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Speaker 1: News when you want it with Bloomberg News Now. I'm

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Speaker 1: Doug Krisner. The Trump administration is taking steps to ease

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Speaker 1: oil prices. Tonight, Energy Secretary Chris Wright said one hundred

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Speaker 1: and seventy two million barrels of crude oil will be

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Speaker 1: released from the US Strategic Petroleum Reserve. Here is Right

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Speaker 1: speaking on the Fox News channel.

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Speaker 2: The release is certainly out of the US Strategic Petroleum Reserve.

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Speaker 2: They'll go over about four months, but this conflict I

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Speaker 2: don't think goes that long. I think we will have

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Speaker 2: the Straits of Horror Moves open well before then. Exactly

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Speaker 2: when you know, I can't say, but we are working

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Speaker 2: twenty four.

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Speaker 1: Hours of every day to get there.

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Speaker 2: But hopefully in the next few weeks we will see

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Speaker 2: ship traffic returning to the Straits her Moves.

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Speaker 1: That was Energy Secretary Chris Right speaking with Fox News.

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Speaker 1: Right went on to say the release of crude from

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Speaker 1: the US SPR will take one hundred and twenty days

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Speaker 1: to fully deliver. Now. This is part of a plan

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Speaker 1: announced earlier in the day by the International Energy Agency.

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Speaker 1: Nations from around the world will be releasing a total

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Speaker 1: of four hundred million barrels from their reserves. However, despite

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Speaker 1: these moves, the essential problem remains the closure of the

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Speaker 1: Strait of horm Moves, the choke point for about twenty

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Speaker 1: percent of the world seaborne oil. On Wednesday, three vessels

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Speaker 1: in the Strait were hit by suspected projectiles, and according

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Speaker 1: to two US intelligence sources, Iran is laying mines in

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Speaker 1: the strait using small watercraft, each carrying two to three mines. Meantime,

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Speaker 1: in Iraq, we are learning two oil tankers have been

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Speaker 1: attacked in Iraqi waters and those strikes prompted oil terminals

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Speaker 1: to suspend operations, and Oman has evacuated all vessels from

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Speaker 1: its key oil export terminal as a precautionary measure. President

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Speaker 1: Trump is preparing to invoke the Defense Production Act for

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Speaker 1: renewed oil production off the coast of southern California. We

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Speaker 1: are told the President is planning to use the Act

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Speaker 1: to preempt state laws and ease permitting for sable offshore corporation.

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Speaker 1: This is a company looking to restart significant production from

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Speaker 1: offshore platforms. Here is ellen Wald, non resident Senior Fellow

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Speaker 1: at the Atlantic Council.

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Speaker 3: I think he's doing it because it's a really good

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Speaker 3: reason to get this particular production going and overall in general,

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Speaker 3: it will help America's domestic oil supplies, it will help

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Speaker 3: with you know, energy concerns overall. So there's definitely the

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Speaker 3: reasoning is sound behind it, but it does seem like

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Speaker 3: it's more of a oh, hey, here's a great way

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Speaker 3: we can cut through this red tape for this company.

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Speaker 3: This is not like a do or.

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Speaker 1: Die matter here, Ellen Wold, Senior non Resident Fellow at

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Speaker 1: the Atlantic Council. Earlier today in Kentucky, President Trump praised

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Speaker 1: the US military for its prowess in Iran.

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Speaker 2: They were all prepared.

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Speaker 1: They're very strong.

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Speaker 4: You know, they're going to try and take over the

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Speaker 4: whole Middle East. They're going to knock out Israel. They

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Speaker 4: don't know what the hell hit them, right, they don't know,

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Speaker 4: Hey got hit by the American military. They don't know

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Speaker 4: this and what the hell is happening. They didn't expect

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Speaker 4: anything like this.

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Speaker 1: Trump went on to say the US has won. However,

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Speaker 1: from the Iranian side, President Musud Pozeshkian said the only

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Speaker 1: way to end the conflict is recognizing Iran's legitimate rights.

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Speaker 1: In a post to day on x Pozeshkian also said

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Speaker 1: a truce would be depended on payment of reparations and

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Speaker 1: firm international guarantees against future aggression. Meantime, the Israeli military

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Speaker 1: said it has started a wide scale wave of strikes

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Speaker 1: against Iran. The US Embassy in Baghdad warned American citizens

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Speaker 1: in Iraq that they are at significant risk of violence

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Speaker 1: if they remain in the country. The embassy said Iran

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Speaker 1: and its aligned militias have targeted American businesses and hotels

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Speaker 1: frequented by foreigners, and those parties could be plotting attacks

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Speaker 1: on US owned energy infrastructure. The Trump administration has started

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Speaker 1: the first of several trade investorstigations that sets the stage

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Speaker 1: for some new tariffs. The Office of the US Trade

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Speaker 1: rep will begin a probe into more than a dozen

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Speaker 1: major economies under Section three oh one of the Trade

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Speaker 1: Act of nineteen seventy four, and we're being told the

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Speaker 1: focus will be on alleged excess manufacturing capacity. These investigations

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Speaker 1: will include China, the European Union, Mexico, as well as

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Speaker 1: other countries like Switzerland, Norway, and Vietnam. Incidentally, these investigations

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Speaker 1: could take up to eighteen months. In company news, Netflix

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Speaker 1: will pay as much as six hundred million dollars for

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Speaker 1: an AI movie making company founded by Ben Affleck. This

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Speaker 1: company is Interpositive, and it developed a suite of tools

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Speaker 1: to allow filmmakers to alter existing footage. Now the director

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Speaker 1: David Fincher has already used the products for an upcoming

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Speaker 1: film starring Brad Pitt. In Washington, Senator Mark Wayne Mullen

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Speaker 1: is expected to face tough questioning at his nomination hearing

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Speaker 1: for Homeland Security Secretary, and the toughest questions may come

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Speaker 1: from the Chair of the Senate Homeland Security and Governmental

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Speaker 1: Affairs Committee, Rand Paul. Bloomberg's Amy Morris has more from Washington.

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Speaker 4: Next week's hearing will spotlight the fishers between Mullen and Paul,

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Speaker 4: who have had an often adversarial relationship. Paul suggested that

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Speaker 4: Mullen be prepared to acknowledge failures in Trump immigration tactics

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Speaker 4: and answer some tough questions they kind of and are hearing.

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Speaker 4: Admitted that all the actions.

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Speaker 2: That we were seeing in these videos wasn't appropriate, but

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Speaker 2: there was also a lot of denial going on, and

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Speaker 2: I'm looking to see if it's going to be any different.

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Speaker 4: Last month, Mullen referred to Paul as a snake, but

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Speaker 4: When asked about those comments, Paul told Bloomberg's Balance of Power,

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Speaker 4: you'll find out more if you come to the nomination here.

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Speaker 1: I promise you they'll We'll be a good and fulsome.

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Speaker 4: Hearing in Washington, Amy Morres, Bloomberg Radio.

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Speaker 1: In sports, New York Giants co owner Steve Tisch and

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Speaker 1: his two siblings are transferring their stakes in the team

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Speaker 1: to trust for their children. Last year, the franchise was

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Speaker 1: valued at ten point three billion dollars. The move comes

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Speaker 1: after two fish appeared in recently released documents on the

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Speaker 1: investigation of Jeffrey Epstein. Now this transfer has to be

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Speaker 1: approved by the NFL, and that is news when you

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Speaker 1: want it with Bloomberg News. Now I'm Doug Prisoner, and

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Speaker 1: this is Bloomberg