1 00:00:00,040 --> 00:00:05,320 Speaker 1: Our nation's capital. This is Bloomberg Sound On. I'm a 2 00:00:05,360 --> 00:00:08,680 Speaker 1: little bit unimpressed of the discipline and the training level 3 00:00:08,880 --> 00:00:12,119 Speaker 1: of the Russian forces. As bad and as terrific as 4 00:00:12,200 --> 00:00:14,440 Speaker 1: it is, we want to make sure that we do 5 00:00:14,560 --> 00:00:18,799 Speaker 1: not see an escalation. Bloomberg sound on Politics, Policy, and 6 00:00:18,880 --> 00:00:22,880 Speaker 1: perspective from DC's top name. My senses that commanded first, 7 00:00:22,920 --> 00:00:25,320 Speaker 1: who were made very high, elevated certainly over the next 8 00:00:25,320 --> 00:00:27,880 Speaker 1: few months, probably first half the year. You Republicans want 9 00:00:27,920 --> 00:00:31,040 Speaker 1: to give Democrat day victory on getting public China on 10 00:00:31,080 --> 00:00:34,600 Speaker 1: a political basis, The answer is no. Bloomberg Sound On 11 00:00:34,800 --> 00:00:40,519 Speaker 1: with Joe Matthew on Bloomberg Radio. Russia's war in Ukraine 12 00:00:40,680 --> 00:00:44,239 Speaker 1: enters day twelve as members of Congress reaching agreement to 13 00:00:44,320 --> 00:00:47,840 Speaker 1: ban Russian oil, but the White House is not there yet. 14 00:00:48,040 --> 00:00:50,920 Speaker 1: Welcome to the fastest hour in politics as we zero 15 00:00:50,960 --> 00:00:54,200 Speaker 1: win on energy as a commodity and as a weapon. 16 00:00:54,400 --> 00:00:57,320 Speaker 1: Joined momentarily by Patrick Deham, the head of Oil Analysis, 17 00:00:57,320 --> 00:01:01,000 Speaker 1: said gas Buddy, We'll talk with Bloomberg's de Gupto's at 18 00:01:01,000 --> 00:01:04,160 Speaker 1: this Sero Week Energy conference right now happening in Houston, 19 00:01:04,560 --> 00:01:06,840 Speaker 1: as we seek to answer how much of a disruption 20 00:01:06,840 --> 00:01:10,720 Speaker 1: could be coming, how high prices could go, and of course, 21 00:01:10,720 --> 00:01:13,319 Speaker 1: what will be the political liability Later my conversation with 22 00:01:13,360 --> 00:01:17,520 Speaker 1: Michael Kimmidge, cold War specialist history professor at Catholic University, 23 00:01:17,560 --> 00:01:20,840 Speaker 1: formerly a Russia and Ukraine policy planner at the State Department. 24 00:01:20,840 --> 00:01:23,600 Speaker 1: The signature panels in place. Everyone's back from the weekend. 25 00:01:23,920 --> 00:01:27,440 Speaker 1: Bloomberg Politics contributors Jeannie Chantano and Rick Davis are here 26 00:01:27,480 --> 00:01:29,720 Speaker 1: for the hour. Had to check to make sure these 27 00:01:29,720 --> 00:01:32,440 Speaker 1: weren't typos. A hundred nineteen dollars of barrel and that 28 00:01:32,800 --> 00:01:34,920 Speaker 1: was far from the high we saw today. But the 29 00:01:34,959 --> 00:01:40,200 Speaker 1: big headline politically, no announcements on banning Russian oil. And 30 00:01:40,280 --> 00:01:43,720 Speaker 1: that's after a secure teleconference held this morning between President 31 00:01:43,800 --> 00:01:47,039 Speaker 1: Biden and the leaders of France, Britain and Germany who 32 00:01:47,040 --> 00:01:49,520 Speaker 1: are clearly not on board with this idea yet. Here's 33 00:01:49,600 --> 00:01:53,680 Speaker 1: White House Press Secretary Jensaki. Well, no decision has been 34 00:01:53,720 --> 00:01:57,760 Speaker 1: made at this point by the President about a ban 35 00:01:58,040 --> 00:02:02,040 Speaker 1: on import a ban on imported oil from Russia UH, 36 00:02:02,040 --> 00:02:05,720 Speaker 1: and those discussions are ongoing internally and also with our 37 00:02:05,800 --> 00:02:10,000 Speaker 1: counterparts UH and partners in Europe and around the world. 38 00:02:10,400 --> 00:02:13,399 Speaker 1: I would note that what the President is most focused 39 00:02:13,440 --> 00:02:17,040 Speaker 1: on is ensuring we are continuing to take steps to 40 00:02:17,240 --> 00:02:21,760 Speaker 1: deliver punishing economic consequences on putin while taking all action 41 00:02:21,840 --> 00:02:25,840 Speaker 1: necessary to limit the impact to prices at the gas pump. Athletes, 42 00:02:25,880 --> 00:02:29,320 Speaker 1: they're being straightforward, trying to keep your cast prices from 43 00:02:29,320 --> 00:02:33,960 Speaker 1: going higher than they are now. But wow, already at 44 00:02:33,960 --> 00:02:37,920 Speaker 1: a new national average high price according to gas Buddy. 45 00:02:37,960 --> 00:02:40,600 Speaker 1: Will get there in a minute. As we learned from 46 00:02:40,639 --> 00:02:45,800 Speaker 1: Capitol Hill, lawmakers agree on something they too do not 47 00:02:45,880 --> 00:02:49,480 Speaker 1: like Russian oil, outlining legislation would ban imports of oil 48 00:02:49,520 --> 00:02:52,440 Speaker 1: from Russia and empower the president to boost tariffs as 49 00:02:52,440 --> 00:02:55,280 Speaker 1: well on some other things. That doesn't mean it's going 50 00:02:55,320 --> 00:03:00,280 Speaker 1: to happen, though, Jensaki making clear again after this eating 51 00:03:00,280 --> 00:03:03,079 Speaker 1: with our European allies that it's just another matter for them. 52 00:03:03,080 --> 00:03:05,160 Speaker 1: It's one thing for the US to ban Russian oil 53 00:03:05,240 --> 00:03:07,960 Speaker 1: that well, that might happen. It's a very different thing 54 00:03:08,360 --> 00:03:11,120 Speaker 1: for Europe to do the same. Here Saki again, the 55 00:03:11,240 --> 00:03:15,880 Speaker 1: amount that the United States was importing back one before 56 00:03:15,880 --> 00:03:19,120 Speaker 1: the invasion was about seven hundred thousand barrels per day 57 00:03:19,160 --> 00:03:23,040 Speaker 1: of crude oil and petroleum. The Europeans import about four 58 00:03:23,120 --> 00:03:27,840 Speaker 1: point five million barrels per day of oil. So obviously 59 00:03:27,880 --> 00:03:31,360 Speaker 1: we're also very well aware as we're having these conversations 60 00:03:31,400 --> 00:03:33,959 Speaker 1: and as we're consulting with our partners that there would 61 00:03:34,000 --> 00:03:37,080 Speaker 1: be we have different capacities and capabilities, so it's two 62 00:03:37,120 --> 00:03:40,600 Speaker 1: different worlds here. Getting everyone on the same page might 63 00:03:40,640 --> 00:03:43,920 Speaker 1: not be possible, especially as I now also read on 64 00:03:44,000 --> 00:03:50,560 Speaker 1: the terminal Russian top energy official threatens Nordstream one pipeline. Yeah, 65 00:03:50,600 --> 00:03:53,520 Speaker 1: this is They've got some threatening to do as well. 66 00:03:54,080 --> 00:03:57,560 Speaker 1: Russia's deputy prime minister threatening to cut off Russian natural 67 00:03:57,560 --> 00:04:01,720 Speaker 1: gas supplies to Europe through the origin nor Extreme one pipeline. 68 00:04:01,880 --> 00:04:03,600 Speaker 1: So this could still go in a lot of directions. 69 00:04:03,600 --> 00:04:06,120 Speaker 1: And we're joined right now by Patrick the Hahn, head 70 00:04:06,120 --> 00:04:08,640 Speaker 1: of petroleum analysis at gas Buddy, which is out with 71 00:04:08,680 --> 00:04:11,880 Speaker 1: a new all time all time high today. Patrick, welcome, 72 00:04:12,360 --> 00:04:13,960 Speaker 1: it's great to have you. Why don't we start by 73 00:04:14,000 --> 00:04:17,560 Speaker 1: ripping off the band aid? What are we paying here nationally? Well, 74 00:04:17,600 --> 00:04:20,400 Speaker 1: as you mentioned, we are now at all time record 75 00:04:20,480 --> 00:04:24,800 Speaker 1: high for eleven a gallon, eclipsing that previous high watermark 76 00:04:24,880 --> 00:04:30,400 Speaker 1: in which was in addition to kind of give context 77 00:04:30,440 --> 00:04:34,520 Speaker 1: to the pace of increases, we've also set the record 78 00:04:34,640 --> 00:04:39,599 Speaker 1: for largest weekly increase UH for the U S as well. 79 00:04:39,640 --> 00:04:42,919 Speaker 1: We're up fifty cents a gallon from just a week ago. 80 00:04:43,520 --> 00:04:47,400 Speaker 1: That surpasses the weekly increase we saw after Hurricane Katrina, 81 00:04:47,480 --> 00:04:50,560 Speaker 1: when prices rose forte cents. So not only we the 82 00:04:50,640 --> 00:04:53,839 Speaker 1: highest level ever, but we've gotten there very quickly. When 83 00:04:53,839 --> 00:04:56,760 Speaker 1: you look around the country, California is still the tough spot, 84 00:04:56,960 --> 00:05:01,800 Speaker 1: and gas stations in the city is still paying the most. Yeah. Absolutely, 85 00:05:02,160 --> 00:05:04,640 Speaker 1: we continue to see more stations in California get to 86 00:05:04,640 --> 00:05:07,320 Speaker 1: that six and seven dollar mark um. You know, by 87 00:05:07,320 --> 00:05:09,440 Speaker 1: and large, the average is quite a bit under that 88 00:05:10,480 --> 00:05:13,440 Speaker 1: l A at this moment. As an example, the average 89 00:05:13,520 --> 00:05:17,800 Speaker 1: in Los Angeles now five forty three a gallon, with 90 00:05:17,880 --> 00:05:20,599 Speaker 1: stations probably about a half a dozen to a dozen 91 00:05:20,600 --> 00:05:23,839 Speaker 1: that are over six dollars a gallon. Impressive in the 92 00:05:23,880 --> 00:05:27,560 Speaker 1: wrong way, of course, Patrick. We're talking about eliminating Russian oil, 93 00:05:28,240 --> 00:05:31,440 Speaker 1: as you well know from the equation here, which UH 94 00:05:31,880 --> 00:05:34,560 Speaker 1: is depending on who you ask, somewhere around I think eight, 95 00:05:35,080 --> 00:05:38,600 Speaker 1: with all petroleum products included in terms of our imports 96 00:05:38,600 --> 00:05:41,560 Speaker 1: from one. What would that mean for prices? And are 97 00:05:41,800 --> 00:05:44,520 Speaker 1: we seeing prices rise in anticipation of that? Is it 98 00:05:44,600 --> 00:05:48,960 Speaker 1: already baked in Well, I I think not. Given the 99 00:05:49,000 --> 00:05:51,320 Speaker 1: fact that Germans this morning kind of made it clear 100 00:05:51,400 --> 00:05:54,760 Speaker 1: that they have no intention yet of sanctioning Russia's energy, 101 00:05:55,080 --> 00:05:57,680 Speaker 1: I think that's still something that is scaring the market. 