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Speaker 1: The US is pumping more than thirteen thirteen million barrels

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Speaker 1: of oil per day. Do you think that that's a

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Speaker 1: policy failure or policy success.

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Speaker 2: It's a policy necessity because you obviously can't shut down

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Speaker 2: the economies of the world and be ridiculous and sort

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Speaker 2: of saying, oh, okay, we don't. You're going to affect

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Speaker 2: demands without affecting supply. At the same time, you've got

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Speaker 2: to have a broad approach. That's what the administration is

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Speaker 2: trying to do.

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Speaker 3: Well. He's the lights.

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Speaker 4: US ol production at record highs, more than what was

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Speaker 4: produced during the Trump administration. Amh, we are through thirteen

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Speaker 4: million ballos a dyke.

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Speaker 5: Yeah, absolutely a record for any country in the world.

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Speaker 5: That's happening in the United States. This is a little

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Speaker 5: known secret in Washington, dCas if bid administration doesn't like

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Speaker 5: to talk about it. Liam Denning, writing in a Bloomberg

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Speaker 5: opinion piece, said, whether you prefer fossil fuels or clean energy,

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Speaker 5: there's much to like with where the US stands. Stay sure,

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Speaker 5: climate deniers, they won't like the immune music, regardless of

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Speaker 5: record oil and gas output. Biden's bigger issue, though, Jonathan, however,

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Speaker 5: could be with the left of his own party, for

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Speaker 5: whom all the above energy is a cop out rather

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Speaker 5: than a practical means of maintaining momentum for the transition.

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Speaker 4: A Masholk's thinking, come White to talk about this. How

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Speaker 4: senior advice is to the President Thrategy and Investment Aleskamonitia.

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Speaker 3: Good morning.

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Speaker 4: Is that something you're proud of? Thirteen MIDI empowers a

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Speaker 4: day said I could think.

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Speaker 6: Look, I think what we're proud of is the overall

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Speaker 6: energy record that the Biden administration has had over the

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Speaker 6: last three years, and that.

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Speaker 3: Is coming in.

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Speaker 6: The President said very clearly, I want to be I'm

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Speaker 6: going to be the most pro climate change action green

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Speaker 6: administration we've ever had, and he's worked really hard with

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Speaker 6: Congress to pass important legislation, the Inflation Reduction Act, the

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Speaker 6: Chips Act, and the Bipartisan Infrastructure Act, all with major

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Speaker 6: investments in clean energy. But it's an energy transition, and

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Speaker 6: what we have to be able to do is to

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Speaker 6: do two basic things at the very same time, which

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Speaker 6: he believes the United States can do, and that is

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Speaker 6: to accelerate the energy transition, to use government purchasing power

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Speaker 6: or investment and incentives, tax and other to bring about

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Speaker 6: that acceleration in the energy transition, while at the same

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Speaker 6: time making sure that we bring that we control and

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Speaker 6: manage a strong economy in the United States for American

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Speaker 6: consumers and around the world. And I believe that we've

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Speaker 6: done that quite successfully. And I've allowed gasoline prices to

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Speaker 6: come down, which has helped food prices to come down,

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Speaker 6: because we are a farm to truck to table, not

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Speaker 6: a farm to table. And we've also at the same

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Speaker 6: time been able to accelerate the transition. So we've done that.

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Speaker 6: And by bringing the energy our energy policy there under

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Speaker 6: control and managing it well, it also helped them bring

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Speaker 6: overall inflation down and supporting a very strong economy that

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Speaker 6: we have today.

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Speaker 5: Almost this is the domestic story.

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Speaker 3: We also have Russia still shipping energy.

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Speaker 5: We have Iran every month putting out at least at

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Speaker 5: this month more than eight hundred thousand barrels, most of

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Speaker 5: that going to China and Venezuela oil hitting the market

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Speaker 5: at one point is the US doing allowing lower gasoline prices.

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Speaker 3: At the effect of.

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Speaker 5: Allowing adversaries to make money.

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Speaker 4: Off of it.

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Speaker 3: We're not.

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Speaker 6: We've let's let's tick off what you just listed. When

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Speaker 6: Russian made Ukraine. We had a very clear policy, and

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Speaker 6: that is we wanted to allow the Russian crew to

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Speaker 6: continue on the market because taking it off the market

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Speaker 6: would actually punish European consumers, not Russian consumers, so allow

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Speaker 6: it to be. But we launched the price cap in

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Speaker 6: order to make sure that what matters most is how

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Speaker 6: much revenue Putin gets, not how much oil is sold,

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Speaker 6: and that was our goal.

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Speaker 3: It worked very well.

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Speaker 6: At the beginning, kind of had a little bit of

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Speaker 6: a resurgence of oil prices for Putin. We had to

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Speaker 6: adjust to it as we always do with sanctions.

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Speaker 3: And we've brought it down again.

