1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. 2 00:00:07,800 --> 00:00:11,400 Speaker 2: Today, the United States military continues to carry out large 3 00:00:11,400 --> 00:00:15,880 Speaker 2: scale combat operations in Iran to eliminate the grave threats 4 00:00:15,960 --> 00:00:20,759 Speaker 2: posed to America by this terrible terrorist regime. We have 5 00:00:20,880 --> 00:00:25,840 Speaker 2: the strongest and most powerful by far military in the world, 6 00:00:26,800 --> 00:00:30,520 Speaker 2: and we will easily prevail. It was my opinion that 7 00:00:30,560 --> 00:00:32,280 Speaker 2: they were going to attack first. They were going to 8 00:00:32,360 --> 00:00:35,080 Speaker 2: attack if we didn't do it. I said on Kippers, 9 00:00:35,280 --> 00:00:37,840 Speaker 2: this is where they cry uncle, or where they can't 10 00:00:37,880 --> 00:00:39,760 Speaker 2: fight any longer, longer. 11 00:00:39,400 --> 00:00:39,920 Speaker 3: Than we won. 12 00:00:41,080 --> 00:00:43,240 Speaker 2: You know, you never like to say too early, you want, 13 00:00:43,280 --> 00:00:44,440 Speaker 2: we want, we want the best. 14 00:00:44,560 --> 00:00:45,760 Speaker 4: In the first hour, it was. 15 00:00:45,720 --> 00:00:50,320 Speaker 2: Over the situation where Iran is moving along very rapidly. 16 00:00:51,040 --> 00:00:53,520 Speaker 4: It's doing very well. 17 00:00:53,560 --> 00:00:56,560 Speaker 2: Our military is unsurpassed, has never been anything like it. 18 00:00:57,960 --> 00:00:58,920 Speaker 3: This is a balance of power. 19 00:00:58,920 --> 00:01:01,760 Speaker 5: On Bloomberg TV and Radio alongside Tyler Kendell, I'm Joe 20 00:01:01,800 --> 00:01:05,759 Speaker 5: Matthew in Washington, will taste of President Trump there, commenting 21 00:01:05,760 --> 00:01:08,160 Speaker 5: on the state of the US Iran conflict over the 22 00:01:08,240 --> 00:01:11,800 Speaker 5: last two weeks. The arc of communication and the evolution 23 00:01:11,880 --> 00:01:15,119 Speaker 5: of justification has been fascinating and joining us now ahead 24 00:01:15,120 --> 00:01:17,760 Speaker 5: of our conversation with Secretary Doug Bergham as our political 25 00:01:17,800 --> 00:01:21,480 Speaker 5: panel Lester Munson, Republican strategist principle of the International Practice 26 00:01:21,480 --> 00:01:25,480 Speaker 5: at bg our Group, alongside democratic strategist Jamie Jackson. 27 00:01:25,160 --> 00:01:26,640 Speaker 3: Founder of Vantage Global Media. 28 00:01:26,720 --> 00:01:29,560 Speaker 5: Jamie served as political appointee in both the Obama and 29 00:01:29,680 --> 00:01:33,959 Speaker 5: Biden white Houses, including Council for Pentagon Legislative Affairs and 30 00:01:34,040 --> 00:01:36,759 Speaker 5: the House Armed Services Committee. We've got a great combination, 31 00:01:36,920 --> 00:01:39,679 Speaker 5: and welcome to both of you here. You heard that 32 00:01:39,800 --> 00:01:42,480 Speaker 5: last remark the President made in that string of remarks 33 00:01:42,520 --> 00:01:43,200 Speaker 5: said we've won. 34 00:01:43,280 --> 00:01:44,640 Speaker 3: We've already won. 35 00:01:44,720 --> 00:01:47,360 Speaker 5: How dangerous is that commentary from the commander in chief 36 00:01:47,400 --> 00:01:48,480 Speaker 5: if in fact we happened. 