102 00:05:57,720 --> 00:06:02,240 Speaker 1: It's a potential um Obviously your comments about Nordstream one 103 00:06:02,320 --> 00:06:04,960 Speaker 1: that this could continue to escalate. I mean that would 104 00:06:04,960 --> 00:06:09,320 Speaker 1: be a dramatic escalation to cut supplies and would certainly 105 00:06:09,360 --> 00:06:12,719 Speaker 1: further isolate Russia. The question is, you know, could the 106 00:06:12,800 --> 00:06:16,480 Speaker 1: EU retaliate or would they respond by curbing the flow 107 00:06:16,520 --> 00:06:19,160 Speaker 1: of oil. I mean, the US is looking at options 108 00:06:19,160 --> 00:06:22,680 Speaker 1: in Iran with a new nuclear deal and even sending 109 00:06:22,680 --> 00:06:26,440 Speaker 1: a team down to Venezuela. Just you know, you could 110 00:06:26,520 --> 00:06:29,239 Speaker 1: not have seen this coming. Just a dramatic turn of events. 111 00:06:29,279 --> 00:06:33,359 Speaker 1: The US now talking to Venezuela. We cut off diplomatic 112 00:06:33,400 --> 00:06:36,160 Speaker 1: ties with that nation three years ago. They were the 113 00:06:36,240 --> 00:06:39,760 Speaker 1: Russia at that point in the oil patch. Now we're going, hey, 114 00:06:39,800 --> 00:06:42,560 Speaker 1: look it's either that or we're going to Saudi Arabia 115 00:06:42,800 --> 00:06:45,840 Speaker 1: to talk to the guy who dismembered an American journalist 116 00:06:46,520 --> 00:06:48,520 Speaker 1: for saying the wrong things, or we can wait for 117 00:06:48,640 --> 00:06:53,719 Speaker 1: Iranian oil patrick, which is the worst. Well, you don't 118 00:06:53,760 --> 00:06:57,440 Speaker 1: have to answer. Yeah, No, I I think there's inherent 119 00:06:57,560 --> 00:07:00,840 Speaker 1: risks with you know, especially bringing Iran back. There's a 120 00:07:00,839 --> 00:07:03,039 Speaker 1: lot of negotiations are I'm kind of surprised the deal 121 00:07:03,080 --> 00:07:06,440 Speaker 1: hasn't been done. It's been imminent for weeks. But um, 122 00:07:06,760 --> 00:07:10,400 Speaker 1: you have to wander Iran maybe overplaying their position hoping 123 00:07:10,440 --> 00:07:13,000 Speaker 1: to get a desperate US. I mean, the administration is 124 00:07:13,040 --> 00:07:15,119 Speaker 1: openly said that it wants to bring down the price 125 00:07:15,120 --> 00:07:18,120 Speaker 1: of oil, but it's not you know, it's there's not 126 00:07:18,120 --> 00:07:19,960 Speaker 1: a whole lot of levers that the president has to 127 00:07:20,000 --> 00:07:23,360 Speaker 1: do that, and he's taking a few that he has. Um, 128 00:07:23,440 --> 00:07:25,440 Speaker 1: But for an hour, we're stuck here, and we'll continue 129 00:07:25,440 --> 00:07:27,440 Speaker 1: to see gas prices go up across the US in 130 00:07:27,480 --> 00:07:30,120 Speaker 1: the week ad. But don't we need to have a 131 00:07:30,120 --> 00:07:33,200 Speaker 1: more honest conversation about that, Patrick, You hear people talking 132 00:07:33,240 --> 00:07:37,280 Speaker 1: about releasing oil from the spr you know, the president's 133 00:07:37,320 --> 00:07:39,160 Speaker 1: doing what he's making phone calls that The fact of 134 00:07:39,160 --> 00:07:41,600 Speaker 1: the matter is there's nothing Congress or the President really 135 00:07:41,640 --> 00:07:43,840 Speaker 1: can do in the immediate term if we start drilling 136 00:07:43,920 --> 00:07:47,800 Speaker 1: for oil again, uh in in in in expanding shale 137 00:07:47,880 --> 00:07:49,600 Speaker 1: or whatever it is we're gonna do in this country 138 00:07:49,600 --> 00:07:52,080 Speaker 1: to to try to find more of our oil. It 139 00:07:52,160 --> 00:07:55,560 Speaker 1: will take a lot longer than this conflict may last, 140 00:07:55,640 --> 00:07:59,400 Speaker 1: or certainly the summer driving season. That's right. The US 141 00:07:59,440 --> 00:08:01,960 Speaker 1: has none of its own turn key options, and that's 142 00:08:02,000 --> 00:08:04,680 Speaker 1: why we're turning to areas like Saudi Arabia and why 143 00:08:04,760 --> 00:08:06,760 Speaker 1: we're sending a team down to Venezuela. And while we're 144 00:08:06,800 --> 00:08:09,320 Speaker 1: talking to Iran, because we have no way out of this, 145 00:08:10,000 --> 00:08:13,360 Speaker 1: we sanction their energy and you know, it's it's it's 146 00:08:13,400 --> 00:08:18,560 Speaker 1: gonna be tough. The question is do you sanction Russian energy? 147 00:08:18,600 --> 00:08:21,560 Speaker 1: Does that you go along with it to exert maximum 148 00:08:21,560 --> 00:08:25,680 Speaker 1: pressure on Putin and potentially could that crack Russia faster, 149 00:08:26,120 --> 00:08:30,720 Speaker 1: which would ultimately bring relief sooner. Or do you continue 150 00:08:30,720 --> 00:08:34,480 Speaker 1: funding the Russians through buying oil, have oil prices reach 151 00:08:34,600 --> 00:08:39,040 Speaker 1: records and maybe not exert full or maximum pressure. I 152 00:08:39,080 --> 00:08:42,720 Speaker 1: mean it's already bad, yes, you know, the question is 153 00:08:42,800 --> 00:08:45,160 Speaker 1: just make it worse and will that help it get better? 154 00:08:45,640 --> 00:08:47,560 Speaker 1: A couple of quick things. When the White House says 155 00:08:47,600 --> 00:08:49,960 Speaker 1: that this will line the pockets of Vladimir Putin, that 156 00:08:50,000 --> 00:08:51,680 Speaker 1: was the line last week when it was off the 157 00:08:51,720 --> 00:08:55,400 Speaker 1: table banning Russian oil because it would in general raise 158 00:08:55,440 --> 00:09:00,720 Speaker 1: global prices. Are they correct? Absolutely? Okay, so that's good. 159 00:09:00,800 --> 00:09:03,640 Speaker 1: Let's get this out there. Uh now, when we consider 160 00:09:04,080 --> 00:09:07,120 Speaker 1: turning off this pigot, you told me it's four eleven 161 00:09:07,240 --> 00:09:11,480 Speaker 1: right now, that's an average. Could we see another jump 162 00:09:11,520 --> 00:09:13,080 Speaker 1: like that over the course of the next week if 163 00:09:13,120 --> 00:09:15,840 Speaker 1: this actually, if this happens, you know, say, ordered by 164 00:09:15,840 --> 00:09:18,000 Speaker 1: the White House in the next few days, if the 165 00:09:18,000 --> 00:09:23,240 Speaker 1: White House issues sanctions on Russia's energy, we probably will 166 00:09:23,280 --> 00:09:26,600 Speaker 1: have the catalyst to see a national average eclipse five 167 00:09:26,600 --> 00:09:30,320 Speaker 1: dollars again. And then there are questions about what that 168 00:09:30,360 --> 00:09:33,559 Speaker 1: means for the broader economy. But it also makes me 169 00:09:33,600 --> 00:09:35,800 Speaker 1: want to ask you about demand instruction. If it's true 170 00:09:35,840 --> 00:09:39,880 Speaker 1: that the best cure for high prices as high prices, Patrick, 171 00:09:40,120 --> 00:09:44,640 Speaker 1: what is five dollars due to our consumption? I think 172 00:09:44,640 --> 00:09:47,080 Speaker 1: we're in a predicament there as well, because five dollars 173 00:09:47,360 --> 00:09:50,839 Speaker 1: might not necessarily lead to the choke off and consumption 174 00:09:50,880 --> 00:09:53,760 Speaker 1: that that some able believe. I mean, look at and 175 00:09:53,800 --> 00:09:57,480 Speaker 1: look at on top of the Yeah, the inflation numbers. Um, 176 00:09:57,679 --> 00:10:00,200 Speaker 1: you know, c p I up eleven what eleven per son? 177 00:10:00,240 --> 00:10:05,000 Speaker 1: I think last month from BLS and consumer retailed uh 178 00:10:05,160 --> 00:10:08,440 Speaker 1: purchasing was still up four percent. You know, this is 179 00:10:08,480 --> 00:10:11,160 Speaker 1: maybe the best summer yet in this in this COVID era. 180 00:10:11,320 --> 00:10:14,400 Speaker 1: Last summer was an improvement. But this summer, you know, 181 00:10:14,520 --> 00:10:19,480 Speaker 1: cases cases skyrocketed, now they plummeted. Things are broadly reopened 182 00:10:19,520 --> 00:10:22,440 Speaker 1: just about everything. Mask mandates are loosening, even in some 183 00:10:22,520 --> 00:10:25,840 Speaker 1: of the most progressive areas. Americans are feeling good. I 184 00:10:25,880 --> 00:10:28,000 Speaker 1: went over the weekend out in the city of Chicago. 185 00:10:28,040 --> 00:10:30,440 Speaker 1: I've never seen it busier in this COVID era. I 186 00:10:30,520 --> 00:10:32,600 Speaker 1: don't know that Americans are going to be held back 187 00:10:32,679 --> 00:10:35,840 Speaker 1: by four dollar gas, right, there's something called revenge travel. 