1 00:00:01,680 --> 00:00:06,440 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,440 --> 00:00:10,160 Speaker 1: Everybody who goes to the store, everybody whom gass, They 3 00:00:10,200 --> 00:00:12,680 Speaker 1: know that inflation is here. The voters who were really 4 00:00:12,720 --> 00:00:15,640 Speaker 1: not focused on pro our anti Trump, they were focused 5 00:00:15,680 --> 00:00:19,599 Speaker 1: on core issues that matter to the Floomberg Sound on politics, 6 00:00:19,720 --> 00:00:23,520 Speaker 1: policy and perspective from DC's tough name. I think the 7 00:00:23,600 --> 00:00:26,200 Speaker 1: billionaire attack is good, but I think it's more of 8 00:00:26,239 --> 00:00:29,720 Speaker 1: a messaging issue than a funding issue. Upgrading and maintenance 9 00:00:29,800 --> 00:00:33,479 Speaker 1: of roads and bridges. Hold the six hundred thousand new 10 00:00:33,640 --> 00:00:38,040 Speaker 1: jobs would be created. Bloomberg Sound On with Joe Matthew 11 00:00:38,400 --> 00:00:43,320 Speaker 1: on Bloomberg Radio. Nothing like a little kitchen table talk 12 00:00:43,440 --> 00:00:46,640 Speaker 1: to ease us into the holiday as President Biden rolls 13 00:00:46,680 --> 00:00:50,040 Speaker 1: out a new plan to fight inflation from the kitchen 14 00:00:50,080 --> 00:00:53,440 Speaker 1: table to the gas pump, including a coordinated release of 15 00:00:53,440 --> 00:00:57,520 Speaker 1: crude oil supplies from our strategic petroleum Reserve. Will have 16 00:00:57,640 --> 00:01:00,400 Speaker 1: details for you on that, having heard from the President now, 17 00:01:00,400 --> 00:01:03,600 Speaker 1: and will discuss the plan with Congressman Kevin Brady, Republican 18 00:01:03,680 --> 00:01:06,880 Speaker 1: from Texas, ranking member the House Ways and Means Committee 19 00:01:06,880 --> 00:01:09,920 Speaker 1: has been calling for more domestic drilling for months on 20 00:01:09,959 --> 00:01:13,319 Speaker 1: this program, among other quarters. Later we'll talk to a driller, 21 00:01:13,920 --> 00:01:17,880 Speaker 1: Dan Eberhardt's CEO of Drilling Services Company Canary, on prices, 22 00:01:17,920 --> 00:01:21,319 Speaker 1: production and policy. And it's the signature sound on panel today. 23 00:01:21,760 --> 00:01:25,840 Speaker 1: Bloomberg Politics contributors Genie Chanzano and Rick Davis are with 24 00:01:25,920 --> 00:01:28,240 Speaker 1: us for the fastest hour in politics. If you listen 25 00:01:28,280 --> 00:01:31,800 Speaker 1: to Bloomberg Radio, you knew it was coming. President Biden 26 00:01:31,880 --> 00:01:35,960 Speaker 1: just confirmed his decision to tap the spr the Strategic 27 00:01:36,000 --> 00:01:40,840 Speaker 1: Petroleum Reserve fifty million barrels more than predicted. The President 28 00:01:40,880 --> 00:01:43,360 Speaker 1: spoke about it this afternoon from the White House. So 29 00:01:43,520 --> 00:01:47,240 Speaker 1: today I'm announcing that the largest ever release from the 30 00:01:47,400 --> 00:01:51,000 Speaker 1: U S Strategic Patrolling Reserve. He help provide a supply 31 00:01:51,120 --> 00:01:55,000 Speaker 1: we need as we recover from this pandemic. In addition, 32 00:01:55,600 --> 00:01:59,880 Speaker 1: I brought together other nations to contribute to the solution. India, Japan, 33 00:02:00,560 --> 00:02:03,040 Speaker 1: Republic of Korea in the United Kingdom have agreed to 34 00:02:03,080 --> 00:02:06,320 Speaker 1: release addition oil from their reserves, and China may do 35 00:02:06,400 --> 00:02:10,200 Speaker 1: more as well. But crude oil prices actually went up today, 36 00:02:11,320 --> 00:02:13,919 Speaker 1: as Charlie Pellett's been telling you. As I read on 37 00:02:13,960 --> 00:02:16,840 Speaker 1: the terminal, the market was initially underwhelmed by details of 38 00:02:16,880 --> 00:02:19,400 Speaker 1: the package. Much of the oil will have to be 39 00:02:19,440 --> 00:02:22,320 Speaker 1: returned to the stockpile by the refiners who buy it 40 00:02:23,200 --> 00:02:26,919 Speaker 1: and international contributions. The President just referred to them. We're 41 00:02:26,960 --> 00:02:29,360 Speaker 1: smaller than many expected. That is where we start with 42 00:02:29,400 --> 00:02:33,200 Speaker 1: Congressman Kevin Brady, Republican from Texas, ranking member on the 43 00:02:33,240 --> 00:02:35,840 Speaker 1: House Ways and Means Committee. Congressman, welcome back. We've talked 44 00:02:35,880 --> 00:02:39,040 Speaker 1: about this before. Well, this bigger than expected move by 45 00:02:39,040 --> 00:02:42,880 Speaker 1: the President, fifty million barrels to tap the spr bring 46 00:02:42,960 --> 00:02:46,600 Speaker 1: relief of any sort, if only in the short term. Yeah, 47 00:02:46,720 --> 00:02:49,440 Speaker 1: so not much, and it will be Hey, Joe, good 48 00:02:49,440 --> 00:02:51,359 Speaker 1: to visit you again, especially as we had in the 49 00:02:51,639 --> 00:02:56,360 Speaker 1: Thanksgiving holidays. Uh, it'll be a small relief in owning 50 00:02:56,480 --> 00:02:59,760 Speaker 1: the short term because the President, you know, has unleashed 51 00:03:00,000 --> 00:03:03,960 Speaker 1: probably the most relentless attack on Made in America energy 52 00:03:04,360 --> 00:03:07,840 Speaker 1: in our lifetimes. That's why you're seeing prices at the 53 00:03:07,880 --> 00:03:12,320 Speaker 1: pump and home heating fuel prices so high and continuing 54 00:03:12,320 --> 00:03:15,239 Speaker 1: to be that way. But that that patrolling reserve is 55 00:03:15,280 --> 00:03:17,800 Speaker 1: there for a reason. It is to be an economic 56 00:03:18,080 --> 00:03:21,800 Speaker 1: security in case there's an interruption in the oil and 57 00:03:21,840 --> 00:03:27,880 Speaker 1: gas supplies, not a political um a political pool of 58 00:03:27,960 --> 00:03:31,120 Speaker 1: money slush fund. In effect, to be able to use 59 00:03:31,160 --> 00:03:34,600 Speaker 1: the temporarily lower prices, especially in the President has been 60 00:03:34,680 --> 00:03:37,760 Speaker 1: one driving these prices up. I think the market reacted 61 00:03:37,840 --> 00:03:39,920 Speaker 1: that way because they see it for what it is, 62 00:03:39,960 --> 00:03:42,920 Speaker 1: which is, at some point, UH, this will have to 63 00:03:42,960 --> 00:03:48,120 Speaker 1: be um purchased and we filled probably at at higher 64 00:03:48,160 --> 00:03:50,720 Speaker 1: price points. So you know, I I just think the 65 00:03:50,720 --> 00:03:54,000 Speaker 1: President is so wrongheaded on this attack on energy. I 66 00:03:54,000 --> 00:03:56,720 Speaker 1: don't think this will I think Americans will see little 67 00:03:56,760 --> 00:04:00,520 Speaker 1: relief for a very little time. To be fair, oil 68 00:04:00,560 --> 00:04:03,040 Speaker 1: prices had come down a bit in advance of the announcement. 