 00:27:28,080 --> 00:27:31,280 Speaker 1: this particular event, yes, it's an extraordinary event in terms 464 00:27:31,280 --> 00:27:34,680 Speaker 1: of the temperature. It's a tragic event and that people 465 00:27:34,720 --> 00:27:37,119 Speaker 1: have lost their lives because they don't have access to 466 00:27:37,160 --> 00:27:40,520 Speaker 1: electricity into heat in some cases. And it's important that 467 00:27:40,560 --> 00:27:42,399 Speaker 1: we take a look at, you know, what can we 468 00:27:42,480 --> 00:27:46,440 Speaker 1: do to make the energy infrastructure even stronger to combat 469 00:27:46,560 --> 00:27:49,120 Speaker 1: these types of events. You know, Kevin, back in the day, 470 00:27:49,119 --> 00:27:51,240 Speaker 1: there was a point in time in America's history, where 471 00:27:51,280 --> 00:27:56,000 Speaker 1: we built energy infrastructure, utility system in particular to be 472 00:27:56,160 --> 00:27:59,320 Speaker 1: as strong as it needed to be to accommodate everyone 473 00:27:59,359 --> 00:28:03,280 Speaker 1: in America. Power and electricity was available when the customer 474 00:28:03,400 --> 00:28:06,200 Speaker 1: wanted it, whenever they wanted it. And right now, what 475 00:28:06,240 --> 00:28:10,960 Speaker 1: we're doing is we're balancing the needs of renewable energy 476 00:28:11,119 --> 00:28:14,679 Speaker 1: versus what is known as baseload electricity, and that power 477 00:28:14,760 --> 00:28:17,119 Speaker 1: is not always there when the customer wants it, and 478 00:28:17,119 --> 00:28:19,400 Speaker 1: that's sort of what we're seeing here in Texas. So 479 00:28:19,400 --> 00:28:22,080 Speaker 1: so what can be done? I mean, to be blunt, 480 00:28:22,160 --> 00:28:23,920 Speaker 1: what can be done? What should be done? I mean, 481 00:28:23,920 --> 00:28:27,080 Speaker 1: in Washington, we've been talking about infrastructure, you know this 482 00:28:27,200 --> 00:28:30,160 Speaker 1: back in even in the previous administration. They're talking about 483 00:28:30,160 --> 00:28:33,040 Speaker 1: it again. Now what needs to be done, Well, we 484 00:28:33,119 --> 00:28:35,359 Speaker 1: need to look at baseload power a little differently than 485 00:28:35,400 --> 00:28:37,359 Speaker 1: I think some in Washington would want to look at it. 486 00:28:37,600 --> 00:28:41,320 Speaker 1: You know, baseload power comes from natural gas, from nuclear power, 487 00:28:41,520 --> 00:28:43,880 Speaker 1: and in some cases coal, and at least two of 488 00:28:43,920 --> 00:28:47,120 Speaker 1: those have been off limits for many in Washington, and 489 00:28:47,160 --> 00:28:49,520 Speaker 1: it's time for us to address that. It's very important 490 00:28:49,520 --> 00:28:52,120 Speaker 1: that we do address it. The market. The stortions today 491 00:28:52,160 --> 00:28:56,280 Speaker 1: have made nuclear power uneconomic. It's taken coal completely out 492 00:28:56,280 --> 00:28:58,800 Speaker 1: of the marketplace for all intents and purposes. And I 493 00:28:58,800 --> 00:29:02,040 Speaker 1: think the next target for some of these policymakers in 494 00:29:02,080 --> 00:29:04,760 Speaker 1: Washington is to take natural gas off the table as well. 495 00:29:05,000 --> 00:29:07,520 Speaker 1: And if we do that, then we've taken away our 496 00:29:07,520 --> 00:29:11,120 Speaker 1: ability to produce electricity seven because those we all know 497 00:29:11,280 --> 00:29:14,080 Speaker 1: solar power is not yet capable of doing that, and 498 00:29:14,160 --> 00:29:16,760 Speaker 1: neither is wind power because we don't have battery storage 499 00:29:16,760 --> 00:29:20,880 Speaker 1: technologies that would allow for that. There were four centrist 500 00:29:20,880 --> 00:29:23,520 Speaker 1: Democrats who sent a letter to President Biden from the 501 00:29:23,600 --> 00:29:26,800 Speaker 1: Texas delegation just a couple of weeks ago and essentially 502 00:29:26,800 --> 00:29:30,640 Speaker 1: said they wanted President Biden to resend some of the 503 00:29:30,680 --> 00:29:34,280 Speaker 1: executive orders that he did. Uh that progressives really liked. 