188 00:10:35,880 --> 00:10:40,240 Speaker 1: This summer's just a fact. Listen, here's another question for 189 00:10:40,280 --> 00:10:42,800 Speaker 1: you to make the distinction. Patrick Dehn, who's joining us 190 00:10:42,800 --> 00:10:46,080 Speaker 1: from gas Buddy. Let's say they do shut off nord 191 00:10:46,160 --> 00:10:48,600 Speaker 1: Stream one. Let's say that's the way Russia gets back 192 00:10:48,640 --> 00:10:51,880 Speaker 1: to Europe. Is there a relationship or I guess, what 193 00:10:52,080 --> 00:10:55,360 Speaker 1: is the relationship between an event like that. In the 194 00:10:55,400 --> 00:10:58,360 Speaker 1: price of crude and gasoline, we're talking about different elements 195 00:10:58,400 --> 00:11:00,760 Speaker 1: at this point. If you shot off a natural gas 196 00:11:00,920 --> 00:11:03,880 Speaker 1: pipeline to Europe, what does it mean for gasoline and 197 00:11:03,920 --> 00:11:08,680 Speaker 1: crude oil in the United States? It's just another escalation. 198 00:11:08,880 --> 00:11:13,240 Speaker 1: It means that, you know, looking more at US, it 199 00:11:13,280 --> 00:11:15,880 Speaker 1: means our natural gas prices are going to surge. It's 200 00:11:15,920 --> 00:11:19,000 Speaker 1: going to mean that more American natural gas heads over 201 00:11:19,000 --> 00:11:21,160 Speaker 1: to Europe to fill the void. And it means that 202 00:11:21,200 --> 00:11:24,880 Speaker 1: our natural gas prices could reach records, probably would. And 203 00:11:24,920 --> 00:11:28,320 Speaker 1: it means that some people then next winter are going 204 00:11:28,360 --> 00:11:31,800 Speaker 1: to see energy bills that you know, our our mind bockling, 205 00:11:32,240 --> 00:11:35,360 Speaker 1: you know, triple what they were this year. Potentially quadruple 206 00:11:35,440 --> 00:11:38,920 Speaker 1: is not out of the question. Um And And that's 207 00:11:39,000 --> 00:11:43,079 Speaker 1: the reason why the US and Europe are thinking very 208 00:11:43,200 --> 00:11:46,400 Speaker 1: very hard about this, and they haven't rushed to make 209 00:11:46,440 --> 00:11:50,600 Speaker 1: a decision because there are significant repercussions. And then you 210 00:11:50,640 --> 00:11:52,720 Speaker 1: talk about the impact of of you know, if north 211 00:11:52,760 --> 00:11:55,119 Speaker 1: Stream one shuts down, what it will do to gasoline 212 00:11:55,120 --> 00:12:00,600 Speaker 1: and oil well, um again, you know, it would help 213 00:12:00,840 --> 00:12:05,440 Speaker 1: the oil industry here start to increase output. We need 214 00:12:05,480 --> 00:12:07,360 Speaker 1: to you know, we need to cut all the red 215 00:12:07,400 --> 00:12:10,400 Speaker 1: tape we can for the energy into the energy security 216 00:12:10,440 --> 00:12:14,120 Speaker 1: the US temporarily, I think we we we all agree 217 00:12:14,160 --> 00:12:18,640 Speaker 1: that you know, down the road, we envision transitioning to 218 00:12:18,840 --> 00:12:21,440 Speaker 1: the EVS where it makes sense, But for now we're 219 00:12:21,559 --> 00:12:24,319 Speaker 1: beholden to oil, and we need to have a plan 220 00:12:24,559 --> 00:12:28,560 Speaker 1: to increase our energy security before we ultimately start that transition. 221 00:12:28,960 --> 00:12:31,400 Speaker 1: Patrick to Hunt, the head of Petroleum Analysis, a gas 222 00:12:31,480 --> 00:12:34,520 Speaker 1: buddy with a new all time high national average today 223 00:12:34,720 --> 00:12:38,560 Speaker 1: and fascinating analysis. Patrick, thank you for bringing us into 224 00:12:38,640 --> 00:12:42,280 Speaker 1: the market. We're gonna stay right here and bring in 225 00:12:42,320 --> 00:12:45,600 Speaker 1: another smart voice, one I trust when you trust, and 226 00:12:45,600 --> 00:12:49,680 Speaker 1: that's Creedy Gooped A Bloomberg Markets corresponded because Creedy today 227 00:12:49,720 --> 00:12:52,800 Speaker 1: is in Houston at the big Serio Week energy conference 228 00:12:53,800 --> 00:12:57,920 Speaker 1: talking to the people who actually run this market. Creedy, 229 00:12:57,960 --> 00:12:59,800 Speaker 1: it's great to have you. Thank you for being here. 230 00:12:59,840 --> 00:13:03,240 Speaker 1: I'll want to listen quickly to Toby Rice, someone that 231 00:13:03,320 --> 00:13:05,920 Speaker 1: pretty spoke with today. He's the president and CEO of 232 00:13:05,960 --> 00:13:08,520 Speaker 1: the biggest natural gas producer in the United States e 233 00:13:08,679 --> 00:13:11,920 Speaker 1: q T at SIA Week in Houston. Listened to his 234 00:13:12,000 --> 00:13:15,200 Speaker 1: take on this. It's Toby Rice, real simple, like I said, 235 00:13:15,320 --> 00:13:19,000 Speaker 1: pipeline infrastructure and energy export facilities. Um, you know, we 236 00:13:19,040 --> 00:13:22,200 Speaker 1: need to build those pipelines faster and lergy facilities fastener 237 00:13:22,280 --> 00:13:25,559 Speaker 1: we've ever done in the past. Um. That's that's one thing. 238 00:13:25,880 --> 00:13:28,560 Speaker 1: The other thing, though, is we need his voice. We 239 00:13:28,640 --> 00:13:31,800 Speaker 1: need a very simple send a political signal that natural 240 00:13:31,840 --> 00:13:34,520 Speaker 1: gas is the energy of the future. The United States 241 00:13:34,720 --> 00:13:38,760 Speaker 1: has the ability, um and desire to help meet world 242 00:13:38,840 --> 00:13:43,240 Speaker 1: demand for clean burning natural gas. Asked by pretty Gupta, 243 00:13:43,360 --> 00:13:48,240 Speaker 1: what it is you need? And it wasn't permission creating, 244 00:13:48,280 --> 00:13:51,040 Speaker 1: it was pipeline. You're talking to people down there or 245 00:13:51,120 --> 00:13:54,359 Speaker 1: at the middle of this conversation who are being impacted 246 00:13:54,400 --> 00:13:57,040 Speaker 1: directly by this idea. Is there a fear in Houston 247 00:13:57,600 --> 00:14:00,520 Speaker 1: or or is it good for business? To the Russian 248 00:14:00,559 --> 00:14:04,320 Speaker 1: oil band in the US, it's great for business. And 249 00:14:04,360 --> 00:14:06,880 Speaker 1: all these companies want, whether it's an oil company, whether 250 00:14:06,880 --> 00:14:09,480 Speaker 1: it's a natural gas company, all they want is the 251 00:14:09,520 --> 00:14:13,840 Speaker 1: ability to take advantage of it. Essentially a really historic 252 00:14:13,920 --> 00:14:18,000 Speaker 1: moment for the United States to become an even bigger 253 00:14:18,080 --> 00:14:21,160 Speaker 1: energy exporter, specifically to Europe, which is really looking to 254 00:14:21,280 --> 00:14:24,240 Speaker 1: decline or looking to pull out of its dependence from 255 00:14:24,320 --> 00:14:27,880 Speaker 1: Russian gas. Here's the problem, though, You are really seeing 256 00:14:27,880 --> 00:14:32,200 Speaker 1: this kind of palpable tension between government's officials, whether it's 257 00:14:32,200 --> 00:14:36,480 Speaker 1: OPEX Secretary General A Mohammed Barkindo or whether it's um 258 00:14:36,520 --> 00:14:40,800 Speaker 1: the Biden administration's voice versus some of these major players 259 00:14:40,800 --> 00:14:43,800 Speaker 1: in the energy sector. Because as you heard, the infrastructure 260 00:14:43,840 --> 00:14:46,720 Speaker 1: just isn't there at the moment for oil companies, they're 261 00:14:46,760 --> 00:14:50,240 Speaker 1: waiting for that call from President Biden, who instead is 262 00:14:50,280 --> 00:14:53,600 Speaker 1: turning at the moment to other members of the world 263 00:14:53,640 --> 00:14:55,840 Speaker 1: who produced oil. One of the big questions is why 264 00:14:56,000 --> 00:14:58,840 Speaker 1: is there that disconnect When going back into history, the 265 00:14:58,960 --> 00:15:02,080 Speaker 1: energy sector and the government have mostly been on the 266 00:15:02,120 --> 00:15:05,520 Speaker 1: same page. So it's really interesting to witness that tension 267 00:15:05,600 --> 00:15:07,920 Speaker 1: in real time. That is fascinating and I'm glad you 268 00:15:07,960 --> 00:15:10,240 Speaker 1: mentioned it. Creedy the Toby Rice, when you asked him, 269 00:15:10,600 --> 00:15:13,280 Speaker 1: said he had not heard from the administration, right, no 270 00:15:13,320 --> 00:15:16,560 Speaker 1: one had reached out yet. He did, he confirmed that, 271 00:15:16,760 --> 00:15:18,480 Speaker 1: but he did say he had reached out. He had 272 00:15:18,480 --> 00:15:20,640 Speaker 1: reached out to Secretary Graham Home, he had reached out 273 00:15:20,680 --> 00:15:23,480 Speaker 1: to John Kerry. He had reached out to the state 274 00:15:23,520 --> 00:15:26,120 Speaker 1: of New York, which right now isn't too hot on 275 00:15:26,200 --> 00:15:29,680 Speaker 1: building their own pipeline infrastructure. He has made these calls, 276 00:15:29,960 --> 00:15:32,720 Speaker 1: but one of the questions is are they listening? And 277 00:15:32,800 --> 00:15:34,240 Speaker 1: on the flip side of it, let me argue the 278 00:15:34,240 --> 00:15:36,840 Speaker 1: other side, the question is this is an energy sector 279 00:15:36,960 --> 00:15:40,000 Speaker 1: natural gas or oil or the other sources of energy 280 00:15:40,040 --> 00:15:42,600 Speaker 1: at the United States, has that has constantly believed in 281 00:15:42,680 --> 00:15:45,280 Speaker 1: free markets over and over again. So what are they 282 00:15:45,320 --> 00:15:48,760 Speaker 1: waiting for if they want to kind of amp up production, 283 00:15:49,000 --> 00:15:51,200 Speaker 1: do they need the White House's permission? So those are 284 00:15:51,200 --> 00:15:53,320 Speaker 1: the two sides of the argument. That's a fair question, 285 00:15:53,400 --> 00:15:55,560 Speaker 1: although I guess, look, when you've been burned, maybe you 286 00:15:55,560 --> 00:15:57,240 Speaker 1: do want to be told next time that somebody is 287 00:15:57,240 --> 00:15:59,960 Speaker 1: going to buy your stuff. In this particular case, though, 288 00:16:00,920 --> 00:16:03,440 Speaker 1: is it fair to compare that with what we're doing 289 00:16:03,560 --> 00:16:07,360 Speaker 1: in terms of engaging of oil producers around the world 290 00:16:07,400 --> 00:16:09,880 Speaker 1: going to the qataris for instance, Isn't that different than 291 00:16:09,920 --> 00:16:12,880 Speaker 1: asking someone to start drilling from scratch? How long would 292 00:16:12,880 --> 00:16:15,960 Speaker 1: it take a firm like EQT to start pulling more 293 00:16:16,040 --> 00:16:19,240 Speaker 1: gas out of the ground. Well, free QUT is less 294 00:16:19,240 --> 00:16:21,760 Speaker 1: of an issue of pulling the gas out of the ground. 