69 00:04:03,080 --> 00:04:05,680 Speaker 1: There was a lot of UH speculation about this. Not 70 00:04:05,760 --> 00:04:08,080 Speaker 1: so much with gas prices though, as they say, Congressman, 71 00:04:08,120 --> 00:04:11,920 Speaker 1: the gas prices take the elevator up and the stairs down. UH. 72 00:04:12,040 --> 00:04:14,760 Speaker 1: President Biden talked about it today, reminding everyone that he's 73 00:04:14,800 --> 00:04:18,080 Speaker 1: asked the FTC to investigate possible gouging. Is that something 74 00:04:18,120 --> 00:04:21,800 Speaker 1: you support, Well, there is no gouging in the in 75 00:04:21,839 --> 00:04:25,080 Speaker 1: the industry. As you know, every one of these investigations 76 00:04:25,120 --> 00:04:29,520 Speaker 1: have so called investigations, have been politically motivated, trying to 77 00:04:29,600 --> 00:04:34,960 Speaker 1: cover their tail about their inability to to create more 78 00:04:35,040 --> 00:04:37,800 Speaker 1: American made energy. I think the outcome will be the 79 00:04:37,880 --> 00:04:40,719 Speaker 1: same there. Well, the truth is the president to be 80 00:04:40,800 --> 00:04:44,040 Speaker 1: looking in the mirror. I'll tell our listeners though, Congressman, 81 00:04:44,120 --> 00:04:46,440 Speaker 1: it's an opportunity to explain that why why do we 82 00:04:46,600 --> 00:04:49,719 Speaker 1: see that delay in gas prices coming down? We we 83 00:04:49,720 --> 00:04:52,560 Speaker 1: we go through this every every year, a couple of 84 00:04:52,560 --> 00:04:55,279 Speaker 1: times a year, where crude oil goes up, gas prices 85 00:04:55,720 --> 00:04:58,480 Speaker 1: fly higher, it's on the front pages, and then it's 86 00:04:58,480 --> 00:05:02,520 Speaker 1: a very slow descent. Well, we see that in years 87 00:05:02,560 --> 00:05:06,159 Speaker 1: where supply and demand is type uh, and where there 88 00:05:06,200 --> 00:05:09,160 Speaker 1: are conversions to different types of fuels. But I think 89 00:05:09,240 --> 00:05:12,600 Speaker 1: this year is different. Um, Look our energy I come 90 00:05:12,640 --> 00:05:15,640 Speaker 1: from an energy state. Our leaders have been warning the 91 00:05:15,680 --> 00:05:19,560 Speaker 1: White House for not just this White House, uh, President 92 00:05:19,560 --> 00:05:22,920 Speaker 1: Trump's as well, is that coming out of COVID UH, 93 00:05:22,960 --> 00:05:27,400 Speaker 1: there was gonna be a difficulty in meeting the supply 94 00:05:28,200 --> 00:05:31,960 Speaker 1: in demand ratios that we needed to move quick more 95 00:05:32,080 --> 00:05:36,320 Speaker 1: quickly in addressing that. And then when obviously President Biden's 96 00:05:36,560 --> 00:05:41,320 Speaker 1: first week in office cancling Keystone Xcel pipeline, raising taxes 97 00:05:41,360 --> 00:05:45,800 Speaker 1: on energy companies as he's proposing to do, increasing royalty 98 00:05:45,920 --> 00:05:49,720 Speaker 1: rates um and and in this new Build Back Better bill, 99 00:05:50,360 --> 00:05:55,120 Speaker 1: locking off even more of American made resources around the country. 100 00:05:55,480 --> 00:05:58,240 Speaker 1: All this is contributing, I think, to the to the 101 00:05:58,240 --> 00:06:03,480 Speaker 1: psychological understanding that that for the Green New Deal, this 102 00:06:03,600 --> 00:06:08,279 Speaker 1: president is going to focus on driving energy prices up higher. Well, 103 00:06:08,279 --> 00:06:10,600 Speaker 1: it's interesting because this is a White House and and 104 00:06:10,640 --> 00:06:12,600 Speaker 1: it's been it's been kind of an irony over the 105 00:06:12,680 --> 00:06:15,880 Speaker 1: last couple of months that is looking uh to advance 106 00:06:15,960 --> 00:06:19,320 Speaker 1: the transferred to renewable energy, but in the process is 107 00:06:19,320 --> 00:06:22,320 Speaker 1: calling for more production. Uh, in the case of OPEC, 108 00:06:22,400 --> 00:06:25,360 Speaker 1: you've been calling for more production domestically, Congressman, which with 109 00:06:25,600 --> 00:06:29,360 Speaker 1: drilling more shale over the summer and into the fall, 110 00:06:29,560 --> 00:06:32,800 Speaker 1: have prevented this from happening? Or is it not that simple? 111 00:06:32,839 --> 00:06:35,200 Speaker 1: I get I get angry tweets whenever I ask you 112 00:06:35,240 --> 00:06:37,200 Speaker 1: about this. I'm not advocating for one or the other. 113 00:06:37,240 --> 00:06:41,000 Speaker 1: I'm truly curious about the supply and demand dynamic here. 114 00:06:41,040 --> 00:06:44,400 Speaker 1: If Texas was drilling more earlier this year, would we 115 00:06:44,480 --> 00:06:47,720 Speaker 1: be having this conversation right now so it would not 116 00:06:47,760 --> 00:06:50,920 Speaker 1: be as severe, No question about it. This is supply 117 00:06:50,960 --> 00:06:53,360 Speaker 1: and this is demand, and you've got to have that 118 00:06:54,000 --> 00:06:58,520 Speaker 1: supply moving. US as you know, has become energy independent, 119 00:06:58,839 --> 00:07:02,480 Speaker 1: is doing things more are mentally friendly than most countries. 120 00:07:02,560 --> 00:07:07,040 Speaker 1: Do UH and ought to be where we are using 121 00:07:07,200 --> 00:07:12,080 Speaker 1: our domestic supplies. This president very quickly made it clear 122 00:07:12,200 --> 00:07:14,680 Speaker 1: that would not be the case. And so the irony 123 00:07:14,760 --> 00:07:20,440 Speaker 1: of America begging foreign countries for helping lowering UH gas 124 00:07:20,480 --> 00:07:24,280 Speaker 1: prices and oil prices by doing more drilling overseas where 125 00:07:24,280 --> 00:07:28,440 Speaker 1: it's not as environmentally clean and friendly and respectful as 126 00:07:28,480 --> 00:07:31,360 Speaker 1: in the United States, you know, works against this whole 127 00:07:31,440 --> 00:07:36,400 Speaker 1: notion that administrations committed to UH, to cleaner energy. UH. 128 00:07:36,440 --> 00:07:40,240 Speaker 1: They're taking actions to do just the opposite. But this 129 00:07:40,320 --> 00:07:42,200 Speaker 1: is a risk for drillers in your state, right. They've 130 00:07:42,200 --> 00:07:46,640 Speaker 1: seen prices come crashing down before after they made major investments, 131 00:07:46,680 --> 00:07:48,600 Speaker 1: and a lot of them are simply congressmen not willing 132 00:07:48,640 --> 00:07:50,720 Speaker 1: to do it again. What do you tell them, Well, 133 00:07:50,760 --> 00:07:53,920 Speaker 1: I think one you know, UH, this attack on them 134 00:07:54,320 --> 00:07:58,280 Speaker 1: is has consequences. It's tougher to get financing. They're less 135 00:07:58,280 --> 00:08:01,840 Speaker 1: willing to make risks. They're seeing these acts increases being 136 00:08:01,880 --> 00:08:05,520 Speaker 1: proposed and advanced in Washington, D see, all of which 137 00:08:05,840 --> 00:08:09,000 Speaker 1: are aimed at them, and so it's sort of understandable 138 00:08:09,080 --> 00:08:12,679 Speaker 1: that the will be reluctant to make uture even before 139 00:08:12,680 --> 00:08:16,160 Speaker 1: the Biden administration, though, to be fair Congressmen, sorry to interrupt. 