WEBVTT - US Energy Secretary Chris Wright Talks Gas Prices, Data Centers

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

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<v Speaker 2>Kayley, these stories all collide somehow when we talk about

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<v Speaker 2>energy prices and you introduce the idea of data center,

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<v Speaker 2>which many believe is driving electric bills higher, and it

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<v Speaker 2>started a conversation about a closed circuit around these facilities.

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<v Speaker 2>And here's a new take on this. You probably heard

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<v Speaker 2>about the next Era story. It was out first thing

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<v Speaker 2>this morning, Extra teaming up with Brookfield to build one

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<v Speaker 2>hundred billion dollar data center campus. In this case, though,

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<v Speaker 2>it's going to be run by a nuclear facility in Kentucky.

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<v Speaker 2>They're basically relighting a nuclear plant powered by uranium that

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<v Speaker 2>will be home to a data center campus.

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<v Speaker 3>Yeah, so this is a generating plant that is coming

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<v Speaker 3>with it. It all feeds into this rate free or

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<v Speaker 3>protection notion we've heard so much from the President about.

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<v Speaker 3>He was just at the EPA last week announcing an

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<v Speaker 3>expansion of that ratepayer protection pedge. He pledged he essentially

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<v Speaker 3>wants these data centers to be bringing their own power,

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<v Speaker 3>to be insulating everyday consumers from the higher utility costs

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<v Speaker 3>that could come with them.

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<v Speaker 2>This is down your Paduca, the Paduca gaseous diffusion plant

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<v Speaker 2>and the Secretary of Energy is there right now because

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<v Speaker 2>the administration is very much supporting this effort, and we're

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<v Speaker 2>glad to have Chris write with us. Mister Secretary, welcome

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<v Speaker 2>back to Bloomberg TV and Radio. It's good to see you,

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<v Speaker 2>and it looks like the weather's nice to day in Kentucky.

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<v Speaker 2>This plant made uranium for the US during the Cold War,

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<v Speaker 2>privately funded. So I'm curious what is the extent of

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<v Speaker 2>government involvement and exposure here other than simply transferring the site.

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<v Speaker 2>Is that why you're in Kentucky?

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<v Speaker 1>Yeah, I'm here. You summarized it.

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<v Speaker 4>Well, we're here just to celebrate. The Department of Energy

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<v Speaker 4>is leasing these federal lands to multiple private companies to

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<v Speaker 4>build some new nuclear technologies, as you spoke about, also

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<v Speaker 4>to build two gigawatts of new natural gas power generation

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<v Speaker 4>that'll serve both a one point two gigawatt data center

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<v Speaker 4>that'll be built here that's the majority of that one

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<v Speaker 4>hundred billion dollars, but also to add eight hundred megawatts

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<v Speaker 4>of additional power onto the grid here, which will benefit

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<v Speaker 4>all of the surrounding states. This is sort of a

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<v Speaker 4>cornerstone move of the Trump rate payer protection pledge, driving

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<v Speaker 4>prices down and industry and job creation up.

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<v Speaker 3>As I'm sure you're well aware of, mister Secretary. There

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<v Speaker 3>is a live conversation happening in and around financial markets

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<v Speaker 3>right now as to whether there is over investment happening

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<v Speaker 3>in data centers, that too much is being poured into

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<v Speaker 3>the infrastructure. And I wonder if it does turn out

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<v Speaker 3>that we have a surplus of these if you expect

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<v Speaker 3>the power that is being generated by them as part

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<v Speaker 3>of these large projects is going to stick that that

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<v Speaker 3>won't ultimately leave the grid if we see some kind

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<v Speaker 3>of data center collapse, No.

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<v Speaker 1>It definitely won't leave the grid.

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<v Speaker 4>In fact, it's one of the great things data center

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<v Speaker 4>development is doing is it's funding and underwriting the development

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<v Speaker 4>of so much new power generation capacity. Look, I think

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<v Speaker 4>the upside for artificial intelligence is tremendous. But if there

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<v Speaker 4>did turn out to be over investment in surplus of

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<v Speaker 4>artificial intelligence, we would love to have the extra power

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<v Speaker 4>that'll allow reshoring manufacturing in the US and continual downward

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<v Speaker 4>pressure on electricity prices.

