1 00:00:01,720 --> 00:00:07,480 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On today. 2 00:00:07,520 --> 00:00:10,680 Speaker 1: I'm authorized in the release of one million barrels per 3 00:00:10,760 --> 00:00:13,600 Speaker 1: day for the next six months, over a hundred eighty 4 00:00:13,680 --> 00:00:18,680 Speaker 1: million barrels. But we cannot allow the fossil fuel industry 5 00:00:18,680 --> 00:00:22,520 Speaker 1: to use this as an excuse to reverse everything we're doing. 6 00:00:22,640 --> 00:00:28,000 Speaker 1: Floomberg Sound On Politics, Policy and perspective from DC's top names. 7 00:00:28,280 --> 00:00:31,320 Speaker 1: Making Putin seems small and out of touch is exactly 8 00:00:31,320 --> 00:00:34,040 Speaker 1: what this administration strategy is. I wouldn't want to tell 9 00:00:34,120 --> 00:00:38,319 Speaker 1: him the truth. Bloomberg Sound On with Joe Matthew on 10 00:00:38,520 --> 00:00:44,080 Speaker 1: Bloomberg Radio. Here comes the oil, a hundred eighty million 11 00:00:44,159 --> 00:00:48,760 Speaker 1: barrels from the strategic reserve as President Biden takes another 12 00:00:48,800 --> 00:00:52,159 Speaker 1: swing at inflation and Vladimir Putin in a single bound, 13 00:00:52,720 --> 00:00:56,240 Speaker 1: But will it work? Welcome to the fastest hour in politics, 14 00:00:56,240 --> 00:00:58,720 Speaker 1: with a special focus today on our economy against the 15 00:00:58,760 --> 00:01:01,680 Speaker 1: backdrop of war in Ukraine. Will be joined in a 16 00:01:01,720 --> 00:01:05,440 Speaker 1: moment by Congressman Dan Kilde, Democrat from Michigan, serves on 17 00:01:05,480 --> 00:01:08,679 Speaker 1: the House Budget and Ways and Means committees, and we'll 18 00:01:08,680 --> 00:01:10,920 Speaker 1: talk about the impact of the President's new plan, what 19 00:01:10,959 --> 00:01:13,280 Speaker 1: it might mean for prices, here with oil analyst Tom 20 00:01:13,360 --> 00:01:16,280 Speaker 1: close up, and the signature panel is in place. Today 21 00:01:16,280 --> 00:01:19,759 Speaker 1: we'll have Bloomberg Politics contributors Jeanie Schanzano and Rick Davis 22 00:01:19,800 --> 00:01:21,560 Speaker 1: for the hour. You know what was coming if you 23 00:01:21,600 --> 00:01:25,280 Speaker 1: were watching or listening to Bloomberg earlier today. A rolling 24 00:01:25,440 --> 00:01:30,120 Speaker 1: release of crude oil from the nation's strategic petroleum reserves 25 00:01:30,120 --> 00:01:33,200 Speaker 1: announced today by President Biden. Today, I'm authorized in the 26 00:01:33,280 --> 00:01:36,960 Speaker 1: release of one million barrels per day for the next 27 00:01:37,000 --> 00:01:40,520 Speaker 1: six months, over a hundred eighty million barrels for the 28 00:01:40,600 --> 00:01:45,440 Speaker 1: strategic from the from the Strategic Petroleum Reserve. This is 29 00:01:45,480 --> 00:01:49,520 Speaker 1: a wartime bridge to increase oil supply until production ramps 30 00:01:49,600 --> 00:01:52,720 Speaker 1: up later this year, and it is by far the 31 00:01:52,800 --> 00:01:56,600 Speaker 1: largest release of our of our national reserve in our history. 32 00:01:56,760 --> 00:02:00,160 Speaker 1: Will provide historic amount of supply for a or a 33 00:02:00,240 --> 00:02:03,160 Speaker 1: amount of time, a six months bridge to the fall. 34 00:02:03,400 --> 00:02:05,800 Speaker 1: He says, prices could drop anywhere from ten to thirty 35 00:02:05,840 --> 00:02:08,840 Speaker 1: five cents of gallons, and again no one knows once 36 00:02:08,880 --> 00:02:12,440 Speaker 1: gas stations that is used the fuel they already bought 37 00:02:12,480 --> 00:02:15,160 Speaker 1: at higher prices. The President also announcing a new use 38 00:02:15,200 --> 00:02:17,560 Speaker 1: it or Lose it policy for oil companies that are 39 00:02:17,560 --> 00:02:21,919 Speaker 1: holding drilling permits without yes using them. This is where 40 00:02:21,960 --> 00:02:24,880 Speaker 1: we start with Congressman Dan Kilde, Democrat from Michigan. Chief 41 00:02:24,880 --> 00:02:28,399 Speaker 1: Deputy Whip serves on the Budget and Ways and Means committees. Congressman, 42 00:02:28,440 --> 00:02:31,360 Speaker 1: welcome back to Bloomberg. Thank you, it's going to be back. 43 00:02:32,040 --> 00:02:34,400 Speaker 1: We're looking today at the biggest ever release of oil 44 00:02:34,800 --> 00:02:37,240 Speaker 1: from our strategic reserve, a big story coming from the 45 00:02:37,240 --> 00:02:39,359 Speaker 1: White House. Do you support this move by the President? 46 00:02:40,200 --> 00:02:43,240 Speaker 1: I do. I don't think by itself it solves the problem, 47 00:02:43,280 --> 00:02:45,160 Speaker 1: but it's a step. I'd like to see us do 48 00:02:45,240 --> 00:02:47,919 Speaker 1: a couple other things, but this is a step in 49 00:02:47,960 --> 00:02:51,120 Speaker 1: the right direction. People need relief at the pump, and 50 00:02:51,120 --> 00:02:53,000 Speaker 1: this will make a difference in terms of the prices 51 00:02:53,040 --> 00:02:57,280 Speaker 1: they're seeing for everything. What else should we be trying then, well, 52 00:02:57,280 --> 00:03:00,359 Speaker 1: I think a couple of things. One, I support prairie 53 00:03:00,440 --> 00:03:03,480 Speaker 1: suspension of the federal and state gas taxes. You know, 54 00:03:03,520 --> 00:03:06,960 Speaker 1: in my case in Michigan, that could mean forty five 55 00:03:07,040 --> 00:03:10,800 Speaker 1: cents or so relief at the pump. Combine that with 56 00:03:10,960 --> 00:03:13,840 Speaker 1: additional inventory that the President is going to put into 57 00:03:13,880 --> 00:03:17,920 Speaker 1: the market through the release of Strategic Ptroleum Reserve, and 58 00:03:17,919 --> 00:03:21,480 Speaker 1: and other small things like, for example, allowing for a 59 00:03:21,600 --> 00:03:25,560 Speaker 1: higher blend of ethanol during the summer months, which right 60 00:03:25,600 --> 00:03:29,040 Speaker 1: now is prohibited for no real good reason, that would 61 00:03:29,040 --> 00:03:33,160 Speaker 1: provide some marginal relief. You put these things together, and 62 00:03:33,440 --> 00:03:35,600 Speaker 1: while people may still be paying more than they would like, 63 00:03:36,120 --> 00:03:38,000 Speaker 1: they'd be paying less than they are now. And I 64 00:03:38,040 --> 00:03:40,960 Speaker 1: think that's really what we need to work on while 65 00:03:40,960 --> 00:03:44,240 Speaker 1: we're getting through this crisis caused by the pandemic and 66 00:03:44,280 --> 00:03:48,400 Speaker 1: of course partly by what's happening in Ukraine. People need 67 00:03:48,480 --> 00:03:50,880 Speaker 1: relief and we need to do what we can to help. 68 00:03:50,960 --> 00:03:53,640 Speaker 1: Speaker Pelosi had an interesting take on the gas tax 69 00:03:53,720 --> 00:03:56,200 Speaker 1: holiday today. I know this is something that's been knocked 70 00:03:56,200 --> 00:03:58,440 Speaker 1: around a little bit, as you're referring to. I'd love 71 00:03:58,480 --> 00:04:00,600 Speaker 1: for you to respond to what she said here. She 72 00:04:00,720 --> 00:04:04,400 Speaker 1: is the pro is very showbiz. Okay, let's just do 73 00:04:04,480 --> 00:04:08,360 Speaker 1: something there. It is, but it is not necessarily landing 74 00:04:08,440 --> 00:04:11,760 Speaker 1: in the pocket of the consumer. It's taken out of 75 00:04:11,800 --> 00:04:14,520 Speaker 1: the trust fund. We have to pay for that to 76 00:04:14,680 --> 00:04:18,120 Speaker 1: return it. I think I know what she means by showbiz. Congressman, 77 00:04:18,160 --> 00:04:21,080 Speaker 1: do you agree that that's that's a component of this 78 00:04:21,200 --> 00:04:23,960 Speaker 1: that it's it makes a good headline, but might not 79 00:04:24,040 --> 00:04:26,560 Speaker 1: do a lot to prices. Well, I think you've done 80 00:04:26,600 --> 00:04:30,600 Speaker 1: by itself. The federal gas tax isn't doesn't provide dramatic relief. 81 00:04:31,040 --> 00:04:35,839 Speaker 1: Done with state gas tax reduction, and with an increase 82 00:04:35,839 --> 00:04:39,479 Speaker 1: in inventory, and with the higher ethol blend, these little 83 00:04:39,520 --> 00:04:42,200 Speaker 1: pieces that by themselves might not make a difference, really 84 00:04:42,200 --> 00:04:45,400 Speaker 1: do add up. So I disagree with the notion that 85 00:04:45,440 --> 00:04:48,919 Speaker 1: we that this doesn't make any difference. I understand the 86 00:04:48,960 --> 00:04:51,279 Speaker 1: speaker's point because I've spoken to her about this, and 87 00:04:51,320 --> 00:04:54,280 Speaker 1: she's concerned, of course, that the oil companies will simply 88 00:04:54,360 --> 00:04:57,960 Speaker 1: take whatever relief we provide through a gas task reduction 89 00:04:58,240 --> 00:05:02,360 Speaker 1: and just increase their prices at the pump. Partly, what 90 00:05:02,400 --> 00:05:05,360 Speaker 1: we need to do is hold them accountable while we're 91 00:05:05,400 --> 00:05:09,239 Speaker 1: also doing these other things, and that's obviously a challenge. 