WEBVTT - US Interior Secretary Doug Burgum Talks US Energy Production 0:00:02.520 --> 0:00:07.040 Bloomberg Audio Studios, Podcasts, radio news. 0:00:07.800 --> 0:00:11.400 Today, the United States military continues to carry out large 0:00:11.400 --> 0:00:15.880 scale combat operations in Iran to eliminate the grave threats 0:00:15.960 --> 0:00:20.759 posed to America by this terrible terrorist regime. We have 0:00:20.880 --> 0:00:25.840 the strongest and most powerful by far military in the world, 0:00:26.800 --> 0:00:30.520 and we will easily prevail. It was my opinion that 0:00:30.560 --> 0:00:32.280 they were going to attack first. They were going to 0:00:32.360 --> 0:00:35.080 attack if we didn't do it. I said on Kippers, 0:00:35.280 --> 0:00:37.840 this is where they cry uncle, or where they can't 0:00:37.880 --> 0:00:39.760 fight any longer, longer. 0:00:39.400 --> 0:00:39.920 Than we won. 0:00:41.080 --> 0:00:43.240 You know, you never like to say too early, you want, 0:00:43.280 --> 0:00:44.440 we want, we want the best. 0:00:44.560 --> 0:00:45.760 In the first hour, it was. 0:00:45.720 --> 0:00:50.320 Over the situation where Iran is moving along very rapidly. 0:00:51.040 --> 0:00:53.520 It's doing very well. 0:00:53.560 --> 0:00:56.560 Our military is unsurpassed, has never been anything like it. 0:00:57.960 --> 0:00:58.920 This is a balance of power. 0:00:58.920 --> 0:01:01.760 On Bloomberg TV and Radio alongside Tyler Kendell, I'm Joe 0:01:01.800 --> 0:01:05.759 Matthew in Washington, will taste of President Trump there, commenting 0:01:05.760 --> 0:01:08.160 on the state of the US Iran conflict over the 0:01:08.240 --> 0:01:11.800 last two weeks. The arc of communication and the evolution 0:01:11.880 --> 0:01:15.119 of justification has been fascinating and joining us now ahead 0:01:15.120 --> 0:01:17.760 of our conversation with Secretary Doug Bergham as our political 0:01:17.800 --> 0:01:21.480 panel Lester Munson, Republican strategist principle of the International Practice 0:01:21.480 --> 0:01:25.480 at bg our Group, alongside democratic strategist Jamie Jackson. 0:01:25.160 --> 0:01:26.640 Founder of Vantage Global Media. 0:01:26.720 --> 0:01:29.560 Jamie served as political appointee in both the Obama and 0:01:29.680 --> 0:01:33.959 Biden white Houses, including Council for Pentagon Legislative Affairs and 0:01:34.040 --> 0:01:36.759 the House Armed Services Committee. We've got a great combination, 0:01:36.920 --> 0:01:39.679 and welcome to both of you here. You heard that 0:01:39.800 --> 0:01:42.480 last remark the President made in that string of remarks 0:01:42.520 --> 0:01:43.200 said we've won. 0:01:43.280 --> 0:01:44.640 We've already won. 0:01:44.720 --> 0:01:47.360 How dangerous is that commentary from the commander in chief 0:01:47.400 --> 0:01:48.480 if in fact we happened. 0:01:49.040 --> 0:01:51.160 I think it's very dangerous. I think it highlights a 0:01:51.200 --> 0:01:53.080 lot of the inconsistencies that are coming out of the 0:01:53.120 --> 0:01:55.720 White House. In the Pentagon a few days ago, the 0:01:55.760 --> 0:02:00.800 President said that he wanted total unconditional surrender. Haven't seen that. 0:02:01.240 --> 0:02:04.240 We've heard that the Pentagon. This morning, the Secretary of Defense, 0:02:04.440 --> 0:02:07.400 the Secretary of the Department of War gave remarks about 0:02:07.400 --> 0:02:08.600 how the campaign will go on. 0:02:08.720 --> 0:02:10.080 For more weeks. 0:02:10.160 --> 0:02:12.320 There's going to be an increase in escalation, and so 0:02:12.400 --> 0:02:15.120 I think it's very dangerous to have such inconsistent messaging 0:02:15.200 --> 0:02:16.440 coming out of the administration. 0:02:16.760 --> 0:02:18.720 Well, Lester, what do you make of that when we've 0:02:18.760 --> 0:02:22.000 heard the administration focus a lot on perhaps tactical successes. 0:02:22.080 --> 0:02:22.240 Right. 