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<v Speaker 2>Hmm, interesting, mister Secretary. Of the Nimby issue is one

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<v Speaker 2>I'm sure you're familiar with, and I wonder if what

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<v Speaker 2>you're announcing today in Kentucky is an answer to it.

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<v Speaker 2>This is sort of the ultimate form of a closed

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<v Speaker 2>circuit data center from what it sounds like. Would that

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<v Speaker 2>include water as well? Will you have your own water

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<v Speaker 2>supply for this campus?

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<v Speaker 4>Absolutely, But as you know, a modern data center uses

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<v Speaker 4>precious little water, these closed loop cooling systems. You know,

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<v Speaker 4>you build a giant data center and it uses as

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<v Speaker 4>much water as a McDonald's. So we do have water

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<v Speaker 4>supply here. We are building new power generation. But you're right,

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<v Speaker 4>using federal lands that was already an industrial site during

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<v Speaker 4>the early part of the Cold War and repurposing it

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<v Speaker 4>for a data center. Tremendous community support to have that

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<v Speaker 4>development going on here, and we are doing this at

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<v Speaker 4>multiple locations across the Department of Energy, taking old industrial sites,

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<v Speaker 4>bringing development to communities that are hungry for these investments,

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<v Speaker 4>for these tax dollars and for these job opportunities.

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<v Speaker 3>Well yeah, how much opportunity is there, mister Secretary, to

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<v Speaker 3>tap federal lands further? Where should we be looking for

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<v Speaker 3>the projects of the future.

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<v Speaker 1>There's a lot of them, you know.

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<v Speaker 4>We have seventeen national labs and then additional federal sites.

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<v Speaker 4>So we announced a big one in Portsmouth, Ohio.

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<v Speaker 1>We have this one in Paducah. You'll hear about one

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<v Speaker 1>in South Carolina.

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<v Speaker 4>You're going to hear about one out in Washington State

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<v Speaker 4>and Idaho. So we have a lot of federal lands

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<v Speaker 4>and there's a lot of interest to develop, and again

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<v Speaker 4>not just data centers and power production, but right here

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<v Speaker 4>in Paduca in Kentucky, we're going to have a new

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<v Speaker 4>company called General Matter is developing modern uranium enrichment. I

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<v Speaker 4>sense you a more modern way to do what the

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<v Speaker 4>giant buildings down here we're built to do to fuel

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<v Speaker 4>the commercial reactors that are coming in the nuclear renaissance.

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<v Speaker 4>So a lot of new technology and industrial development across

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<v Speaker 4>our country.

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<v Speaker 2>Well, we don't see those buildings behind you right now,

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<v Speaker 2>mister secretary. If you're watching Bloomberg TV right now or

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<v Speaker 2>with us on YouTube, you see Chris right in front

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<v Speaker 2>of a beautiful open field with some trees. What's the timeline?

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<v Speaker 2>How long will it take for you to get this

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<v Speaker 2>site up and running and actually producing electrons to create

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<v Speaker 2>whatever this data center will be cranking on.

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<v Speaker 4>So the data center should be under construction in the

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<v Speaker 4>next six months. There actually is construction already underway. You

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<v Speaker 4>can't see it because it's off to my right in

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<v Speaker 4>your camera. There's already one hundred acres under intense development

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<v Speaker 4>right now to build new uranium enrichment capabilities, and then

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<v Speaker 4>the power generation and data center will come on in

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<v Speaker 4>phases over the next four years. But simply a large

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<v Speaker 4>commercial development already started here in Paducah, Kentucky. And this

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<v Speaker 4>is again what the Trump Administration's about. Let's build additional

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<v Speaker 4>energy generation to put downward pressure on prices. And with

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<v Speaker 4>that additional power we're going to generate. Let's bring American jobs,

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<v Speaker 4>American industrial might, and lead artificial intelligence right here in

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<v Speaker 4>the United States of America.