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Speaker 6: So we have exactly what we wanted is the Russian

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Speaker 6: oil on the market, but lower revenues, so he gets significantly.

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Speaker 3: Less than what oil is traded for. And in Venezuela,

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Speaker 3: look that there's been almost.

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Speaker 6: No increase in oil production out of Venezuela.

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Speaker 3: There's been some changing of Venezuelan critical from going to

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Speaker 3: China to going.

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Speaker 6: Elsewhere, but it's basically the same at a fairly low level.

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Speaker 4: But what about Iran?

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Speaker 5: Will the US start to enforce some of these sanctions

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Speaker 5: on Iranian oil if we.

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Speaker 6: Weren't enforcing sanctions on Iranian oil. Iran today would be

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Speaker 6: back to where they were before sanctions, which is at

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Speaker 6: about two and a half million to three million barrels

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Speaker 6: a day. They have enormous amount of reserves and resources,

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Speaker 6: and the reason that they're not doing that is because

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Speaker 6: they're under sanctions. So yes, sometimes we are able to

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Speaker 6: bring down their exports to one million or one point

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Speaker 6: one million, and sometimes it goes to one point four

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Speaker 6: like it is right now, one four.

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Speaker 3: One five. So those are a bit seasonal.

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Speaker 6: But by and large they are they are under extreme sanctions.

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Speaker 6: They are not able to develop their gas sector even

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Speaker 6: though they're one of the largest reserves in the world,

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Speaker 6: and they export nothing. So I think that we're doing

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Speaker 6: pretty well with that, making sure their adversaries know that

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Speaker 6: if their actions are sorry, go ahead.

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Speaker 3: No.

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Speaker 1: I just struck by this idea that we talk about

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Speaker 1: OPEC plus and how it's losing all this relevancy because

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Speaker 1: of how much oil the US is pumping. And there's

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Speaker 1: this question, I mean, not relevancy, but they're concerned about

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Speaker 1: the plus and then beyond, which is the US, and

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Speaker 1: there's a concern about how the US has sort of

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Speaker 1: the moral high ground both with energy policy, with Saudi Arabia,

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Speaker 1: with RIOD, as well as to help negotiate some of

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Speaker 1: the very difficult situations right now in the region, given

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Speaker 1: the fact that the US is kind of eating their

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Speaker 1: lunch a little.

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Speaker 6: So I'll tell you I don't subscribe to the is

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Speaker 6: OPIK plus relevant or not, because some years I'm told

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Speaker 6: the United States is not relevant and open controls the world.

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Speaker 3: In some days I'm told OPIK has lost their relevance.

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Speaker 6: Let's just say that they produce an enormous amount of oil,

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Speaker 6: and they have because of their collusion with each other,

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Speaker 6: they have some impact on prices, but that's not what's important.

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Speaker 6: What's important is where I started, and that is that

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Speaker 6: our ultimate policy is I have to have enough oil

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Speaker 6: on the market as long as I have the demand

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Speaker 6: there and to make sure that the economy works. So

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Speaker 6: my relationship with countries like Saudi Arabia or UAE or

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Speaker 6: other producers around the world is to say, yes, you

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Speaker 6: are producing oil, that's your revenue stream, but let's work

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Speaker 6: together to invest on the other side, to invest in

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Speaker 6: your disruption. And that's what we've told the prime prints

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Speaker 6: in Saudi Arabia, and we are working together on investing

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Speaker 6: in there's more investment in renewable energy in Saudi Arabia

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Speaker 6: and UAE than there is in many.

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Speaker 3: Other countries around the world.

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Speaker 6: That's where we want the cooperation of the future with

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Speaker 6: oil producers is how do we move to the next

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Speaker 6: level one reducing emissions while we're while they're still producing,

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Speaker 6: and two to use the revenues that they're getting from

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Speaker 6: oil and gas and invest it into evs and renewable

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Speaker 6: energy and critical minerals and supply chains, and to make

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Speaker 6: sure that the energy future that we have, the clean

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Speaker 6: energy future, doesn't have the same geopolitical risks that we've

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Speaker 6: had for one hundred years.

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Speaker 3: On the oil and gas side. And that is a

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Speaker 3: huge risk right now.

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Speaker 6: That is not for people talk too much about the

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Speaker 6: on gas side and not how much work we have

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Speaker 6: to do and are doing to reduce the geopolitical risk

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Speaker 6: that the United States will face and others in the

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Speaker 6: clean energy future. And that's the real work that we're

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Speaker 6: doing now.

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Speaker 4: Do you think we're trying to move too fast?

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Speaker 6: No, On the contrary, I think we have to continue

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Speaker 6: to work as fast as possible. It doesn't mean that

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Speaker 6: everything goes up all the time, right, so you're going

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Speaker 6: to have certain things that will sell very fast. You

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Speaker 6: have to take a little bit of a break, look

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Speaker 6: at where the plateau that you've reached.