504 00:29:34,680 --> 00:29:37,400 Speaker 1: You know this. The chairman of the Energy Committee this 505 00:29:37,560 --> 00:29:40,440 Speaker 1: Congress is Senator Joe Manchon. He is a Democrat from 506 00:29:40,440 --> 00:29:45,320 Speaker 1: West Virginia, a state where Cole is an incredible economic engine, 507 00:29:46,080 --> 00:29:49,480 Speaker 1: to a state where Trump carried by twenty percentage points. 508 00:29:49,800 --> 00:29:53,000 Speaker 1: Are you confident that there's enough centrists from in the 509 00:29:53,040 --> 00:29:57,320 Speaker 1: Democratic Party who are who agree with you on the 510 00:29:57,360 --> 00:30:01,719 Speaker 1: policies with regards to baseload power or do you think 511 00:30:01,920 --> 00:30:03,840 Speaker 1: that they're that the math is not on your side 512 00:30:03,840 --> 00:30:07,400 Speaker 1: this Congress. No, I think I think. I think there 513 00:30:07,440 --> 00:30:10,360 Speaker 1: are some Democrats in convers who understand clearly the importance 514 00:30:10,360 --> 00:30:12,880 Speaker 1: of baseload electricity in the country. You have folks like 515 00:30:12,920 --> 00:30:15,760 Speaker 1: Senator Chester out in Montana. You have folks out in 516 00:30:16,080 --> 00:30:18,960 Speaker 1: New Mexico who are feeling the brunt of this UH 517 00:30:19,160 --> 00:30:22,760 Speaker 1: climate push, and the brunt of this weather event in 518 00:30:23,160 --> 00:30:25,160 Speaker 1: out in West Texas as well with the shut end 519 00:30:25,160 --> 00:30:27,959 Speaker 1: of these oil wells, and frankly, the brunt of some 520 00:30:28,040 --> 00:30:30,040 Speaker 1: of the policies that have been announced already by the 521 00:30:30,040 --> 00:30:32,600 Speaker 1: Biden administration. The idea that we're not going to produce 522 00:30:32,600 --> 00:30:35,760 Speaker 1: oil and gas on Sutter lands, that that's a serious 523 00:30:35,840 --> 00:30:38,240 Speaker 1: blow to the economy of New Mexico. So I would 524 00:30:38,280 --> 00:30:41,200 Speaker 1: keep an eye on folks like Senator Heimrich and others 525 00:30:41,240 --> 00:30:42,920 Speaker 1: in the U. S. Senate. And I think if you, 526 00:30:43,520 --> 00:30:45,920 Speaker 1: if you approach the right energy policy, you're going to 527 00:30:46,080 --> 00:30:49,640 Speaker 1: draw some of those centrist moderate Democrats over to a 528 00:30:49,720 --> 00:30:52,240 Speaker 1: policy that's going to be very supportive of energy production 529 00:30:52,320 --> 00:30:55,800 Speaker 1: here in the United States. Mr Secretary, It's Genie Zano 530 00:30:55,880 --> 00:30:57,680 Speaker 1: in New York, and it's such a pleasure to talk 531 00:30:57,720 --> 00:31:02,520 Speaker 1: to you. I wanted to just ask you about the 532 00:31:02,600 --> 00:31:06,160 Speaker 1: situation in Texas and across the country. I would say, 533 00:31:06,200 --> 00:31:10,240 Speaker 1: is it your understanding that this is linked to global 534 00:31:10,240 --> 00:31:14,960 Speaker 1: warming to the extent that Texas or cot there they 535 00:31:15,040 --> 00:31:18,000 Speaker 1: plan for winter to be much warmer, So when global 536 00:31:18,040 --> 