1 00:00:02,480 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,760 --> 00:00:09,640 Speaker 2: Joining us now, as you can see if you're with 3 00:00:09,720 --> 00:00:12,560 Speaker 2: us on Bloomberg TV, is the Secretary of the Interior. 4 00:00:12,600 --> 00:00:15,000 Speaker 2: Doug Bergam, mister Secretary. Great to have you with us 5 00:00:15,000 --> 00:00:17,720 Speaker 2: here on Bloomberg TV and radio. I'd like to zero 6 00:00:17,840 --> 00:00:20,640 Speaker 2: win on the President's speech with you from your vantage point, 7 00:00:21,040 --> 00:00:23,840 Speaker 2: record length and a lot to talk about. What did 8 00:00:23,840 --> 00:00:27,320 Speaker 2: he propose for the year ahead that's important to your agency. 9 00:00:27,800 --> 00:00:30,440 Speaker 1: Well, let's just start at the top line. This is 10 00:00:30,560 --> 00:00:35,040 Speaker 1: incredibly courageous, forward looking talk and celebrating our two hundred 11 00:00:35,040 --> 00:00:38,519 Speaker 1: and fiftieth anniversary as a country, going literally back to 12 00:00:38,560 --> 00:00:41,000 Speaker 1: our founding. And then tonight who would have known when 13 00:00:41,000 --> 00:00:42,599 Speaker 1: you're coming to hear the speech, you're going to get 14 00:00:42,600 --> 00:00:45,720 Speaker 1: an opportunity to be present for the Medal of Honor 15 00:00:45,800 --> 00:00:50,720 Speaker 1: being delivered twice, one for heroics from a warrior from 16 00:00:50,720 --> 00:00:54,560 Speaker 1: World War Two and Korea War who's one hundred years old, 17 00:00:54,600 --> 00:00:58,080 Speaker 1: and then someone who just weeks ago was courageously led 18 00:00:58,120 --> 00:01:01,600 Speaker 1: the charges one of our helicopter prit's when they were 19 00:01:01,680 --> 00:01:06,440 Speaker 1: arresting Maduro. So it spanned the whole two hundred and 20 00:01:06,480 --> 00:01:10,000 Speaker 1: fifty years. But again I would just say it. Two takeaways. 21 00:01:10,200 --> 00:01:15,160 Speaker 1: Peace around the world, prosperity for Americans, af affordability. President 22 00:01:15,200 --> 00:01:18,400 Speaker 1: Trump's policies turning this country around in the last twelve months. 23 00:01:18,480 --> 00:01:21,080 Speaker 2: A lot of focus on energy, as we expected this evening, 24 00:01:21,280 --> 00:01:24,680 Speaker 2: as he reminded, drill, Baby, Drill, but also talked about 25 00:01:24,720 --> 00:01:27,000 Speaker 2: what he would like to see the ability of the 26 00:01:27,040 --> 00:01:30,399 Speaker 2: big tech companies, the hyper scalers having the opportunity to 27 00:01:30,480 --> 00:01:33,800 Speaker 2: bring in their own power plants to put aside their 28 00:01:33,880 --> 00:01:36,880 Speaker 2: data centers essentially off the grid. Is that something that 29 00:01:36,920 --> 00:01:39,360 Speaker 2: the Interior Department is in the process of unlocking. 30 00:01:39,600 --> 00:01:44,680 Speaker 1: Well, absolutely, through the National Energy Dominance Council that runs 31 00:01:44,680 --> 00:01:46,959 Speaker 1: out of the White House. That President Trump has asked 32 00:01:47,520 --> 00:01:50,279 Speaker 1: Secretary of Chris Wright and I to lead Secretary of Energy. 33 00:01:51,040 --> 00:01:53,680 Speaker 1: We're working hard to make sure that we can do this, 34 00:01:53,800 --> 00:01:58,000 Speaker 1: have this behind the meter capability byop bringing your own 35 00:01:58,040 --> 00:02:02,080 Speaker 1: power because we need power. This is about energy addition. 36 00:02:02,200 --> 00:02:05,680 Speaker 1: There is no energy transition. President Trump understands that we've 37 00:02:05,680 --> 00:02:07,560 Speaker 1: got to have energy abundance. We've got to be able 38 00:02:07,560 --> 00:02:10,560 Speaker 1: to sell owners need to our friends and allies, including 39 00:02:10,600 --> 00:02:14,040 Speaker 1: those that have been dependent on our adversaries. I mean, 40 00:02:14,080 --> 00:02:16,560 Speaker 1: if you're getting energy from Iran or Russia, and they're 41 00:02:16,639 --> 00:02:19,960 Speaker 1: funding terrorism or wars. I mean, we can stop wars 42 00:02:20,000 --> 00:02:23,080 Speaker 1: and stop terrorism by having energy abundance from the US, 43 00:02:23,240 --> 00:02:25,720 Speaker 1: but enough abundance that we can keep prices for energy 44 00:02:25,919 --> 00:02:29,480 Speaker 1: here at home low even with the demand increase, so 45 00:02:29,520 --> 00:02:31,880 Speaker 1: that we can win the AI arms race against China, 46 00:02:31,919 --> 00:02:34,440 Speaker 1: which part of that race is who can generate the 47 00:02:34,480 --> 00:02:36,880 Speaker 1: most electricity, because this is the first time in history 48 00:02:37,080 --> 00:02:39,040 Speaker 1: you can take a killo loot of electricity and turn 49 00:02:39,040 --> 00:02:42,560 Speaker 1: it into intelligence. President Trump understands that his policy is 50 00:02:42,600 --> 00:02:45,040 Speaker 1: going to work for both winning the aarms race and 51 00:02:45,120 --> 00:02:47,320 Speaker 1: for keeping electricity affordable for Americans. 