WEBVTT - US Energy Secretary Chris Wright Talks Venezuela, Oil

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>This course all plays into the oil markets, which we're

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<v Speaker 2>listening closely today, Tyler to the President's meeting with top

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<v Speaker 2>oil executives as the administration pursues its plans to revive

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<v Speaker 2>the Venezuelan oil industry with the leadership of one cabinet secretary,

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<v Speaker 2>in particular.

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<v Speaker 1>Secretary of Energy Chris Wright, recommended by Doug as being

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<v Speaker 1>the greatest oilman anywhere in the world, because I wanted

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<v Speaker 1>Doug for that job Energy, and Doug said, no, sir,

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<v Speaker 1>there is a man named Chris Wright.

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<v Speaker 3>I said, who the hell is Chris?

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<v Speaker 1>Right, He said, he's the most talented oil man anywhere

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<v Speaker 1>in the world.

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<v Speaker 2>The most talented oil man anywhere in the world. While

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<v Speaker 2>he's on the north lawn of the White House right

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<v Speaker 2>now and with us live on balance of Power, the

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<v Speaker 2>aforementioned US Energy Secretary, Chris Wright, it's great to see you,

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<v Speaker 2>mister secretary.

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<v Speaker 3>That was quite a meeting.

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<v Speaker 2>We were listening and watching here on Bloomber while you

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<v Speaker 2>were in the East Room with the President and more

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<v Speaker 2>than a dozen oil executives. And of course there's a

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<v Speaker 2>big ask here when we're talking about one hundred billion

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<v Speaker 2>dollars over ten years. I believe that's the outline that

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<v Speaker 2>we heard, and we'd love to explore this with you.

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<v Speaker 2>With some concerns about security guarantees and questions about return

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<v Speaker 2>on investment. Secretary, are you asking these major oil companies

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<v Speaker 2>to work harder and potentially make less money?

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<v Speaker 3>Oh? I don't think that's the case.

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<v Speaker 4>There's tremendous interest because of the resources in Venezuela, the

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<v Speaker 4>history in Venezuela, and of course, these business men and

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<v Speaker 4>women are patriotic Americans.

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<v Speaker 3>They're excited to be part of Team USA.

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<v Speaker 4>They're excited to see a pivot in the business conditions

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<v Speaker 4>in Venezuela, and if several are already on the ground,

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<v Speaker 4>they're going to ramp up investments, I mean immediately in

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<v Speaker 4>the next few weeks.

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<v Speaker 3>So yeah, can we achieve.

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<v Speaker 4>One hundred billion dollars investment over the next ten years?

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<v Speaker 4>I think absolutely. But what we're one week in right

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<v Speaker 4>now President Trump's leadership. I think we've had a tremendous

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<v Speaker 4>week of progress transformation in Venezuela and excited to see

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<v Speaker 4>what comes in the weeks and months ahead.

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<v Speaker 5>Well, mister Secretary, can you outline any of the agreements

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<v Speaker 5>that the administration was able to ink today because President

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<v Speaker 5>Trump said that there was going to be a few

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<v Speaker 5>deals made in that room.

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<v Speaker 4>Oh well, look, we have Chevron on the ground in

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<v Speaker 4>the country right now, largest oil producer in Venezuela right now.

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<v Speaker 4>I think with some of the moves that we can

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<v Speaker 4>do with them, which is just licensing them to move

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<v Speaker 4>ahead with projects they've already lined up. They mentioned the

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<v Speaker 4>ability to grow their production by fifty percent in the

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<v Speaker 4>next eighteen to twenty four months. This is the largest

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<v Speaker 4>producer in Venezuela.

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<v Speaker 3>That's tremendous.

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<v Speaker 2>Oh, we know, they've been there for about one hundred years.

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<v Speaker 2>I think, as the President said, the question is who

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<v Speaker 2>will join them? Mister secretary, And I'm wondering when it

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<v Speaker 2>comes to incentives and security guarantees, what you can tell us.

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<v Speaker 2>You heard from the CEO of Exxon Mobile, Darren Woods,

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<v Speaker 2>describing his assets being seized twice. He referred to Venezuela

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<v Speaker 2>as uninvestable. When you talk about security guarantees, is that

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<v Speaker 2>a military security guarantee or would there be private security

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<v Speaker 2>contractors involved.

