Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: It's the latest this morning, Bren climbing back above one eleven.
Speaker 2: As President Trump ways Iran's latest proposal to end the war,
Speaker 2: the Treasury Secretary scomp Messin saying the US blockade is
Speaker 2: forcing Iran's oil industry to shut with gasoline shortages to follow.
Speaker 2: John Gus now to discuss. I'm very pleased to say
Speaker 2: the US Energy Secretary Chris Right joined us for more.
Speaker 2: Mister Secretary, you are in Croatia. I believe we can
Speaker 2: talk about the relationship between the US and Europe and
Speaker 2: just a moment, we have to lead with Iran this morning,
Speaker 2: mister secretary, in your mind, how much storage capacity does
Speaker 2: Iran have left? And what's informing that conclusion at the moment.
Speaker 3: Well, look, there's monitoring of storage tanks that carg islanded
Speaker 3: around the nation of Iran. But yeah, they don't have
Speaker 3: a huge amount of storage capacity, and they've got old
Speaker 3: reservoirs that are low pressure, which means it's much more
Speaker 3: destructive if they have to shut in their production.
Speaker 4: Kepler, the secretary is talking about twelve to twenty two
Speaker 4: days left that Iran has in terms of storage before
Speaker 4: they have to shut in. Do you see the President
Speaker 4: making any sort of decision on Iran's proposal before that
Speaker 4: time period is up.
Speaker 3: At the President's focused on getting the right deal that
Speaker 3: could be independent of their storage. But obviously that puts
Speaker 3: great heat on Iran. If we can get the right resolution,
Speaker 3: that could be tomorrow, that could be two weeks from now,
Speaker 3: But the key thing is the right resolution Iran.
Speaker 5: And let me just put the context again.
Speaker 3: Iran has roughly one thousand pounds of sixty percent enriched uranium.
Speaker 3: There's no commercial peaceful use for that. That's bomb material
Speaker 3: and that's ten days two weeks tops to turn that
Speaker 3: into highly enrich uranium for bombs.
Speaker 5: So this is an existential crisis. I'm very proud of
Speaker 5: the President to.
Speaker 3: Stand up and put an end to Iran's efforts to
Speaker 3: get a nuclear bomb.
Speaker 4: Well, so it doesn't sound like the President would take
Speaker 4: this off ramp from Iran, which is reopening the straight
Speaker 4: up removes. Obviously the US blockade would have to end,
Speaker 4: and then kicking the can down the road when it
Speaker 4: comes to talks on nuclear.
Speaker 3: Yes, again, the critical outcome here is that we end
Speaker 3: the ability for Iran to have a nuclear weapon. There's
Speaker 3: many ways that deal can be structured, but the compromise
Speaker 3: will not be made on the principle no nuclear armed Iran.
Speaker 4: We see gasoline prices on average rising again this morning.
Speaker 4: They're above four dollars a gallon. You recently said the
Speaker 4: administration plans to do more to bring down US gas prices.
Speaker 4: We saw the waiver on the Jones Act extended. What
Speaker 4: else are you thinking about.
Speaker 3: When you also saw announcements on the EPA for blending
Speaker 3: requirements this summer that allows our refineries to produce a
Speaker 3: lot more gasoline. Unfortunately, a few states foolishly did not
Speaker 3: go along with it, so California is still going to
Speaker 3: have outrageously high gas prices. New York State, I don't
Speaker 3: know why also did not go along with the federal regulations,
Speaker 3: but we're doing everything we can to increase refinery throughput.
Speaker 3: American oil production is at record high, American oil export
Speaker 3: store allies are broader at record high. So look, we're
Speaker 3: going through a purity of discomfort to solve a forty
Speaker 3: seven year crisis, and gasoline prices are still a dollar
Speaker 3: a gallon cheaper than they were during the middle of
Speaker 3: the Biden administration.
Speaker 4: Well, I'm hearing that the administration is also considering an
Speaker 4: export ban on US products.
Speaker 5: Is that accurate? Absolutely not, absolutely not.