52 00:02:47,360 --> 00:02:49,720 Speaker 2: Wait, there's so much there. Do you worry about some 53 00:02:49,800 --> 00:02:53,120 Speaker 2: of the concern that people have expressed about data centers, 54 00:02:53,120 --> 00:02:57,040 Speaker 2: the nimby concerns, the worry about their electricity bills rising. 55 00:02:57,200 --> 00:02:58,520 Speaker 2: Is this plan the way around that? 56 00:02:59,160 --> 00:03:02,400 Speaker 1: Absolutely, because if it's off the grid, it's not putting 57 00:03:02,480 --> 00:03:06,160 Speaker 1: any burden on the grid itself, and it's not putting 58 00:03:05,800 --> 00:03:09,519 Speaker 1: any pressure on rate pairs. Matter of fact, in North Dkota, 59 00:03:09,520 --> 00:03:12,080 Speaker 1: when I was still a governor, they are just fifteen 60 00:03:12,120 --> 00:03:14,640 Speaker 1: months ago we were completing a one point two billion 61 00:03:14,680 --> 00:03:17,480 Speaker 1: dollar data center, and the electricity rates were going to 62 00:03:17,520 --> 00:03:19,640 Speaker 1: go down for all the people, and then that are 63 00:03:19,680 --> 00:03:23,560 Speaker 1: because you're spreading the cost across a big industrial buyer 64 00:03:24,200 --> 00:03:27,240 Speaker 1: in a rural area. So there are ways where you 65 00:03:27,280 --> 00:03:31,560 Speaker 1: can add capability add a big power user like that. 66 00:03:32,280 --> 00:03:33,840 Speaker 1: If you do it in the right way, it actually 67 00:03:33,880 --> 00:03:37,000 Speaker 1: brings power down. So it's only people that would be 68 00:03:37,400 --> 00:03:42,839 Speaker 1: opposed to for other reasons, including the climate extremists, would 69 00:03:42,840 --> 00:03:45,200 Speaker 1: come up with a story that says that the artificial 70 00:03:45,240 --> 00:03:48,480 Speaker 1: intelligence is going to raise your rates automatically. That's only 71 00:03:48,520 --> 00:03:51,320 Speaker 1: with the wrong policies. With the right policies, they'll stay 72 00:03:51,320 --> 00:03:52,240 Speaker 1: the same or go down. 73 00:03:52,320 --> 00:03:55,800 Speaker 2: Really interesting. The audience is deeply concerned about the future 74 00:03:55,840 --> 00:03:58,360 Speaker 2: of that AI race, what it means for this country. 75 00:03:58,440 --> 00:04:01,200 Speaker 2: The President said a bit about that evening, but clearly 76 00:04:01,240 --> 00:04:04,640 Speaker 2: it's one of many priorities that he's pursuing in this 77 00:04:04,720 --> 00:04:07,920 Speaker 2: new year. What's the most important way to win that 78 00:04:08,000 --> 00:04:10,920 Speaker 2: AI race? Even as the markets start to question some 79 00:04:10,960 --> 00:04:13,680 Speaker 2: of the spending that we're seeing from these massive companies, 80 00:04:13,680 --> 00:04:16,680 Speaker 2: they're the size of countries, mister Secretary. 81 00:04:16,320 --> 00:04:19,839 Speaker 1: Yes, well, but again, this is a recovery new territory 82 00:04:20,240 --> 00:04:23,880 Speaker 1: and we're going to see incredible capital flows around the world, 83 00:04:23,920 --> 00:04:26,800 Speaker 1: and those capital flows, record capital flows are going to 84 00:04:26,800 --> 00:04:30,640 Speaker 1: go to places that have ample, affordable, reliable and secure power. 85 00:04:31,360 --> 00:04:33,159 Speaker 1: And that's going to be countries, and it's going to 86 00:04:33,160 --> 00:04:37,000 Speaker 1: be states within those countries. Within Europe, it may be 87 00:04:37,120 --> 00:04:40,680 Speaker 1: certain countries as opposed to all of the EU. Secretary 88 00:04:40,720 --> 00:04:43,240 Speaker 1: Chris Right and I today met with twenty one energy 89 00:04:43,279 --> 00:04:46,760 Speaker 1: ministers from Central and Eastern Europe. Again, the race is on. 90 00:04:47,080 --> 00:04:51,719 Speaker 1: People that have sensible energy policies that focus on affordable, 91 00:04:51,760 --> 00:04:54,680 Speaker 1: reliable and secure energy