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<v Speaker 4>Look, we don't know the details of that stuff yet,

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<v Speaker 4>but what we want to do is put the incentives

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<v Speaker 4>in place to transform the situation on the ground in Venezuela.

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<v Speaker 4>I'm sure you've seen the giant a rally saying libre Venezuela.

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<v Speaker 4>This is a government that for twenty five years has

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<v Speaker 4>just crushed people's rights, crushed their property, made it unsafe,

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<v Speaker 4>essentially a large narco drug, gun and human running operation.

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<v Speaker 4>So lots of room for improvement. But I'm quite optimistic.

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<v Speaker 4>We're going to have to see in the coming weeks

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<v Speaker 4>how things evolve. But with President Trump's leadership with the

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<v Speaker 4>United States, his partnership, can we make a pivot and

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<v Speaker 4>get Venezuela going in the right direction?

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<v Speaker 3>Absolutely?

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<v Speaker 4>And the key partners to watch are the ones that

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<v Speaker 4>are already there.

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<v Speaker 3>How do their operations.

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<v Speaker 4>Change in the next few weeks, in the next few

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<v Speaker 4>months for the new for the re entrance like excell

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<v Speaker 4>And yet that's going to be a longer term process

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<v Speaker 4>of course.

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<v Speaker 2>Okay, and I hear your optimism, Secretary, But just to understand,

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<v Speaker 2>you haven't gotten to the point on the ground where

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<v Speaker 2>you can determine what security apparatus would be necessary. Is

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<v Speaker 2>that safe to say?

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<v Speaker 4>That's safe to say in seven days we don't have

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<v Speaker 4>the full on the ground assessment done yet.

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<v Speaker 5>Has the administration ruled out putting the US military on

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<v Speaker 5>the ground as a security guarantee.

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<v Speaker 4>President Trump of course never rules out options, but that

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<v Speaker 4>is definitely not in the plans.

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<v Speaker 3>That is not the plan.

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<v Speaker 4>The plan is to use the military power that's manning

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<v Speaker 4>the blockade of the oil so we can stop the

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<v Speaker 4>criminals and stop our adversaries from taking oil out of

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<v Speaker 4>Venezuela and have a more orderly, safe process.

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<v Speaker 3>What's going on.

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<v Speaker 4>But the plan today and I think very likely, will

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<v Speaker 4>not involve US military operations on the ground in Venezuela.

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<v Speaker 4>This is a partnership with some incentives based on a

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<v Speaker 4>blockade and a partnership between the interim authorities in Venezuela

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<v Speaker 4>and the United States government and in oil and gas

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<v Speaker 4>companies from America and.

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<v Speaker 3>Around the world.

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<v Speaker 2>There's some questions Secretary right about the role that World

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<v Speaker 2>Bank money might play, knowing that in many cases there

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<v Speaker 2>was money seized. World Bank ruled that Venezuela owed over

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<v Speaker 2>eight billion dollars to Conico. Phillips Exon Mobil says it

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<v Speaker 2>lost more than sixteen billion dollars. Chevron has its own number.

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<v Speaker 2>Is the administration working with the World Bank to unlock

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<v Speaker 2>that money to help fund this investment.

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<v Speaker 3>Yeah.

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<v Speaker 4>Look, the Venezuelan government has been horrible to the businesses

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<v Speaker 4>that have been there and the people in Venezuela. So

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<v Speaker 4>there's a lot of money that's owed, there's a lot

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<v Speaker 4>of redress that's needed to have happened. But in the

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<v Speaker 4>short term, the goal is to flund is to flow

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<v Speaker 4>funds to the interim authorities in Venezuela, stop the collapse

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<v Speaker 4>of the local currency, the boulevard, and get the economy

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<v Speaker 4>stabilized and then moving in a positive direction. We have

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<v Speaker 4>short term issues that are today much more urgent than

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<v Speaker 4>ultimately resolving the claims that many companies have against the

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<v Speaker 4>Venezuelan government. But progress are free, prosperous. Venezuela can resolve

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<v Speaker 4>those debts and those problems over time. The goal is

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<v Speaker 4>to get from freefall it's been in for the last

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<v Speaker 4>few years and get it go in the other direction.

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<v Speaker 3>Well.

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<v Speaker 5>Relatedly, the Interior Secretary Doug Bergham told Bloomberg Television earlier

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<v Speaker 5>today that the US is unlikely to provide financial support.