37 00:01:49,040 --> 00:01:51,160 Speaker 6: I think it's very dangerous. I think it highlights a 38 00:01:51,200 --> 00:01:53,080 Speaker 6: lot of the inconsistencies that are coming out of the 39 00:01:53,120 --> 00:01:55,720 Speaker 6: White House. In the Pentagon a few days ago, the 40 00:01:55,760 --> 00:02:00,800 Speaker 6: President said that he wanted total unconditional surrender. Haven't seen that. 41 00:02:01,240 --> 00:02:04,240 Speaker 6: We've heard that the Pentagon. This morning, the Secretary of Defense, 42 00:02:04,440 --> 00:02:07,400 Speaker 6: the Secretary of the Department of War gave remarks about 43 00:02:07,400 --> 00:02:08,600 Speaker 6: how the campaign will go on. 44 00:02:08,720 --> 00:02:10,080 Speaker 4: For more weeks. 45 00:02:10,160 --> 00:02:12,320 Speaker 6: There's going to be an increase in escalation, and so 46 00:02:12,400 --> 00:02:15,120 Speaker 6: I think it's very dangerous to have such inconsistent messaging 47 00:02:15,200 --> 00:02:16,440 Speaker 6: coming out of the administration. 48 00:02:16,760 --> 00:02:18,720 Speaker 7: Well, Lester, what do you make of that when we've 49 00:02:18,760 --> 00:02:22,000 Speaker 7: heard the administration focus a lot on perhaps tactical successes. 50 00:02:22,080 --> 00:02:22,240 Speaker 2: Right. 51 00:02:22,280 --> 00:02:25,240 Speaker 7: We heard the Defense Secretary earlier today say fifteen thousand 52 00:02:25,560 --> 00:02:29,040 Speaker 7: targets have been hit. But have they clearly communicated the 53 00:02:29,120 --> 00:02:31,760 Speaker 7: objectives that have to be met in order for the 54 00:02:31,800 --> 00:02:34,200 Speaker 7: timeline to be reached in us to see this conflict 55 00:02:34,240 --> 00:02:34,760 Speaker 7: pull back. 56 00:02:35,320 --> 00:02:38,800 Speaker 1: Well, I actually think the administration, when you kind of 57 00:02:39,440 --> 00:02:42,640 Speaker 1: maybe average out all of the statements, has been fairly 58 00:02:42,720 --> 00:02:45,200 Speaker 1: consistent in what they're saying, which is, we want to 59 00:02:45,240 --> 00:02:50,000 Speaker 1: eliminate Iran's capability to threaten the United States with nuclear weapons, 60 00:02:50,080 --> 00:02:54,000 Speaker 1: threaten its neighbors with its ballistic missile technology, threaten the 61 00:02:54,080 --> 00:02:58,040 Speaker 1: Strait of Horror moves with its navy, and then the 62 00:02:58,040 --> 00:03:00,880 Speaker 1: production facilities for all of those things. And that's what 63 00:03:00,919 --> 00:03:03,080 Speaker 1: I think the President is referring to when he says, 64 00:03:03,320 --> 00:03:05,640 Speaker 1: you know, we won on day one because the initial 65 00:03:05,639 --> 00:03:09,160 Speaker 1: strikes were so effective and did in fact eliminate the 66 00:03:09,200 --> 00:03:11,440 Speaker 1: at least the very top leadership of the country. 67 00:03:11,680 --> 00:03:13,600 Speaker 5: Glad we could get a swing from both of you 68 00:03:13,680 --> 00:03:15,600 Speaker 5: on this, Lester Monthson and Jamie Jackson are going to 69 00:03:15,600 --> 00:03:17,959 Speaker 5: stay with us as we now add the voice live 70 00:03:17,960 --> 00:03:21,480 Speaker 5: from Tokyo of Doug Bergham, the US Secretary of the 71 00:03:21,520 --> 00:03:23,040 Speaker 5: Interior Secretary. 72 00:03:23,120 --> 00:03:25,120 Speaker 3: Welcome back to Bloomberg TV and Radio. 