92 00:05:09,240 --> 00:05:13,400 Speaker 1: She also expressed some concern that oil companies run wild here, right, 93 00:05:13,440 --> 00:05:16,120 Speaker 1: She said, we will not let them undo the progress 94 00:05:16,160 --> 00:05:19,080 Speaker 1: that we've made, referring to the transition to renewable energy. 95 00:05:19,360 --> 00:05:22,600 Speaker 1: That's not something you can control legislatively, though, is it. Well, 96 00:05:22,640 --> 00:05:24,520 Speaker 1: it's difficult. I mean, one of the things we can 97 00:05:24,560 --> 00:05:26,800 Speaker 1: do is try to balance the scale a little bit 98 00:05:26,880 --> 00:05:31,520 Speaker 1: by providing incentives for additional development. Of renewables, which we 99 00:05:31,600 --> 00:05:34,520 Speaker 1: think is both good for our economy and good for 100 00:05:34,560 --> 00:05:38,000 Speaker 1: the environment. Should we incentivize more drilling for fossil fuels 101 00:05:38,000 --> 00:05:40,640 Speaker 1: as well? Believe me, the oil companies get plenty of 102 00:05:40,720 --> 00:05:43,839 Speaker 1: tax breaks as it stands right now, and they seem 103 00:05:43,880 --> 00:05:47,880 Speaker 1: to be doing just fine. While consumers want, say electric 104 00:05:47,960 --> 00:05:52,560 Speaker 1: vehicles or solar panels, making the numbers work and helping 105 00:05:52,560 --> 00:05:56,320 Speaker 1: them get to scale so that it's market based. It's 106 00:05:56,320 --> 00:05:58,440 Speaker 1: a little more difficult, but I think at this point 107 00:05:58,440 --> 00:06:01,200 Speaker 1: in time, I think the companies are doing just fine 108 00:06:01,240 --> 00:06:03,680 Speaker 1: and probably don't need more tax breaks. Congress and Keilty. 109 00:06:03,760 --> 00:06:06,080 Speaker 1: Inflation is driving so much of the conversation right now 110 00:06:06,120 --> 00:06:08,320 Speaker 1: in Washington. Any story I ask you about has some 111 00:06:08,360 --> 00:06:11,799 Speaker 1: sort of connection to an energy prices, food prices, drug prices. 112 00:06:12,279 --> 00:06:14,919 Speaker 1: The President says he's still pursuing legislation to lower the 113 00:06:14,960 --> 00:06:18,920 Speaker 1: cost of prescription drugs. He mentions it in almost every speech. 114 00:06:18,960 --> 00:06:21,240 Speaker 1: And I know you have your own bill that would 115 00:06:21,279 --> 00:06:24,080 Speaker 1: specifically cut the cost of insulin. How would it work, Well, 116 00:06:24,080 --> 00:06:26,760 Speaker 1: this would simply place the camp no matter what sort 117 00:06:26,760 --> 00:06:29,520 Speaker 1: of insurance an individual has, whether it's Medicare, one of 118 00:06:29,560 --> 00:06:33,880 Speaker 1: the Medicare advantage, or party plans or private insurance. No 119 00:06:34,000 --> 00:06:36,760 Speaker 1: more than thirty five dollars of the cost of insulin 120 00:06:37,120 --> 00:06:39,000 Speaker 1: could go to the consumer. So it s as he 121 00:06:39,120 --> 00:06:43,200 Speaker 1: caps the consumer out of pocket costs, because right now 122 00:06:43,240 --> 00:06:45,120 Speaker 1: we know there are people who are going without their 123 00:06:45,120 --> 00:06:48,160 Speaker 1: insulin because they can't afford it. Now. I do support 124 00:06:48,320 --> 00:06:52,360 Speaker 1: broader efforts to reduce the overall price of insulin and 125 00:06:52,440 --> 00:06:56,719 Speaker 1: lots of other drugs through price negotiations. So far, we 126 00:06:56,760 --> 00:06:59,160 Speaker 1: haven't been able to get that legislation through the Senate. 127 00:06:59,800 --> 00:07:02,280 Speaker 1: So what we've proposed is okay. If some of our 128 00:07:02,279 --> 00:07:05,080 Speaker 1: colleagues are unwilling to take that step, maybe we'll get 129 00:07:05,080 --> 00:07:08,440 Speaker 1: some other members of Congress and senators who will. But 130 00:07:08,520 --> 00:07:11,800 Speaker 1: in the meantime, let's do what we can and insulin, 131 00:07:11,920 --> 00:07:14,680 Speaker 1: because it's a one hundred year old drug that it's 132 00:07:14,720 --> 00:07:17,840 Speaker 1: not substantially changed, is an easy one for us to 133 00:07:18,240 --> 00:07:21,040 Speaker 1: try to reduce the cost for and save a lot 134 00:07:21,040 --> 00:07:23,800 Speaker 1: of lives. In the meantime, you've got support in the House. 135 00:07:24,200 --> 00:07:26,200 Speaker 1: Do you have support in the Senate or don't you 136 00:07:26,240 --> 00:07:28,400 Speaker 1: know yet? We do. I know it's a priority for 137 00:07:28,440 --> 00:07:33,040 Speaker 1: Senator Schumer. Senator Rafael Warnock from Georgia has introduced the 138 00:07:33,080 --> 00:07:35,920 Speaker 1: same legislation that that I've introduced in the House, and 139 00:07:35,960 --> 00:07:38,600 Speaker 1: so we have a path. The path in the Senate 140 00:07:38,640 --> 00:07:41,400 Speaker 1: is more difficult because they have rules that are i 141 00:07:41,440 --> 00:07:44,960 Speaker 1: think rather antiquated, where any member of the Senate could 142 00:07:44,960 --> 00:07:47,880 Speaker 1: basically stop anything, at least for a time. But that 143 00:07:47,920 --> 00:07:49,880 Speaker 1: doesn't mean we can't get it done if the American 144 00:07:49,920 --> 00:07:53,320 Speaker 1: people speak up. People who are diabetic are Democrats, Republicans, 145 00:07:53,320 --> 00:07:56,440 Speaker 1: and independents, and they need help no matter what their 146 00:07:56,560 --> 00:07:59,480 Speaker 1: political ideality, ideology is, or even if they don't think 147 00:07:59,480 --> 00:08:01,240 Speaker 1: about policy six at all. Congress, when you have a 148 00:08:01,280 --> 00:08:03,560 Speaker 1: unique view of the president's budget drop this week, being 149 00:08:03,560 --> 00:08:06,480 Speaker 1: on both the Budget and Ways and Means committees, do 150 00:08:06,520 --> 00:08:09,640 Speaker 1: you support the tax hikes the president is proposing here 151 00:08:09,680 --> 00:08:12,440 Speaker 1: to pay for this, along with the tax proposed at 152 00:08:12,480 --> 00:08:15,600 Speaker 1: least on unrealized gains that seems to keep coming back up. 153 00:08:15,960 --> 00:08:17,760 Speaker 1: It does, and we're gonna take a close look at 154 00:08:17,760 --> 00:08:19,360 Speaker 1: the budget I'm going to go through as a member 155 00:08:19,360 --> 00:08:22,400 Speaker 1: of the Budget Committee, I I generally support the priorities 156 00:08:22,400 --> 00:08:24,200 Speaker 1: of the President. I'm going to take a much closer 157 00:08:24,240 --> 00:08:26,920 Speaker 1: look at all of the implications. I do think the 158 00:08:26,920 --> 00:08:30,560 Speaker 1: current tax code is unfair, It's unfairly tilted in favor 159 00:08:30,600 --> 00:08:33,160 Speaker 1: of people at the very top of the economy. What 160 00:08:33,480 --> 00:08:37,359 Speaker 1: plan we ultimately implement as a part of our deliberations 161 00:08:37,559 --> 00:08:40,440 Speaker 1: will be informed by the President's proposal. I need to 162 00:08:40,480 --> 00:08:42,760 Speaker 1: take a deeper look at it, but yeah, I generally 163 00:08:42,800 --> 00:08:45,320 Speaker 1: support the notion that we need to put more of 164 00:08:45,320 --> 00:08:48,000 Speaker 1: the burden on those people who have benefited so greatly 165 00:08:48,320 --> 00:08:51,280 Speaker 1: and got a huge tax cut in seventeen and make 166 00:08:51,280 --> 00:08:52,920 Speaker 1: sure they pay their fair share. I think it was 167 00:08:52,960 --> 00:08:55,000 Speaker 1: Senator Joe Manchin has said, how do you tax something 168 00:08:55,040 --> 00:08:57,560 Speaker 1: you don't have, you know, with the idea of unrealized gains, 169 00:08:57,559 --> 00:08:59,640 Speaker 1: how do you make that work? And I mean at 170 00:08:59,679 --> 00:09:03,040 Speaker 1: that point, we're talking about essentially taxing value or wealth 171 00:09:03,240 --> 00:09:06,040 Speaker 1: opposed to taxing income, and that is more complicated. That 172 00:09:06,120 --> 00:09:08,800 Speaker 1: value can go down after you pay taxes on it, right, 173 00:09:08,960 --> 00:09:12,480 Speaker 1: But this is obviously a statement of values. As they say, 174 00:09:12,559 --> 00:09:15,680 Speaker 1: Can this budget pass in whatever form in time for 175 00:09:15,720 --> 00:09:18,280 Speaker 1: the next fiscal year? I hope so. I mean, you know, 176 00:09:18,320 --> 00:09:21,240 Speaker 1: it's been years since we've been able to get a 177 00:09:21,280 --> 00:09:25,000 Speaker 1: full year budget passed before October one. Yeah, we've been 178 00:09:25,200 --> 00:09:27,719 Speaker 1: in the House, we've been able to get our appropriations 179 00:09:27,760 --> 00:09:30,120 Speaker 1: bills done. We haven't seen that kind of action in 180 00:09:30,120 --> 00:09:32,439 Speaker 1: the Senate. We're going to do it again. Now. We're 181 00:09:32,440 --> 00:09:34,920 Speaker 1: going to start the process right now and get those 182 00:09:34,920 --> 00:09:37,240 Speaker 1: bills done. It starts with the Budget Committee, then it 183 00:09:37,280 --> 00:09:40,720 Speaker 1: goes to the Appropriations Committee. I'm hopeful that by Midsummer 184 00:09:40,800 --> 00:09:44,240 Speaker 1: we will have substantially passed in the House a full 185 00:09:44,360 --> 00:09:48,800 Speaker 1: year funding budget. The Senate is a super story. I 186 00:09:48,840 --> 00:09:50,559 Speaker 1: want to ask you to weigh in on the other chamber. 