295 00:16:21,800 --> 00:16:23,880 Speaker 1: It's more of an issue of transporting it. That's where 296 00:16:23,880 --> 00:16:26,400 Speaker 1: the pipeline infrastructure comes. It's an even bigger issue. I 297 00:16:26,400 --> 00:16:28,520 Speaker 1: want to talk about exporting it because those are other 298 00:16:28,520 --> 00:16:30,880 Speaker 1: steps involved. For oil companies though, and we're going to 299 00:16:30,960 --> 00:16:33,280 Speaker 1: get more sound on this tomorrow, But for oil companies 300 00:16:33,360 --> 00:16:35,840 Speaker 1: right now, the concern here is do you start to 301 00:16:36,080 --> 00:16:38,800 Speaker 1: get punished or drilling more but then on the other 302 00:16:38,840 --> 00:16:41,000 Speaker 1: side come to the rescue of the American people and 303 00:16:41,040 --> 00:16:43,280 Speaker 1: other oil consuming nations at a time. By the way, 304 00:16:43,320 --> 00:16:45,720 Speaker 1: let me give you a statistic here. Opex market share 305 00:16:45,760 --> 00:16:49,800 Speaker 1: of the global market has dropped seven since they made 306 00:16:50,480 --> 00:16:53,600 Speaker 1: the global oil share. Now they are thirty three two 307 00:16:53,600 --> 00:16:55,640 Speaker 1: per cent. So this once again is really an opportunity 308 00:16:55,680 --> 00:16:58,720 Speaker 1: for the United States. But just given kind of the 309 00:16:58,720 --> 00:17:01,280 Speaker 1: pushback that they've had in terms of the energy transition, 310 00:17:01,320 --> 00:17:06,440 Speaker 1: the climate changes, there's real hesitant to drill, drill, drill after, 311 00:17:06,560 --> 00:17:08,920 Speaker 1: like you said, the consequences that followed the last time 312 00:17:08,960 --> 00:17:11,960 Speaker 1: they did that. Just fascinating. Creaty. Is it like a 313 00:17:12,000 --> 00:17:14,520 Speaker 1: party down there? Is this the conference they've been waiting 314 00:17:14,560 --> 00:17:17,639 Speaker 1: to have the last ten years, the last two years. 315 00:17:17,640 --> 00:17:20,840 Speaker 1: This is the first conference for the energy space since 316 00:17:21,040 --> 00:17:25,040 Speaker 1: the COVID nineteen lockdown essentially, so there's a lot of discussions, 317 00:17:25,080 --> 00:17:27,720 Speaker 1: a lot of deal making, there's a lot of um 318 00:17:27,760 --> 00:17:30,800 Speaker 1: just kind of collaboration. Is not just from inside the 319 00:17:30,880 --> 00:17:34,280 Speaker 1: United States? Do you have members of really every country 320 00:17:34,320 --> 00:17:36,879 Speaker 1: here trying to figure out what the best way is 321 00:17:36,880 --> 00:17:40,679 Speaker 1: to move forward? Great reporting, Creaty gooped is there all week? 322 00:17:40,720 --> 00:17:44,440 Speaker 1: Bloomberg Markets correspondent and where Creaty goes we follow. Thank 323 00:17:44,480 --> 00:17:47,360 Speaker 1: you Creaty for for that great update. Great interviews too, 324 00:17:47,359 --> 00:17:49,640 Speaker 1: if you didn't see them on Bloomberg TV or hear 325 00:17:49,680 --> 00:17:56,000 Speaker 1: them on Bloomberg Radio. This is Bloomberg so On with 326 00:17:56,240 --> 00:18:02,159 Speaker 1: Joe Matthew on Bloomberg Radio. It's like every day is 327 00:18:02,240 --> 00:18:05,560 Speaker 1: special coverage. That's how seriously we take this coverage of 328 00:18:05,680 --> 00:18:09,639 Speaker 1: Bloomberg with conversations you will not hear anywhere else. And 329 00:18:09,760 --> 00:18:13,520 Speaker 1: big thanks to Patrick Dehn and Prety Gupta for some 330 00:18:13,640 --> 00:18:17,080 Speaker 1: great reporting, smart analysis here as we assemble the panel 331 00:18:17,160 --> 00:18:20,480 Speaker 1: for more where that came from Bloomberg Politics contributors Jeanie 332 00:18:20,600 --> 00:18:23,760 Speaker 1: Chanzano and Rick Davis. Great to have both of you 333 00:18:23,880 --> 00:18:26,199 Speaker 1: here as we come off the weekend with essentially the 334 00:18:26,240 --> 00:18:29,720 Speaker 1: same scenario we had, uh Genie when we went into 335 00:18:29,720 --> 00:18:31,720 Speaker 1: the weekend, and that is a thought that we might 336 00:18:31,760 --> 00:18:34,359 Speaker 1: want to ban US Russian oil. I know, Congress seem 337 00:18:34,400 --> 00:18:36,280 Speaker 1: to get its act together today, which is funny that 338 00:18:36,680 --> 00:18:39,640 Speaker 1: they need to agree to agree or something like that, 339 00:18:39,680 --> 00:18:42,640 Speaker 1: but the White House is still not on board. How 340 00:18:42,640 --> 00:18:45,879 Speaker 1: long does Joe Biden have to figure this out? You know, 341 00:18:45,960 --> 00:18:49,119 Speaker 1: I think Joe Biden has not a lot of time, 342 00:18:49,200 --> 00:18:52,000 Speaker 1: but he the White House is making an important point 343 00:18:52,040 --> 00:18:55,600 Speaker 1: that everybody needs to acknowledge, which is that the allies 344 00:18:55,640 --> 00:18:58,160 Speaker 1: have got to stay together on this. And we've already 345 00:18:58,200 --> 00:19:02,800 Speaker 1: heard German Chancellor Scholtz say today that he does not 346 00:19:02,920 --> 00:19:06,000 Speaker 1: want to move in this direction, or at least not yet, 347 00:19:06,240 --> 00:19:08,640 Speaker 1: and so that is critically important. One of the things 348 00:19:08,720 --> 00:19:11,760 Speaker 1: the White House has committed to is to showing Russia 349 00:19:11,800 --> 00:19:15,320 Speaker 1: that they can't break the alliance. That is critical, and 350 00:19:15,400 --> 00:19:19,040 Speaker 1: so Congress needs to give the White House room to 351 00:19:19,200 --> 00:19:22,920 Speaker 1: bring the allies along on this if possible, before we 352 00:19:23,080 --> 00:19:26,640 Speaker 1: end up moving unilaterally, because that could, you know, potentially 353 00:19:26,840 --> 00:19:29,359 Speaker 1: put us in all in even more danger. That's a 354 00:19:29,400 --> 00:19:31,399 Speaker 1: tough line, Rick, Does that look like you're breaking up 355 00:19:31,440 --> 00:19:34,159 Speaker 1: the alliance or that the US is leading if we 356 00:19:34,200 --> 00:19:36,680 Speaker 1: did it on our own in band Russian oil? You know, look, 357 00:19:36,720 --> 00:19:39,280 Speaker 1: practically speaking, it's a lot harder for them than it 358 00:19:39,359 --> 00:19:42,320 Speaker 1: is for us, as pretty pointed out. And uh, and 359 00:19:42,359 --> 00:19:45,600 Speaker 1: so look, I think it's okay to go in lockstep. 360 00:19:45,640 --> 00:19:48,040 Speaker 1: And so far, you know, we've been totally aligned with 361 00:19:48,080 --> 00:19:50,760 Speaker 1: our allies, and the Biden administration has made it a 362 00:19:50,760 --> 00:19:54,200 Speaker 1: commitment that they don't make any decisions related to Europe 363 00:19:54,200 --> 00:19:58,000 Speaker 1: that Europe isn't involved in that being said, Um, we 364 00:19:58,000 --> 00:20:00,240 Speaker 1: we have the opportunity to a carve out here does 365 00:20:00,280 --> 00:20:04,200 Speaker 1: not dramatically affect them. Uh, it's obviously prices are going 366 00:20:04,280 --> 00:20:08,000 Speaker 1: up almost regardless of what we do. Uh. That's obviously 367 00:20:08,080 --> 00:20:11,160 Speaker 1: been demonstrated. And so I think in this one, uh, 368 00:20:11,200 --> 00:20:12,600 Speaker 1: they got to give us a one off on this, 369 00:20:12,680 --> 00:20:15,480 Speaker 1: and I think that's probably the decision that by administrations 370 00:20:15,520 --> 00:20:17,199 Speaker 1: may is. You know, we know we're gonna wind up 371 00:20:17,200 --> 00:20:18,960 Speaker 1: having to do it sooner or later. We can't veto 372 00:20:19,000 --> 00:20:22,040 Speaker 1: a bill from Congress on this, and so let's just 373 00:20:22,200 --> 00:20:25,240 Speaker 1: make sure that the allies are aligned on this and 374 00:20:25,320 --> 00:20:27,679 Speaker 1: understand that we have our own political realities at home 375 00:20:27,720 --> 00:20:29,480 Speaker 1: that need to be attended to. And there's no way 376 00:20:29,600 --> 00:20:34,200 Speaker 1: this administration can survive long term buying Russian oil. Well, 377 00:20:34,240 --> 00:20:35,960 Speaker 1: how much time does he have been Rick, I'll ask 378 00:20:35,960 --> 00:20:38,159 Speaker 1: you the same thing I did, Jennie. Well, you know, 379 00:20:38,280 --> 00:20:41,119 Speaker 1: right now the Congress is debating whether or not to 380 00:20:41,160 --> 00:20:45,399 Speaker 1: include the Russian oil implortence ban in the omnibus. That's 381 00:20:45,440 --> 00:20:47,920 Speaker 1: the end of the week, so they have this Friday. Well, 382 00:20:48,359 --> 00:20:51,040 Speaker 1: it gives you a friday to do something. Yeah, exactly 383 00:20:51,080 --> 00:20:53,480 Speaker 1: that by the way Jeannie is as part of the 384 00:20:53,560 --> 00:20:56,240 Speaker 1: Ukraine story. Even if this doesn't go in there with 385 00:20:56,320 --> 00:21:00,359 Speaker 1: ten billion dollars in aid, I'm surprised that number hasn't 386 00:21:00,359 --> 00:21:03,120 Speaker 1: gone up with what we've seen, not in terms only 387 00:21:03,160 --> 00:21:05,520 Speaker 1: of destruction, but now it's a one and a half million. 