140 00:08:16,160 --> 00:08:18,680 Speaker 1: Even before the Biden administration came along, this was an 141 00:08:18,680 --> 00:08:21,360 Speaker 1: issue we we went through, you know, the COVID crash, 142 00:08:21,440 --> 00:08:24,200 Speaker 1: the negative oil, all that stuff. Uh and and and 143 00:08:24,440 --> 00:08:26,920 Speaker 1: it was Donald Trump who is at one time considering 144 00:08:27,160 --> 00:08:30,080 Speaker 1: a coordinated release from the Strategic Reserve. So this it 145 00:08:30,160 --> 00:08:33,280 Speaker 1: doesn't always seem to be limited to party. Well, the 146 00:08:33,280 --> 00:08:36,880 Speaker 1: difference I think being is that President Trump was giving 147 00:08:36,920 --> 00:08:39,680 Speaker 1: a green light to made in America energy. That is 148 00:08:39,720 --> 00:08:45,239 Speaker 1: done again so environmentally responsibly understood countries, but the international 149 00:08:45,280 --> 00:08:48,360 Speaker 1: market can be so volatile that that that drillers in 150 00:08:48,400 --> 00:08:51,640 Speaker 1: Texas can be victimized no matter who's in the White House. Well, 151 00:08:51,679 --> 00:08:53,760 Speaker 1: I think one of the frustrations is right now there 152 00:08:53,840 --> 00:08:56,360 Speaker 1: is a red light on any kind of oil and 153 00:08:56,400 --> 00:09:00,440 Speaker 1: gas expliration here in I States, including the transition of 154 00:09:00,480 --> 00:09:03,840 Speaker 1: it into the regions that need this, and coupled with 155 00:09:03,880 --> 00:09:07,360 Speaker 1: the regilatory changes and the tax changes are pretty clear 156 00:09:07,400 --> 00:09:12,439 Speaker 1: it's it is a red light on us made in 157 00:09:12,480 --> 00:09:15,320 Speaker 1: America energy and as a result, you're going to see 158 00:09:15,559 --> 00:09:19,120 Speaker 1: higher prices for an extended period. How does more drilling 159 00:09:19,160 --> 00:09:21,720 Speaker 1: get us to net zero carbon emissions? If that is 160 00:09:22,679 --> 00:09:25,120 Speaker 1: in fact the goal here. At some point there's going 161 00:09:25,160 --> 00:09:27,080 Speaker 1: to have to be higher prices as we make that 162 00:09:27,160 --> 00:09:30,200 Speaker 1: jump now, so I'm not sure that that's the case. 163 00:09:30,679 --> 00:09:33,760 Speaker 1: I'll and I'll tell you why, because we've already shown 164 00:09:33,760 --> 00:09:37,280 Speaker 1: in the permium base how you can drill more productively 165 00:09:37,800 --> 00:09:41,440 Speaker 1: and affordably and do it in a in a seriously 166 00:09:42,080 --> 00:09:46,160 Speaker 1: uh more environmentally friendly way. Our innovations and technologies and 167 00:09:46,240 --> 00:09:49,800 Speaker 1: states like ours in traditional oil and gas is leading 168 00:09:49,840 --> 00:09:53,280 Speaker 1: the world. And I'm convinced that rather than drive prices 169 00:09:53,320 --> 00:09:57,040 Speaker 1: of and kill off oil and gas jobs, which seems 170 00:09:57,080 --> 00:09:59,840 Speaker 1: to be the focus of the Green New Deal, the 171 00:10:00,000 --> 00:10:03,720 Speaker 1: opposite should be true. Let's make affordable energy, energy cleaner, 172 00:10:03,960 --> 00:10:06,880 Speaker 1: which we are doing, and then let's take that innovation 173 00:10:06,920 --> 00:10:10,400 Speaker 1: that technology and export attacks and tear free around the 174 00:10:10,400 --> 00:10:13,880 Speaker 1: world help the whole planet addressed greenhouse gas emissions. I 175 00:10:13,960 --> 00:10:17,160 Speaker 1: think that's the smarter and I think from a lifting 176 00:10:17,600 --> 00:10:19,719 Speaker 1: people out of poverty, not just in the US and 177 00:10:19,720 --> 00:10:22,520 Speaker 1: around the world, I think it's the more responsible approach. 178 00:10:22,880 --> 00:10:25,560 Speaker 1: We're talking with Congressman Kevin Brady, who's spending some time 179 00:10:25,600 --> 00:10:28,480 Speaker 1: with us on Bloomberg sound On. I want to ask you, 180 00:10:28,480 --> 00:10:31,520 Speaker 1: in a remaining couple of moments here about the President's 181 00:10:31,720 --> 00:10:35,240 Speaker 1: decisions on at least so far FED nominations. We had 182 00:10:35,240 --> 00:10:38,400 Speaker 1: the two big ones yesterday, J Powell layou brainer, you 183 00:10:38,440 --> 00:10:41,240 Speaker 1: issued a statement saying the Fed congressman is in denial 184 00:10:41,760 --> 00:10:45,560 Speaker 1: about inflation. What does J. Powell need to do to 185 00:10:45,600 --> 00:10:47,760 Speaker 1: convince you that he's the right man for that job? 186 00:10:47,800 --> 00:10:50,520 Speaker 1: And our higher interest rates is more tightening the answer? 187 00:10:51,640 --> 00:10:54,880 Speaker 1: You know. I think my frustration has been the Fed 188 00:10:55,040 --> 00:10:57,679 Speaker 1: had a couple of couple approaches. Why do I think 189 00:10:57,679 --> 00:11:00,319 Speaker 1: the Fed has been in denial about both the labor 190 00:11:00,320 --> 00:11:04,600 Speaker 1: shortage in inflation and it's just just more recently begun 191 00:11:04,640 --> 00:11:08,320 Speaker 1: to acknowledge it, thankfully. Secondly, I think they've been an 192 00:11:08,440 --> 00:11:12,880 Speaker 1: enabler for unprecedent amount of stimulus at the federal level, 193 00:11:13,000 --> 00:11:15,440 Speaker 1: even when it's not needed. And I think that too 194 00:11:15,840 --> 00:11:21,239 Speaker 1: is contributing, contributing along with labor shortage issues, to inflation 195 00:11:21,320 --> 00:11:23,960 Speaker 1: that will be higher and last longer. I also worry 196 00:11:24,280 --> 00:11:28,319 Speaker 1: that the said UH is in effect adopting almost a 197 00:11:28,400 --> 00:11:32,640 Speaker 1: third mandate, which would, in addition to sound dollar and 198 00:11:32,800 --> 00:11:36,920 Speaker 1: unemployment now is climate change. I think that's the distraction 199 00:11:37,240 --> 00:11:39,720 Speaker 1: from what the Fed Reserve ought to be doing in 200 00:11:39,800 --> 00:11:42,720 Speaker 1: my view, they seem to be picking and choosing which 201 00:11:42,760 --> 00:11:46,280 Speaker 1: fiscal policies to engage in. I think that undercuts the 202 00:11:46,400 --> 00:11:48,599 Speaker 1: confidence in them. Is it time to start tightening or 203 00:11:48,640 --> 00:11:53,600 Speaker 1: should they have already? Well, I think should have already. Uh, 204 00:11:53,640 --> 00:11:57,080 Speaker 1: but at least um create credibility. I know, I know 205 00:11:57,160 --> 00:12:00,880 Speaker 1: Wall Street loves them because they continue to pump out stimulus. 