187 00:09:50,600 --> 00:09:54,240 Speaker 1: How about the COVID funding. Speaker Pelosi was pretty upset today, 188 00:09:54,240 --> 00:09:57,040 Speaker 1: called it shameful about the number that she saw. This 189 00:09:57,080 --> 00:09:59,160 Speaker 1: started as a twenty two billion dollar request from the 190 00:09:59,160 --> 00:10:01,680 Speaker 1: White House that is still offens. Yeah, we need to 191 00:10:01,679 --> 00:10:03,960 Speaker 1: pass this and I you know, there are aspects of 192 00:10:03,960 --> 00:10:05,960 Speaker 1: it that we can all argue about, but I don't 193 00:10:06,000 --> 00:10:08,440 Speaker 1: think we can argue that we don't need this help. 194 00:10:08,520 --> 00:10:11,000 Speaker 1: In order for us to continue to push through and 195 00:10:11,080 --> 00:10:13,720 Speaker 1: get through this pandemic, we need to make sure, like, 196 00:10:13,760 --> 00:10:16,440 Speaker 1: for example, the proposal that the President laid forward for 197 00:10:16,480 --> 00:10:19,600 Speaker 1: people to be able to get access to COVID remedies, 198 00:10:19,679 --> 00:10:22,200 Speaker 1: not not that's not just a vaccine, but some of 199 00:10:22,200 --> 00:10:26,000 Speaker 1: the proven COVID remedies At the point where they're testing positive. 200 00:10:26,080 --> 00:10:28,400 Speaker 1: That requires us to stand that up. We need the 201 00:10:28,440 --> 00:10:30,559 Speaker 1: testing material, We need to make sure we have those 202 00:10:30,600 --> 00:10:33,199 Speaker 1: remedies readily available. I know a lot of folks want 203 00:10:33,200 --> 00:10:35,760 Speaker 1: to just say the pandemic is over. We have to 204 00:10:35,800 --> 00:10:38,480 Speaker 1: accept the good news that it's getting a lot better. 205 00:10:38,840 --> 00:10:42,000 Speaker 1: But that doesn't mean we stop everything. And we need 206 00:10:42,000 --> 00:10:44,720 Speaker 1: to finish the job. And I support the President's effort 207 00:10:44,760 --> 00:10:47,240 Speaker 1: to get that done. Lastly, Congressman, will the House make 208 00:10:47,280 --> 00:10:50,360 Speaker 1: a statement on the war in Ukraine by coming to 209 00:10:50,600 --> 00:10:54,280 Speaker 1: terms on a sanctions bill? I hope So. I mean, 210 00:10:54,320 --> 00:10:57,400 Speaker 1: I have my own legislation that I've introduced with Congressman 211 00:10:57,440 --> 00:11:00,400 Speaker 1: Tom Malinowski that would allow us to see ease and 212 00:11:00,559 --> 00:11:03,280 Speaker 1: sell the assets of some of these older darks. And 213 00:11:03,280 --> 00:11:06,480 Speaker 1: and obviously that gets directly at Putin and his wealth. 214 00:11:07,280 --> 00:11:11,200 Speaker 1: We do need to crush Putin in his This is 215 00:11:11,240 --> 00:11:14,240 Speaker 1: like a mafia family that he's running. Well, it's like 216 00:11:14,280 --> 00:11:16,680 Speaker 1: everyone agrees on this, But how come Congress can't seem 217 00:11:16,760 --> 00:11:19,959 Speaker 1: to get it together with an actual piece of legislation. Well, 218 00:11:20,000 --> 00:11:23,199 Speaker 1: I mean, the framers of our constitution intentionally made it 219 00:11:23,240 --> 00:11:25,720 Speaker 1: difficult person to get things done. I hope we can 220 00:11:25,800 --> 00:11:28,200 Speaker 1: overcome that I'm willing to compromise with my friends in 221 00:11:28,200 --> 00:11:30,400 Speaker 1: the Senate. We've been able to act in the House. 222 00:11:30,480 --> 00:11:32,800 Speaker 1: We need to get both bodies together. So I think 223 00:11:32,800 --> 00:11:36,040 Speaker 1: that's it's fair criticism, especially at this moment we need 224 00:11:36,080 --> 00:11:38,600 Speaker 1: to act. Congressman Dan Kilty, it's a pleasure to have you. 225 00:11:38,640 --> 00:11:40,480 Speaker 1: We'd love to compare notes as we get further down 226 00:11:40,520 --> 00:11:42,600 Speaker 1: the road on all this. Thanks for being with us. 227 00:11:43,679 --> 00:11:46,920 Speaker 1: Coming up, we assemble the panel with Bloomberg Politics contributors 228 00:11:47,000 --> 00:11:50,360 Speaker 1: Jeanie Chanzano and Rick Davis with more on the politics 229 00:11:50,400 --> 00:11:52,920 Speaker 1: of oil, and we'll talk to an expert later this hour. 230 00:11:53,040 --> 00:11:56,880 Speaker 1: Tom Close, a of the Oil Price Information Service, will 231 00:11:56,960 --> 00:11:59,000 Speaker 1: join us at the bottom of the hour. Markets and 232 00:11:59,000 --> 00:12:01,360 Speaker 1: traffic are on the way. This is the fastest hour 233 00:12:01,440 --> 00:12:08,200 Speaker 1: in politics. Sound on, This is Bloomberg. You're listening to 234 00:12:08,320 --> 00:12:14,840 Speaker 1: Bloomberg Sound On with Joe Matthew on Bloomberg Radio. So 235 00:12:14,920 --> 00:12:18,160 Speaker 1: the Biden administration goes for broke with the latest release 236 00:12:18,360 --> 00:12:23,800 Speaker 1: from the Strategic Reserve, the biggest ever eighty million barrels 237 00:12:23,840 --> 00:12:26,760 Speaker 1: over six months. But well it's not as simple as that. 238 00:12:26,840 --> 00:12:29,560 Speaker 1: For starters, the oil will need to be replaced right, 239 00:12:29,640 --> 00:12:33,679 Speaker 1: hopefully at lower prices than we are selling these, and 240 00:12:33,720 --> 00:12:37,000 Speaker 1: there are members of the president's own party, including the 241 00:12:37,040 --> 00:12:41,280 Speaker 1: Speaker of the House, Nancy Pelosi, or concerned about what 242 00:12:41,440 --> 00:12:45,360 Speaker 1: this drive for more oil will mean for the transition 243 00:12:45,400 --> 00:12:48,320 Speaker 1: to renewable energy. The price of oil is an indicator 244 00:12:48,440 --> 00:12:51,000 Speaker 1: of the price of gas at the pump is an indicator. 245 00:12:51,440 --> 00:12:56,800 Speaker 1: Putin has exacerbated it. But we cannot allow the fossil 246 00:12:56,880 --> 00:13:00,600 Speaker 1: fuel industry to use this as an excuse to reverse 247 00:13:00,720 --> 00:13:04,200 Speaker 1: everything we're doing to save the planet. And so we 248 00:13:04,200 --> 00:13:08,080 Speaker 1: assemble the panel with Bloomberg Politics contributors Genie Shenzano and 249 00:13:08,240 --> 00:13:11,079 Speaker 1: Rick Davis. This is a smart move, Genie, the President 250 00:13:11,120 --> 00:13:14,240 Speaker 1: says maybe ten cents, maybe thirty five cents a gallon, 251 00:13:14,360 --> 00:13:18,040 Speaker 1: No one knows. Let's say things get worse in Ukraine, 252 00:13:18,040 --> 00:13:20,800 Speaker 1: prices keep going higher, We're we're moving a lot of 253 00:13:20,800 --> 00:13:22,720 Speaker 1: oil out of the reserve here that's supposed to be 254 00:13:22,720 --> 00:13:25,480 Speaker 1: in place for a crisis. And I realized we could 255 00:13:25,520 --> 00:13:27,720 Speaker 1: define this as one is the president going in the 256 00:13:27,760 --> 00:13:30,679 Speaker 1: right direction. You know, they are doing what they can. 257 00:13:30,840 --> 00:13:32,640 Speaker 1: You know, it is not lost on any of us 258 00:13:32,679 --> 00:13:35,960 Speaker 1: that the President met with Democrats yesterday and what he 259 00:13:36,000 --> 00:13:39,120 Speaker 1: had had to hear is how terrified they are looking 260 00:13:39,160 --> 00:13:42,480 Speaker 1: at November. So politically it is not a surprise that 261 00:13:42,520 --> 00:13:44,760 Speaker 1: they are trying to do what Democrats have been asking 262 00:13:44,800 --> 00:13:47,199 Speaker 1: them to do, get out there and do something about 263 00:13:47,240 --> 00:13:49,679 Speaker 1: the price of gas with their which their constituents are 264 00:13:49,679 --> 00:13:53,760 Speaker 1: so frustrated about. And yet by any sort of examination 265 00:13:53,800 --> 00:13:57,120 Speaker 1: of this, this is a short term, small political band 266 00:13:57,120 --> 00:14:00,400 Speaker 1: aid on an otherwise much