0:02:22.280 --> 0:02:25.240 We heard the Defense Secretary earlier today say fifteen thousand 0:02:25.560 --> 0:02:29.040 targets have been hit. But have they clearly communicated the 0:02:29.120 --> 0:02:31.760 objectives that have to be met in order for the 0:02:31.800 --> 0:02:34.200 timeline to be reached in us to see this conflict 0:02:34.240 --> 0:02:34.760 pull back. 0:02:35.320 --> 0:02:38.800 Well, I actually think the administration, when you kind of 0:02:39.440 --> 0:02:42.640 maybe average out all of the statements, has been fairly 0:02:42.720 --> 0:02:45.200 consistent in what they're saying, which is, we want to 0:02:45.240 --> 0:02:50.000 eliminate Iran's capability to threaten the United States with nuclear weapons, 0:02:50.080 --> 0:02:54.000 threaten its neighbors with its ballistic missile technology, threaten the 0:02:54.080 --> 0:02:58.040 Strait of Horror moves with its navy, and then the 0:02:58.040 --> 0:03:00.880 production facilities for all of those things. And that's what 0:03:00.919 --> 0:03:03.080 I think the President is referring to when he says, 0:03:03.320 --> 0:03:05.640 you know, we won on day one because the initial 0:03:05.639 --> 0:03:09.160 strikes were so effective and did in fact eliminate the 0:03:09.200 --> 0:03:11.440 at least the very top leadership of the country. 0:03:11.680 --> 0:03:13.600 Glad we could get a swing from both of you 0:03:13.680 --> 0:03:15.600 on this, Lester Monthson and Jamie Jackson are going to 0:03:15.600 --> 0:03:17.959 stay with us as we now add the voice live 0:03:17.960 --> 0:03:21.480 from Tokyo of Doug Bergham, the US Secretary of the 0:03:21.520 --> 0:03:23.040 Interior Secretary. 0:03:23.120 --> 0:03:25.120 Welcome back to Bloomberg TV and Radio. 0:03:25.160 --> 0:03:27.480 I know you're joining us from a world away at 0:03:27.480 --> 0:03:30.720 the Japan Energy Summit that's underway in Tokyo. We'd like 0:03:30.760 --> 0:03:33.240 to ask you about what you're hearing in Japan. I 0:03:33.320 --> 0:03:35.240 just want to start first though, on the matter of Iran. 0:03:35.360 --> 0:03:37.920 Is the energy issue going to bring out a quick 0:03:38.000 --> 0:03:39.840 resolution to this war? 0:03:43.840 --> 0:03:46.120 Well, I think what we're seeing here, of course, is 0:03:46.160 --> 0:03:49.800 the strength of President Trump, you know, setting clear objectives, 0:03:50.320 --> 0:03:55.040 are military executing nearly flawlessly. And of course what this 0:03:55.160 --> 0:03:57.320 exposes for the whole world is that we do have 0:03:58.240 --> 0:04:03.000 a terrorist regime that is threatening the world economy. This 0:04:03.040 --> 0:04:05.680 is a regime that forty seven years ago when they 0:04:05.720 --> 0:04:09.240 took over, literally took American hostages. Now they're holding the 0:04:09.360 --> 0:04:14.080 entire world economy hostage. President Trump and the Allies understand 0:04:14.160 --> 0:04:16.440 that on the backside of this, when this is resolved, 0:04:16.960 --> 0:04:18.359 that the world's going to be peace. 0:04:18.440 --> 0:04:19.680 There's going to be more peace in the world. 0:04:19.720 --> 0:04:21.400 There's going to be more prosperity, and there's going to 0:04:21.400 --> 0:04:23.760 be more stability and more freedman and movement of energy 0:04:24.000 --> 0:04:24.960 for all countries. 0:04:27.600 --> 0:04:29.520 Mister Secretary, I want to ask you about some of 0:04:29.560 --> 0:04:32.080 the actions being put into motion when it comes to 0:04:32.160 --> 0:04:35.440 responding to the energy markets, including that earlier this week 0:04:35.480 --> 0:04:38.360 you said that domestic oil producers have told the administration 0:04:38.440 --> 0:04:42.280 that they're increasing output in shale basins. Could you give 0:04:42.360 --> 0:04:45.440 us any more insight into who those producers are and 0:04:45.520 --> 0:04:48.280 what kind of increase we can expect from that response, 0:04:48.360 --> 0:04:52.040 and on what sort of timeline. 