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<v Speaker 5>That appear to be echoed by the President today. Can

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<v Speaker 5>you confirm any financial incentives offered to these companies to

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<v Speaker 5>go into Venezuela.

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<v Speaker 4>Now they were not, you know, oil and gasping that

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<v Speaker 4>you had state control in Venezuela and it took thriving

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<v Speaker 4>oil industry and just crushed it. What we want is capitalist,

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<v Speaker 4>free market forces a business, private enterprise to go in

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<v Speaker 4>and do what business does, which is figure out how

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<v Speaker 4>to operate in all different kinds of environments, generate positive

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<v Speaker 4>cash flow, employ Venezuelans, improve the social conditions, and then

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<v Speaker 4>things spiral up. We've had twenty years of things spiraling down.

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<v Speaker 4>We're going to see him spiral up. But no, we

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<v Speaker 4>don't need US government money to incent companies to go

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<v Speaker 4>down to Venezuela. They're going to get down there to

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<v Speaker 4>make money for their shareholders, to help the United States,

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<v Speaker 4>and to improve the lives of Venezuelans.

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<v Speaker 2>We heard what the President said earlier, Secretary that you're

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<v Speaker 2>the best oil man in the world. I'm wondering would

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<v Speaker 2>you be comfortable going to Venezuela yourself to get the

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<v Speaker 2>lay of the land. Do you plan to go?

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<v Speaker 4>Oh, I'm sure I will be going to Venezuela before

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<v Speaker 4>too long.

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<v Speaker 5>Absolutely, a mister Secretary, the President said that the companies

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<v Speaker 5>would be dealing directly with the US.

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<v Speaker 3>I believe he.

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<v Speaker 5>Said that the US doesn't want the companies dealing at

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<v Speaker 5>all with Venezuela. Is that true? How is this actually

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<v Speaker 5>going to work moving forward? And can you outline what

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<v Speaker 5>the current communications look like between the US and the

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<v Speaker 5>interim Venezuelan government when it comes to reviving production in

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<v Speaker 5>the country.

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<v Speaker 3>Yeah, again, remember where we are.

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<v Speaker 4>We are only one week into this transformation, So yeah,

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<v Speaker 4>only a few of us in the United States government

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<v Speaker 4>are dealing with a few people that are in the

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<v Speaker 4>interim authorities in Venezuela right now. So the whole framework

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<v Speaker 4>of communication and how things are going to work, that's

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<v Speaker 4>going to evolve over time. Right now, we're in emergency mode.

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<v Speaker 4>We're in stabilizing the country, stabilizing the economy, dealing with

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<v Speaker 4>a few.

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<v Speaker 3>People, and all of that will unfold with time. But

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<v Speaker 3>we're one week in.

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<v Speaker 2>Is the acting President Delsia Rodriguez on board with the

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<v Speaker 2>President's plan as you understand it? And Energy Secretary, have

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<v Speaker 2>you spoken with her yourself?

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<v Speaker 4>I have not spoken with Delsey directly myself yet, but

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<v Speaker 4>my colleague from the State Department has and so, look,

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<v Speaker 4>we're in communication, A few of us are in communication

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<v Speaker 4>with a team of people down there, and I would

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<v Speaker 4>say incentives are very aligned. They want a better Venezuela,

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<v Speaker 4>They want to stop a free fall of their economy.

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<v Speaker 4>They want to work with the United States to grow

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<v Speaker 4>the revenues that flow into the country. If you sell

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<v Speaker 4>more oil, you sell it at a higher price. Everyone

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<v Speaker 4>wins by that. I would say all of our interactions

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<v Speaker 4>so far have been highly constructive.

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<v Speaker 5>What was the mood in the room today, mister Secretary?

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<v Speaker 5>And were there any assurances made that US oil policy

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<v Speaker 5>won't shift when it comes to Venezuela, Because our understanding

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<v Speaker 5>is this is a decades long project that could be underway.

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<v Speaker 5>What is there to say that the incentive and the

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<v Speaker 5>priority would be different under a different administration. Did you

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<v Speaker 5>have any sort of conversations like that with these companies?

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<v Speaker 4>Oh? Yes, Look, the bigger companies, they operate in countries

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<v Speaker 4>all around the world. You know, Venezuela is certainly not

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<v Speaker 4>the only country that's that's gone through phases of very

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<v Speaker 4>poor governance. Heck, we had we had four years of

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<v Speaker 4>the Biden administration where he came in guaranteeing he would

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<v Speaker 4>end the oil and gas industry.