larger problem. And there sidence 267 00:14:00,440 --> 00:14:04,280 Speaker 1: ability to impact and decrease the cost of gas and 268 00:14:04,320 --> 00:14:07,440 Speaker 1: oil is very, very limited. So it is a step, 269 00:14:07,720 --> 00:14:10,960 Speaker 1: but it's not one that is going to ultimately address 270 00:14:11,040 --> 00:14:14,079 Speaker 1: this problem. So does that make a good politics or not? Rick? 271 00:14:14,200 --> 00:14:17,520 Speaker 1: The perception of the president doing something I realized is 272 00:14:17,520 --> 00:14:20,360 Speaker 1: a positive. But how important is the results at the pump? 273 00:14:20,920 --> 00:14:22,880 Speaker 1: You know? It just depends on how successful he is 274 00:14:22,880 --> 00:14:25,680 Speaker 1: in convincing voters that he's actually trying to do something 275 00:14:25,760 --> 00:14:28,400 Speaker 1: and and as able to actually make some impact. He 276 00:14:28,440 --> 00:14:31,040 Speaker 1: can't just claim he's helping yet the pump, and the 277 00:14:31,080 --> 00:14:34,040 Speaker 1: pump doesn't change, right, American voters are smart enough to 278 00:14:34,040 --> 00:14:36,520 Speaker 1: know what the price of gas is every week now, Uh, 279 00:14:36,520 --> 00:14:39,560 Speaker 1: it's it's everywhere and people call you all the time. 280 00:14:39,600 --> 00:14:41,720 Speaker 1: And I drove by a gas station as lost six 281 00:14:41,960 --> 00:14:44,680 Speaker 1: six dollars. Now, I mean, like that is a real 282 00:14:44,760 --> 00:14:47,600 Speaker 1: possibility of leading us all the way into the mid term. 283 00:14:47,720 --> 00:14:50,320 Speaker 1: So he's actually got to make progress. And I think 284 00:14:50,360 --> 00:14:53,840 Speaker 1: all these things that uh, Congressman Kilde talked about were great, 285 00:14:53,880 --> 00:14:56,680 Speaker 1: and I think that this announcement to hit the Strategic 286 00:14:56,720 --> 00:14:59,360 Speaker 1: Petroleum Reserve is great, But like, why hasn't he called 287 00:14:59,400 --> 00:15:02,720 Speaker 1: in oil producers in the United States quit going over 288 00:15:02,760 --> 00:15:05,800 Speaker 1: to Venezuela and talking to those desk spots and and 289 00:15:05,920 --> 00:15:10,520 Speaker 1: say pump more. I mean, I really think that there's 290 00:15:10,600 --> 00:15:13,840 Speaker 1: there's no logic to him not meeting with oil executives 291 00:15:13,880 --> 00:15:16,320 Speaker 1: and asking for more on their hats. That brings us 292 00:15:16,360 --> 00:15:18,120 Speaker 1: to this use it or Lose it policy. I want 293 00:15:18,120 --> 00:15:19,880 Speaker 1: to ask you guys about this. We've talked about this 294 00:15:19,920 --> 00:15:21,880 Speaker 1: on the program before. The President likes to refer to 295 00:15:21,920 --> 00:15:26,160 Speaker 1: this nine thousand number, nine thousand oil drilling leases that 296 00:15:26,200 --> 00:15:28,520 Speaker 1: are not being used that as they say, the oil 297 00:15:28,560 --> 00:15:32,040 Speaker 1: companies are sitting on them. Uh, he wants this to stop. 298 00:15:32,120 --> 00:15:35,720 Speaker 1: I'm calling for use it or lose it policy. Congress 299 00:15:35,720 --> 00:15:39,400 Speaker 1: should make companies pay fees on wells on federal leases 300 00:15:39,720 --> 00:15:43,320 Speaker 1: they haven't used in years and acres of public land 301 00:15:43,360 --> 00:15:47,000 Speaker 1: they're holding without production. Companies that are already producing from 302 00:15:47,040 --> 00:15:50,560 Speaker 1: these wells won't be effected, but those sitting on unused 303 00:15:50,640 --> 00:15:54,280 Speaker 1: leases and idle wells will either have to start producing 304 00:15:54,640 --> 00:15:56,840 Speaker 1: or pay the price for their inaction. So the worry 305 00:15:56,880 --> 00:15:58,920 Speaker 1: here is, by the way, for I'd like to know, Genie, 306 00:15:58,920 --> 00:16:00,640 Speaker 1: if you think it's a good idea, because the worry 307 00:16:00,680 --> 00:16:04,000 Speaker 1: is the critics are saying in the industry that oil 308 00:16:04,040 --> 00:16:05,640 Speaker 1: companies will just say to hell with it then and 309 00:16:05,640 --> 00:16:08,160 Speaker 1: they'll stop drilling. They won't, they won't hold these leases. 310 00:16:08,920 --> 00:16:11,320 Speaker 1: That's right. And you know, I think we see a 311 00:16:11,360 --> 00:16:15,240 Speaker 1: lot of blame being spewed out there by the Biden administration, 312 00:16:15,280 --> 00:16:18,920 Speaker 1: blaming poutin, blaming the oil companies. But you know the 313 00:16:19,000 --> 00:16:22,480 Speaker 1: reality of this is just having a permit is not 314 00:16:22,600 --> 00:16:25,480 Speaker 1: the only issue when it comes to production. A lot 315 00:16:25,520 --> 00:16:27,880 Speaker 1: of other issues are at stake. One of the big 316 00:16:27,920 --> 00:16:30,440 Speaker 1: ones in your clip by Nancy Pelosi speaks to this 317 00:16:30,840 --> 00:16:32,880 Speaker 1: is you've got companies who are afraid they're going to 318 00:16:33,000 --> 00:16:36,080 Speaker 1: invest in this now and yet politically be hit by 319 00:16:36,080 --> 00:16:39,760 Speaker 1: green deal new Green new deal legislation. Is that what 320 00:16:39,880 --> 00:16:42,280 Speaker 1: she's saying, though, Well, I don't think she's saying that. 321 00:16:42,360 --> 00:16:44,880 Speaker 1: I think they are thinking that, and until I think 322 00:16:44,920 --> 00:16:47,720 Speaker 1: they hear from the President that they if they go 323 00:16:47,760 --> 00:16:50,040 Speaker 1: out and they drill the way he wants them too, 324 00:16:50,160 --> 00:16:52,080 Speaker 1: or says he wants them, they're not going to be 325 00:16:52,160 --> 00:16:53,800 Speaker 1: hit on the back end in a couple of years, 326 00:16:53,800 --> 00:16:56,440 Speaker 1: two or five years later by some new legislation and 327 00:16:56,440 --> 00:16:59,680 Speaker 1: some new taxation. And this is the trap Joe Biden 328 00:16:59,800 --> 00:17:03,360 Speaker 1: is between the progressives and the political reality here. And 329 00:17:03,400 --> 00:17:06,680 Speaker 1: I think Nancy Pelosi talking about it is something that 330 00:17:06,800 --> 00:17:09,000 Speaker 1: you know, he probably doesn't want her to talk about publicly, 331 00:17:09,040 --> 00:17:11,960 Speaker 1: but that's the reality of her, you know, her entire 332 00:17:12,040 --> 00:17:14,080 Speaker 1: caucus over there. Yeah. I thought it was an important 333 00:17:14,119 --> 00:17:16,920 Speaker 1: moment in her briefing today. Rick, I'm just not sure 334 00:17:16,960 --> 00:17:19,520 Speaker 1: exactly what she's talking about. We're not gonna let oil 335 00:17:19,600 --> 00:17:23,760 Speaker 1: companies take advantage of this moment. The Democratic president is 336 00:17:23,800 --> 00:17:27,199 Speaker 1: asking them to pump more. Yeah, she is trying to 337 00:17:27,200 --> 00:17:29,320 Speaker 1: have it both ways. I mean, you know, and and 338 00:17:29,320 --> 00:17:31,919 Speaker 1: and that's why it doesn't make any sense, because you 339 00:17:31,960 --> 00:17:34,560 Speaker 1: can't say out of one side of your mouth, Hey, 340 00:17:34,720 --> 00:17:38,040 Speaker 1: the oil companies are hurting the American public. They're partially 341 00:17:38,080 --> 00:17:40,680 Speaker 1: to blame because they're not pumping enough oil and that's 342 00:17:40,680 --> 00:17:43,200 Speaker 1: why your gas prices are so high, and then say 343 00:17:43,480 --> 00:17:45,440 Speaker 1: right out of the other left side of her mouth 344 00:17:45,880 --> 00:17:48,080 Speaker 1: that you know, all of a sudden, and don't worry, 345 00:17:48,280 --> 00:17:51,560 Speaker 1: we're gonna go on your behalf public and bash the 346 00:17:51,600 --> 00:17:55,000 Speaker 1: oil producers because we really need a cleaner environment. Well, 347 00:17:55,240 --> 00:17:58,159 Speaker 1: at this stage, I think everybody needs to understand that 348 00:17:58,240 --> 00:18:01,399 Speaker 1: the country is in trouble. We're spending too much on 349 00:18:01,440 --> 00:18:04,040 Speaker 1: the price of oil and gas. We're in a war 350 00:18:04,280 --> 00:18:06,720 Speaker 1: with one of the largest gas producers in the world. 