0:04:53.240 --> 0:04:55.800 Well as again and of course in America, as you know, 0:04:56.040 --> 0:04:58.000 these are private companies, some of them are public. I'll 0:04:58.080 --> 0:05:01.600 let them talk about their own production plans and their 0:05:01.640 --> 0:05:05.480 production increases, but certainly when there's a price indication that's 0:05:05.680 --> 0:05:08.400 happening right now, this is an opportunity. Shale producers have 0:05:08.480 --> 0:05:11.919 the ability to increase their production. 0:05:12.080 --> 0:05:14.440 Some of them have you know, drilled but uncompleted wells. 0:05:14.480 --> 0:05:17.200 They just have to turn those on. And of course 0:05:17.240 --> 0:05:18.360 we're seeing our partners. 0:05:18.360 --> 0:05:21.200 I just got back from Venezuela last week, where you've 0:05:21.240 --> 0:05:23.720 got companies like Chevron that are indicating that they can 0:05:23.760 --> 0:05:27.600 accelerate their development in places like that, and of course 0:05:27.839 --> 0:05:32.960 the administration taking steps in places like California where we've 0:05:32.960 --> 0:05:37.839 got you know, offshore in California that if it weren't 0:05:37.839 --> 0:05:41.280 being blocked by the State of California in terms of 0:05:41.680 --> 0:05:44.719 regulatory and red tape, you know that that could substantially 0:05:44.760 --> 0:05:47.279 increase the amount of oil being produced in California. So 0:05:47.320 --> 0:05:49.919 there's a lot we're looking. You know, every stone is 0:05:49.960 --> 0:05:52.600 being overturned. The team in d C and the team 0:05:52.640 --> 0:05:56.720 that's here across a whole set of cabinet members from 0:05:57.560 --> 0:06:00.360 from the Trump administration that's here. We have seven teen 0:06:00.440 --> 0:06:07.080 countries attending this Indo Pacific Energy Security Ministerial. All of 0:06:07.080 --> 0:06:10.080 these countries are understanding that it's important for them for 0:06:10.160 --> 0:06:13.279 their economies and for their countries and for their citizens 0:06:13.279 --> 0:06:16.760 to have energy security, and they're looking to buy energy 0:06:16.800 --> 0:06:18.839 from a trust to ally. And of course here we 0:06:18.880 --> 0:06:22.520 are in Japan, who's been buying LNG from Alaska for 0:06:22.560 --> 0:06:25.640 more than fifty years without a single interruption, because there 0:06:25.680 --> 0:06:28.760 are no choke points when you're buying energy from the 0:06:28.839 --> 0:06:32.279 United States, and that's very different than when you're buying 0:06:32.320 --> 0:06:35.880 from providers where you've got a terrorist regime and whether 0:06:35.920 --> 0:06:38.839 it's directly the Iranians or their proxy, the Huthis that 0:06:38.880 --> 0:06:42.159 can cut off flows of commerce to the world. Energy 0:06:42.200 --> 0:06:44.880 security matters to these buyers, and that's why we're seeing 0:06:44.920 --> 0:06:48.360 these senior leaders and some of the largest LERG companies 0:06:48.400 --> 0:06:50.840 in the world all here. There's going to be a 0:06:50.880 --> 0:06:52.960 lot of deals announced in the next couple days at 0:06:52.960 --> 0:06:56.000 this event in the meaning and the tens of billions 0:06:56.040 --> 0:06:58.800 of dollars because there's that kind of understanding of the 0:06:58.839 --> 0:07:00.400 importance of energy secure already. 0:07:01.480 --> 0:07:03.479 Well, we'd love to hear more about that when those 0:07:03.520 --> 0:07:06.080 deals are announced. Secretary, I hope you can come back 0:07:06.120 --> 0:07:08.320 to Bloomberg to tell us about it. I'm wondering what 0:07:08.360 --> 0:07:11.120 you're hearing from our allies, from our partners there in 0:07:11.160 --> 0:07:15.560 Tokyo about triple digit crude oil, how long they can 0:07:15.640 --> 0:07:18.360 last before this damages their economies, and how often you're 0:07:18.360 --> 0:07:20.960 hearing China come up. You know, Russia and China have 0:07:21.000 --> 0:07:22.280 been