73 00:03:25,160 --> 00:03:27,480 Speaker 5: I know you're joining us from a world away at 74 00:03:27,480 --> 00:03:30,720 Speaker 5: the Japan Energy Summit that's underway in Tokyo. We'd like 75 00:03:30,760 --> 00:03:33,240 Speaker 5: to ask you about what you're hearing in Japan. I 76 00:03:33,320 --> 00:03:35,240 Speaker 5: just want to start first though, on the matter of Iran. 77 00:03:35,360 --> 00:03:37,920 Speaker 5: Is the energy issue going to bring out a quick 78 00:03:38,000 --> 00:03:39,840 Speaker 5: resolution to this war? 79 00:03:43,840 --> 00:03:46,120 Speaker 8: Well, I think what we're seeing here, of course, is 80 00:03:46,160 --> 00:03:49,800 Speaker 8: the strength of President Trump, you know, setting clear objectives, 81 00:03:50,320 --> 00:03:55,040 Speaker 8: are military executing nearly flawlessly. And of course what this 82 00:03:55,160 --> 00:03:57,320 Speaker 8: exposes for the whole world is that we do have 83 00:03:58,240 --> 00:04:03,000 Speaker 8: a terrorist regime that is threatening the world economy. This 84 00:04:03,040 --> 00:04:05,680 Speaker 8: is a regime that forty seven years ago when they 85 00:04:05,720 --> 00:04:09,240 Speaker 8: took over, literally took American hostages. Now they're holding the 86 00:04:09,360 --> 00:04:14,080 Speaker 8: entire world economy hostage. President Trump and the Allies understand 87 00:04:14,160 --> 00:04:16,440 Speaker 8: that on the backside of this, when this is resolved, 88 00:04:16,960 --> 00:04:18,359 Speaker 8: that the world's going to be peace. 89 00:04:18,440 --> 00:04:19,680 Speaker 4: There's going to be more peace in the world. 90 00:04:19,720 --> 00:04:21,400 Speaker 8: There's going to be more prosperity, and there's going to 91 00:04:21,400 --> 00:04:23,760 Speaker 8: be more stability and more freedman and movement of energy 92 00:04:24,000 --> 00:04:24,960 Speaker 8: for all countries. 93 00:04:27,600 --> 00:04:29,520 Speaker 7: Mister Secretary, I want to ask you about some of 94 00:04:29,560 --> 00:04:32,080 Speaker 7: the actions being put into motion when it comes to 95 00:04:32,160 --> 00:04:35,440 Speaker 7: responding to the energy markets, including that earlier this week 96 00:04:35,480 --> 00:04:38,360 Speaker 7: you said that domestic oil producers have told the administration 97 00:04:38,440 --> 00:04:42,280 Speaker 7: that they're increasing output in shale basins. Could you give 98 00:04:42,360 --> 00:04:45,440 Speaker 7: us any more insight into who those producers are and 99 00:04:45,520 --> 00:04:48,280 Speaker 7: what kind of increase we can expect from that response, 100 00:04:48,360 --> 00:04:52,040 Speaker 7: and on what sort of timeline. 101 00:04:53,240 --> 00:04:55,800 Speaker 8: Well as again and of course in America, as you know, 102 00:04:56,040 --> 00:04:58,000 Speaker 8: these are private companies, some of them are public. I'll 103 00:04:58,080 --> 00:05:01,600 Speaker 8: let them talk about their own production plans and their 104 00:05:01,640 --> 00:05:05,480 Speaker 8: production increases, but certainly when there's a price indication that's 105 00:05:05,680 --> 00:05:08,400 Speaker 8: happening right now, this is an opportunity. Shale producers have 106 00:05:08,480 --> 00:05:11,919 Speaker 8: the ability to increase their production. 107 00:05:12,080 --> 00:05:14,440 Speaker 4: Some of them have you know, drilled but uncompleted wells. 108 00:05:14,480 --> 00:05:17,200 Speaker 4: They just have to turn those on. And of course 109 00:05:17,240 --> 00:05:18,360 Speaker 4: we're seeing our partners. 