00:31:22,240 Speaker 1: warming warming elicits this sort of wilder weather that's unpredicted 537 00:31:22,360 --> 00:31:26,640 Speaker 1: and and unanticipated, that that's why it stretches these grids 538 00:31:26,920 --> 00:31:29,960 Speaker 1: to their limits. And if that's the case, and it 539 00:31:30,080 --> 00:31:32,560 Speaker 1: seems to be that's what we're hearing, what can the 540 00:31:32,640 --> 00:31:36,520 Speaker 1: United States do about that? If anything? Well, you know, 541 00:31:36,520 --> 00:31:38,880 Speaker 1: it's a good question. Look, you know, I don't know 542 00:31:38,920 --> 00:31:41,280 Speaker 1: if this is connected to climate change. When I look 543 00:31:41,360 --> 00:31:43,200 Speaker 1: back at the records, there were a bunch of records 544 00:31:43,200 --> 00:31:45,040 Speaker 1: that were set back around the turn of the century. 545 00:31:45,080 --> 00:31:47,960 Speaker 1: The night early nineteen hundreds or early a couple degrees 546 00:31:48,000 --> 00:31:50,560 Speaker 1: off of those records, So you have to ask yourself, 547 00:31:50,640 --> 00:31:52,840 Speaker 1: you know, it really is is a carbon emissions or 548 00:31:52,920 --> 00:31:54,760 Speaker 1: is the climate change? It could very well be. I 549 00:31:54,760 --> 00:31:57,120 Speaker 1: don't know the answer to the question, you know, but 550 00:31:57,240 --> 00:32:00,880 Speaker 1: what we're looking at today is a lack of infrastructure, 551 00:32:01,200 --> 00:32:03,360 Speaker 1: not only in Texas but across the country. We have 552 00:32:03,480 --> 00:32:06,000 Speaker 1: to move natural gas to these baseload facilities so that 553 00:32:06,000 --> 00:32:10,200 Speaker 1: they can provide electricity. Seven. And I think what we saw, 554 00:32:10,640 --> 00:32:13,560 Speaker 1: or at least what we need to investigate in Texas 555 00:32:13,720 --> 00:32:15,720 Speaker 1: is whether or not when the windmills shut down in 556 00:32:15,800 --> 00:32:19,840 Speaker 1: West Texas, did that prevent electricity from reaching the compressors 557 00:32:19,840 --> 00:32:23,440 Speaker 1: in the pipeline that would have prevented gas from reaching 558 00:32:23,480 --> 00:32:26,200 Speaker 1: these natural gas utilities. If that's the case, then we 559 00:32:26,240 --> 00:32:28,200 Speaker 1: have to we have to honestly assess that. If it's 560 00:32:28,200 --> 00:32:30,360 Speaker 1: not the case, then by all means, you know, let's 561 00:32:30,400 --> 00:32:33,120 Speaker 1: continue to produce this renewable energy. It's very important that 562 00:32:33,160 --> 00:32:37,120 Speaker 1: we do for the purposes of carbon emissions reductions. But 563 00:32:37,440 --> 00:32:39,360 Speaker 1: we have to ask those questions of ourselves and really 564 00:32:39,360 --> 00:32:41,920 Speaker 1: take a close look at Do you think Republicans who 565 00:32:41,920 --> 00:32:45,880 Speaker 1: are skittish about spending more money should buy into spending 566 00:32:45,880 --> 00:32:48,280 Speaker 1: more money even after this one point nine trillion dollar 567 00:32:48,320 --> 00:32:54,160 Speaker 1: stimulus goes through to fork up the change for infrastructure. Yeah, 568 00:32:54,160 --> 00:32:56,360 Speaker 1: I think we should. I don't know if it's one 569 00:32:56,400 --> 00:32:59,200 Speaker 1: point nine trillion, or if it's or if it's something 570 00:32:59,280 --> 00:33:02,080 Speaker 1: less than that, I really don't know, But I do 571 00:33:02,160 --> 00:33:04,600 Speaker 1: think it's important that we look at the infrastructure across 572 00:33:04,600 --> 00:33:06,360 Speaker 1: the country. It would be very nice for us to 573 