framed as the winners here. 0:07:26.160 --> 0:07:29.680 Well, I think that one of the things that we're 0:07:29.680 --> 0:07:35.400 seeing is that, you know, China having really benefited with 0:07:35.440 --> 0:07:38.280 the failed sanctions under the Biden administration, when we had 0:07:38.280 --> 0:07:41.600 failed sanctions on Venezuela, Iran and Russia, the three places 0:07:41.640 --> 0:07:43.880 where we've had conflicts in the world. You know, they've 0:07:43.920 --> 0:07:46.720 been buying for the last three or four years, they've 0:07:46.720 --> 0:07:51.200 been buying discounted refined product and discounted oil. I mean, 0:07:51.360 --> 0:07:54.080 I basically say the failed sanctions, the Biden administration just 0:07:54.120 --> 0:07:57.640 turned Russia ran in Venezuela into China's discount gas station. 0:07:58.160 --> 0:07:59.880 They took full advantage of that, building up. 0:07:59.800 --> 0:08:01.920 The on Russia. 0:08:02.000 --> 0:08:02.120 Right. 0:08:02.280 --> 0:08:05.000 Of course, doesn't that make it cheaper for China. 0:08:08.200 --> 0:08:11.960 Well, it's going to make it more expensive because that's 0:08:12.160 --> 0:08:14.520 going to increase the price of that floating oil that's 0:08:14.560 --> 0:08:17.160 out there right now. But this this temporary waiver on 0:08:17.200 --> 0:08:19.880 the Russian floating oil, most of that oil had already 0:08:19.960 --> 0:08:23.320 left Russia, so Russia's not benefiting from that. If there's 0:08:23.320 --> 0:08:25.880 any price arbitrage, it was whoever owned the cargo after 0:08:25.920 --> 0:08:28.080 it left Russia. But you know that's going to help 0:08:28.160 --> 0:08:30.920 make sure that we can keep prices down for our 0:08:30.960 --> 0:08:33.800 allies like India and others. And so again, that was 0:08:33.840 --> 0:08:37.640 a smart move that the administration undertook on that temporary 0:08:37.640 --> 0:08:40.560 waiver on all that floating you know, the dark fleet 0:08:40.880 --> 0:08:42.920 oil that was out there and again to help relieve 0:08:42.960 --> 0:08:43.480 some of the. 0:08:43.440 --> 0:08:44.319 Short term pressure. 0:08:44.520 --> 0:08:48.160 But meanwhile, you know, our military making incredible progress on 0:08:48.880 --> 0:08:50.840 securing the objectives of this conflict. 0:08:52.440 --> 0:08:54.720 You said, mister Secretary, that there's a lot of tools 0:08:54.720 --> 0:08:57.640 that the administration can invoke. I'm wondering what's still on 0:08:57.720 --> 0:09:01.319 the table. Could we see a federal Gas to Act holiday, 0:09:01.520 --> 0:09:04.320 could we see the invoking of the Jones Act, or 0:09:04.400 --> 0:09:08.840 even a push to get higher ethanol content gasoline onto 0:09:08.840 --> 0:09:09.320 the market. 0:09:12.840 --> 0:09:15.520 Well, I think all of these ideas are under consideration, 0:09:15.600 --> 0:09:17.199 and we've got you know, teams like I said that 0:09:17.240 --> 0:09:20.640 are working around the clock doing analysis and effort on 0:09:20.720 --> 0:09:24.480 this in an effort to try to focus on affordability 0:09:24.679 --> 0:09:26.600 and keeping the prices down. But this has been our 0:09:26.600 --> 0:09:28.959 focus since the day that President Trump took office. When 0:09:28.960 --> 0:09:31.600 he took office and declared an energy emergency, it was 0:09:31.640 --> 0:09:34.320 because energy prices were out of control, whether it was 0:09:34.320 --> 0:09:38.640 for electricity or for liquid fuels or for heating your home. 0:09:38.880 --> 0:09:41.400 And of course those prices have dropped dramatically in last 0:09:41.440 --> 0:09:45.760 year because President Trump's policies of energy a dominance, which 0:09:45.800 --> 0:09:48.760 is about having enough energy for low prices at home 0:09:48.840 --> 0:09:51.840 and being able to help lower prices for our allies, 0:09:52.080 --> 0:09:55.480 I mean, lifting the ban on LNG export facilities, which 0:09:55.520 --> 0:09:59.960 