110 00:05:18,360 --> 00:05:21,200 Speaker 8: I just got back from Venezuela last week, where you've 111 00:05:21,240 --> 00:05:23,720 Speaker 8: got companies like Chevron that are indicating that they can 112 00:05:23,760 --> 00:05:27,600 Speaker 8: accelerate their development in places like that, and of course 113 00:05:27,839 --> 00:05:32,960 Speaker 8: the administration taking steps in places like California where we've 114 00:05:32,960 --> 00:05:37,839 Speaker 8: got you know, offshore in California that if it weren't 115 00:05:37,839 --> 00:05:41,280 Speaker 8: being blocked by the State of California in terms of 116 00:05:41,680 --> 00:05:44,719 Speaker 8: regulatory and red tape, you know that that could substantially 117 00:05:44,760 --> 00:05:47,279 Speaker 8: increase the amount of oil being produced in California. So 118 00:05:47,320 --> 00:05:49,919 Speaker 8: there's a lot we're looking. You know, every stone is 119 00:05:49,960 --> 00:05:52,600 Speaker 8: being overturned. The team in d C and the team 120 00:05:52,640 --> 00:05:56,720 Speaker 8: that's here across a whole set of cabinet members from 121 00:05:57,560 --> 00:06:00,360 Speaker 8: from the Trump administration that's here. We have seven teen 122 00:06:00,440 --> 00:06:07,080 Speaker 8: countries attending this Indo Pacific Energy Security Ministerial. All of 123 00:06:07,080 --> 00:06:10,080 Speaker 8: these countries are understanding that it's important for them for 124 00:06:10,160 --> 00:06:13,279 Speaker 8: their economies and for their countries and for their citizens 125 00:06:13,279 --> 00:06:16,760 Speaker 8: to have energy security, and they're looking to buy energy 126 00:06:16,800 --> 00:06:18,839 Speaker 8: from a trust to ally. And of course here we 127 00:06:18,880 --> 00:06:22,520 Speaker 8: are in Japan, who's been buying LNG from Alaska for 128 00:06:22,560 --> 00:06:25,640 Speaker 8: more than fifty years without a single interruption, because there 129 00:06:25,680 --> 00:06:28,760 Speaker 8: are no choke points when you're buying energy from the 130 00:06:28,839 --> 00:06:32,279 Speaker 8: United States, and that's very different than when you're buying 131 00:06:32,320 --> 00:06:35,880 Speaker 8: from providers where you've got a terrorist regime and whether 132 00:06:35,920 --> 00:06:38,839 Speaker 8: it's directly the Iranians or their proxy, the Huthis that 133 00:06:38,880 --> 00:06:42,159 Speaker 8: can cut off flows of commerce to the world. Energy 134 00:06:42,200 --> 00:06:44,880 Speaker 8: security matters to these buyers, and that's why we're seeing 135 00:06:44,920 --> 00:06:48,360 Speaker 8: these senior leaders and some of the largest LERG companies 136 00:06:48,400 --> 00:06:50,840 Speaker 8: in the world all here. There's going to be a 137 00:06:50,880 --> 00:06:52,960 Speaker 8: lot of deals announced in the next couple days at 138 00:06:52,960 --> 00:06:56,000 Speaker 8: this event in the meaning and the tens of billions 139 00:06:56,040 --> 00:06:58,800 Speaker 8: of dollars because there's that kind of understanding of the 140 00:06:58,839 --> 00:07:00,400 Speaker 8: importance of energy secure already. 141 00:07:01,480 --> 00:07:03,479 Speaker 5: Well, we'd love to hear more about that when those 142 00:07:03,520 --> 00:07:06,080 Speaker 5: deals are announced. Secretary, I hope you can come back 143 00:07:06,120 --> 00:07:08,320 Speaker 5: to Bloomberg to tell us about it. I'm wondering what 144 00:07:08,360 --> 00:07:11,120 Speaker 5: you're hearing from our allies, from our partners there in 145 00:07:11,160 --> 00:07:15,560 Speaker 5: Tokyo about triple digit crude oil, how long they can 146 00:07:15,640 --> 00:07:18,360 Speaker 5: last before this damages their economies, and how often you're 147 00:07:18,360 --> 00:07:20,960 Speaker 5: hearing China come up. You know, Russia and China have 148 00:07:21,000 --> 00:07:22,280 Speaker 5: been framed as the winners here. 149 00:07:26,160 --> 00:07:29,680 Speaker 