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<v Speaker 3>Well, of course, utility prices are one thing. Prices at

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<v Speaker 3>the pump, mister Secretary, are another, and we have seen

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<v Speaker 3>those climbing back above four dollars a gallon, as we're

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<v Speaker 3>seeing oil prices today once again spiking. Is the President's

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<v Speaker 3>threatening to hit around hard once again. How high realistically

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<v Speaker 3>should we expect prices to go if there is no

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<v Speaker 3>immediate reopening of the straight of hor moves in the

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<v Speaker 3>near term, if the diplomatic process is indeed not going

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<v Speaker 3>to be successful, and we see a return to military action.

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<v Speaker 4>Well, if there's military action, it's relatively brief. We are

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<v Speaker 4>using the United States military today to escort out oil

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<v Speaker 4>and natural gas out of the Strait of Horror moves

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<v Speaker 4>that actually has gone remarkably well. Little reported in the news,

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<v Speaker 4>and probably that's because we don't talk about it too much,

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<v Speaker 4>but we are restoring supplies of global oil and refined

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<v Speaker 4>products to the world out of that region independently.

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<v Speaker 3>How much supply, sir, do you have to do you

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<v Speaker 3>have an updated number for us in terms of how

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<v Speaker 3>much is actually getting through the Strait.

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<v Speaker 4>So a seven day trailing average right now out of

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<v Speaker 4>the Arabian Gulf region is thirteen million barrels a day,

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<v Speaker 4>about half of that flowing through the Strait and half

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<v Speaker 4>of that through bypass pipelines.

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<v Speaker 1>So we're about two thirds.

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<v Speaker 4>Of the delivery of oil out of the Arabian Gulf

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<v Speaker 4>region as we were before the conflict started.

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<v Speaker 2>That's really great information, mister Secretary, And I wonder your

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<v Speaker 2>thoughts on what is now the involvement of hoothy rebels

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<v Speaker 2>from Yemen creating a potential second choke point. As we've

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<v Speaker 2>discussed in the Red Sea, this is something that Saudi

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<v Speaker 2>Arabia had already tried to pipeline around with regard to

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<v Speaker 2>the Strait of four Moves. Is there a bypass to

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<v Speaker 2>the bypass? As Javier Blass put that, that you're talking

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<v Speaker 2>to Saudi Arabia about where additional pipe could be installed

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<v Speaker 2>to get around this second choke point.

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<v Speaker 4>There is a bypass to the bypass called the Suez Canal,

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<v Speaker 4>so you can go across to the Red Sea and

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<v Speaker 4>instead of going south down to the band Al Mandeb,

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<v Speaker 4>you can go through the Suez Canal. That is happening

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<v Speaker 4>as we speak. There's both oil tanker capacity through the

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<v Speaker 4>Suez and there is a pipeline that follows the same route,

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<v Speaker 4>both of which will be employed to divert more oil

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<v Speaker 4>that way.

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<v Speaker 1>Well.

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<v Speaker 3>Of course, as we consider the supply of oil, we

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<v Speaker 3>also have to factor in the reserves that the US

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<v Speaker 3>has and that the rest of the world has been

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<v Speaker 3>tapping into over the last several months as this conflict

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<v Speaker 3>has been ongoing. Mister Secretary, we know the spr is

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<v Speaker 3>at the lowest level in four decades more than that,

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<v Speaker 3>and I wonder how much lower realistically it can be

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<v Speaker 3>allowed to go. Where the operational floor is and what

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<v Speaker 3>the plan is if we reach it.

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<v Speaker 4>Oh, we are a long way from the operational floor.

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<v Speaker 4>I've heard some people that don't understand. Not you, but

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<v Speaker 4>I've heard people who don't understand how the SPR works, saying, Oh,

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<v Speaker 4>it can't go below x amount of barrels.

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<v Speaker 1>That's just not true.

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<v Speaker 4>They seem to misunderstand that it's just oil in these

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<v Speaker 4>caverns and otherwise it's air. All of these caverns are

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<v Speaker 4>full of a combination of water and oil, and they

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<v Speaker 4>are always on percent full. We just use the water

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<v Speaker 4>to displace the oil out of these caverns. But with

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<v Speaker 4>the planned sales we have, which will run into this fall,

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<v Speaker 4>we'll still have meaningful supply over two hundred million barrels

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<v Speaker 4>of oil in our spr at the end of those releases.