are going to see a boom 92 00:04:54,800 --> 00:04:57,480 Speaker 1: in investment going forward, because it's not just the data center, 93 00:04:57,640 --> 00:05:02,000 Speaker 1: it's what follows that advanced manufacturer, the physical AI, because 94 00:05:02,040 --> 00:05:05,760 Speaker 1: AI will be the greatest productivity increase that humanity has 95 00:05:05,760 --> 00:05:09,360 Speaker 1: ever seen. It really is an extension of human capability, 96 00:05:09,880 --> 00:05:12,960 Speaker 1: whether it's curing cancer, providing a tutor for every school 97 00:05:13,040 --> 00:05:16,200 Speaker 1: kid in the world, or solving the most clipplex problems 98 00:05:16,200 --> 00:05:19,200 Speaker 1: that we've ever faced. This is something that we need 99 00:05:19,279 --> 00:05:22,080 Speaker 1: in America and the free world needs to make sure 100 00:05:22,120 --> 00:05:24,280 Speaker 1: that we're competitive in this aarms race, and the way 101 00:05:24,279 --> 00:05:27,680 Speaker 1: we do that is generate more power energy addition, there 102 00:05:27,720 --> 00:05:30,160 Speaker 1: is no such thing as energy transition. If you're shutting 103 00:05:30,200 --> 00:05:34,120 Speaker 1: down seven x twenty four, secure base load and adding 104 00:05:34,200 --> 00:05:40,480 Speaker 1: intermit unreliable foreign sourced energy. That's energy fantasy. President Trump's 105 00:05:40,480 --> 00:05:41,840 Speaker 1: focused on energy reality. 106 00:05:42,080 --> 00:05:44,440 Speaker 2: You're not only the Interior secretary, but you're also a 107 00:05:44,480 --> 00:05:46,839 Speaker 2: surrogate of the president. Typically, after the State of the Union, 108 00:05:47,000 --> 00:05:49,919 Speaker 2: we see cabinet secretaries fan out across the country to 109 00:05:50,040 --> 00:05:53,640 Speaker 2: hit home to deliver the message that the president began tonight. 110 00:05:53,680 --> 00:05:55,559 Speaker 2: Do you have travel plans, what are the next weeks 111 00:05:55,560 --> 00:05:56,520 Speaker 2: and months look like for you? 112 00:05:56,600 --> 00:05:59,640 Speaker 1: Well? Absolutely, and of course all the cabinet sectors will 113 00:05:59,640 --> 00:06:01,440 Speaker 1: tie it in with part of their job. So I'm 114 00:06:01,440 --> 00:06:04,360 Speaker 1: going to be heading heading out to Western States where 115 00:06:04,360 --> 00:06:06,240 Speaker 1: we have a large degree of federal land, a lot 116 00:06:06,240 --> 00:06:09,960 Speaker 1: of intersection with those federal assets. What we like to 117 00:06:09,960 --> 00:06:12,800 Speaker 1: say the Apartment of Materia has got the largest balance 118 00:06:12,800 --> 00:06:15,640 Speaker 1: sheet in the world. Five hundred million acres of land, 119 00:06:15,720 --> 00:06:18,960 Speaker 1: seven hundred million acres of subservice rich with minerals, three 120 00:06:19,040 --> 00:06:22,760 Speaker 1: billion acres of offshore from American Samoa, the US Virgin Islands, 121 00:06:23,360 --> 00:06:27,600 Speaker 1: Gulf of America, which represents a huge energy component mixed 122 00:06:27,640 --> 00:06:30,440 Speaker 1: for our country. But yeah, we'll be spanning out delivering 123 00:06:30,440 --> 00:06:32,960 Speaker 1: the message. And the message is one that's a forward 124 00:06:32,960 --> 00:06:37,039 Speaker 1: looking prosperity. When you talk about the policies through your businessors, 125 00:06:37,200 --> 00:06:42,599 Speaker 1: we're talking about cutting taxes, massively, cutting regulations. Record investment, 126 00:06:42,880 --> 00:06:46,360 Speaker 1: incomes are up, inflation is down, interest rates are down, 127 00:06:47,160 --> 00:06:50,479 Speaker 1: and affordability of housing is becoming more affordable. I mean, 128 00:06:50,520 --> 00:06:53,039 Speaker 1: this is President Trump's right. We are entering a new 129 00:06:53,080 --> 00:06:57,120 Speaker 1: golden age of abundance. This first year was an amazing 130 00:06:57,120 --> 00:06:59,720 Speaker 1: one hundred and eighty degree turnaround. The next year going 131 00:06:59,720 --> 00:07:02,320 Speaker 1: forward could be nothing short of an economic miracle. 132 00:07:02,680 --> 00:07:04,960 Speaker 2: We'll be watching for you here in Washington on the 133 00:07:05,000 --> 00:07:08,040 Speaker 2: campaign trail throughout the midterms. Mister Secretary, thanks for joining 134 00:07:08,080 --> 00:07:10,119 Speaker 2: us once again on Bloomberg TJ Radio. 135 00:07:10,200 --> 00:07:11,120 Speaker 1: Thank you for being here.