388 00:21:05,560 --> 00:21:08,399 Speaker 1: I believe refugees who have crossed the border. This is 389 00:21:08,400 --> 00:21:10,399 Speaker 1: not about to get cheaper. They need to pass this 390 00:21:10,480 --> 00:21:12,800 Speaker 1: money now. They need to pass this money, and they 391 00:21:12,840 --> 00:21:15,359 Speaker 1: need to increase it. To your point, ten billion is 392 00:21:15,400 --> 00:21:16,840 Speaker 1: not going to do it. I think we're going to 393 00:21:16,960 --> 00:21:20,240 Speaker 1: see a push to increase that going forward. Ten billion 394 00:21:20,359 --> 00:21:23,320 Speaker 1: is a start, but it is probably a third or 395 00:21:23,359 --> 00:21:26,240 Speaker 1: even less of what ultimately we will need to do. 396 00:21:26,600 --> 00:21:28,440 Speaker 1: So we'll be coming back around on these. I'll ask 397 00:21:28,440 --> 00:21:31,120 Speaker 1: you both the same thing here as we heard from 398 00:21:31,320 --> 00:21:35,560 Speaker 1: Patrick to Hahn. Five dollar a gallon gas on average. 399 00:21:36,200 --> 00:21:41,080 Speaker 1: Can Joe Biden survive that in a mid term election year, Genie, 400 00:21:41,920 --> 00:21:44,360 Speaker 1: It's very tough. If he's gonna survive it, he's going 401 00:21:44,400 --> 00:21:46,800 Speaker 1: to have to explain why we're in this situation. The 402 00:21:46,880 --> 00:21:49,600 Speaker 1: one to punch of COVID, the supply chain and all 403 00:21:49,680 --> 00:21:52,480 Speaker 1: of that, coupled with what's happened with Russian Ukraine. He's 404 00:21:52,480 --> 00:21:54,679 Speaker 1: gonna have to get out and communicate this to the 405 00:21:54,680 --> 00:21:58,600 Speaker 1: American public. Republicans are already hitting Democrats horrid on this 406 00:21:58,920 --> 00:22:00,840 Speaker 1: in terms of the mid term, so they're gonna have 407 00:22:00,920 --> 00:22:03,560 Speaker 1: to get ahead on the communication of that there's five 408 00:22:03,600 --> 00:22:06,440 Speaker 1: dollars a gallon wipe out Democrats in the midterms. Rick, 409 00:22:06,840 --> 00:22:09,199 Speaker 1: I think Democrats are headed for a wipeout anyway, and 410 00:22:09,240 --> 00:22:12,720 Speaker 1: five dollar gas doesn't doesn't keep that from happening. Unbelievable 411 00:22:12,720 --> 00:22:15,240 Speaker 1: that we're talking numbers like this with Rick and Jennie. 412 00:22:15,280 --> 00:22:18,320 Speaker 1: They're here for the hour. Up next will check traffic 413 00:22:18,359 --> 00:22:21,840 Speaker 1: and markets for you and bring in Michael Kimmidge from 414 00:22:21,840 --> 00:22:25,439 Speaker 1: Catholic University more on the war in Ukraine. I'm Joe Matthew. 415 00:22:25,520 --> 00:22:30,919 Speaker 1: This is Bloomberg broadcasting live from our nation's capital, Bloomberg 416 00:22:32,200 --> 00:22:36,480 Speaker 1: to New York, Bloomberg eleven Frio to Boston, Bloomberg one 417 00:22:36,480 --> 00:22:40,240 Speaker 1: O six one to San Francisco, Bloomberg nine sixty to 418 00:22:40,320 --> 00:22:44,440 Speaker 1: the country, Serious XM Channel one, and around the globe, 419 00:22:44,440 --> 00:22:48,360 Speaker 1: the Bloomberg Business app and Bloomberg Radio dot Com. This 420 00:22:48,760 --> 00:22:53,760 Speaker 1: is Bloomberg Sound On with Joe Matthew. Headline on the 421 00:22:53,840 --> 00:22:58,560 Speaker 1: terminal Russia surgees past Iran to become world's most sanctioned nation. 422 00:22:59,359 --> 00:23:03,960 Speaker 1: They in double turn in world order. At least Vladimir 423 00:23:04,000 --> 00:23:06,639 Speaker 1: Putin can tell himself that. Coming up, we'll talk about 424 00:23:06,680 --> 00:23:10,080 Speaker 1: what maybe motivating Putin and what history may tell us 425 00:23:10,119 --> 00:23:13,359 Speaker 1: about the coming days in Ukraine, what comes next with 426 00:23:13,440 --> 00:23:17,199 Speaker 1: Professor Michael Kimidge, who chairs the History Department at Catholic University, 427 00:23:17,480 --> 00:23:20,840 Speaker 1: former State Department policy planner for Russia and Ukraine. A 428 00:23:20,840 --> 00:23:25,760 Speaker 1: lot of people point back to Crimea for clues into 429 00:23:25,760 --> 00:23:29,120 Speaker 1: what Vladimir Putin maybe up to next or in general 430 00:23:29,200 --> 00:23:33,000 Speaker 1: here in Ukraine as we try to understand his motivations. 431 00:23:34,320 --> 00:23:37,160 Speaker 1: And it was in that very year that Michael Kimmidge 432 00:23:37,200 --> 00:23:41,199 Speaker 1: started running the Russia Ukraine portfolio as part of the 433 00:23:41,240 --> 00:23:45,760 Speaker 1: Secretary of States Policy Planning staff at the State Department. 434 00:23:45,800 --> 00:23:48,840 Speaker 1: He is now chair of the History Department at Catholic University. 435 00:23:48,880 --> 00:23:51,639 Speaker 1: Professor Michael Kimidge, thanks for being with us. Do we 436 00:23:51,680 --> 00:23:54,800 Speaker 1: not go back even further to the way things were 437 00:23:54,800 --> 00:23:58,600 Speaker 1: handled in the war in Czechnia when Vladimir Putin was 438 00:23:58,640 --> 00:24:00,480 Speaker 1: a younger man in a different position issue here the 439 00:24:00,520 --> 00:24:02,720 Speaker 1: Battle of Grosny is something that people have been looking 440 00:24:02,720 --> 00:24:06,280 Speaker 1: at as to what might be next for Kiev. Is 441 00:24:06,359 --> 00:24:10,040 Speaker 1: that something we need to fear. It's certainly something we 442 00:24:10,080 --> 00:24:14,320 Speaker 1: need to fear. There aren't tactical similarities that there was 443 00:24:14,359 --> 00:24:17,399 Speaker 1: a lot of overconfidence when it came to the initial 444 00:24:17,440 --> 00:24:20,320 Speaker 1: attack on on on on Grosny, and then you know 445 00:24:20,400 --> 00:24:24,000 Speaker 1: that failed, and and and very brutal methods were we're employed. 446 00:24:24,040 --> 00:24:28,120 Speaker 1: Of course, is a part of political Russia, so it's 447 00:24:28,160 --> 00:24:32,240 Speaker 1: a crisis or disturbance within Russia. This is a cross 448 00:24:32,240 --> 00:24:35,200 Speaker 1: border conflict, so it's much bigger scale what we're looking 449 00:24:35,240 --> 00:24:39,440 Speaker 1: at in Ukraine. His willingness, though it's a flatten the city, 450 00:24:39,720 --> 00:24:41,640 Speaker 1: is something that I have wondered about as we look 451 00:24:41,680 --> 00:24:44,159 Speaker 1: at this convoy coming down from the north and just 452 00:24:44,200 --> 00:24:46,919 Speaker 1: wondering how far are you prepared to go? Are you 453 00:24:47,000 --> 00:24:50,480 Speaker 1: prepared to flatten the historic cathedrals of Kiev? And if 454 00:24:50,480 --> 00:24:52,600 Speaker 1: you look back, professor, I guess the reason why I 455 00:24:52,640 --> 00:24:55,280 Speaker 1: ask is so far he has said yes to that. 456 00:24:57,600 --> 00:24:59,760 Speaker 1: I suppose. I mean, you have the example of Grosney, 457 00:24:59,800 --> 00:25:03,560 Speaker 1: you have the example of Aleppo in Syria, which Russia 458 00:25:03,600 --> 00:25:07,000 Speaker 1: with the Syrian army devastated. I do think that the 459 00:25:07,040 --> 00:25:10,200 Speaker 1: war plan in Ukraine for Russia was to avoid the cities, 460 00:25:10,520 --> 00:25:13,160 Speaker 1: was to spare the cities and to decapitate the government. 461 00:25:13,200 --> 00:25:16,159 Speaker 1: That other left with a very unsavory situation where they 462 00:25:16,160 --> 00:25:18,080 Speaker 1: want to achieve their objectives and they can only do 463 00:25:18,160 --> 00:25:20,879 Speaker 1: so by assaulting the cities. And it's not just the 464 00:25:20,880 --> 00:25:24,080 Speaker 1: cathedrals there, it's lots of Russian families that have relatives 465 00:25:24,080 --> 00:25:26,920 Speaker 1: in places like Kievs So it's potentially very damaging for 466 00:25:27,000 --> 00:25:30,200 Speaker 1: we can what's your thought on the next couple of days. 467 00:25:30,240 --> 00:25:32,359 Speaker 1: Then we hear there will be heavier bombardment that he 468 00:25:32,440 --> 00:25:35,920 Speaker 1: has in fact adjusted, he's learned from what's happened, learned 469 00:25:35,920 --> 00:25:38,600 Speaker 1: from the resistance, and we'll take to the take to 470 00:25:38,640 --> 00:25:41,600 Speaker 1: the air and and start sending as we've already seen, 471 00:25:41,720 --> 00:25:45,480 Speaker 1: even cruise missiles over the weekend into residential areas. Is 472 00:25:45,560 --> 00:25:48,280 Speaker 1: this from what you know of Vladimir Putin? What we're 473 00:25:48,320 --> 00:25:51,960 Speaker 1: in for? Well, I think that he's capable of of 474 00:25:52,000 --> 00:25:54,240 Speaker 1: anything in this war, and he's gonna he's gonna play 475 00:25:54,280 --> 00:25:57,280 Speaker 1: for keeps, So I would expect the worst, and there 476 00:25:57,320 --> 00:25:59,480 Speaker 1: will be an assault on the cities in the coming 477 00:25:59,520 --> 00:26:01,280 Speaker 1: days and weeks, and there will also be an assault 478 00:26:01,280 --> 00:26:05,439 Speaker 1: on critical infrastructure, energy supplies, gas, all of that. So 479 00:26:05,480 --> 00:26:08,440 Speaker 1: it's an all out brutal assault on the Ukrainian people. 