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Speaker 4: Just's talk about the bumps in the road right now.

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Speaker 4: So it hurts a bit of a reality check for them.

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Speaker 4: You've got it done. Twenty thousand devates cost of carries

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Speaker 4: just through the roof kind of ford them demands not

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Speaker 4: there Ford f one fifty. It's not exactly exploding right now.

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Speaker 4: They've been cut of production. You see example after example

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Speaker 4: in America right now that it just feels like maybe

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Speaker 4: we're trying to move too quickly.

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Speaker 6: Well, I think what you saw with the legislation of

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Speaker 6: the president pushed through was to do exactly to address

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Speaker 6: this problem. So we've grown in the new car sales

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Speaker 6: of electric vehicles dramatically over the last couple of years,

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Speaker 6: sometimes doubling in one year. That's a lot. So we've

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Speaker 6: accelerated beyond expectations. That comes with the fact that you

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Speaker 6: have to accelerate the infrastructure that needs to be there

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Speaker 6: to support it.

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Speaker 3: How many charging stations.

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Speaker 6: People in multiple polls will say one of the things

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Speaker 6: that worries them about evs is the charging stations, will

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Speaker 6: they have enough? And that's what the IRA is supposed

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Speaker 6: to do, is to be able to invest in making

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Speaker 6: sure that we have the deployment of the charging station.

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Speaker 4: Second, Kerry says, the range anxiety is a misinformation campaign.

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Speaker 3: What's that about? You have to ask him what he meant.

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Speaker 6: But I think that people want to be able to

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Speaker 6: have an affordable car that they can manage their day

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Speaker 6: to day lives with. And most people don't go two

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Speaker 6: hundred miles in a twenty four hour period. They drive

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Speaker 6: a lot less. They go to work, they take the

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Speaker 6: kids to school, they go shopping, they come home, they

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Speaker 6: may be go out downtown. So the the needing four

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Speaker 6: hundred miles on one charge, I think is not what's

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Speaker 6: holding people back.

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Speaker 3: They don't expect that on anything else.

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Speaker 6: So we but we do have to have the comfort

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Speaker 6: and the convenience that goes with knowing the peace of

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Speaker 6: mind and knowing that if I go on the road,

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Speaker 6: I will I'll know what to do with my car,

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Speaker 6: with my car if I run into a longer trip

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Speaker 6: than expected. And I think those are the kinds of

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Speaker 6: issues that we need to work on. So instead of

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Speaker 6: going into these, you know, extremes of evs don't work

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Speaker 6: or evs are the.

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Speaker 3: You know, are working.

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Speaker 6: We have to look at what's stopping people from buying them.

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Speaker 3: How do we address that issue?

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Speaker 6: And that's what President Biden has been doing this whole time,

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Speaker 6: trying to avoid the diaperbole and going into what do

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Speaker 6: we have, what are the solutions, how do we use

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Speaker 6: how does the If we want to be the leader

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Speaker 6: in the auto sector for the next for the twenty

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Speaker 6: first century, we have to invest now. We have to

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Speaker 6: make the investments so that we are the sector lead.

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Speaker 6: People are coming for us, they want to compete in

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Speaker 6: this sector, and they're investing enormous amounts of money. People

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Speaker 6: always say that what we're doing is not fair because

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Speaker 6: it's not free marketing. Tell them the energy sector, there

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Speaker 6: is no free market. Most of the energy sector is

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Speaker 6: controlled by governments around the world.

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Speaker 3: And we need to put in American.

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Speaker 6: Dollars not to replace the private sector, but to incentivize

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Speaker 6: the direction of travel so that we can accelerate this

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Speaker 6: energy transition, because if we don't, we will fall behind.

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Speaker 6: Not only will we send to our children and grandchildren

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Speaker 6: on climate change, but we will actually do a disservice

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Speaker 6: to American economic security.

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Speaker 3: The private sector is not going to make.

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Speaker 6: These investments because if they're not twenty percent IRS or

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Speaker 6: eighteen percent. So what we need to do is to

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Speaker 6: have that incentive both on the tax side, credits, other incentives,

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Speaker 6: and the actual spending so that the private sector then

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Speaker 6: comes in and makes those investments. We've seen it work

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Speaker 6: in the CHIPSAC where that's an not only in economic security, Jonathan,

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Speaker 6: it's a national security concerned. If we're not making the

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Speaker 6: chips for the future that we are trying to create.

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Speaker 6: We lead the world in the technology, we have to

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Speaker 6: have the infrastructure, and we have to have the inputs

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Speaker 6: into that.

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Speaker 4: We can talk about this for a long time. It's

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Speaker 4: going to say it.

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Speaker 3: It's good to see.

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Speaker 4: Thank you, sir. Appreciate it, buddy. I'm a selk Staining there,

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Speaker 4: representative White House