351 00:18:06,800 --> 00:18:09,520 Speaker 1: National security of exactly, and if this is a Devinse 352 00:18:09,560 --> 00:18:11,720 Speaker 1: Production Act kind of thing, then that's what it needs 353 00:18:11,760 --> 00:18:14,040 Speaker 1: to be. But Nancy Pelosi ought to quit trying to 354 00:18:14,080 --> 00:18:16,679 Speaker 1: play politics with us and have it both ways quickly. Genie, 355 00:18:16,720 --> 00:18:19,240 Speaker 1: does the President need to stop calling it Putin's price hike? 356 00:18:19,320 --> 00:18:22,119 Speaker 1: Weren't we having this conversation albeit it went up a 357 00:18:22,200 --> 00:18:25,000 Speaker 1: lot recently, but before the war. Yeah, he needs to 358 00:18:25,040 --> 00:18:27,000 Speaker 1: stop doing it for a variety of reasons. The main 359 00:18:27,040 --> 00:18:29,000 Speaker 1: one is is that it's not only gas going up, 360 00:18:29,000 --> 00:18:32,040 Speaker 1: its food, transportation, housing, everything else. People know that they're 361 00:18:32,080 --> 00:18:35,320 Speaker 1: not just gonna blame Putin for that Putin price h 362 00:18:35,680 --> 00:18:38,080 Speaker 1: thank you, Rick and Genie, they'll be with us for 363 00:18:38,080 --> 00:18:40,520 Speaker 1: the hour. Will reassemble the panel after we talk to 364 00:18:40,520 --> 00:18:42,520 Speaker 1: Tom Close, and let's get real about this. What will 365 00:18:42,560 --> 00:18:46,000 Speaker 1: it actually mean for supplies and prices? We'll talk to 366 00:18:46,040 --> 00:18:49,520 Speaker 1: the global head of energy analysis the Oil Price Info Service. Next, 367 00:18:49,760 --> 00:18:55,400 Speaker 1: This is Bloomberg. Reporters had one big question for President 368 00:18:55,440 --> 00:18:59,040 Speaker 1: Biden today after he announced the spr released today, the 369 00:18:59,040 --> 00:19:02,800 Speaker 1: big oil release. What will happen to prices? How far 370 00:19:02,880 --> 00:19:07,800 Speaker 1: will they fall? I guess that's two questions. The President 371 00:19:07,840 --> 00:19:09,280 Speaker 1: was careful with his answer, and it was going to 372 00:19:09,320 --> 00:19:12,200 Speaker 1: be a slight delay because if you go out there 373 00:19:12,240 --> 00:19:15,159 Speaker 1: and you're a gas station and you purchased X amount 374 00:19:15,200 --> 00:19:18,080 Speaker 1: of gas at a certain price, you're not going to 375 00:19:18,200 --> 00:19:20,399 Speaker 1: lower the price of the pump until you're able to 376 00:19:20,440 --> 00:19:23,600 Speaker 1: get back what you invested. And that I'm talking matter 377 00:19:23,640 --> 00:19:26,960 Speaker 1: of I think no days and weeks, But it's hard 378 00:19:27,000 --> 00:19:29,800 Speaker 1: to tell. The other thing is exactly, but it will 379 00:19:29,800 --> 00:19:33,320 Speaker 1: come down, and it could come down fairly significantly. It 380 00:19:33,359 --> 00:19:36,160 Speaker 1: could come down the better part of you know, anything 381 00:19:36,160 --> 00:19:40,399 Speaker 1: from ten cents to thirty five cents a gallon. Ten cents. 382 00:19:40,480 --> 00:19:42,520 Speaker 1: The thirty five cents he actually came out with that 383 00:19:42,640 --> 00:19:47,280 Speaker 1: it's pretty specific. After the caveats on how gas stations work, 384 00:19:47,320 --> 00:19:49,160 Speaker 1: and we're joined out by Tom Close that he knows 385 00:19:49,200 --> 00:19:52,160 Speaker 1: how this all works. The global head of energy analysis 386 00:19:52,240 --> 00:19:54,480 Speaker 1: for the Oil Price Information Service back with us on 387 00:19:54,520 --> 00:19:57,720 Speaker 1: Bloomberg Radio and it's always a pleasure to talk to you. Tom. 388 00:19:58,000 --> 00:19:59,959 Speaker 1: How did this hit you today? You hear about an 389 00:20:00,080 --> 00:20:05,160 Speaker 1: extra million barrels a day? What does them due to prices? Well, 390 00:20:05,480 --> 00:20:09,120 Speaker 1: he had used a popcorn pop gun before with very 391 00:20:09,160 --> 00:20:12,080 Speaker 1: small releases, but this is a major release. I mean, 392 00:20:12,119 --> 00:20:15,760 Speaker 1: a hundred and eight million barrels over six months, UH 393 00:20:15,960 --> 00:20:19,159 Speaker 1: is very significant. We've never seen anything like it, and 394 00:20:19,200 --> 00:20:21,879 Speaker 1: it does make sense to this extent. The price right 395 00:20:21,920 --> 00:20:23,959 Speaker 1: now is about a hundred and two dollars a barrel. 396 00:20:24,440 --> 00:20:27,560 Speaker 1: The price UH six, seven, eight, nine months from now 397 00:20:27,720 --> 00:20:31,159 Speaker 1: is probably in the nineties, so you can buy it 398 00:20:31,200 --> 00:20:33,919 Speaker 1: back at a cheaper price. And as far as his 399 00:20:34,000 --> 00:20:37,439 Speaker 1: prediction on gasoline prices go, that was pretty close to 400 00:20:37,480 --> 00:20:41,040 Speaker 1: what I would suspect. I suspect most of it. Yeah, 401 00:20:41,080 --> 00:20:43,640 Speaker 1: I suspect you'll see most of it in the next 402 00:20:44,080 --> 00:20:46,520 Speaker 1: six or seven weeks, and then when we get from 403 00:20:46,560 --> 00:20:51,680 Speaker 1: Memorial Day through Labor Day. It really depends on us 404 00:20:51,760 --> 00:20:55,320 Speaker 1: for fineries, whether they're threatened by storms. And of course 405 00:20:55,520 --> 00:20:58,600 Speaker 1: the ultimate wild guard is what does ladinoir Putin do. 406 00:20:59,320 --> 00:21:01,040 Speaker 1: There's talk at the White House that as early as 407 00:21:01,080 --> 00:21:03,840 Speaker 1: tomorrow we could learn about other countries getting involved in 408 00:21:03,880 --> 00:21:07,960 Speaker 1: a massive, I guess even more massive coordinated release. The 409 00:21:08,040 --> 00:21:10,880 Speaker 1: UK has indicated that it would be on board. Uh 410 00:21:10,920 --> 00:21:14,040 Speaker 1: if this becomes a good number of countries, how how 411 00:21:14,080 --> 00:21:17,680 Speaker 1: meaningful would that be? Well, I think it would be meaningful, 412 00:21:17,880 --> 00:21:21,320 Speaker 1: but I would differentiate the way that it works. Overseas, 413 00:21:21,800 --> 00:21:26,879 Speaker 1: we have our oil in four strategic underground domes, whereas 414 00:21:27,359 --> 00:21:30,840 Speaker 1: in Europe, I believe that it's in commercial inventory. So 415 00:21:31,280 --> 00:21:34,080 Speaker 1: if they actually dump oil on the market, the dumping 416 00:21:34,080 --> 00:21:37,240 Speaker 1: oil that they have standing at the ready for refineries. 417 00:21:37,240 --> 00:21:40,040 Speaker 1: So it's a little bit more complicated in Europe where 418 00:21:40,040 --> 00:21:42,560 Speaker 1: they don't have the underground storage that we do here. 419 00:21:42,880 --> 00:21:46,600 Speaker 1: China has plenty of the strategic drawing and resort reserves 420 00:21:46,640 --> 00:21:49,000 Speaker 1: and stories, but I don't think they're going to be 421 00:21:49,080 --> 00:21:51,239 Speaker 1: one of the ones that's lured to go along with 422 00:21:51,600 --> 00:21:57,600 Speaker 1: present Ten to thirty five cents is pretty big gap there. 423 00:21:57,400 --> 00:22:00,240 Speaker 1: Are are you thinking more ten or more thirty What 424 00:22:00,280 --> 00:22:04,480 Speaker 1: can Americans actually prepare for. I think you should prepare 425 00:22:04,640 --> 00:22:07,959 Speaker 1: for that range. But if you live in the West Coast, 426 00:22:08,040 --> 00:22:11,680 Speaker 1: you may actually see a little bit more because prices 427 00:22:11,680 --> 00:22:15,399 Speaker 1: they're overreacted to where we had some California counties that 428 00:22:15,480 --> 00:22:18,240 Speaker 1: were above six dollars a gallon. Don't get me on 429 00:22:18,440 --> 00:22:20,879 Speaker 1: the West Coast is going to be much more expensive 430 00:22:20,880 --> 00:22:22,960 Speaker 1: than the rest of the country. If you're in the 431 00:22:23,040 --> 00:22:25,199 Speaker 1: middle of the country, I think you'll be lower. You know, 432 00:22:25,600 --> 00:22:28,720 Speaker 1: there's something I call petroleum weather. It's like the uneven 433 00:22:28,800 --> 00:22:32,320 Speaker 1: heating of the Earth and the diversity and the weather 434 00:22:32,400 --> 00:22:35,840 Speaker 1: across the country. Cheaper crude from Canada in the middle 435 00:22:35,880 --> 00:22:40,359 Speaker 1: of the country, more demand for global energy on the 436 00:22:40,359 --> 00:22:44,880 Speaker 1: East Coast and the West coast with carbon charges. So, uh, 437 00:22:44,920 --> 00:22:48,200 Speaker 1: there's a there's a reason behind the diversity. So, Tom, 438 00:22:48,200 --> 00:22:51,600 Speaker 1: we're at four on average today, I believe from triple 439 00:22:51,640 --> 00:22:55,359 Speaker 1: a the national average, you're suggesting then ten of thirty 440 00:22:55,400 --> 00:22:57,800 Speaker 1: five cents. We we dropped a low four dollars a gallon. 