206 00:12:00,960 --> 00:12:04,000 Speaker 1: But at some point, you know there is erecting on inflation. 207 00:12:04,120 --> 00:12:07,280 Speaker 1: No one, by the way, Joe wants this. Uh, the 208 00:12:07,440 --> 00:12:10,640 Speaker 1: expectation of inflation to take hold. That is that is 209 00:12:10,679 --> 00:12:13,680 Speaker 1: not a political issue. We don't want that to the country. 210 00:12:13,840 --> 00:12:16,720 Speaker 1: I think that's why we're on edge. Congressman Kevin Brady, 211 00:12:16,760 --> 00:12:20,120 Speaker 1: Republican from Texas, we wish you a happy Thanksgiving, sir, 212 00:12:20,240 --> 00:12:23,640 Speaker 1: and thanks for your time with us on Bloomberg Sound On. 213 00:12:23,720 --> 00:12:26,800 Speaker 1: I'm Joe Matthew. Will assemble the panel next, Rick and 214 00:12:26,880 --> 00:12:35,800 Speaker 1: Jeanie with us this hour. This is Bloomberg. You're listening 215 00:12:35,880 --> 00:12:40,600 Speaker 1: to Bloomberg You sound on with Joe Matthew on Bloomberg Radio. 216 00:12:42,720 --> 00:12:45,920 Speaker 1: The headline on the terminal oil advances with global spr 217 00:12:45,960 --> 00:12:51,360 Speaker 1: release smaller than expected, so blame the neighbors and after 218 00:12:51,400 --> 00:12:54,280 Speaker 1: what we've heard all day from experts, analysts throughout the industry. 219 00:12:54,320 --> 00:12:56,600 Speaker 1: You can now you can add Congressman Kevin Brady to 220 00:12:56,640 --> 00:12:59,600 Speaker 1: that list. The move by President Biden will have a 221 00:12:59,720 --> 00:13:03,839 Speaker 1: very short term impact on prices. What about the politics 222 00:13:03,880 --> 00:13:06,160 Speaker 1: behind this move though? We assemble the panel for more 223 00:13:06,200 --> 00:13:10,440 Speaker 1: on that. Bloomberg Politics contributors Genie Chanzano and Rick Davis 224 00:13:10,920 --> 00:13:13,800 Speaker 1: their take for the hour. Thanks to both of you 225 00:13:13,880 --> 00:13:16,440 Speaker 1: for being here. Genie, did the President make the right move? 226 00:13:16,480 --> 00:13:19,800 Speaker 1: And if you've been watching politics for about five minutes, 227 00:13:19,920 --> 00:13:23,120 Speaker 1: you've seen this move before. Everyone knows kind of how 228 00:13:23,240 --> 00:13:25,560 Speaker 1: short term this impact will likely be, although it's a 229 00:13:25,600 --> 00:13:28,560 Speaker 1: slightly different take. They're more, you know, more coming out 230 00:13:28,559 --> 00:13:31,320 Speaker 1: of URSPR, and you do have these other countries, Japan, 231 00:13:31,400 --> 00:13:34,839 Speaker 1: South Korea, maybe China gets involved. We'll see. Is it 232 00:13:34,920 --> 00:13:37,560 Speaker 1: good politics to get on TV and say, at least 233 00:13:37,559 --> 00:13:40,800 Speaker 1: I'm doing something. I think it's a reflection of the 234 00:13:40,840 --> 00:13:43,680 Speaker 1: fact how a few options, not just Joe Biden, but 235 00:13:43,760 --> 00:13:47,319 Speaker 1: any president of the United States has in these situations, 236 00:13:47,360 --> 00:13:51,079 Speaker 1: And to me all day today, it just underscored how 237 00:13:51,600 --> 00:13:54,440 Speaker 1: very few tools they have in their toolbox. He is 238 00:13:54,480 --> 00:13:56,960 Speaker 1: taking a step that as you and the Congressman just 239 00:13:57,080 --> 00:14:01,080 Speaker 1: mentioned is going to have a very modest impact at best, 240 00:14:01,559 --> 00:14:05,200 Speaker 1: and it also creates problems for him as well. You know, 241 00:14:05,400 --> 00:14:09,440 Speaker 1: we could get some pushback from OPEC plus certainly. And 242 00:14:09,480 --> 00:14:13,560 Speaker 1: also this is coming on the heels of Cop twenty six. 243 00:14:14,080 --> 00:14:17,559 Speaker 1: This is a president who is trying to, he says, 244 00:14:17,679 --> 00:14:21,560 Speaker 1: reduce a dependence on fossil fuel and fight climate change. 245 00:14:21,680 --> 00:14:24,960 Speaker 1: And yet he takes this step. And how that is 246 00:14:25,000 --> 00:14:29,200 Speaker 1: sort of you know, how that feels in the progressive climate, 247 00:14:29,280 --> 00:14:32,680 Speaker 1: if you will, is another story. So it's irony. It 248 00:14:32,840 --> 00:14:35,360 Speaker 1: is the great irony. And again I think it just 249 00:14:35,520 --> 00:14:39,440 Speaker 1: underscores did he do the right thing politically? Maybe from 250 00:14:39,440 --> 00:14:43,120 Speaker 1: a policy perspective and long term probably not. But he 251 00:14:43,160 --> 00:14:46,280 Speaker 1: didn't have many other options. Not everybody's listening to Bloomberg 252 00:14:46,360 --> 00:14:49,480 Speaker 1: all day long. Though, Here Rick and perception is reality. 253 00:14:49,520 --> 00:14:51,680 Speaker 1: Does it help the president to get on TV before 254 00:14:51,720 --> 00:14:54,760 Speaker 1: Thanksgiving and say, hey, listen, I'm doing a big release here, 255 00:14:54,840 --> 00:14:57,040 Speaker 1: here's what the strategic reserve is. It's going to bring 256 00:14:57,080 --> 00:15:01,080 Speaker 1: your gas prices down. Is that not good politics? It's 257 00:15:01,120 --> 00:15:03,800 Speaker 1: only politics? In other words, like what Genie said, I 258 00:15:03,800 --> 00:15:07,080 Speaker 1: don't think there's any mechanical effort here to actually try 259 00:15:07,200 --> 00:15:10,640 Speaker 1: and you know, really impact the price of oil. As 260 00:15:10,680 --> 00:15:14,200 Speaker 1: you point out, this is half of what many traders 261 00:15:14,200 --> 00:15:20,320 Speaker 1: were saying would be an appropriate measure hundred um million gallons, 262 00:15:20,400 --> 00:15:23,880 Speaker 1: not fifty But but I think he's just trying to 263 00:15:24,400 --> 00:15:26,120 Speaker 1: buy his way into the hearts and minds of the 264 00:15:26,160 --> 00:15:31,040 Speaker 1: voters who see he hadn't done anything. And uh and 265 00:15:31,040 --> 00:15:32,960 Speaker 1: and I don't think this has anything to do with 266 00:15:33,000 --> 00:15:35,600 Speaker 1: gas prices. I think this is his attack