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<v Speaker 4>And what's great about the releases we're doing through the

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<v Speaker 4>Trump administration is we're not selling these barrels.

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<v Speaker 1>We're trading them. At the end of the day.

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<v Speaker 4>These releases will add more than forty million barrels a

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<v Speaker 4>day to the storage in the SPR after the conflict

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<v Speaker 4>than we had before the conflict started. These are additive,

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<v Speaker 4>not subtractive.

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<v Speaker 2>We're looking at four dollars and nine cents a gallon

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<v Speaker 2>on average nationally today, Mister Secretary, is it even possible

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<v Speaker 2>to forecast where we will be by the end of

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<v Speaker 2>summer by Labor Day?

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<v Speaker 1>It's not possible to forecast.

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<v Speaker 4>But look, all I can say is gasoline prices today

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<v Speaker 4>are a dollar a gallon cheaper than they were four

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<v Speaker 4>years ago in the Biden administration that was just about

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<v Speaker 4>a war on fossil fuels and selling fear. Here we

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<v Speaker 4>are ending Iran's nuclear ambitions, ending a forty seven, Well,

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<v Speaker 4>we still have gasoline prices.

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<v Speaker 1>That didn't interrupt the flow of oil.

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<v Speaker 4>It was just the fear of the interruption of the

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<v Speaker 4>flow of oil. The Biden administration feared that Russia would

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<v Speaker 4>slow their exports of oil or refined diesel, and the

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<v Speaker 4>Russians did not reduce their exports, just fear and bad management.

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<v Speaker 4>They drained the spr and they sold those barrels and

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<v Speaker 4>didn't replace them. So misunderstanding energy and selling fear has

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<v Speaker 4>not been effective. That Trump administrations about being honest, about

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<v Speaker 4>being fact based, about solving our geopolitical problems and balancing.

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<v Speaker 1>Our energy markets.

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<v Speaker 4>I'm confident we will see gasoline prices continue their long

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<v Speaker 4>term trend downward later this year, and of course we

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<v Speaker 4>are working every day at a lower prices for the

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<v Speaker 4>American consumers.

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<v Speaker 3>Well, you mentioned there, mister Secretary. Finally, the question of

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<v Speaker 3>Russian diesel, which now is not being exported because so

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<v Speaker 3>many refineries have been targeted by Ukrainian drone strikes. I

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<v Speaker 3>understand that for most gas that consumers are seeing at

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<v Speaker 3>the pump, it may be one thing, and you may

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<v Speaker 3>expect prices to go lower. But is the same to

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<v Speaker 3>be said for diesel, which also powers a lot of

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<v Speaker 3>our economy.

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<v Speaker 4>Now you're right, Ukraine's tax on Russian refineries have reduced

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<v Speaker 4>the supply of diesel globally.

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<v Speaker 1>It's reflected in prices.

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<v Speaker 4>The best offset we have to that is the American

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<v Speaker 4>refining complex.

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<v Speaker 1>We are refining.

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<v Speaker 4>Today more diesel, more gasoline, more jet fuel than ever

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<v Speaker 4>in American history. America has been the savior for world

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<v Speaker 4>energy markets during this crisis.

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<v Speaker 1>And will continue to do so.

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<v Speaker 4>But yes, of course, we want to see diesel prices

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<v Speaker 4>come down, increasing the throughput from the American refineries. Something

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<v Speaker 4>the EPA and the Trump administration is working with our

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<v Speaker 4>refiners to just again move towards more common sense regulations

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<v Speaker 4>and how refineries operate.

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<v Speaker 1>That's allowing increased output.

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<v Speaker 4>But to truly get diesel prices down low again, that'll

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<v Speaker 4>that'll take another year or so of President Trump's leadership,

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<v Speaker 4>but the trajectory will be downward, downward, with diesel prices, downward,

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<v Speaker 4>with gasoline prices.

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<v Speaker 3>All Right, we'll leave it there, mister Secretary, thank you

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<v Speaker 3>so much for joining us. The Energy Secretary Chris Wright

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<v Speaker 3>joining us live from Kentucky at the site of again,

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<v Speaker 3>a one hundred billion dollar data center project being spearheaded

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<v Speaker 3>by next Era and Brookfield