441 00:22:57,840 --> 00:23:01,199 Speaker 1: Can that hold through the summer driving season? Uh? It 442 00:23:01,240 --> 00:23:04,240 Speaker 1: could hold through the summer driving season if we don't 443 00:23:04,240 --> 00:23:07,600 Speaker 1: have hurricane impacts and you don't necessarily need to have 444 00:23:07,640 --> 00:23:11,000 Speaker 1: a hurricane hit a refinery, Well, to do is threaten 445 00:23:11,080 --> 00:23:14,359 Speaker 1: it and you lose some production. We've already lost about 446 00:23:14,400 --> 00:23:18,600 Speaker 1: five hundred thousand barrels a day of refining in Louisiana 447 00:23:19,040 --> 00:23:22,119 Speaker 1: from Hurricane Ida and also from a closure because it 448 00:23:22,240 --> 00:23:26,040 Speaker 1: wasn't making any money. And Europe is really hamstrung because 449 00:23:26,280 --> 00:23:30,120 Speaker 1: there are prices for natural gas hydrouged in electricity are 450 00:23:30,119 --> 00:23:33,320 Speaker 1: so high that they can't send their product here. Uh. 451 00:23:33,359 --> 00:23:36,399 Speaker 1: The interesting thing, Joe is, you know everybody focuses on 452 00:23:36,520 --> 00:23:40,600 Speaker 1: gasoline prices because it it's the third rail at American politics. 453 00:23:40,960 --> 00:23:43,080 Speaker 1: Let me give you a number right now. The wholesale 454 00:23:43,160 --> 00:23:46,080 Speaker 1: number for jet fuel on the East Coast is four 455 00:23:46,920 --> 00:23:52,040 Speaker 1: a gallon, or approximately two hundred and eight dollars of barrel. Uh. 456 00:23:52,080 --> 00:23:55,240 Speaker 1: If you're like me, you know that airline CEO is 457 00:23:55,280 --> 00:23:58,480 Speaker 1: a scheming right now to raise my fares and to 458 00:23:58,560 --> 00:24:04,400 Speaker 1: squeeze me tiny a seat that can find possible. Well, 459 00:24:04,440 --> 00:24:07,560 Speaker 1: I'll tell you what happens to crude oil prices with 460 00:24:07,600 --> 00:24:11,960 Speaker 1: all this time. Yeah, before the Biden speech, I would 461 00:24:11,960 --> 00:24:13,919 Speaker 1: have said that crude oil is going to be in 462 00:24:13,960 --> 00:24:17,119 Speaker 1: this incredible range between ninety and a hundred and fifty 463 00:24:17,160 --> 00:24:20,400 Speaker 1: dollars barrel. I still think it's gonna be range Mound, 464 00:24:20,440 --> 00:24:23,080 Speaker 1: and it's gonna be very difficult to go below ninety 465 00:24:23,160 --> 00:24:25,920 Speaker 1: dollars unless we have a recession, and nobody wants to 466 00:24:26,040 --> 00:24:29,520 Speaker 1: root for that. But I think maybe the top number 467 00:24:29,600 --> 00:24:32,720 Speaker 1: comes down a little bit now, you know, it's wild cards. 468 00:24:32,800 --> 00:24:36,320 Speaker 1: I mean if OPEC Plus, which has an adversarial relationship 469 00:24:36,359 --> 00:24:39,480 Speaker 1: with the Biden administration, if they decide we're not going 470 00:24:39,520 --> 00:24:42,640 Speaker 1: to put an extra four hundred thousand barrels a day 471 00:24:42,720 --> 00:24:46,760 Speaker 1: each month on the market, things could change. Vladimir Putin, 472 00:24:47,200 --> 00:24:50,760 Speaker 1: you know, has his capacity to punish his people like 473 00:24:50,920 --> 00:24:55,200 Speaker 1: a typical Russian leader, and he might withhold hydrocarbons, whether 474 00:24:55,240 --> 00:24:58,639 Speaker 1: it be gas or oil from Europe. So I have 475 00:24:58,800 --> 00:25:01,920 Speaker 1: not seen a chat Island for president in my life. 476 00:25:02,000 --> 00:25:05,440 Speaker 1: I'm like this. Even Jimmy Carter had an easy compared president. 477 00:25:07,040 --> 00:25:10,720 Speaker 1: That's saying a lot, Tom, what's the what's the the 478 00:25:10,800 --> 00:25:13,080 Speaker 1: thing that keeps you up at night? What's your concern 479 00:25:14,080 --> 00:25:17,720 Speaker 1: that you as you look across the headlines to Ukraine 480 00:25:18,359 --> 00:25:22,119 Speaker 1: that could send prices higher instead of lower. My concern 481 00:25:22,280 --> 00:25:25,879 Speaker 1: is that we're going to have structurally higher prices for 482 00:25:25,920 --> 00:25:30,920 Speaker 1: a long period of time. Because we've seen very smart, 483 00:25:31,040 --> 00:25:36,320 Speaker 1: very capable Western companies withdraw from Russia sex on Mobile, 484 00:25:36,760 --> 00:25:42,560 Speaker 1: it includes BP, it includes includes the Norwegian company. And 485 00:25:43,080 --> 00:25:46,800 Speaker 1: you know, I don't want to suggest that Russian engineering 486 00:25:46,920 --> 00:25:50,960 Speaker 1: isn't capable, but when we've seen this happen before, it 487 00:25:51,240 --> 00:25:54,240 Speaker 1: arrests any of the growth and it stunts a lot 488 00:25:54,240 --> 00:25:57,240 Speaker 1: of the production. So it could be that we're setting 489 00:25:57,320 --> 00:26:02,000 Speaker 1: up Russia are not weird, but Vladimir Putin's for very 490 00:26:02,200 --> 00:26:06,240 Speaker 1: very low production out a few years from now. Tom Close, 491 00:26:06,280 --> 00:26:09,360 Speaker 1: a global head of energy analysis for Oil Price Information 492 00:26:09,440 --> 00:26:13,119 Speaker 1: Service and Pleasura, to compare notes with you, as always, 493 00:26:13,119 --> 00:26:15,360 Speaker 1: will reassemble the panel next for more on this. I'm 494 00:26:15,440 --> 00:26:22,200 Speaker 1: Joe Matthew. This is Bloomberg. You're listening to Bloomberg. You 495 00:26:22,320 --> 00:26:28,280 Speaker 1: sound on with Joe Matthew on Bloomberg Radio. Just got 496 00:26:28,280 --> 00:26:31,480 Speaker 1: word from Capitol Hill. The US House has enough votes 497 00:26:31,520 --> 00:26:35,160 Speaker 1: to pass the insulin price cap bill that we talked 498 00:26:35,160 --> 00:26:38,359 Speaker 1: about with Congressman Dan Keilty. That's his bill. Looks like 499 00:26:38,440 --> 00:26:40,280 Speaker 1: he got it through the House. The question is can 500 00:26:40,280 --> 00:26:41,840 Speaker 1: it pass the Senate. And this is not to be 501 00:26:41,920 --> 00:26:46,000 Speaker 1: confused with the greater effort to lower prescription drug prices. 502 00:26:46,080 --> 00:26:49,320 Speaker 1: This is specific to insulin, something that we were discussing 503 00:26:49,320 --> 00:26:51,000 Speaker 1: a little bit earlier this hour. I wanted to let 504 00:26:51,000 --> 00:26:54,000 Speaker 1: you know that that is moving as we speak right now. 505 00:26:56,000 --> 00:26:59,000 Speaker 1: The question, though, is what happens to the COVID money 506 00:26:59,520 --> 00:27:03,040 Speaker 1: Democrats the Republicans as I read from the terminal or 507 00:27:03,080 --> 00:27:05,920 Speaker 1: near agreement on a ten billion dollar COVID funding package 508 00:27:06,680 --> 00:27:08,680 Speaker 1: as the White House mounts the last ditch effort to 509 00:27:08,720 --> 00:27:12,880 Speaker 1: salvage money for global vaccine efforts championed by President bidenmore 510 00:27:12,920 --> 00:27:14,760 Speaker 1: we talked about this yesterday. If you were with us, 511 00:27:15,359 --> 00:27:17,879 Speaker 1: President says, we're running out of everything, running out of tests, 512 00:27:17,880 --> 00:27:21,159 Speaker 1: We're running out of Monta Colonel anybody treatments, running out 513 00:27:21,160 --> 00:27:22,879 Speaker 1: of other therapeutics. It's going to be kind of a 514 00:27:23,000 --> 00:27:26,280 Speaker 1: rolling running out of everything by the time we hit September. 515 00:27:27,600 --> 00:27:29,280 Speaker 1: And if you think back a little bit, if you 516 00:27:29,320 --> 00:27:31,840 Speaker 1: were playing along on your home game, the President actually 517 00:27:31,880 --> 00:27:35,439 Speaker 1: requested twenty two billion dollars for this. It did not 518 00:27:35,560 --> 00:27:37,480 Speaker 1: end up in the omnibus bill. I'm not going to 519 00:27:37,600 --> 00:27:40,160 Speaker 1: go into why. It's just if you're not there yet, 520 00:27:40,760 --> 00:27:43,800 Speaker 1: you're probably not going to be so now they want 521 00:27:43,800 --> 00:27:47,120 Speaker 1: to get this done as a standalone, but there's ten 522 00:27:47,200 --> 00:27:49,760 Speaker 1: billion dollars instead of twenty two billion dollars that the 523 00:27:49,760 --> 00:27:52,040 Speaker 1: President had first asked for. The Speaker of the House 524 00:27:52,160 --> 00:27:56,919 Speaker 1: is not happy about it. This is shameful and we 525 00:27:57,080 --> 00:27:59,399 Speaker 1: have to get the money. It's not gonna last. This 526 00:27:59,520 --> 00:28:03,520 Speaker 1: pass probably June first. I'm gonna last past June one. 527 00:28:04,280 --> 00:28:07,119 Speaker 1: As we reassemble the panel, Rick and Genie are with 528 00:28:07,160 --> 00:28:11,040 Speaker 1: us here. Bloomer Politics contributors Jeanie Shenzino and Rick Davis 529 00:28:11,600 --> 00:28:14,520 Speaker 1: h is this is this about politics, Rick, or or 530 00:28:14,560 --> 00:28:18,200 Speaker 1: about offsets or unused money with the states. This is 531 00:28:18,240 --> 00:28:21,200 Speaker 1: getting confusing. We need to get this done, don't we. 532 00:28:22,640 --> 00:28:24,400 Speaker 1: I think we need to get this done. I mean 533 00:28:24,520 --> 00:28:27,600 Speaker 1: part of what you found when the Senate negotiators sat down, 534 00:28:27,720 --> 00:28:30,639 Speaker 1: I think in Earnest on a bipartisan basis, was that 535 00:28:30,680 --> 00:28:34,600 Speaker 1: nobody could actually tell them from the administration how many 536 00:28:34,880 --> 00:28:37,399 Speaker 1: vaccines we had an inventory, how much money is already 537 00:28:37,400 --> 00:28:40,000 Speaker 1: available for this at the state level. Um, I mean 538 00:28:40,040 --> 00:28:42,040 Speaker 1: the the audit you would normally say, which is, hey, 539 00:28:42,040 --> 00:28:44,120 Speaker 1: if we're going to spend an extra twenty billion dollars, 540 00:28:44,600 --> 00:28:47,240 Speaker 1: you know, just let us know whether you really need 541 00:28:47,240 --> 00:28:49,520 Speaker 1: it or not, And nobody could actually answer that question. 