on inflation, 267 00:15:35,920 --> 00:15:38,120 Speaker 1: you know. And and this is his way of doing it. 268 00:15:38,200 --> 00:15:42,000 Speaker 1: While you're out there driving to Grandma and Grandpa's for Thanksgiving, 269 00:15:42,160 --> 00:15:46,160 Speaker 1: your gassing up, getting piste off, and and and you 270 00:15:46,240 --> 00:15:48,600 Speaker 1: hear on the radio that you know, he's just released this, 271 00:15:49,120 --> 00:15:51,160 Speaker 1: and you're thinking, yeah, dang it, you know, that's what 272 00:15:51,240 --> 00:15:55,320 Speaker 1: I really wanted. So uh, but it's but it's a 273 00:15:55,520 --> 00:15:58,120 Speaker 1: it's a it's a quick high, right and and and 274 00:15:58,200 --> 00:16:02,080 Speaker 1: everyone's gonna come down before Christmas hits. They're gonna say, 275 00:16:02,080 --> 00:16:05,240 Speaker 1: wait a minute, that was a waste of fifty million, 276 00:16:05,280 --> 00:16:08,920 Speaker 1: perfectly good gallons of oil. So I I really don't 277 00:16:08,960 --> 00:16:11,440 Speaker 1: see it as anything other than just sort of this 278 00:16:11,960 --> 00:16:14,800 Speaker 1: this really short term high. And I don't get it. 279 00:16:14,880 --> 00:16:17,320 Speaker 1: This is not what this administration has been doing. They've 280 00:16:17,320 --> 00:16:20,840 Speaker 1: been taking their time, if anything, too much time, and 281 00:16:20,840 --> 00:16:23,840 Speaker 1: and and and this is a real departure from all 282 00:16:23,880 --> 00:16:27,120 Speaker 1: their messaging around the climate is as Jennie points out, well, 283 00:16:27,160 --> 00:16:29,400 Speaker 1: so then I want to bring you back because of course, 284 00:16:29,480 --> 00:16:33,160 Speaker 1: you know, history has a way of repeating itself, especially 285 00:16:33,240 --> 00:16:35,040 Speaker 1: you want to go want to just walk with Rick 286 00:16:35,160 --> 00:16:39,320 Speaker 1: Davis back to two thousand and eight and the Republican Convention. 287 00:16:39,680 --> 00:16:47,360 Speaker 1: Remember this moment, Littman, make it very clear, Drill baby, drill, 288 00:16:47,560 --> 00:16:54,240 Speaker 1: and drill. Now, yeah, you give Michael Steele, let them rip. 289 00:16:54,240 --> 00:16:56,720 Speaker 1: They got into the chant about a hundred times that night, 290 00:16:58,400 --> 00:17:01,160 Speaker 1: and I'm pretty sure Rick remembers that because everyone started 291 00:17:01,200 --> 00:17:04,760 Speaker 1: doing it. Then Rudy Giuliani said it, Then Sarah Palin 292 00:17:04,840 --> 00:17:07,919 Speaker 1: started doing it. It It became a refrain on the campaign 293 00:17:07,960 --> 00:17:12,320 Speaker 1: trail that year, Drill Baby, drill, And after what we're 294 00:17:12,320 --> 00:17:16,520 Speaker 1: seeing now and the Biden administrations reach for renewable energy, 295 00:17:16,560 --> 00:17:19,720 Speaker 1: does this spin around, Rick and and become a new 296 00:17:19,840 --> 00:17:22,119 Speaker 1: rallying cry for Republicans in the mid terms and in 297 00:17:22,200 --> 00:17:26,600 Speaker 1: twenty four it could. Um Remember at that point we 298 00:17:26,600 --> 00:17:32,880 Speaker 1: were very dependent on oil from outside source, and and 299 00:17:32,880 --> 00:17:35,720 Speaker 1: and we did we actually drilled in the Permian Basin, 300 00:17:35,720 --> 00:17:39,800 Speaker 1: as Kevin Brady mentioned, started supplying us with an unlimited, 301 00:17:39,840 --> 00:17:42,639 Speaker 1: seemingly amount of gas and oil, and the price of 302 00:17:42,720 --> 00:17:45,840 Speaker 1: gas went our, you know, natural gas went way down 303 00:17:46,480 --> 00:17:49,119 Speaker 1: and and it really helped the economy that we were 304 00:17:49,119 --> 00:17:52,160 Speaker 1: trying to come out of this horrible shock in two 305 00:17:52,160 --> 00:17:55,440 Speaker 1: thousand and eight. Uh to uh to restructure. So would 306 00:17:55,440 --> 00:17:57,520 Speaker 1: you come up with that? By the way, Uh, you know, 307 00:17:57,720 --> 00:18:00,320 Speaker 1: I did not come up with I just I sure 308 00:18:00,440 --> 00:18:02,280 Speaker 1: I got this. I know there's a story behind that. 309 00:18:02,359 --> 00:18:05,879 Speaker 1: I'd love to I would blame Lindsey Graham probably, Um, 310 00:18:06,240 --> 00:18:08,879 Speaker 1: but uh, but at the end of the day, that 311 00:18:09,000 --> 00:18:13,040 Speaker 1: all changed. Now today it's a completely different dynamic. We 312 00:18:13,119 --> 00:18:17,879 Speaker 1: don't actually get oil from foreign sources. We are relatively 313 00:18:18,000 --> 00:18:20,679 Speaker 1: independent and so the only question is how do we 314 00:18:20,720 --> 00:18:23,680 Speaker 1: manage our own resource base here? What do you think 315 00:18:24,440 --> 00:18:26,800 Speaker 1: drill baby, drill in in twenty two? Is this a 316 00:18:26,800 --> 00:18:29,919 Speaker 1: concern for Democrats? I'm really glad to hear Vick Davis 317 00:18:29,920 --> 00:18:33,720 Speaker 1: did not come up with that, So thank you rich Um. 318 00:18:33,760 --> 00:18:37,960 Speaker 1: You know, to me, it's it's really really very a 319 00:18:38,040 --> 00:18:40,680 Speaker 1: sad moment. Really, as we come out of Cop twenty six, 320 00:18:40,920 --> 00:18:42,960 Speaker 1: there's maybe parts of this world we can't live in, 321 00:18:43,280 --> 00:18:46,680 Speaker 1: and this is what we're doing. This is it's very 322 00:18:46,720 --> 00:18:50,040 Speaker 1: distressing to me. We'll stay with the panel for the hour. 323 00:18:50,160 --> 00:18:52,080 Speaker 1: Rick and Jennie will be back in a bid coming up. 324 00:18:52,080 --> 00:18:54,840 Speaker 1: He runs the largest private oil company in the US. 325 00:18:55,400 --> 00:18:57,840 Speaker 1: Dan ever, Heart of Canary will be with us his 326 00:18:57,920 --> 00:19:01,280 Speaker 1: take on the president's move and the pressure to produce more. 327 00:19:01,600 --> 00:19:09,479 Speaker 1: I'm Joe Matthew. This is Bloomberg broadcasting live from our 328 00:19:09,560 --> 00:19:15,440 Speaker 1: nation's capital, Bloomberg to New York, Bloomberg eleven, Frio to Boston, 329 00:19:15,720 --> 00:19:19,520 Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg nine 330 00:19:19,680 --> 00:19:23,600 Speaker 1: sixty to the country, Serious XM Channel one nine and 331 00:19:23,640 --> 00:19:27,040 Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio 332 00:19:27,160 --> 00:19:31,880 Speaker 1: dot Com. This is Bloomberg Sound On with Joe Matthew. 333 00:19:33,520 --> 00:19:36,400 Speaker 1: It was not very long ago Dan Eberhart was being 334 00:19:36,440 --> 00:19:39,840 Speaker 1: asked about a floor for crude oil? Where's the floor? 