8: Well, I think that one of the things that we're 150 00:07:29,680 --> 00:07:35,400 Speaker 8: seeing is that, you know, China having really benefited with 151 00:07:35,440 --> 00:07:38,280 Speaker 8: the failed sanctions under the Biden administration, when we had 152 00:07:38,280 --> 00:07:41,600 Speaker 8: failed sanctions on Venezuela, Iran and Russia, the three places 153 00:07:41,640 --> 00:07:43,880 Speaker 8: where we've had conflicts in the world. You know, they've 154 00:07:43,920 --> 00:07:46,720 Speaker 8: been buying for the last three or four years, they've 155 00:07:46,720 --> 00:07:51,200 Speaker 8: been buying discounted refined product and discounted oil. I mean, 156 00:07:51,360 --> 00:07:54,080 Speaker 8: I basically say the failed sanctions, the Biden administration just 157 00:07:54,120 --> 00:07:57,640 Speaker 8: turned Russia ran in Venezuela into China's discount gas station. 158 00:07:58,160 --> 00:07:59,880 Speaker 8: They took full advantage of that, building up. 159 00:07:59,800 --> 00:08:01,920 Speaker 3: The on Russia. 160 00:08:02,000 --> 00:08:02,120 Speaker 7: Right. 161 00:08:02,280 --> 00:08:05,000 Speaker 3: Of course, doesn't that make it cheaper for China. 162 00:08:08,200 --> 00:08:11,960 Speaker 8: Well, it's going to make it more expensive because that's 163 00:08:12,160 --> 00:08:14,520 Speaker 8: going to increase the price of that floating oil that's 164 00:08:14,560 --> 00:08:17,160 Speaker 8: out there right now. But this this temporary waiver on 165 00:08:17,200 --> 00:08:19,880 Speaker 8: the Russian floating oil, most of that oil had already 166 00:08:19,960 --> 00:08:23,320 Speaker 8: left Russia, so Russia's not benefiting from that. If there's 167 00:08:23,320 --> 00:08:25,880 Speaker 8: any price arbitrage, it was whoever owned the cargo after 168 00:08:25,920 --> 00:08:28,080 Speaker 8: it left Russia. But you know that's going to help 169 00:08:28,160 --> 00:08:30,920 Speaker 8: make sure that we can keep prices down for our 170 00:08:30,960 --> 00:08:33,800 Speaker 8: allies like India and others. And so again, that was 171 00:08:33,840 --> 00:08:37,640 Speaker 8: a smart move that the administration undertook on that temporary 172 00:08:37,640 --> 00:08:40,560 Speaker 8: waiver on all that floating you know, the dark fleet 173 00:08:40,880 --> 00:08:42,920 Speaker 8: oil that was out there and again to help relieve 174 00:08:42,960 --> 00:08:43,480 Speaker 8: some of the. 175 00:08:43,440 --> 00:08:44,319 Speaker 4: Short term pressure. 176 00:08:44,520 --> 00:08:48,160 Speaker 8: But meanwhile, you know, our military making incredible progress on 177 00:08:48,880 --> 00:08:50,840 Speaker 8: securing the objectives of this conflict. 178 00:08:52,440 --> 00:08:54,720 Speaker 7: You said, mister Secretary, that there's a lot of tools 179 00:08:54,720 --> 00:08:57,640 Speaker 7: that the administration can invoke. I'm wondering what's still on 180 00:08:57,720 --> 00:09:01,319 Speaker 7: the table. Could we see a federal Gas to Act holiday, 181 00:09:01,520 --> 00:09:04,320 Speaker 7: could we see the invoking of the Jones Act, or 182 00:09:04,400 --> 00:09:08,840 Speaker 7: even a push to get higher ethanol content gasoline onto 183 00:09:08,840 --> 00:09:09,320 Speaker 7: the market. 