542 00:28:49,840 --> 00:28:51,600 Speaker 1: So I think slimming down had a lot to do 543 00:28:51,640 --> 00:28:53,640 Speaker 1: with what we really think we need rather than just 544 00:28:53,680 --> 00:28:56,840 Speaker 1: what the administration wanted. Mitt Rodney's in the middle of this, 545 00:28:56,880 --> 00:29:00,479 Speaker 1: apparently close to a deal with Chuck Schumer. Genie says 546 00:29:00,520 --> 00:29:03,680 Speaker 1: a billion dollars in global vaccine funding could be added 547 00:29:03,680 --> 00:29:05,920 Speaker 1: to this, but only if other funding is cut these 548 00:29:05,920 --> 00:29:09,720 Speaker 1: they're not going above ten billion dollars, and it's got 549 00:29:09,720 --> 00:29:11,960 Speaker 1: to be fully paid for. He says, they would use 550 00:29:12,040 --> 00:29:16,160 Speaker 1: unspent money previously allocated to aid businesses. Uh does it 551 00:29:16,240 --> 00:29:19,960 Speaker 1: sound like reality? It does? I mean, And to your point, 552 00:29:20,040 --> 00:29:22,840 Speaker 1: Romney has really taken the lead on this, and you know, 553 00:29:23,000 --> 00:29:26,720 Speaker 1: I think we will probably get see this get through 554 00:29:26,840 --> 00:29:30,040 Speaker 1: at ten billion dollars. You know, the stunning part about this, 555 00:29:30,080 --> 00:29:33,440 Speaker 1: and this is where I agree with Nancy Pelosi, is 556 00:29:33,480 --> 00:29:37,960 Speaker 1: that we are talking about the you know, a pandemic 557 00:29:38,120 --> 00:29:41,680 Speaker 1: that has killed so many Americans, so many people around 558 00:29:41,720 --> 00:29:44,040 Speaker 1: the world, and one of the lessons we were supposed 559 00:29:44,080 --> 00:29:46,080 Speaker 1: to take away from that is we need as a 560 00:29:46,120 --> 00:29:49,160 Speaker 1: country and a world to be better prepared for these things. 561 00:29:49,520 --> 00:29:52,760 Speaker 1: And yet we are running into you know, this political 562 00:29:52,840 --> 00:29:55,920 Speaker 1: juggernaut that is Congress. In terms of getting the funding 563 00:29:55,960 --> 00:29:58,320 Speaker 1: needed to do basic things like that. White House took 564 00:29:58,360 --> 00:30:00,760 Speaker 1: a lot of criticism, as you a member, for not 565 00:30:00,840 --> 00:30:03,360 Speaker 1: being ready with all the tests needed when all Macron 566 00:30:03,480 --> 00:30:06,240 Speaker 1: hit All Macron was not the deadliest train. If we 567 00:30:06,240 --> 00:30:08,800 Speaker 1: get another one like that, everyone's begging for tests again. 568 00:30:08,840 --> 00:30:11,080 Speaker 1: This is this is the conversation that we need to 569 00:30:11,120 --> 00:30:14,120 Speaker 1: be having. Right, that's right, and let's not forget we 570 00:30:14,200 --> 00:30:16,640 Speaker 1: do have another variant. We have this b A two. 571 00:30:17,080 --> 00:30:20,680 Speaker 1: I'm in New York City. People to thirty four. There 572 00:30:20,760 --> 00:30:23,600 Speaker 1: is an increased number of in terms of people that 573 00:30:23,640 --> 00:30:26,240 Speaker 1: are coming down with that. So hopefully this thing is 574 00:30:26,240 --> 00:30:28,680 Speaker 1: coming to an end. Hopefully it's over. But we need 575 00:30:28,680 --> 00:30:31,240 Speaker 1: to be prepared as a nation and as a world, 576 00:30:31,600 --> 00:30:34,400 Speaker 1: and absolutely none of us should be caught flat footed 577 00:30:34,440 --> 00:30:37,560 Speaker 1: because Congress can't push this through. I agree with with 578 00:30:37,560 --> 00:30:40,040 Speaker 1: with Rick that you know, we do need to know 579 00:30:40,080 --> 00:30:42,640 Speaker 1: where this money has gone and what's an inventory, and 580 00:30:42,680 --> 00:30:45,760 Speaker 1: it's stunning that we don't have that basic information. Yeah, well, 581 00:30:45,840 --> 00:30:48,320 Speaker 1: I look so if they passed ten billion dollars, Rick, 582 00:30:48,320 --> 00:30:50,840 Speaker 1: I'm just curious. Nancy Pelosi says we run out in June. 583 00:30:51,360 --> 00:30:53,760 Speaker 1: White House says, we need twenty two Let's find out 584 00:30:53,760 --> 00:30:55,480 Speaker 1: where we are. I guess in July and see what 585 00:30:55,480 --> 00:30:58,160 Speaker 1: the heck the number was supposed to be, because somebody 586 00:30:58,200 --> 00:31:02,800 Speaker 1: is telling the truth here, uh the other big It's 587 00:31:02,800 --> 00:31:06,920 Speaker 1: not often I read headlines from the pages of marijuana moment, 588 00:31:07,200 --> 00:31:11,200 Speaker 1: but here I am. This is coming as well from 589 00:31:11,240 --> 00:31:15,360 Speaker 1: your House of Representatives. House formally advances federal marijuana legalization 590 00:31:15,400 --> 00:31:18,320 Speaker 1: bill for floor vote, with praise from Pelosi. Yes, she 591 00:31:18,440 --> 00:31:21,800 Speaker 1: was talking about that today too. This is the decriminalization 592 00:31:22,240 --> 00:31:25,800 Speaker 1: of it. It's the decriminalization of it. And the fact 593 00:31:25,920 --> 00:31:29,880 Speaker 1: is as many states have already done that, and so 594 00:31:30,000 --> 00:31:33,960 Speaker 1: this is consistent what is happening in many states across 595 00:31:34,000 --> 00:31:35,920 Speaker 1: the country. As I read in the story of the 596 00:31:35,960 --> 00:31:39,640 Speaker 1: House today approving the final rule to advance a bill 597 00:31:39,720 --> 00:31:43,720 Speaker 1: to federally legalize marijuana to a floor vote. It's expected 598 00:31:43,760 --> 00:31:48,960 Speaker 1: to happen Friday tomorrow. This is the Marijuana Opportunity Reinvestment 599 00:31:49,000 --> 00:31:53,280 Speaker 1: and Expungement Act, the MORE Act, and it came from 600 00:31:53,280 --> 00:31:57,640 Speaker 1: a member of leadership, Jerry Nadler of New York Rick. 601 00:31:57,720 --> 00:31:59,280 Speaker 1: We talked about this a couple of days ago. I 602 00:31:59,320 --> 00:32:01,360 Speaker 1: don't think you were with this. It's going to pass 603 00:32:01,400 --> 00:32:03,280 Speaker 1: the House, apparently. This is the only the second time 604 00:32:03,320 --> 00:32:05,720 Speaker 1: a bill like this has gotten to the floor. It's 605 00:32:05,760 --> 00:32:07,760 Speaker 1: not going to pass the Senate, however, Right, we just 606 00:32:07,880 --> 00:32:10,080 Speaker 1: keep going around on this again and again. What is 607 00:32:10,120 --> 00:32:13,760 Speaker 1: it about the stigma in the United States Senate? Well, 608 00:32:13,760 --> 00:32:16,640 Speaker 1: it's gonna need sixty votes in the Senate to pass, uh, 609 00:32:16,720 --> 00:32:19,680 Speaker 1: and it'll have most, if not all, of the fifty Democrats. 610 00:32:19,680 --> 00:32:22,440 Speaker 1: So where are you gonna go find ten Republicans? Republicans 611 00:32:22,520 --> 00:32:26,760 Speaker 1: don't want to legalize marijuana, right, I mean, in most 612 00:32:26,800 --> 00:32:29,040 Speaker 1: of the states, there's some form of it, whether it's 613 00:32:29,080 --> 00:32:33,640 Speaker 1: recreational or medicinal, but they where's the disconnect on that? 614 00:32:33,680 --> 00:32:37,280 Speaker 1: It's in a lot of a number of Republican led states. Uh, 615 00:32:37,520 --> 00:32:40,000 Speaker 1: how come that doesn't translate to those representing the states? 