Speaker 3: Look here, I am in Dubruvnik, in Croatia signing multi
Speaker 3: billion dollar deals to sell American energy exports.
Speaker 5: That is the fastest growing export out of our country.
Speaker 3: We're selling American natural gas, American oil, American jet fuel, diesel,
Speaker 3: and gasoline all around the world. We're not going to
Speaker 3: stop those exports. We're going to grow those exports.
Speaker 1: Secretary, how much are you trying to ameliorate some of
Speaker 1: the price considerations and traditional allies of the United States
Speaker 1: as this does potentially drag on for a longer period
Speaker 1: of time. I mean, how much does cost a big
Speaker 1: part of some of these exports.
Speaker 3: Yes, everyone understands, particularly over here in Central and Eastern Europe.
Speaker 3: People understand the existential threat from Iran. Everybody wants to
Speaker 3: see that the United States successful in ending Iran's nuclear
Speaker 3: weapon ambitions. Nobody likes, of course, high prices in the
Speaker 3: short term, but they understand increased American energy exports, increased
Speaker 3: energy addition policies lean into more energy production.
Speaker 5: That's what President Trump is all about.
Speaker 3: We've got to get away from those Western European policies
Speaker 3: of making intentionally making hydrocarbons expensive and energy subtraction policies.
Speaker 3: The future of Europe, the dynamic growth of Europe, is
Speaker 3: going to be in these Central and Eastern European nations
Speaker 3: that lean into the President Trump's American agenda of more energy,
Speaker 3: more economic growth, more opportunities for citizens.
Speaker 1: Emory was alluding to this idea, this idea of potentially
Speaker 1: having restrictions on exports, and this has been deployed before
Speaker 1: in part because prices were going up and it increased
Speaker 1: the price when we were exporting a significant part of
Speaker 1: resources in the United States. How do you plan to
Speaker 1: have exports continue to increase to us? Allies will not
Speaker 1: necessarily having the ramifications of much higher prices here.
Speaker 3: Because the refinery capacity we have in the United States
Speaker 3: now is greater than all of the consumption in the
Speaker 3: United States. If we didn't export our diesel and jet fuel,
Speaker 3: we'd have to turn down our refineries.
Speaker 5: Who would want to turn down their refining.
Speaker 3: Capacity in today's world, We want them to. The higher
Speaker 3: utilization they run, the higher throughput they run on, the
Speaker 3: more efficient they are, they produce more products. That puts
Speaker 3: a downward pressure on prices, not just in the United States,
Speaker 3: but for everyone abroad. That's what America is about, bringing
Speaker 3: more energy to the world and pushing prices down.
Speaker 4: Mister Secretary, And you're announcing today Trump Peace pipelines. Will
Speaker 4: it be something that all of our allies in Europe
Speaker 4: can get a handle of.
Speaker 5: Absolutely.
Speaker 3: This Trump Peace Pipeline agenda is to grow the connection
Speaker 3: between the nations of Europe.
Speaker 5: Where I'm standing right here in Croatia.
Speaker 3: These nations were at the end of Russian Soviet Union
Speaker 3: energy system. They were at the behest they were beholden
Speaker 3: to Russia. That's not a good place to be. What
Speaker 3: we're doing here is expanding this pipeline network so they
Speaker 3: can import oil and natural gas from the United States
Speaker 3: and then transport it among the nations in this region,
Speaker 3: so their economies can grow and they can realize lower
Speaker 3: price for their citizens in greater economic futures. I think
Speaker 3: the idea of the Trump Peace Pipeline, the peace pipelines,
Speaker 3: there's many of these are huge. Well, we'll announce today
Speaker 3: a couple of historic agreements in this.
Speaker 5: Regard, Missus Secretary.
Speaker 2: I know you've got a time window this morning, so
Speaker 2: thanks for making sign for us. The Uman of sent
Speaker 2: Energy Secretary there Chris right on the situation for global
Speaker 2: energy and US energy doing a ton of heavy lifting