480 00:26:10,040 --> 00:26:12,399 Speaker 1: What is motivating him is the is the story that 481 00:26:12,440 --> 00:26:14,240 Speaker 1: we tend to hear in in I hate to say 482 00:26:14,280 --> 00:26:17,720 Speaker 1: Western media, but we'll say mainstream media in the United States, 483 00:26:18,320 --> 00:26:21,160 Speaker 1: about him trying to rebuild, at least in his head. Uh, 484 00:26:21,440 --> 00:26:24,200 Speaker 1: the outskirts of the Soviet Empire. Is it as simple 485 00:26:24,200 --> 00:26:26,840 Speaker 1: as that, I don't think. To me, that's a very 486 00:26:26,840 --> 00:26:29,520 Speaker 1: helpful way of framing. And I think he has two 487 00:26:29,600 --> 00:26:32,520 Speaker 1: kinds of ambitions in Ukraine. The first is that he 488 00:26:32,560 --> 00:26:35,600 Speaker 1: wants to block certain outcomes. He wants to prevent Ukraine 489 00:26:35,600 --> 00:26:38,920 Speaker 1: from joining NATO. He wants to eliminate the military relationship 490 00:26:38,960 --> 00:26:41,439 Speaker 1: between Ukraine and the United States, between Ukraine and Europe, 491 00:26:42,240 --> 00:26:44,800 Speaker 1: and you know that he can accomplish by in effect 492 00:26:44,800 --> 00:26:47,639 Speaker 1: destroying the country. The other ambition that he has is 493 00:26:47,720 --> 00:26:49,960 Speaker 1: much bigger, and that's to create a political order to 494 00:26:50,040 --> 00:26:52,520 Speaker 1: his liking. There So that would be a partition of 495 00:26:52,560 --> 00:26:55,600 Speaker 1: the government or a puppet leader who would be deferential 496 00:26:55,640 --> 00:26:58,639 Speaker 1: to Moscow or subservient to Moscow. That I think he 497 00:26:58,680 --> 00:27:00,320 Speaker 1: wants to do. I think that he's going to prove 498 00:27:00,520 --> 00:27:02,920 Speaker 1: unable to do over time, but he may well try. 499 00:27:04,359 --> 00:27:07,920 Speaker 1: I mentioned before you jumped on Russia. According to a 500 00:27:07,960 --> 00:27:11,440 Speaker 1: Bloomberg story that hit the terminal a while ago, has 501 00:27:11,520 --> 00:27:14,399 Speaker 1: vaulted past Iran and North Korea to become the world's 502 00:27:14,480 --> 00:27:19,160 Speaker 1: most sanctioned nation in the span of ten days, uh, 503 00:27:19,200 --> 00:27:23,119 Speaker 1: following this invasion. I guess the question I have for you, 504 00:27:23,160 --> 00:27:25,320 Speaker 1: and it's a difficult one I'm sure to answer, is 505 00:27:25,359 --> 00:27:28,680 Speaker 1: does he care? This is a country that's been living 506 00:27:28,760 --> 00:27:32,080 Speaker 1: under sanctions for some time? Does more actually make it worse? 507 00:27:32,160 --> 00:27:35,520 Speaker 1: Was he expecting this? I think he cares. I think 508 00:27:35,560 --> 00:27:38,680 Speaker 1: that he expected the war to be short, He expected 509 00:27:38,760 --> 00:27:41,159 Speaker 1: to be something of a gate walk, uh. And I 510 00:27:41,200 --> 00:27:43,160 Speaker 1: think he expected that he would be sanctioned, but not 511 00:27:43,280 --> 00:27:47,120 Speaker 1: to this degree and on this level. So it's it's 512 00:27:47,119 --> 00:27:49,320 Speaker 1: going to be a huge blow to the Russian middle class, 513 00:27:49,359 --> 00:27:54,080 Speaker 1: to the Russian business world, to oligarchs and others around 514 00:27:54,119 --> 00:27:56,320 Speaker 1: put In and that you know that that's meaningful. It's 515 00:27:56,320 --> 00:27:58,719 Speaker 1: not trivial at all. But what's a bit different from 516 00:27:59,640 --> 00:28:03,239 Speaker 1: is that Putin has China to work with, and so 517 00:28:03,280 --> 00:28:05,600 Speaker 1: he's going to be trying everything to have you know 518 00:28:05,680 --> 00:28:08,719 Speaker 1: China serve as a pressure valve, as a release for 519 00:28:08,760 --> 00:28:11,320 Speaker 1: these Western sanctions, and I don't think anybody quite knows 520 00:28:11,320 --> 00:28:14,080 Speaker 1: how that's all going to play out. He thinks he's 521 00:28:14,080 --> 00:28:17,320 Speaker 1: on the right side of history, right, I think he does. 522 00:28:17,400 --> 00:28:19,400 Speaker 1: I think he's making it bet against us, He's making 523 00:28:19,400 --> 00:28:22,359 Speaker 1: it bet against the West, and he feels confident that 524 00:28:22,440 --> 00:28:24,679 Speaker 1: we're politically divided, We're a bit of a paper tiger, 525 00:28:25,040 --> 00:28:27,000 Speaker 1: We're not really going to stick up for Ukraine, and 526 00:28:27,040 --> 00:28:30,520 Speaker 1: that the Europeans are gonna ultimately pursue their economic interests 527 00:28:30,520 --> 00:28:33,480 Speaker 1: and reconcile with Russia, and that he's got other partners 528 00:28:33,960 --> 00:28:35,840 Speaker 1: to work with. But I have to say, you know, 529 00:28:35,880 --> 00:28:38,320 Speaker 1: trying to be very sober minded here. I think he's 530 00:28:38,400 --> 00:28:42,160 Speaker 1: vastly overestimating both his own abilities and Russia's capacities and 531 00:28:42,200 --> 00:28:45,360 Speaker 1: all of this you mentioned China, Professor, How concerned are 532 00:28:45,360 --> 00:28:48,360 Speaker 1: you about the language the that we're hearing from Beijing. 533 00:28:48,880 --> 00:28:53,719 Speaker 1: It's rock solid ties with Russia. Uh, that that its security, 534 00:28:53,760 --> 00:28:57,120 Speaker 1: Moscow's security confirms must be acknowledged, should not be at 535 00:28:57,160 --> 00:29:01,120 Speaker 1: the whim of a single country. Uh. This is potentially 536 00:29:01,560 --> 00:29:05,120 Speaker 1: very dangerous talk. It is, I mean, it's as certainly 537 00:29:05,120 --> 00:29:07,920 Speaker 1: a substantial issue that that Russia can claim to be 538 00:29:08,000 --> 00:29:11,200 Speaker 1: China's partner and vice versa. And you know, China has 539 00:29:11,240 --> 00:29:13,680 Speaker 1: supported Russia and a bunch of issues, such as being 540 00:29:13,720 --> 00:29:16,280 Speaker 1: opposed to NATO expansion. On the other hand, China is 541 00:29:16,640 --> 00:29:20,080 Speaker 1: nowhere near the battlefield and we'll never get close. China 542 00:29:20,120 --> 00:29:22,040 Speaker 1: abstained at the United Nations when it came to a 543 00:29:22,120 --> 00:29:25,719 Speaker 1: vote on Ukraine, who it didn't join with Russia and 544 00:29:25,800 --> 00:29:30,520 Speaker 1: China I think looks upon this degree of disruption with displeasure. 545 00:29:31,040 --> 00:29:33,440 Speaker 1: It's it's too chaotic for them. We'll try to buy 546 00:29:33,440 --> 00:29:36,360 Speaker 1: the Russian gas that we'd end up banning. Oh that 547 00:29:36,360 --> 00:29:41,520 Speaker 1: they would happily buy the Russian gas for sure. The 548 00:29:41,560 --> 00:29:44,280 Speaker 1: thanks on Russia. If they're going to prove difficult for China, 549 00:29:44,840 --> 00:29:47,200 Speaker 1: China will do what's good for China. They're not gonna 550 00:29:47,280 --> 00:29:49,480 Speaker 1: they're not going to sacrifice for Russia. So it's a 551 00:29:49,520 --> 00:29:51,640 Speaker 1: partnership of sorts. But I think it's a sinner and 552 00:29:51,640 --> 00:29:56,160 Speaker 1: more superficial than it seems. Professor Michael Kimmidge from Catholic University, 553 00:29:56,200 --> 00:29:58,640 Speaker 1: thank you so much, professor for being with us formerly 554 00:29:58,640 --> 00:30:02,760 Speaker 1: with the State Department, and of very concerning outlook here 555 00:30:02,840 --> 00:30:04,960 Speaker 1: on what's going on. Will re assemble the panel next 556 00:30:05,680 --> 00:30:08,040 Speaker 1: and see if we can't find the convoy. Is it 557 00:30:08,120 --> 00:30:12,120 Speaker 1: still driving in circles? This is sound On, and this 558 00:30:12,160 --> 00:30:18,400 Speaker 1: is Bloomberg. This is Bloomberg Sound On with Joe Matthew 559 00:30:18,880 --> 00:30:24,280 Speaker 1: on Bloomberg Radio. We spent much of this hour talking 560 00:30:24,320 --> 00:30:27,240 Speaker 1: about our own fortunes. Here is what we pay for 561 00:30:27,360 --> 00:30:31,440 Speaker 1: gas or oil, the political risks they bring. What are 562 00:30:31,440 --> 00:30:33,760 Speaker 1: we doing enough for Ukraine? We know that a no 563 00:30:33,880 --> 00:30:37,400 Speaker 1: fly zone is off the table. How about sending fighter 564 00:30:37,480 --> 00:30:41,960 Speaker 1: jets as we've heard, or other hardware that President Zelenski 565 00:30:42,040 --> 00:30:44,480 Speaker 1: is begging for. How about money? We reassemble the panel 566 00:30:44,520 --> 00:30:48,040 Speaker 1: now with Bloomberg Politics contributors Jeanie Chanzano and Rick Davis. 