616 00:32:40,240 --> 00:32:41,800 Speaker 1: You know? Because I think that one of the things 617 00:32:41,840 --> 00:32:45,120 Speaker 1: we're seeing is a movement, especially with young people coming 618 00:32:45,160 --> 00:32:49,640 Speaker 1: into the voting age population ninety million new millennials gen zars, 619 00:32:50,320 --> 00:32:56,000 Speaker 1: who actually don't see any downside to recreational marijuana, and 620 00:32:56,000 --> 00:32:59,560 Speaker 1: and they're starting to vote. And most of these Republican officeholders, 621 00:32:59,560 --> 00:33:02,200 Speaker 1: and frankly a lot of Democrats, because remember Democrats couldn't 622 00:33:02,200 --> 00:33:04,680 Speaker 1: get this thing through the their their leadership in the past. 623 00:33:04,720 --> 00:33:07,800 Speaker 1: I mean, Schumer hasn't always been a big supporter of 624 00:33:07,880 --> 00:33:11,920 Speaker 1: meerical marijuana and so um. I think it's just a disconnect, 625 00:33:12,120 --> 00:33:14,640 Speaker 1: much like we saw with gay marriage, much like what 626 00:33:14,800 --> 00:33:18,640 Speaker 1: we saw with abortion. But cultural cultural issues are now 627 00:33:18,760 --> 00:33:21,440 Speaker 1: seeping through the system, and the difference between the voters 628 00:33:21,520 --> 00:33:24,840 Speaker 1: and the elected officeholders are pretty substantial on this. I 629 00:33:24,840 --> 00:33:27,400 Speaker 1: don't think culture overrides the promise of a heck of 630 00:33:27,400 --> 00:33:29,800 Speaker 1: a lot of money and tax revenue, right well, I mean, 631 00:33:29,840 --> 00:33:32,080 Speaker 1: I don't think anybody's sitting there breathlessly hoping to get 632 00:33:32,120 --> 00:33:34,280 Speaker 1: tax revenue off the sale of dope, right, I mean, 633 00:33:34,280 --> 00:33:35,880 Speaker 1: I think they want to make sure that the communities 634 00:33:35,920 --> 00:33:38,720 Speaker 1: are safe, and and if and if and if they 635 00:33:38,760 --> 00:33:41,880 Speaker 1: are able to ensure that, and there's it's not a 636 00:33:41,880 --> 00:33:44,040 Speaker 1: clear sign of victory for people, you know, who are 637 00:33:44,040 --> 00:33:46,480 Speaker 1: on the pro marijuana side that the states that have 638 00:33:46,560 --> 00:33:49,160 Speaker 1: done this have actually done well. So a lot of 639 00:33:49,200 --> 00:33:54,000 Speaker 1: states have been disappointed in the tax revenue they've gotten decriminalization. 640 00:33:54,120 --> 00:33:56,800 Speaker 1: I don't think there's a single Senator or congressman who 641 00:33:56,840 --> 00:34:02,280 Speaker 1: opposed decriminalization. But that's not all this bill does. What 642 00:34:02,440 --> 00:34:04,760 Speaker 1: so tell me more, what what is it the expungement 643 00:34:04,800 --> 00:34:08,040 Speaker 1: that that's the issue. I think expungement and the taxation, 644 00:34:08,040 --> 00:34:11,319 Speaker 1: because once you tax it's legal, right and so, and 645 00:34:11,360 --> 00:34:14,279 Speaker 1: that means that it can now be moved across state lines, 646 00:34:14,320 --> 00:34:16,280 Speaker 1: which it currently is not allowed to be. It opens 647 00:34:16,320 --> 00:34:19,440 Speaker 1: up the banking system right too. But and those are 648 00:34:19,480 --> 00:34:21,799 Speaker 1: deal breakers, that was your point. I think they have 649 00:34:21,920 --> 00:34:25,600 Speaker 1: been in the past for Republicans. Again, they're gonna have 650 00:34:25,640 --> 00:34:27,279 Speaker 1: to take a sharp look at what the politics of 651 00:34:27,280 --> 00:34:29,760 Speaker 1: this are because, as you point out, their home states 652 00:34:29,760 --> 00:34:31,520 Speaker 1: are voting for this, and so they're either going to 653 00:34:31,600 --> 00:34:34,320 Speaker 1: be on the I'm showing leadership by not not saying 654 00:34:34,360 --> 00:34:36,400 Speaker 1: yes to this, or I'm going to go along with 655 00:34:36,440 --> 00:34:38,400 Speaker 1: what's happening in my home state what's going on the 656 00:34:38,400 --> 00:34:41,279 Speaker 1: White House on this genie. President Biden spent well, then 657 00:34:41,320 --> 00:34:44,920 Speaker 1: Candidate Biden spent a lot of time, as did Kamala Harris, 658 00:34:45,120 --> 00:34:48,400 Speaker 1: promising to address this issue. Activists have been very upset 659 00:34:48,440 --> 00:34:51,680 Speaker 1: with them for not Yeah, and you know, I think 660 00:34:51,960 --> 00:34:55,640 Speaker 1: President Biden, I think there is a generational issue here. 661 00:34:55,719 --> 00:34:59,000 Speaker 1: I do think that President Biden did express on the 662 00:34:59,040 --> 00:35:02,120 Speaker 1: campaign trail we support and yet I feel like he 663 00:35:02,200 --> 00:35:05,640 Speaker 1: does not want to put his weight behind something like this. 664 00:35:05,719 --> 00:35:08,640 Speaker 1: He doesn't think it's politically going to benefit him enough, 665 00:35:08,719 --> 00:35:11,160 Speaker 1: and so we are not seeing them come out, and 666 00:35:11,239 --> 00:35:15,960 Speaker 1: progressives and activists are greatly frustrated by that. I will 667 00:35:15,960 --> 00:35:18,200 Speaker 1: tell you I talked to young people all the time. 668 00:35:18,600 --> 00:35:21,719 Speaker 1: Many of them are just baffled by the fact that 669 00:35:21,800 --> 00:35:24,239 Speaker 1: it would take any thought to do something like this 670 00:35:24,400 --> 00:35:28,680 Speaker 1: because it's in thirty seven states, So the vast majority 671 00:35:28,719 --> 00:35:30,839 Speaker 1: of these young people have grown up in states where 672 00:35:30,880 --> 00:35:34,080 Speaker 1: this is entirely legalized. And you know, I would say 673 00:35:34,120 --> 00:35:36,239 Speaker 1: one thing you do hear from Republicans and we heard 674 00:35:36,239 --> 00:35:38,359 Speaker 1: it on the show the other day, They say, why 675 00:35:38,360 --> 00:35:40,480 Speaker 1: does the federal government need to get involved? Let the 676 00:35:40,520 --> 00:35:42,960 Speaker 1: states handle it? But of course that raises questions that 677 00:35:43,040 --> 00:35:45,640 Speaker 1: Rick was just talking about about interstate commerce, about banking 678 00:35:45,640 --> 00:35:48,160 Speaker 1: and all those kinds of activities. Is before we put 679 00:35:48,200 --> 00:35:50,600 Speaker 1: this away for now, Genie those this good for the 680 00:35:50,960 --> 00:35:53,319 Speaker 1: Democratic Party? This is should this be part of the 681 00:35:53,320 --> 00:35:56,759 Speaker 1: party platform? I think it should. You know, Democrats are 682 00:35:56,920 --> 00:36:02,120 Speaker 1: losing support amongst young people since the election. One way 683 00:36:02,160 --> 00:36:06,440 Speaker 1: to potentially attract them, which is difficult to do, is 684 00:36:06,480 --> 00:36:10,520 Speaker 1: to up well, you know, I don't want Okay Jonas 685 00:36:11,360 --> 00:36:14,760 Speaker 1: that joint Rick and Genie, thank you as ever. Our panel, 686 00:36:14,800 --> 00:36:17,160 Speaker 1: our signature panel, because they're the best. Genie Chanzano and 687 00:36:17,239 --> 00:36:20,160 Speaker 1: Rick Davis, that's partly why you come here, right, the 688 00:36:20,200 --> 00:36:23,440 Speaker 1: fastest hour in politics. And we've got one more of 689 00:36:23,480 --> 00:36:26,919 Speaker 1: these with Rania Young. Women's History Month. This is it, yes, 690 00:36:27,000 --> 00:36:30,839 Speaker 1: the next quarters tomorrow. So for Thursday, Marst one, our 691 00:36:30,920 --> 00:36:33,840 Speaker 1: gaily installment. Here is Rania Young on this day in 692 00:36:33,880 --> 00:36:38,239 Speaker 1: Women's history. In eight women's rights activists are join Or 693 00:36:38,280 --> 00:36:41,600 Speaker 1: Truth and Susan B. Anthony were among key women who 694 00:36:41,800 --> 00:36:45,160 Speaker 1: established the National Council of Women of the United States. 695 00:36:45,560 --> 00:36:49,880 Speaker 1: It's the oldest American non sectarian women's organization. The group 696 00:36:49,960 --> 00:36:54,400 Speaker 1: was comprised of several women's voluntary organizations with common interests 697 00:36:54,400 --> 00:36:58,239 Speaker 1: in the educational, political, and social rights of women. The 698 00:36:58,280 --> 00:37:00,680 Speaker 1: primary purpose of the National count All of Women in 699 00:37:00,719 --> 00:37:04,120 Speaker 1: the US was to act as a clearinghouse or information 700 00:37:04,200 --> 00:37:07,440 Speaker 1: bureau for its members so they can broaden awareness of 701 00:37:07,480 --> 00:37:11,400 Speaker 1: each other's activities and so they could collaborate better, reducing 702 00:37:11,520 --> 00:37:16,239 Speaker 1: duplication of efforts. That's today in Women's History. I'm Nita Young, 703 00:37:16,440 --> 00:37:19,800 Speaker 1: Bloomberg Radio. Thanks for Nita and to everyone for jumping 704 00:37:19,800 --> 00:37:23,719 Speaker 1: in today. Beginning with Congressman Dan Kildee, Tom Close, and 705 00:37:23,800 --> 00:37:27,279 Speaker 1: of course Rick and Jeanie. The fastest hour in politics 706 00:37:27,320 --> 00:37:32,120 Speaker 1: already over wait. That means tomorrow's April Fool's Day. Be 707 00:37:32,239 --> 00:37:34,279 Speaker 1: careful when you wake up. We'll meet you back here. 708 00:37:34,280 --> 00:37:36,040 Speaker 1: I'm Joe Matthew. This is Bloomberg