00:33:06,360 --> 00:33:08,920 Speaker 1: be able to move electricity, for instance, from New York 574 00:33:08,960 --> 00:33:11,680 Speaker 1: to l A or l A to New York. Given 575 00:33:11,720 --> 00:33:13,520 Speaker 1: the way the sun moves in the United States and 576 00:33:13,560 --> 00:33:16,240 Speaker 1: the way the peak loads move across the country, if 577 00:33:16,280 --> 00:33:19,440 Speaker 1: we could vary the way we produce electricity and move it, 578 00:33:19,840 --> 00:33:22,120 Speaker 1: you know, from point A to point B much more 579 00:33:22,560 --> 00:33:24,680 Speaker 1: easily than we do today, I think that's a good 580 00:33:24,720 --> 00:33:28,880 Speaker 1: thing for all Americans. Deimber Letts with us. He's the 581 00:33:28,880 --> 00:33:33,360 Speaker 1: former Secretary of Energy in the previous administration. You know, 582 00:33:33,440 --> 00:33:35,560 Speaker 1: you and I used to talk about this back pre 583 00:33:35,720 --> 00:33:38,440 Speaker 1: pandemic when we had in the Brake rom here at 584 00:33:38,440 --> 00:33:43,560 Speaker 1: the Bloomberg Washington Bureau where I come in virtually love 585 00:33:43,720 --> 00:33:45,120 Speaker 1: but we just talked about this. I mean, I come 586 00:33:45,160 --> 00:33:46,840 Speaker 1: from a family. I've got a sister who works in 587 00:33:46,840 --> 00:33:49,600 Speaker 1: a refinery, and you know, my dad used to work 588 00:33:49,600 --> 00:33:53,600 Speaker 1: in refineries. A lot um does it bother you to 589 00:33:53,840 --> 00:33:57,440 Speaker 1: to Genie's point, this notion that the way it's been framed, 590 00:33:57,520 --> 00:33:59,920 Speaker 1: I mean, I don't want to blame anyone for why 591 00:34:00,040 --> 00:34:02,400 Speaker 1: it's been framed this way, but for whatever reason it's been, 592 00:34:02,440 --> 00:34:06,880 Speaker 1: it's been framed that if you work or are affiliated 593 00:34:06,920 --> 00:34:09,160 Speaker 1: with the energy sector, that means you can't believe in 594 00:34:09,200 --> 00:34:12,200 Speaker 1: climate change. I mean, is there a way for the 595 00:34:12,239 --> 00:34:15,640 Speaker 1: private sector to to raise the issue that maybe they 596 00:34:15,680 --> 00:34:19,520 Speaker 1: could offer some solutions and innovate the way to address 597 00:34:19,600 --> 00:34:23,279 Speaker 1: climate change in the world. But I think they are 598 00:34:23,320 --> 00:34:27,239 Speaker 1: And that's that's really the MISSI stor. I know, I 599 00:34:27,320 --> 00:34:29,080 Speaker 1: just don't see it. I mean, you know, it doesn't 600 00:34:29,080 --> 00:34:31,160 Speaker 1: get covered the way I think it should. This is 601 00:34:31,160 --> 00:34:33,960 Speaker 1: one of the most innovative industries in the world, and 602 00:34:33,960 --> 00:34:36,480 Speaker 1: if we're are to see things like carbon capture and 603 00:34:36,520 --> 00:34:40,120 Speaker 1: sequestration or direct air capture really come to the marketplace, 604 00:34:40,160 --> 00:34:43,040 Speaker 1: it's going to be from the energy industry. Um, it's 605 00:34:43,040 --> 00:34:44,880 Speaker 1: not going to be the average homeowner who is going 606 00:34:44,920 --> 00:34:47,560 Speaker 1: to have the resources to do that, and they won't 607 00:34:47,560 --> 00:34:48,879 Speaker 1: be able to do it on the scale in which 608 00:34:48,920 --> 00:34:51,200 Speaker 1: we needed to do if we want to really reduce 609 00:34:51,200 --> 00:34:54,280 Speaker 1: carbon emissions in the country. So this industry has invested 610 00:34:54,360 --> 00:34:55,960 Speaker 1: a lot of money, a lot of time, and a 611 00:34:55,960 --> 00:34:58,360 