184 00:09:12,840 --> 00:09:15,520 Speaker 8: Well, I think all of these ideas are under consideration, 185 00:09:15,600 --> 00:09:17,199 Speaker 8: and we've got you know, teams like I said that 186 00:09:17,240 --> 00:09:20,640 Speaker 8: are working around the clock doing analysis and effort on 187 00:09:20,720 --> 00:09:24,480 Speaker 8: this in an effort to try to focus on affordability 188 00:09:24,679 --> 00:09:26,600 Speaker 8: and keeping the prices down. But this has been our 189 00:09:26,600 --> 00:09:28,959 Speaker 8: focus since the day that President Trump took office. When 190 00:09:28,960 --> 00:09:31,600 Speaker 8: he took office and declared an energy emergency, it was 191 00:09:31,640 --> 00:09:34,320 Speaker 8: because energy prices were out of control, whether it was 192 00:09:34,320 --> 00:09:38,640 Speaker 8: for electricity or for liquid fuels or for heating your home. 193 00:09:38,880 --> 00:09:41,400 Speaker 8: And of course those prices have dropped dramatically in last 194 00:09:41,440 --> 00:09:45,760 Speaker 8: year because President Trump's policies of energy a dominance, which 195 00:09:45,800 --> 00:09:48,760 Speaker 8: is about having enough energy for low prices at home 196 00:09:48,840 --> 00:09:51,840 Speaker 8: and being able to help lower prices for our allies, 197 00:09:52,080 --> 00:09:55,480 Speaker 8: I mean, lifting the ban on LNG export facilities, which 198 00:09:55,520 --> 00:09:59,960 Speaker 8: also happened immediately in the Trump administration, has allowed us 199 00:10:00,080 --> 00:10:02,679 Speaker 8: to become the number one Allen G expert. We've displaced 200 00:10:03,000 --> 00:10:05,360 Speaker 8: two thirds of the Russian gas that was being sold 201 00:10:05,360 --> 00:10:08,240 Speaker 8: into Western Europe this past winter. I mean, the estimates 202 00:10:08,800 --> 00:10:11,360 Speaker 8: are that that's in the tens of billions of dollars 203 00:10:11,360 --> 00:10:15,240 Speaker 8: that were saved by consumers in our allies because of 204 00:10:15,400 --> 00:10:18,120 Speaker 8: US being able to literally come to the rescue with 205 00:10:18,200 --> 00:10:22,520 Speaker 8: low energy prices and whether it's whether it's prescription drugs, 206 00:10:22,720 --> 00:10:26,199 Speaker 8: whether it's housing, whether it's interest rates, whether it's food. 207 00:10:26,720 --> 00:10:29,480 Speaker 8: President Trump has been on the march lowering those prices 208 00:10:29,480 --> 00:10:34,079 Speaker 8: for Americans. And with this, you know, temporary, temporary interruption 209 00:10:34,960 --> 00:10:38,640 Speaker 8: versus to have an opportunity for long term transformation. I 210 00:10:38,679 --> 00:10:41,079 Speaker 8: think this is something that everybody in the world should 211 00:10:41,120 --> 00:10:44,000 Speaker 8: be joining in. If everybody thinks it's okay, you know, 212 00:10:44,080 --> 00:10:46,640 Speaker 8: to have a regime that killed forty thousand of their 213 00:10:46,679 --> 00:10:50,559 Speaker 8: own people before this recent conflict even started, just because 214 00:10:50,600 --> 00:10:52,840 Speaker 8: people were expressing free speech in the street, I think 215 00:10:52,920 --> 00:10:55,840 Speaker 8: that's okay to have that group of people controlling the 216 00:10:55,840 --> 00:10:57,800 Speaker 8: world's energy supplies in the world market. 217 00:10:58,040 --> 00:11:00,680 Speaker 4: You know that I would be surprised. 218 00:11:00,720 --> 00:11:02,600 Speaker 8: I mean, people need to come to a realization that 219 00:11:02,679 --> 00:11:05,199 Speaker 8: this is this is a global problem. People should be 220 00:11:05,240 --> 00:11:08,360 Speaker 8: aligned with President Trump and aligned with the United States 221 00:11:08,360 --> 00:11:10,160 Speaker 8: to say, you know, we're not going to we shouldn't 222 00:11:10,160 --> 00:11:12,760 Speaker 8: be we shouldn't be standing for having a group of 223 00:11:12,840 --> 00:11:15,480 Speaker 8: terrorists control the global economy. 