335 00:19:39,880 --> 00:19:42,320 Speaker 1: The question for the man who runs the biggest private 336 00:19:42,320 --> 00:19:46,240 Speaker 1: oil company in the US was how low can it go? 337 00:19:47,680 --> 00:19:50,040 Speaker 1: But things have changed a lot since the COVID crash. 338 00:19:50,240 --> 00:19:52,840 Speaker 1: Negative oil. We're gonna talk about it with Dan next. 339 00:19:52,880 --> 00:19:55,200 Speaker 1: We've been spending time this hour talking about the president's 340 00:19:55,280 --> 00:19:59,439 Speaker 1: energy policy and today's announcement the decision to release fifty 341 00:19:59,520 --> 00:20:03,960 Speaker 1: million arrals from the Strategic Petroleum Reserve. Dan Everhart calls 342 00:20:04,000 --> 00:20:06,760 Speaker 1: it rating the reserve. He is the CEO of Drilling 343 00:20:06,800 --> 00:20:10,680 Speaker 1: Services Company Canary, and he joins us now on sound on, Dan, 344 00:20:10,720 --> 00:20:12,000 Speaker 1: I thank you for being here. I don't want to 345 00:20:12,040 --> 00:20:14,639 Speaker 1: make this an hour about Joe Biden's attack on oil. 346 00:20:14,680 --> 00:20:16,920 Speaker 1: I do want to talk about what happens now though, 347 00:20:17,400 --> 00:20:19,919 Speaker 1: for a company like yours, for an industry like yours, 348 00:20:20,520 --> 00:20:22,680 Speaker 1: do you believe prices have gotten to the point where 349 00:20:22,680 --> 00:20:25,520 Speaker 1: they're sustainable enough that you can trust this market to 350 00:20:25,640 --> 00:20:29,439 Speaker 1: boost drilling to increase production, or or are executives like 351 00:20:29,480 --> 00:20:32,159 Speaker 1: you still feeling gunshy from what happened a year and 352 00:20:32,160 --> 00:20:35,960 Speaker 1: a half ago. Well, I mean, look, oil going negative 353 00:20:36,080 --> 00:20:38,119 Speaker 1: was was something I never thought I would see in 354 00:20:38,119 --> 00:20:41,560 Speaker 1: my career. But I think that there is a good floor. 355 00:20:41,680 --> 00:20:46,560 Speaker 1: The economy is roaring. Also, all of this inflation, uh 356 00:20:46,640 --> 00:20:49,440 Speaker 1: you know the one point to a trillion simuels filled 357 00:20:49,480 --> 00:20:54,480 Speaker 1: at one point seven UM trillion um. You know, human 358 00:20:54,480 --> 00:20:57,600 Speaker 1: infrastructure bility, Well, these things are also inflationary, which is 359 00:20:57,600 --> 00:20:59,480 Speaker 1: going to push the oil higher. So I don't look 360 00:20:59,520 --> 00:21:02,320 Speaker 1: pretty bull about where the oil price is going. But 361 00:21:02,520 --> 00:21:05,280 Speaker 1: I think this this spr announcements of mistake. I think, 362 00:21:05,880 --> 00:21:08,640 Speaker 1: tell me why and why is it rating the reserve? 363 00:21:08,760 --> 00:21:10,199 Speaker 1: Do you want to see this in a in a 364 00:21:10,240 --> 00:21:12,600 Speaker 1: time of a natural disaster, there should be more of 365 00:21:12,600 --> 00:21:17,280 Speaker 1: an emergency. I'm I'm presuming you tell me. Yeah. Look, 366 00:21:17,320 --> 00:21:20,080 Speaker 1: I think the Strategic Patrolling Reserve was put in place 367 00:21:20,119 --> 00:21:22,040 Speaker 1: so that we're not beholding to Russia, so we're not 368 00:21:22,080 --> 00:21:25,320 Speaker 1: beholding to Saudi Arabia. It wasn't meant to be a 369 00:21:25,359 --> 00:21:28,679 Speaker 1: political political valve that can be leverage, that can be 370 00:21:28,760 --> 00:21:31,119 Speaker 1: pulled to lower the price of gas for kind of 371 00:21:31,119 --> 00:21:34,199 Speaker 1: convenient satisfaction. Does it do any damage? Though? I mean, 372 00:21:34,200 --> 00:21:36,359 Speaker 1: if people get a little break for the holiday, is 373 00:21:36,359 --> 00:21:39,920 Speaker 1: that a bad thing? No? And and no and again. 374 00:21:39,960 --> 00:21:42,160 Speaker 1: Look you know I'm I'm an only gas guy, but 375 00:21:42,160 --> 00:21:44,080 Speaker 1: but also you know I have invest another part of 376 00:21:44,119 --> 00:21:45,760 Speaker 1: the economy and I want to see the economy do well, 377 00:21:45,760 --> 00:21:48,080 Speaker 1: and oil too high is bad for that. This will 378 00:21:48,160 --> 00:21:51,240 Speaker 1: knock about since the gallon off, the off the price 379 00:21:51,280 --> 00:21:53,680 Speaker 1: of gas, But I think it's just a short term 380 00:21:53,680 --> 00:21:56,439 Speaker 1: sugar high. Um, and you know it won't really be 381 00:21:56,520 --> 00:21:58,320 Speaker 1: that helpful in the scheme of a year. It's really 382 00:21:58,320 --> 00:22:01,280 Speaker 1: not going to be that helpful. And we we've at 383 00:22:01,280 --> 00:22:04,479 Speaker 1: a time when China is building a strategic controller and reserve, 384 00:22:05,040 --> 00:22:08,040 Speaker 1: we are letting ours go for political for short term 385 00:22:08,080 --> 00:22:10,600 Speaker 1: political games, to me is a wrong move in short sighted. 386 00:22:11,160 --> 00:22:13,639 Speaker 1: How how big of a deal in your industry is 387 00:22:13,760 --> 00:22:17,040 Speaker 1: under investment right now, particularly coming out of COVID when 388 00:22:17,080 --> 00:22:20,520 Speaker 1: everybody just seemed to let go of the rains. Yeah, so, 389 00:22:20,560 --> 00:22:22,560 Speaker 1: I mean it's a pretty big deal. Look, oil and 390 00:22:22,600 --> 00:22:26,760 Speaker 1: gas production fell from about thirteen million barrels of data eight, 391 00:22:27,359 --> 00:22:33,280 Speaker 1: drilling went down about se and the fuel use basically 392 00:22:33,320 --> 00:22:37,000 Speaker 1: only declined about so we we under invested for about 393 00:22:37,000 --> 00:22:38,320 Speaker 1: a year in the industry. And I think it's going 394 00:22:38,359 --> 00:22:40,920 Speaker 1: to push oil, you know higher, And I also think 395 00:22:41,040 --> 00:22:43,439 Speaker 1: these just kind of macro inflationary things are also going 396 00:22:43,480 --> 00:22:46,119 Speaker 1: to push the oil higher. And that's gonna be you know, 397 00:22:46,280 --> 00:22:48,720 Speaker 1: way on the economy as we had to one and 398 00:22:48,840 --> 00:22:52,359 Speaker 1: head into. So where we are now, well, you know, 399 00:22:52,400 --> 00:22:55,199 Speaker 1: we'll say mid upper seventies. Is that kind of the 400 00:22:55,320 --> 00:22:57,119 Speaker 1: range or do you or do you get back to 401 00:22:57,200 --> 00:22:59,360 Speaker 1: this conversation of a hundred dollars of barrel and if 402 00:22:59,400 --> 00:23:02,160 Speaker 1: that happens, do you start to well, like we were saying, 403 00:23:02,280 --> 00:23:07,080 Speaker 1: last drill, baby drill. Yeah to channel Larry Cydlo, Look, 404 00:23:07,280 --> 00:23:09,520 Speaker 1: I do think we need a drill, baby drill. Look, 405 00:23:09,680 --> 00:23:12,639 Speaker 1: I think oil is going to be more. Um. You know, 406 00:23:12,680 --> 00:23:15,480 Speaker 1: you're we're looking at a floor of seventy not a 407 00:23:15,560 --> 00:23:17,880 Speaker 1: not a ceiling of seventy five right now. I look 408 00:23:17,920 --> 00:23:20,280 Speaker 1: for oil to end up. You know in two one 409 00:23:20,359 --> 00:23:23,040 Speaker 1: is going to hit a hundred or even before. I 410 00:23:23,080 --> 00:23:26,200 Speaker 1: want you to listen to to President Biden from earlier today. 