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<v Speaker 3>That was our own government that pledgs that.

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<v Speaker 4>Now, it didn't seize assets, but it sure talked like

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<v Speaker 4>it was going to. So hostile government environments are not

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<v Speaker 4>they're not new to oil and gas companies. I think

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<v Speaker 4>that's sad, that's unfortunate, but so that they're realistic people.

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<v Speaker 4>They understand there's trade offs and challenges everywhere. But again,

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<v Speaker 4>even in this free fall, we've got several companies operating today.

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<v Speaker 3>They're immediately feeling that business.

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<v Speaker 4>Conditions are about to get better for them and they're

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<v Speaker 4>going to ramp up their investments. If you're not in

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<v Speaker 4>the country yet, of course you're going to be a

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<v Speaker 4>little bit more cautious. But we're going to have teams

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<v Speaker 4>on the ground investigating, following what's happening with production and

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<v Speaker 4>the facilities, seeing what the safety and security situation is

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<v Speaker 4>like and how that progresses. But I have no doubt

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<v Speaker 4>at all we will see massive increases in investment from

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<v Speaker 4>many companies into the oil and gas industry in Venezuela,

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<v Speaker 4>and the production profile will reflect that. We'll see growing

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<v Speaker 4>production later this year, hopefully by this summer, and we'll

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<v Speaker 4>see better economic conditions and better quality lives for.

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<v Speaker 3>The people in Venezuela.

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<v Speaker 4>All those are critical for the US objectives to end

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<v Speaker 4>criminality and the exporting of problems to the American people,

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<v Speaker 4>and the restrictions on oil production that just make gasoline

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<v Speaker 4>and diesel and plane travel more expensive for Americans, increase

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<v Speaker 4>American security, and increase security in Venezuela. This is a

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<v Speaker 4>big challenge, and without a bold president like President Trump,

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<v Speaker 4>we wouldn't be where we are today.

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<v Speaker 3>We'd just be still.

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<v Speaker 4>Watching a twenty five year slide into oblivion, Venezuela becoming

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<v Speaker 4>a failed state.

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<v Speaker 3>We don't want to see that happen.

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<v Speaker 2>Well, just lastly, and we'll let you go in from

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<v Speaker 2>the rain, Secretary, I just wonder how this whole story camelides,

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<v Speaker 2>if at all, with the new demand to revive our

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<v Speaker 2>nuclear sector. And we saw a big example of it

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<v Speaker 2>today with Meta cutting a series of deals with three

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<v Speaker 2>nuclear providers, including one you used to be on the

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<v Speaker 2>board at Akloh. And we saw quite a response today

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<v Speaker 2>as the data center demand continues here. If this glut

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<v Speaker 2>of oil is about to come on the market, does

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<v Speaker 2>that slow the haste to authorize new nuclear plants?

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<v Speaker 4>No, not at all, Not at all the world in

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<v Speaker 4>a billion people live a lifestyle like you and I do,

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<v Speaker 4>and seven billion people want to live a lifestyle like

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<v Speaker 4>you and I. The world needs massively more energy of

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<v Speaker 4>all different kinds. In the United States, only in Hawaii

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<v Speaker 4>and New England because of crazy policies. Do we ever

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<v Speaker 4>use oil to generate electricity.

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<v Speaker 3>It's used for.

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<v Speaker 4>Different things that nuclear plants that we're going to build

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<v Speaker 4>right now, they're going to generate electricity that's not even

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<v Speaker 4>in the same energy realm of oil.

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<v Speaker 3>But we need more oil. We need more.

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<v Speaker 4>Natural gas, we need more nuclear power, we need more geothermal.

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<v Speaker 4>We need more energy to better people's lives, lower costs

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<v Speaker 4>in our country, and grow economic opportunities for Americans. This

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<v Speaker 4>is a pro energy, pro America, pro jobs president, and

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<v Speaker 4>to me that's very refreshing. But no, nuclear and oil

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<v Speaker 4>are not competitive. We want them both

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<v Speaker 5>To thrive, all right, US Energy Secretary Christopher Right, mister Secretary,

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<v Speaker 5>thank you so much for joining us here on Bloomberg