224 00:11:16,440 --> 00:11:18,560 Speaker 5: Yeah, Secretary Berghen, we heard from the head of the 225 00:11:18,559 --> 00:11:20,920 Speaker 5: CME Group today, Terry Duffy. 226 00:11:21,000 --> 00:11:22,120 Speaker 3: You probably know each other. 227 00:11:22,120 --> 00:11:24,400 Speaker 5: He was speaking at a conference in Florida, said the 228 00:11:24,440 --> 00:11:28,760 Speaker 5: Trump administration would risk a biblical disaster his words, if 229 00:11:28,800 --> 00:11:33,000 Speaker 5: it attempts to lower oil prices by intervening in derivative markets, right, 230 00:11:33,080 --> 00:11:37,240 Speaker 5: the oil paper market, we're talking futures and options. 231 00:11:37,280 --> 00:11:38,720 Speaker 3: Is that something under consideration. 232 00:11:42,200 --> 00:11:45,880 Speaker 8: Well, I'd say there's certainly been a discussion. We got 233 00:11:45,920 --> 00:11:48,360 Speaker 8: a lot of smart people working in this administration. There's 234 00:11:48,360 --> 00:11:50,600 Speaker 8: a lot of smart people that work in the energy 235 00:11:50,600 --> 00:11:54,080 Speaker 8: trading market. The energy trading is one of the biggest 236 00:11:54,120 --> 00:11:57,280 Speaker 8: markets in the world. An intervention there to try to, 237 00:11:57,440 --> 00:12:00,760 Speaker 8: you know, manipulate lower prices would require enormous amounts of capital. 238 00:12:00,800 --> 00:12:02,600 Speaker 4: That's all I'll say on that front. But I'd say 239 00:12:02,600 --> 00:12:03,280 Speaker 4: that right now. 240 00:12:03,920 --> 00:12:06,720 Speaker 8: You know, you know, the best way to get prices 241 00:12:06,760 --> 00:12:10,920 Speaker 8: down is increased supply to match demand. And President Trump again, 242 00:12:11,400 --> 00:12:14,120 Speaker 8: under the President Biden, we were lowering the amount of 243 00:12:14,240 --> 00:12:17,920 Speaker 8: energy we were producing. We were regulating it out of business, 244 00:12:18,280 --> 00:12:21,960 Speaker 8: strangling entire industries that were producing either electricity or liquid 245 00:12:22,000 --> 00:12:25,160 Speaker 8: fuels out of business. And now it's gone the complete 246 00:12:25,160 --> 00:12:29,680 Speaker 8: opposite direction. It's about more electricity, more energy. The energy abundance, 247 00:12:29,760 --> 00:12:33,240 Speaker 8: energy dominance is the supply side. Let's increase the supply 248 00:12:33,320 --> 00:12:36,520 Speaker 8: to lower prices. We do have a temporary disruption and transit, 249 00:12:36,840 --> 00:12:40,240 Speaker 8: but the world is well supplied and that was reflected 250 00:12:40,240 --> 00:12:42,120 Speaker 8: in the market just a month ago, which is you know, 251 00:12:42,200 --> 00:12:45,439 Speaker 8: we've got you know, new sources coming on, whether Venezuela 252 00:12:45,559 --> 00:12:48,760 Speaker 8: ramping up, whether it's other allies around the world. I mean, 253 00:12:48,840 --> 00:12:52,280 Speaker 8: we're fortunate with new technology. The oil producers are producing 254 00:12:52,280 --> 00:12:54,800 Speaker 8: more all the time. You know, just think twenty years ago, 255 00:12:54,880 --> 00:12:57,040 Speaker 8: people thought the US was going to run out of 256 00:12:57,040 --> 00:12:58,920 Speaker 8: oil and gas. I mean, let's just step back a 257 00:12:58,960 --> 00:13:01,720 Speaker 8: second and