411 00:23:26,240 --> 00:23:28,719 Speaker 1: When he made this announcement, he was speaking to the 412 00:23:28,800 --> 00:23:32,639 Speaker 1: actual source of high prices, not just crude oil, but 413 00:23:32,720 --> 00:23:36,320 Speaker 1: also for gasoline, and it was more of it was 414 00:23:36,359 --> 00:23:38,800 Speaker 1: more of an effort to correct the record as he 415 00:23:38,960 --> 00:23:42,720 Speaker 1: referred to his own climate policy in the White House. 416 00:23:42,720 --> 00:23:47,040 Speaker 1: Here's Joe Biden from earlier. I also want to briefly 417 00:23:47,040 --> 00:23:50,760 Speaker 1: address one myth about inflated gas prices. They're not due 418 00:23:50,760 --> 00:23:55,000 Speaker 1: to environmental measures. My effort to combat climate change is 419 00:23:55,040 --> 00:23:59,280 Speaker 1: not raising the price of gas or increased its availability. 420 00:24:00,359 --> 00:24:04,440 Speaker 1: What is doing it's increasing the availability of jobs, jobs 421 00:24:04,480 --> 00:24:06,720 Speaker 1: building electric cars like the one I drove to the 422 00:24:06,760 --> 00:24:10,800 Speaker 1: gym Detroit. The gam factory in Detroit last week. Dan, 423 00:24:10,920 --> 00:24:13,760 Speaker 1: if the if the climate policies of this White House, 424 00:24:14,000 --> 00:24:17,639 Speaker 1: which Congressman Kevin Brady earlier this hour directly blamed for 425 00:24:17,840 --> 00:24:20,159 Speaker 1: the higher gas prices, If that's not it, what is it? 426 00:24:20,200 --> 00:24:23,399 Speaker 1: What do you see from the ground view? Well, I 427 00:24:23,400 --> 00:24:25,240 Speaker 1: mean what what I just heard? It sounds like something, 428 00:24:25,440 --> 00:24:27,960 Speaker 1: you know, a political hack and in office, the DC 429 00:24:28,200 --> 00:24:32,520 Speaker 1: roads somewhere. Look here, here's the facts. The facts are that, um, 430 00:24:32,560 --> 00:24:37,800 Speaker 1: you know, stopping drilling on off shore leases, stopping auctions 431 00:24:37,800 --> 00:24:41,680 Speaker 1: and off sho releases, stopping fracking on federal land when 432 00:24:41,720 --> 00:24:46,200 Speaker 1: welles are drilled, stopping the Keystone pipeline, and others. These 433 00:24:46,240 --> 00:24:48,600 Speaker 1: are the kinds of things that push energy prices higher. 434 00:24:48,920 --> 00:24:50,960 Speaker 1: We we all want clean air, we all want clean water. 435 00:24:51,000 --> 00:24:52,919 Speaker 1: But what we need to do is we need to 436 00:24:52,920 --> 00:24:55,320 Speaker 1: be honest with people about if you want these things, 437 00:24:55,359 --> 00:24:57,600 Speaker 1: if you want to go carbon neutral, energy costs are 438 00:24:57,600 --> 00:24:59,320 Speaker 1: gonna have to double. Our energy costs are gonna have 439 00:24:59,400 --> 00:25:01,480 Speaker 1: to triple. And I think the White House is being 440 00:25:01,480 --> 00:25:04,760 Speaker 1: disingenuous about this. The other thing that the side administrations 441 00:25:05,119 --> 00:25:08,120 Speaker 1: clean energy policies are doing is they're crowding out investment 442 00:25:08,119 --> 00:25:10,600 Speaker 1: oil and gas which is going to push the prices higher. 443 00:25:10,640 --> 00:25:12,800 Speaker 1: In the returns for people in the business office, right, 444 00:25:12,800 --> 00:25:14,959 Speaker 1: it's gonna make investors more money. I want to go 445 00:25:15,000 --> 00:25:17,480 Speaker 1: back to what you said though a second ago, that 446 00:25:17,600 --> 00:25:20,680 Speaker 1: that's an interesting answer. That means if the goal here 447 00:25:20,800 --> 00:25:24,480 Speaker 1: is to have net zero emissions, you're saying that on 448 00:25:24,560 --> 00:25:30,080 Speaker 1: the way energy prices have to double or triple. Is 449 00:25:30,119 --> 00:25:33,400 Speaker 1: that right? Well, who's gonna be ready for that? That 450 00:25:33,400 --> 00:25:36,080 Speaker 1: that that that seems to eliminate the appetite a lot 451 00:25:36,119 --> 00:25:39,719 Speaker 1: of people have for clean air uh and zero emissions. 452 00:25:39,840 --> 00:25:42,879 Speaker 1: If it's gonna double or triple prices, how do we 453 00:25:42,920 --> 00:25:46,000 Speaker 1: get over that? Dam Well? Look, I think I think 454 00:25:46,040 --> 00:25:47,600 Speaker 1: we can have federal help. I think we can have 455 00:25:47,640 --> 00:25:49,720 Speaker 1: federal subsidies. I think we can save it in it's 456 00:25:49,720 --> 00:25:51,760 Speaker 1: not something that needs to be done immediately, and we're 457 00:25:51,760 --> 00:25:54,280 Speaker 1: gonna not gonna stop needing oil and gas immediately. But 458 00:25:54,359 --> 00:25:57,200 Speaker 1: I think that the you know, administration polications seems to 459 00:25:57,200 --> 00:25:59,520 Speaker 1: stop chasing the headlines and they need to be honest 460 00:25:59,560 --> 00:26:01,280 Speaker 1: with consumer as well as just saves and say, look, 461 00:26:01,520 --> 00:26:03,679 Speaker 1: if we want thing there, we want clean water, we 462 00:26:03,720 --> 00:26:05,840 Speaker 1: want to be carbon neutral. This is going to be 463 00:26:05,840 --> 00:26:08,040 Speaker 1: the actual cause and I think they just they just 464 00:26:08,040 --> 00:26:09,760 Speaker 1: go after the headline. Right. The headline is, we know 465 00:26:09,800 --> 00:26:12,240 Speaker 1: we want to stop racking. Clap clap, clap. Well what 466 00:26:12,280 --> 00:26:14,320 Speaker 1: does that mean? I mean py oral braces. We want 467 00:26:14,320 --> 00:26:17,760 Speaker 1: to not have the the Keystone pipeline. Well what does 468 00:26:17,800 --> 00:26:19,800 Speaker 1: that mean? That means the oil is gonna be transported 469 00:26:19,800 --> 00:26:22,320 Speaker 1: on train, is gonna cost one you know, And I 470 00:26:22,320 --> 00:26:25,040 Speaker 1: think the politicians they only tell us half the story 471 00:26:25,160 --> 00:26:27,560 Speaker 1: sometimes in this you know, energy transition period that we're 472 00:26:27,560 --> 00:26:32,400 Speaker 1: in talking with Dan Everhard, who's the CEO of Canary, 473 00:26:32,680 --> 00:26:35,680 Speaker 1: a drilling services company said to be the largest private 474 00:26:35,680 --> 00:26:38,680 Speaker 1: oil company in the country. So we have an expert 475 00:26:38,720 --> 00:26:42,360 Speaker 1: on the line, and obviously his politics and financial interests 476 00:26:42,359 --> 00:26:45,080 Speaker 1: are clear here. We just wanted to get your view, Dan, 477 00:26:45,800 --> 00:26:48,399 Speaker 1: to tell us what's actually happening in your industry. To 478 00:26:48,480 --> 00:26:51,640 Speaker 1: that end, how long does the ten cent if that's 479 00:26:51,640 --> 00:26:54,680 Speaker 1: what it is per gallon downturn lasts in gas prices? 