567 00:30:48,440 --> 00:30:50,880 Speaker 1: Rick reports say we're talking with Poland now to get 568 00:30:50,960 --> 00:30:53,800 Speaker 1: some some MiG twenty nine fighter jets. These are Russian 569 00:30:53,840 --> 00:30:56,760 Speaker 1: fighter jets, kind of like they're equivalent to it to 570 00:30:56,840 --> 00:30:58,760 Speaker 1: an F fifteen or an F eight. Team send them 571 00:30:58,800 --> 00:31:00,600 Speaker 1: to Ukraine. They know how to fly those, and then 572 00:31:00,600 --> 00:31:04,160 Speaker 1: we replace those with American jets, which I guess is 573 00:31:04,200 --> 00:31:06,480 Speaker 1: an upgrade for Poland. Who wants big twenty nines at 574 00:31:06,480 --> 00:31:09,080 Speaker 1: this point? Right is that is that something that is 575 00:31:09,120 --> 00:31:11,000 Speaker 1: realistic or is that an act of war in the 576 00:31:11,040 --> 00:31:13,640 Speaker 1: eyes of Vladimir Putin? Well, look, I mean, I think 577 00:31:13,720 --> 00:31:16,560 Speaker 1: it's pretty obvious that we can't fly NATO aircraft into 578 00:31:16,600 --> 00:31:19,120 Speaker 1: the country without looking like we're starting World War three. 579 00:31:19,320 --> 00:31:23,000 Speaker 1: And so this is a one off transaction. Fighter pilots 580 00:31:23,000 --> 00:31:26,520 Speaker 1: would be Ukrainian, the planes would be given to the 581 00:31:26,600 --> 00:31:30,680 Speaker 1: Ukraine government, so they would be legally owned by the Ukrainians. 582 00:31:30,720 --> 00:31:34,080 Speaker 1: Just like any other weapons system that's currently being used 583 00:31:34,880 --> 00:31:38,000 Speaker 1: by the Ukrainians. They all are being shipped in now. 584 00:31:38,200 --> 00:31:42,000 Speaker 1: So Uh, what's the difference. The difference would be, I 585 00:31:42,080 --> 00:31:45,400 Speaker 1: think where do those planes go to land, refuel and restock, 586 00:31:45,680 --> 00:31:48,360 Speaker 1: you know, on weapons. Uh? If they are flying in 587 00:31:48,400 --> 00:31:50,840 Speaker 1: and out of Poland or one of the other uh 588 00:31:50,920 --> 00:31:54,640 Speaker 1: NATO block countries. Uh, I can see an escalation on 589 00:31:54,680 --> 00:31:57,840 Speaker 1: the part of Russia by claiming NATO is now involved. 590 00:31:58,000 --> 00:31:59,920 Speaker 1: One of those gets shot down, Genie, And that's the 591 00:32:00,040 --> 00:32:05,560 Speaker 1: reason why they don't want to know fly zone. Yep, 592 00:32:06,480 --> 00:32:08,480 Speaker 1: that's right. And we're looking at polls showing, you know, 593 00:32:08,600 --> 00:32:11,000 Speaker 1: seven out of ten, almost eight out of ten Americans 594 00:32:11,000 --> 00:32:13,400 Speaker 1: want the United States to do more, including a no 595 00:32:13,920 --> 00:32:15,840 Speaker 1: fly zone which as you set us off the table. 596 00:32:16,280 --> 00:32:19,160 Speaker 1: And yet the reality of this is, as you know, 597 00:32:19,280 --> 00:32:22,320 Speaker 1: Brick was just saying, each of these actions can potentially 598 00:32:22,320 --> 00:32:25,640 Speaker 1: spark a reaction which can get us into a war. 599 00:32:26,120 --> 00:32:28,800 Speaker 1: And so the President and the NATO allies have to 600 00:32:28,840 --> 00:32:32,280 Speaker 1: be very very careful on how they move forward because 601 00:32:32,400 --> 00:32:36,000 Speaker 1: the provocations that we could undertake in an attempt to 602 00:32:36,040 --> 00:32:40,000 Speaker 1: help Ukraine are very real. And you know, as much 603 00:32:40,000 --> 00:32:42,280 Speaker 1: as people are responding to what we're seeing and and 604 00:32:42,320 --> 00:32:45,120 Speaker 1: it's devastating to look at, we have to be very 605 00:32:45,160 --> 00:32:48,160 Speaker 1: careful from a policy perspective. Rick, Well, this, uh, this 606 00:32:48,280 --> 00:32:51,240 Speaker 1: ten billion dollars be cleared without any issue that it's 607 00:32:51,240 --> 00:32:54,400 Speaker 1: been suggested that's the money of two in Ukraine. A. 608 00:32:54,600 --> 00:32:58,080 Speaker 1: The Biden administration is requested to come with this budget 609 00:32:58,160 --> 00:33:01,400 Speaker 1: this week. Uh. The idea is that you know, you 610 00:33:01,440 --> 00:33:03,479 Speaker 1: get a whole bunch of COVID money while you're at it, 611 00:33:03,880 --> 00:33:07,160 Speaker 1: force Republicans who may not love that idea, to support 612 00:33:07,240 --> 00:33:10,560 Speaker 1: funding Ukraine. Does it actually work out that way? Yeah, 613 00:33:10,560 --> 00:33:12,480 Speaker 1: In the House, it's gonna sail through. You'll have three 614 00:33:12,520 --> 00:33:15,640 Speaker 1: hundred members of Congress who want to pass that include 615 00:33:15,680 --> 00:33:17,640 Speaker 1: the Ukraine money. In the Senate, you can run a 616 00:33:17,640 --> 00:33:22,400 Speaker 1: foul of some Republican senators who think this too point 617 00:33:22,440 --> 00:33:25,640 Speaker 1: five billion of COVID money is too much, and they 618 00:33:25,680 --> 00:33:27,840 Speaker 1: want all kinds of accounting for the moneys we've already 619 00:33:27,840 --> 00:33:30,040 Speaker 1: spent and things like that. So it could get tripped 620 00:33:30,080 --> 00:33:32,720 Speaker 1: up and stripped out. But the but the Ukraine money 621 00:33:32,720 --> 00:33:35,840 Speaker 1: is sacrosack. You won't see that go down or get 622 00:33:35,920 --> 00:33:38,240 Speaker 1: pulled out. It may even go up in the process. 623 00:33:38,280 --> 00:33:40,400 Speaker 1: But right now that ten billion dollars is going to 624 00:33:40,480 --> 00:33:44,760 Speaker 1: move through fast. Needs to happen by Friday at midnight, Genie, 625 00:33:44,800 --> 00:33:47,040 Speaker 1: that's when the government would run out of money. Is 626 00:33:47,080 --> 00:33:50,080 Speaker 1: there time for debate or this just gets passed? You know, 627 00:33:50,240 --> 00:33:52,640 Speaker 1: I don't. I don't see much time on Wednesday. You 628 00:33:52,680 --> 00:33:56,360 Speaker 1: have Democrats in the House leading leaving further ever retreat um. 629 00:33:56,440 --> 00:33:58,280 Speaker 1: You know, there is not a lot of time to 630 00:33:58,360 --> 00:34:01,880 Speaker 1: do this. You know. Definitely the Ukraine money has got 631 00:34:01,920 --> 00:34:04,240 Speaker 1: to be moved forward. They have got to do something 632 00:34:04,280 --> 00:34:06,640 Speaker 1: on that. But it is very hard for me to 633 00:34:06,720 --> 00:34:09,399 Speaker 1: see how they get this all done. If they're looking 634 00:34:09,480 --> 00:34:11,960 Speaker 1: at say a Wednesday time frame for the House and 635 00:34:11,960 --> 00:34:14,160 Speaker 1: then moving to the Senate, it's going to be close, 636 00:34:14,520 --> 00:34:16,880 Speaker 1: all right, Rick and Jeanie with us. Of course. This 637 00:34:16,920 --> 00:34:19,280 Speaker 1: is the Monday edition of Sound On. I'm Joe Matthew 638 00:34:19,320 --> 00:34:21,400 Speaker 1: in Washington. It's nice to be back in the nation's capital. 639 00:34:21,480 --> 00:34:23,200 Speaker 1: It was always you know, it's always exciting to be 640 00:34:23,760 --> 00:34:29,160 Speaker 1: at world Headquarters, the Mothership in New York. You make 641 00:34:29,200 --> 00:34:31,440 Speaker 1: a lot of friends, great people work at Bloomberg. But 642 00:34:31,480 --> 00:34:33,360 Speaker 1: now that I'm back, you know, I'm back reporting of 643 00:34:33,400 --> 00:34:36,439 Speaker 1: course on Washington. And little did I know I would 644 00:34:36,480 --> 00:34:39,160 Speaker 1: do some firsthand reporting. The minute I got back in 645 00:34:39,280 --> 00:34:43,000 Speaker 1: town and I'm driving around the Beltway, you know, I 646 00:34:43,040 --> 00:34:44,920 Speaker 1: was out running Samarans. To be honest with you, had 647 00:34:44,920 --> 00:34:47,759 Speaker 1: been gone for a week, and I actually saw it 648 00:34:47,960 --> 00:34:52,000 Speaker 1: first hand. I had heard talk of it, but I 649 00:34:52,040 --> 00:35:05,720 Speaker 1: actually saw the convoy on the Beltway. Love me big 650 00:35:05,800 --> 00:35:13,919 Speaker 1: pan now clearing a tacko down. Yeah, we definitely got door. 651 00:35:15,560 --> 00:35:23,400 Speaker 1: Thank yeah, the People's Convoy. With apologies to C. W. 652 00:35:23,600 --> 00:35:29,200 Speaker 1: McCall for people who are too young to know this, 653 00:35:29,400 --> 00:35:31,880 Speaker 1: uh novelty tune. By the way, this was a number 654 00:35:31,880 --> 00:35:36,560 Speaker 1: one hit for weeks. Convoy People's Convoy. It's even on 655 00:35:36,640 --> 00:35:40,600 Speaker 1: the terminal trucker Convoy returns to Washington Beltway in COVID 656 00:35:40,640 --> 00:35:44,799 Speaker 1: protest here. It is the Washington Post. People's Convoy, it says, 657 00:35:44,920 --> 00:35:50,720 Speaker 1: begins circling Beltway for second day of pandemic related demonstrations. 658 00:35:51,080 --> 00:35:52,640 Speaker 1: I guess I'm having a little bit of a hard 659 00:35:52,640 --> 00:35:54,560 Speaker 1: time with it because I saw it. I didn't know 660 00:35:54,600 --> 00:35:56,880 Speaker 1: what it was at first. It just looked like the 661 00:35:56,960 --> 00:35:59,880 Speaker 1: belt Way. There's a bunch of trucks that are usually 662 00:36:00,080 --> 00:36:03,600 Speaker 1: on the Beltway. Now they're organized to be on the 663 00:36:03,640 --> 00:36:06,399 Speaker 1: belt Way. Different part here though, I saw a bunch 664 00:36:06,440 --> 00:36:09,960 Speaker 1: of fire Fauci signs, a big couple of big Trump 665 00:36:10,040 --> 00:36:13,680 Speaker 1: flags waving, and more police than I have seen ever 666 00:36:14,160 --> 00:36:17,840 Speaker 1: on the Beltway, although I will say as well, cops 667 00:36:17,960 --> 00:36:24,480 Speaker 1: on every overpass over the Beltway. Rick and Genie, Uh, 668 00:36:24,760 --> 00:36:29,400 Speaker 1: the People's Convoy is protesting a federal vaccine mandate that 669 00:36:29,440 --> 00:36:31,960 Speaker 1: does not exist. Can they call this a wind? Genie? 