Speaker 1: lot of sweat, blood and tears on these types of 612 00:34:58,400 --> 00:35:00,239 Speaker 1: technologies and they are the ones to bring ing it 613 00:35:00,280 --> 00:35:02,800 Speaker 1: to the marketplace, and I think they deserve credit boarded 614 00:35:03,280 --> 00:35:04,799 Speaker 1: all right, we're gonna have to leave it there at 615 00:35:04,880 --> 00:35:07,560 Speaker 1: dam Roulette. He is the former Energy secretary. Thank you 616 00:35:07,600 --> 00:35:10,319 Speaker 1: so much, uh, Secretary for for coming in. And I 617 00:35:10,320 --> 00:35:12,440 Speaker 1: hope you've been well. Uh and we'll catch up with 618 00:35:12,480 --> 00:35:15,279 Speaker 1: you soon. Uh. And and Genie, I mean right there, 619 00:35:15,320 --> 00:35:17,359 Speaker 1: you hear it. I mean, it's it's a really fascinating 620 00:35:17,400 --> 00:35:19,920 Speaker 1: issue where the industry, the energy sector has really struggled 621 00:35:19,920 --> 00:35:22,480 Speaker 1: with telling that story they have. And he makes such 622 00:35:22,480 --> 00:35:24,359 Speaker 1: a good point that it is one of the most 623 00:35:24,400 --> 00:35:27,160 Speaker 1: innovative industries in the world. There's so much that can 624 00:35:27,200 --> 00:35:30,080 Speaker 1: be done in terms of incentivizing the industry, I think 625 00:35:30,080 --> 00:35:33,040 Speaker 1: with tax credits and other ways to move forward because 626 00:35:33,040 --> 00:35:36,400 Speaker 1: it is incredibly innovative. And I'm curious to see what 627 00:35:36,560 --> 00:35:40,040 Speaker 1: happens next and how the Biden and administration Congress incentivized 628 00:35:40,320 --> 00:35:42,960 Speaker 1: It's it's fascinating, all right. February is Black History Month, 629 00:35:43,000 --> 00:35:46,359 Speaker 1: and Bloomberg Radio is celebrating pivotal moments in US black 630 00:35:46,400 --> 00:35:49,440 Speaker 1: history each day. Here with today's installment is Bloomberg's for 631 00:35:49,520 --> 00:35:53,160 Speaker 1: Needing Young On this day in Black History. In ninety one, 632 00:35:53,400 --> 00:35:56,880 Speaker 1: the New York City Council passes a bill prohibiting discrimination 633 00:35:56,960 --> 00:36:00,640 Speaker 1: against African Americans and city assisted housing. The bill was 634 00:36:00,680 --> 00:36:03,960 Speaker 1: mainly directed at the Stuyvesant Town Housing Project. At the 635 00:36:04,000 --> 00:36:08,239 Speaker 1: time of public private partnership, project managers of that development 636 00:36:08,280 --> 00:36:10,960 Speaker 1: prohibited black tenants who had been active in the campaign 637 00:36:10,960 --> 00:36:14,920 Speaker 1: to stop racial discrimination. Lawsuits were filed claiming that the 638 00:36:14,960 --> 00:36:18,800 Speaker 1: project was public horse semi public, and thus violated anti 639 00:36:18,840 --> 00:36:22,279 Speaker 1: discrimination laws from New York City public housing, which were 640 00:36:22,400 --> 00:36:26,440 Speaker 1: rarely enforced. One month later, the Brown Isaac's Bill became 641 00:36:26,520 --> 00:36:29,880 Speaker 1: law in New York City. That's today in black history. 642 00:36:30,320 --> 00:36:33,799 Speaker 1: I'm rainy, too young. Bloomberg Radio, all right, that does 643 00:36:33,840 --> 00:36:36,080 Speaker 1: it for me. My name is Kevin Currellian, the chief 644 00:36:36,080 --> 00:36:40,080 Speaker 1: Washington correspondent for Bloomberg Television and Bloomberg Radio, along with 645 00:36:40,200 --> 00:36:44,600 Speaker 1: Jennie Schanzeno, who is our Bloomberg Politics contributor. This is 646 00:36:44,640 --> 00:37:04,560 Speaker 1: Bloomberg City.