also happened immediately in the Trump administration, has allowed us 0:10:00.080 --> 0:10:02.679 to become the number one Allen G expert. We've displaced 0:10:03.000 --> 0:10:05.360 two thirds of the Russian gas that was being sold 0:10:05.360 --> 0:10:08.240 into Western Europe this past winter. I mean, the estimates 0:10:08.800 --> 0:10:11.360 are that that's in the tens of billions of dollars 0:10:11.360 --> 0:10:15.240 that were saved by consumers in our allies because of 0:10:15.400 --> 0:10:18.120 US being able to literally come to the rescue with 0:10:18.200 --> 0:10:22.520 low energy prices and whether it's whether it's prescription drugs, 0:10:22.720 --> 0:10:26.199 whether it's housing, whether it's interest rates, whether it's food. 0:10:26.720 --> 0:10:29.480 President Trump has been on the march lowering those prices 0:10:29.480 --> 0:10:34.079 for Americans. And with this, you know, temporary, temporary interruption 0:10:34.960 --> 0:10:38.640 versus to have an opportunity for long term transformation. I 0:10:38.679 --> 0:10:41.079 think this is something that everybody in the world should 0:10:41.120 --> 0:10:44.000 be joining in. If everybody thinks it's okay, you know, 0:10:44.080 --> 0:10:46.640 to have a regime that killed forty thousand of their 0:10:46.679 --> 0:10:50.559 own people before this recent conflict even started, just because 0:10:50.600 --> 0:10:52.840 people were expressing free speech in the street, I think 0:10:52.920 --> 0:10:55.840 that's okay to have that group of people controlling the 0:10:55.840 --> 0:10:57.800 world's energy supplies in the world market. 0:10:58.040 --> 0:11:00.680 You know that I would be surprised. 0:11:00.720 --> 0:11:02.600 I mean, people need to come to a realization that 0:11:02.679 --> 0:11:05.199 this is this is a global problem. People should be 0:11:05.240 --> 0:11:08.360 aligned with President Trump and aligned with the United States 0:11:08.360 --> 0:11:10.160 to say, you know, we're not going to we shouldn't 0:11:10.160 --> 0:11:12.760 be we shouldn't be standing for having a group of 0:11:12.840 --> 0:11:15.480 terrorists control the global economy. 0:11:16.440 --> 0:11:18.560 Yeah, Secretary Berghen, we heard from the head of the 0:11:18.559 --> 0:11:20.920 CME Group today, Terry Duffy. 0:11:21.000 --> 0:11:22.120 You probably know each other. 0:11:22.120 --> 0:11:24.400 He was speaking at a conference in Florida, said the 0:11:24.440 --> 0:11:28.760 Trump administration would risk a biblical disaster his words, if 0:11:28.800 --> 0:11:33.000 it attempts to lower oil prices by intervening in derivative markets, right, 0:11:33.080 --> 0:11:37.240 the oil paper market, we're talking futures and options. 0:11:37.280 --> 0:11:38.720 Is that something under consideration. 0:11:42.200 --> 0:11:45.880 Well, I'd say there's certainly been a discussion. We got 0:11:45.920 --> 0:11:48.360 a lot of smart people working in this administration. There's 0:11:48.360 --> 0:11:50.600 a lot of smart people that work in the energy 0:11:50.600 --> 0:11:54.080 trading market. The energy trading is one of the biggest 0:11:54.120 --> 0:11:57.280 markets in the world. An intervention there to try to, 0:11:57.440 --> 0:12:00.760 you know, manipulate lower prices would require enormous amounts of capital. 0:12:00.800 --> 0:12:02.600 That's all I'll say on that front. But I'd say 0:12:02.600 --> 0:12:03.280 that right now. 0:12:03.920 --> 0:12:06.720 You know, you know, the best way to get prices 0:12:06.760 --> 0:12:10.920 down is increased supply to match demand. And President Trump again, 0:12:11.400 --> 0:12:14.120 under the President Biden, we were lowering the amount of 0:12:14.240 --> 0:12:17.920 energy we were producing. We were regulating it out of business, 0:12:18.280 --> 0:12:21.960 strangling entire industries that were producing either electricity or liquid 0:12:22.000 --> 0:12:25.160 fuels out of business. And now it's gone the complete 0:12:25.160 --> 0:12:29.680 opposite direction. It's about more electricity, more energy. The energy abundance, 0:12:29.760 --> 0:12:33.240 energy dominance is the supply side. Let's increase the supply 0:12:33.320 --> 0:12:36.520 to lower prices. We do have a temporary disruption and transit, 0:12:36.840 --> 0:12:40.240 but the world is well supplied and that was reflected 0:12:40.240 --> 0:12:42.120 in the market just a month ago, which is you know, 0:12:42.200 --> 0:12:45.439 we've got you know, new sources coming on, whether Venezuela 0:12:45.559 --> 0:12:48.760 ramping up, whether it's other allies around the world. I mean, 0:12:48.840 --> 0:12:52.280 we're fortunate with new technology. The oil producers are producing 0:12:52.280 --> 0:12:54.800 more all the time. You know, just think twenty years ago, 0:12:54.880 --> 0:12:57.040 people thought the US was going to run out of 0:12:57.040 --> 0:12:58.920 oil and gas. I mean, let's just step back a 0:12:58.960 --> 0:13:01.720 second and understand how did we go from the sky 0:13:01.880 --> 0:13:04.120 is falling, we're running out of oil and gas, we're 0:13:04.160 --> 0:13:06.439 running out of energy, to becoming the world's number one 0:13:06.480 --> 0:13:09.680 oil producer and the number one natural gas produced, number 0:13:09.720 --> 0:13:12.920 one ll G export. That was because of innovation. American 0:13:13.000 --> 0:13:17.720 innovation drove these dramatic turnaround and that alone, that is 0:13:17.760 --> 0:13:20.760 like a trillion dollar tax break for Americans because of 0:13:20.800 --> 0:13:24.440 the energy innovation that's come from this private sector in 0:13:24.480 --> 0:13:26.840 the oil and gas and energy industries in our country. 0:13:26.880 --> 0:13:29.160 And now we have an opportunity to share that abundance 0:13:29.200 --> 0:13:31.599 with our friends and allies around the world. That's what 0:13:31.600 --> 0:13:34.200 we're doing here in Japan with these seventeen countries that 0:13:34.240 --> 0:13:37.400 are here to sign deals with the US for secure 0:13:37.440 --> 0:13:40.480 supply chains from places like Alaska where we've got enormous 0:13:40.480 --> 0:13:43.240 amounts of LERG, and we could be providing all of 0:13:43.240 --> 0:13:47.080 our partners more secure and lower cost energy across the Pacific, 0:13:47.080 --> 0:13:51.559 our traditional allies, whether it's Japan, South Korea, Philippines, Taiwan. 0:13:52.600 --> 0:13:54.439 You go down lists and our territories, I mean the 0:13:54.520 --> 0:13:57.640 territories that are part of the US Department of Interior, Guam, 0:13:57.679 --> 0:14:01.679 American Samoa, the Marianna. These are all places where we've 0:14:01.720 --> 0:14:05.320 got military bases and in many cases, including Hawaii, you know, 0:14:05.360 --> 0:14:08.160 we're buying foreign oil. We have an opportunity in America 0:14:08.240 --> 0:14:11.880 under President Jumps energy dominance to sell energy even to 0:14:11.960 --> 0:14:14.560 our own territories, into our own states in the Pacific. 0:14:14.840 --> 0:14:17.319 Alaska's can be a key part of that. And so again, 0:14:17.840 --> 0:14:20.920 even as we've got the conflict going on, this administration 0:14:21.000 --> 0:14:23.520 can do more than one thing at a time, and 0:14:23.560 --> 0:14:25.960 there's going to be incredible progress here on building a 0:14:25.960 --> 0:14:29.200 secure energy future for our allies and friends and our 0:14:29.280 --> 0:14:31.400 territories in our states in the Pacific. 0:14:32.840 --> 0:14:37.240 Just very quickly, mister Secretary for clarity. Has the administration 0:14:37.440 --> 0:14:44.480 intervened already when it comes to the oil futures market, not. 0:14:44.480 --> 0:14:47.200 That I'm aware of. Has there been any intervention in 0:14:47.240 --> 0:14:47.920 those markets? 0:14:49.760 --> 0:14:52.560 All right, Dug burgham us Secretary of the Interior. Thank 0:14:52.600 --> 0:14:53.520 you so much for joining us.