670 00:36:32,600 --> 00:36:34,359 Speaker 1: Joe Betty, First, I have to ask you, did you 671 00:36:34,400 --> 00:36:36,759 Speaker 1: ever use a CB or have a CB here? But 672 00:36:36,880 --> 00:36:40,080 Speaker 1: I wanted I had such CB. And those guys driving 673 00:36:40,080 --> 00:36:42,439 Speaker 1: around my town with the big antenna on the back 674 00:36:42,440 --> 00:36:45,520 Speaker 1: of the car, now is their moment? Now is my 675 00:36:45,560 --> 00:36:47,360 Speaker 1: grandpa had when I was able to use one as 676 00:36:47,400 --> 00:36:49,960 Speaker 1: a child. So you brought back some good memories. You know. 677 00:36:50,320 --> 00:36:53,279 Speaker 1: I think, you know, the police in Virginia and around 678 00:36:53,280 --> 00:36:55,799 Speaker 1: the DC area learned from what happened in Canada. You know, 679 00:36:55,880 --> 00:36:58,080 Speaker 1: I think it's a little perplexing. As student asked me 680 00:36:58,160 --> 00:37:00,880 Speaker 1: the other day, well, aren't we move away from COVID? 681 00:37:00,880 --> 00:37:03,480 Speaker 1: Things are getting better, restrictions being lifted, So, you know, 682 00:37:03,560 --> 00:37:05,520 Speaker 1: I think it's a little perplexing for people who are 683 00:37:05,560 --> 00:37:07,800 Speaker 1: seeing this now. I have a sense they almost missed 684 00:37:07,840 --> 00:37:10,839 Speaker 1: their moment on this, but we'll see. I guess the 685 00:37:10,880 --> 00:37:12,960 Speaker 1: thing is here, Rick, I'm fooling around. But then I 686 00:37:13,000 --> 00:37:16,640 Speaker 1: read the subhead organized or acknowledges there's a passionate faction 687 00:37:16,680 --> 00:37:20,040 Speaker 1: of the convoy that wants to head into the nation's capital. 688 00:37:20,040 --> 00:37:22,040 Speaker 1: They want to drive into town and shut the thing down. 689 00:37:22,040 --> 00:37:25,040 Speaker 1: I'm like, are we taking this seriously or not? I 690 00:37:25,080 --> 00:37:27,440 Speaker 1: think the longer they can stay on the Beltway, the 691 00:37:27,520 --> 00:37:31,400 Speaker 1: better off they'll be. I can't even imagine what downtown 692 00:37:31,400 --> 00:37:34,760 Speaker 1: Washington will look like with more trucks and cars. Gee, 693 00:37:34,080 --> 00:37:38,000 Speaker 1: I you mean there's traffic in Washington. Uh. Honestly, I 694 00:37:38,120 --> 00:37:41,319 Speaker 1: really begin to wonder the science around this protest. And 695 00:37:41,360 --> 00:37:43,160 Speaker 1: I'm a big fan of protests, as you know, but 696 00:37:43,280 --> 00:37:46,120 Speaker 1: when I when I calculated this new price of gas 697 00:37:46,360 --> 00:37:49,200 Speaker 1: with a hundred and fifty gallons in the tank, you know, 698 00:37:49,440 --> 00:37:53,080 Speaker 1: it's tossing them seven hundred dollars a tank just to protest. 699 00:37:54,280 --> 00:37:56,359 Speaker 1: That's a lot to ask, you know. You could say 700 00:37:56,400 --> 00:37:59,960 Speaker 1: that a different way, Rick, that this is a convoy 701 00:38:00,040 --> 00:38:03,560 Speaker 1: way protesting a federal mandate that doesn't exist and in 702 00:38:03,600 --> 00:38:09,280 Speaker 1: the process sending gas prices higher. They're driving all day. 703 00:38:09,640 --> 00:38:14,680 Speaker 1: I'd call that a beltway bandit, Genie, this is uh. 704 00:38:15,120 --> 00:38:17,400 Speaker 1: I guess the issue here is that someone like me 705 00:38:17,520 --> 00:38:21,320 Speaker 1: comes on the radio or whatever and laughs about this. Uh, 706 00:38:21,360 --> 00:38:23,640 Speaker 1: what is there to take seriously here? What are we 707 00:38:23,719 --> 00:38:27,560 Speaker 1: missing that these people are calling for? Well, you know, 708 00:38:27,719 --> 00:38:30,480 Speaker 1: the reality is you have many people across the country 709 00:38:30,520 --> 00:38:33,280 Speaker 1: and across the world quite frankly, who believe in liberty, 710 00:38:33,320 --> 00:38:35,480 Speaker 1: and they believe that they have a freedom to do 711 00:38:35,600 --> 00:38:38,520 Speaker 1: with their bodies and their jobs, etcetera, what they want 712 00:38:38,560 --> 00:38:41,240 Speaker 1: to do, and they don't want the government monkeying around 713 00:38:41,239 --> 00:38:44,040 Speaker 1: and that so, you know, that is a serious conversation 714 00:38:44,120 --> 00:38:46,560 Speaker 1: to be had. Is this thing a security threat? Are 715 00:38:46,560 --> 00:38:48,920 Speaker 1: you worried about them coming in the district? You know, 716 00:38:49,000 --> 00:38:52,840 Speaker 1: I think that the cops and the federal authorities in 717 00:38:52,920 --> 00:38:56,240 Speaker 1: DC have this under control so far. I think again, 718 00:38:56,239 --> 00:38:58,680 Speaker 1: they did learn a lesson from what happened in Canada. 719 00:38:59,040 --> 00:39:01,080 Speaker 1: I don't see this as a threat. In fact, I 720 00:39:01,120 --> 00:39:02,919 Speaker 1: have some people who have seen it who have said 721 00:39:02,920 --> 00:39:05,399 Speaker 1: it was more like a traveling circus almost. They had 722 00:39:05,520 --> 00:39:07,879 Speaker 1: you know, T shirts and you know, all kinds of things, 723 00:39:07,880 --> 00:39:10,200 Speaker 1: so there's a commerce going on there, so God bless them. 724 00:39:10,280 --> 00:39:12,600 Speaker 1: That's right. There's a festive atmosphere. I am told, by 725 00:39:12,640 --> 00:39:14,279 Speaker 1: the way, because I was in motion, so I didn't 726 00:39:14,320 --> 00:39:17,040 Speaker 1: I didn't see the whole thing obviously. I'm told it 727 00:39:17,080 --> 00:39:19,680 Speaker 1: took twenty five minutes for the convoy to pass. If 728 00:39:19,719 --> 00:39:22,759 Speaker 1: you were sitting in one place with a bunch of 729 00:39:22,760 --> 00:39:25,839 Speaker 1: breaks in between, about a hundred and thirty large trucks. 730 00:39:25,880 --> 00:39:28,240 Speaker 1: But then there's like all these minivans and pickup trucks 731 00:39:28,239 --> 00:39:29,919 Speaker 1: in there too. It's a little bit difficult to tell. 732 00:39:29,920 --> 00:39:32,360 Speaker 1: But it also made me think back, you know, to 733 00:39:32,440 --> 00:39:34,440 Speaker 1: the small town I grew up in, and I thought, gosh, 734 00:39:34,640 --> 00:39:37,240 Speaker 1: why don't we just call it a parade? It seems 735 00:39:37,280 --> 00:39:40,320 Speaker 1: so harmless. Rick, It's a it's a the people's parade, 736 00:39:42,080 --> 00:39:47,320 Speaker 1: The people's Hubcap Parade. I mean, you know, I agree. 737 00:39:47,320 --> 00:39:49,560 Speaker 1: I look, I'm all for people driving around the Beltway. 738 00:39:50,040 --> 00:39:53,520 Speaker 1: It happens every day, those parades, and I wish these 739 00:39:53,560 --> 00:39:56,319 Speaker 1: guys lucked because they've already accomplished what they want. Maybe 740 00:39:56,360 --> 00:39:58,759 Speaker 1: it's a victory lap is what they're doing. That's right, 741 00:39:58,840 --> 00:40:02,720 Speaker 1: that's the spirit. Another her turn around the Beltway marches 742 00:40:02,760 --> 00:40:05,880 Speaker 1: Women's History Month every day this month, celebrating significant moments 743 00:40:06,400 --> 00:40:09,440 Speaker 1: with Nita Young. Here's Nita on this day in Women's History. 744 00:40:09,440 --> 00:40:12,759 Speaker 1: In twousand ten, Catherine Bigelow becomes the first woman to 745 00:40:12,800 --> 00:40:16,279 Speaker 1: win an Academy Award for Best Director. It was for 746 00:40:16,400 --> 00:40:20,239 Speaker 1: The hurt Locker. Bigelow studied painting at the San Francisco 747 00:40:20,400 --> 00:40:23,400 Speaker 1: Art Institute. In the early nineteen seventies, she moved to 748 00:40:23,400 --> 00:40:26,600 Speaker 1: New York City to participate in the Whitney Museum's independent 749 00:40:26,680 --> 00:40:31,040 Speaker 1: study program. She soon became interested in filmmaking and eventually 750 00:40:31,080 --> 00:40:35,560 Speaker 1: earned a scholarship to the Graduate Film School at Columbia University. 751 00:40:35,600 --> 00:40:38,880 Speaker 1: After graduation, she began working on her first feature length movie, 752 00:40:38,920 --> 00:40:42,440 Speaker 1: The Loveless, which she co wrote and co directed. Bigelow 753 00:40:42,480 --> 00:40:45,319 Speaker 1: had a stint at teaching at the California Institute of 754 00:40:45,320 --> 00:40:47,920 Speaker 1: the Arts in the nineteen eighties before returning to the 755 00:40:47,920 --> 00:40:50,880 Speaker 1: big screen. She continued to be a box office success 756 00:40:50,920 --> 00:40:54,640 Speaker 1: with several films and solidified her place in the traditionally 757 00:40:54,719 --> 00:40:59,400 Speaker 1: male dominated world of action films. That's today in women's history. 758 00:40:59,520 --> 00:41:02,960 Speaker 1: I'm neat a young Bloomberg Radio. Alright, radey that we 759 00:41:03,040 --> 00:41:05,440 Speaker 1: thank you and appreciate you spending some time with us 760 00:41:05,480 --> 00:41:07,839 Speaker 1: here on the fastest hour in politics. I'll meet you 761 00:41:07,880 --> 00:41:12,680 Speaker 1: back here tomorrow on Bloomberg, of course. For Rick and Jennie, 762 00:41:12,800 --> 00:41:15,560 Speaker 1: I'm Joe Matthew ten four, good buddy,