understand how did we go from the sky 258 00:13:01,880 --> 00:13:04,120 Speaker 8: is falling, we're running out of oil and gas, we're 259 00:13:04,160 --> 00:13:06,439 Speaker 8: running out of energy, to becoming the world's number one 260 00:13:06,480 --> 00:13:09,680 Speaker 8: oil producer and the number one natural gas produced, number 261 00:13:09,720 --> 00:13:12,920 Speaker 8: one ll G export. That was because of innovation. American 262 00:13:13,000 --> 00:13:17,720 Speaker 8: innovation drove these dramatic turnaround and that alone, that is 263 00:13:17,760 --> 00:13:20,760 Speaker 8: like a trillion dollar tax break for Americans because of 264 00:13:20,800 --> 00:13:24,440 Speaker 8: the energy innovation that's come from this private sector in 265 00:13:24,480 --> 00:13:26,840 Speaker 8: the oil and gas and energy industries in our country. 266 00:13:26,880 --> 00:13:29,160 Speaker 8: And now we have an opportunity to share that abundance 267 00:13:29,200 --> 00:13:31,599 Speaker 8: with our friends and allies around the world. That's what 268 00:13:31,600 --> 00:13:34,200 Speaker 8: we're doing here in Japan with these seventeen countries that 269 00:13:34,240 --> 00:13:37,400 Speaker 8: are here to sign deals with the US for secure 270 00:13:37,440 --> 00:13:40,480 Speaker 8: supply chains from places like Alaska where we've got enormous 271 00:13:40,480 --> 00:13:43,240 Speaker 8: amounts of LERG, and we could be providing all of 272 00:13:43,240 --> 00:13:47,080 Speaker 8: our partners more secure and lower cost energy across the Pacific, 273 00:13:47,080 --> 00:13:51,559 Speaker 8: our traditional allies, whether it's Japan, South Korea, Philippines, Taiwan. 274 00:13:52,600 --> 00:13:54,439 Speaker 8: You go down lists and our territories, I mean the 275 00:13:54,520 --> 00:13:57,640 Speaker 8: territories that are part of the US Department of Interior, Guam, 276 00:13:57,679 --> 00:14:01,679 Speaker 8: American Samoa, the Marianna. These are all places where we've 277 00:14:01,720 --> 00:14:05,320 Speaker 8: got military bases and in many cases, including Hawaii, you know, 278 00:14:05,360 --> 00:14:08,160 Speaker 8: we're buying foreign oil. We have an opportunity in America 279 00:14:08,240 --> 00:14:11,880 Speaker 8: under President Jumps energy dominance to sell energy even to 280 00:14:11,960 --> 00:14:14,560 Speaker 8: our own territories, into our own states in the Pacific. 281 00:14:14,840 --> 00:14:17,319 Speaker 8: Alaska's can be a key part of that. And so again, 282 00:14:17,840 --> 00:14:20,920 Speaker 8: even as we've got the conflict going on, this administration 283 00:14:21,000 --> 00:14:23,520 Speaker 8: can do more than one thing at a time, and 284 00:14:23,560 --> 00:14:25,960 Speaker 8: there's going to be incredible progress here on building a 285 00:14:25,960 --> 00:14:29,200 Speaker 8: secure energy future for our allies and friends and our 286 00:14:29,280 --> 00:14:31,400 Speaker 8: territories in our states in the Pacific. 287 00:14:32,840 --> 00:14:37,240 Speaker 7: Just very quickly, mister Secretary for clarity. Has the administration 288 00:14:37,440 --> 00:14:44,480 Speaker 7: intervened already when it comes to the oil futures market, not. 289 00:14:44,480 --> 00:14:47,200 Speaker 8: That I'm aware of. Has there been any intervention in 290 00:14:47,240 --> 00:14:47,920 Speaker 8: those markets? 291 00:14:49,760 --> 00:14:52,560 Speaker 7: All right, Dug burgham us Secretary of the Interior. Thank 292 00:14:52,600 --> 00:14:53,520 Speaker 7: you so much for joining us.