480 00:26:55,560 --> 00:26:58,240 Speaker 1: When are we back to where we were? Yeah, well 481 00:26:58,280 --> 00:27:00,320 Speaker 1: we'll be back to where we were mid January probably. 482 00:27:00,320 --> 00:27:01,960 Speaker 1: I mean it will it will take a little bit 483 00:27:01,960 --> 00:27:04,400 Speaker 1: of this thing off and it will create a little 484 00:27:04,440 --> 00:27:07,600 Speaker 1: downward pressure on prices headed into the holiday season. I 485 00:27:07,600 --> 00:27:09,639 Speaker 1: don't and I don't think that's bad to the economy. 486 00:27:09,880 --> 00:27:12,440 Speaker 1: I just think barn falicy wise, it's a short turn. 487 00:27:13,320 --> 00:27:15,879 Speaker 1: It's a short term for devenstic political reason, it's not 488 00:27:16,040 --> 00:27:17,880 Speaker 1: a good farm. I've got to wrap it up, Dan, 489 00:27:17,960 --> 00:27:19,639 Speaker 1: But do you do you have a goal to be 490 00:27:19,720 --> 00:27:24,439 Speaker 1: carbon neutral someday or is that just against your business interest? No? No, 491 00:27:24,560 --> 00:27:27,920 Speaker 1: I would like to be looked again. I want timeline. 492 00:27:29,960 --> 00:27:32,800 Speaker 1: Dan Everhart with Canary. We thank you for your expertise. 493 00:27:32,880 --> 00:27:35,000 Speaker 1: We reassemble the panel next. We just heard a lot. 494 00:27:35,119 --> 00:27:37,040 Speaker 1: I'm gonna talk about it with Rick and Jeanie here 495 00:27:37,080 --> 00:27:39,439 Speaker 1: on sound on the only forum where you can have 496 00:27:39,600 --> 00:27:49,200 Speaker 1: his conversation. This is Bloomberg. You're listening to Bloomberg. You 497 00:27:49,320 --> 00:27:55,320 Speaker 1: sound on with Joe Matthew on Bloomberg Radio. The program 498 00:27:55,359 --> 00:27:59,840 Speaker 1: described today by Bloomberg's Tom Keene as piercing political talk. 499 00:28:00,960 --> 00:28:03,960 Speaker 1: Do you hear him say that? I always knew Tom 500 00:28:04,040 --> 00:28:06,359 Speaker 1: was a genius. I feel like we need to do 501 00:28:06,400 --> 00:28:09,640 Speaker 1: a full hour on evs after this program. But look, 502 00:28:09,640 --> 00:28:11,600 Speaker 1: we're trying to get to the bottom of this conversation 503 00:28:11,640 --> 00:28:15,000 Speaker 1: about oil prices, about the energy markets, the president's move today, 504 00:28:15,200 --> 00:28:17,199 Speaker 1: the spr and even if you do not agree with 505 00:28:17,720 --> 00:28:19,719 Speaker 1: everyone you're hearing from, I hope you're learning as much 506 00:28:19,760 --> 00:28:21,520 Speaker 1: as I am. And to that and we reassemble our 507 00:28:21,560 --> 00:28:25,800 Speaker 1: signature panel. It is a feast this week. Bloomberg Politics 508 00:28:25,840 --> 00:28:30,440 Speaker 1: contributors Genie Schanzino and Rick Davis. Genie, we've heard from 509 00:28:30,440 --> 00:28:33,680 Speaker 1: a Republican congressman from Texas. We've heard from a driller 510 00:28:34,520 --> 00:28:38,880 Speaker 1: from Colorado. Obviously you know where they're coming from here. 511 00:28:39,000 --> 00:28:42,280 Speaker 1: I guess the question is, is the President's and more 512 00:28:42,440 --> 00:28:47,200 Speaker 1: more at large, the Democratic parties approach to climate and 513 00:28:47,480 --> 00:28:50,280 Speaker 1: and transferring to renewable energy at risk by what we're 514 00:28:50,280 --> 00:28:53,680 Speaker 1: seeing right now in the energy markets. You know, it 515 00:28:53,880 --> 00:28:57,400 Speaker 1: simply cannot be because let's deal with the facts here. 516 00:28:57,520 --> 00:29:01,280 Speaker 1: The facts from the science on this about climate change 517 00:29:01,440 --> 00:29:05,200 Speaker 1: are real and there's really no arguing with them. Climate 518 00:29:05,280 --> 00:29:09,640 Speaker 1: change is going to destroy our environment. We've got to 519 00:29:09,680 --> 00:29:12,080 Speaker 1: address it as a world, not just the United States, 520 00:29:12,120 --> 00:29:14,680 Speaker 1: and we have to address it now. We could choose 521 00:29:14,720 --> 00:29:17,560 Speaker 1: to ignore it, we could choose to turn away from it. 522 00:29:17,600 --> 00:29:20,600 Speaker 1: But the problem is it's going to only get worse 523 00:29:20,920 --> 00:29:23,720 Speaker 1: and here's more expensive. I mean, was Dan right about that? 524 00:29:23,760 --> 00:29:25,720 Speaker 1: We need to be more honest with everybody about what 525 00:29:25,760 --> 00:29:28,200 Speaker 1: this is going to look and feel like. I I 526 00:29:28,240 --> 00:29:30,080 Speaker 1: think so you know, I am not a big fan 527 00:29:30,320 --> 00:29:32,440 Speaker 1: of what the President did today. I think it was 528 00:29:32,480 --> 00:29:34,080 Speaker 1: a political move. I don't think it's going to have 529 00:29:34,120 --> 00:29:38,080 Speaker 1: a substantive impact. But the reality is, you know, Dan 530 00:29:38,160 --> 00:29:40,640 Speaker 1: said himself, he wants clean air, he wants clean water. 531 00:29:40,800 --> 00:29:43,320 Speaker 1: We all do, is what he said. And he said, 532 00:29:43,360 --> 00:29:46,080 Speaker 1: one way to get to net zero is we have 533 00:29:46,160 --> 00:29:49,840 Speaker 1: more federal investment. Then support the Build Back Better bill. 534 00:29:50,040 --> 00:29:52,320 Speaker 1: It's not a perfect bill, but it invests in the 535 00:29:52,480 --> 00:29:55,320 Speaker 1: very places they're talking about. So you know, you can't 536 00:29:55,400 --> 00:29:58,640 Speaker 1: have it both ways. They get federal investment and and 537 00:29:58,920 --> 00:30:01,360 Speaker 1: do you know, try to you know, address get us 538 00:30:01,360 --> 00:30:04,160 Speaker 1: to net zero. We've got to take the steps that 539 00:30:04,200 --> 00:30:06,280 Speaker 1: are in that bill, which by the way, has, as 540 00:30:06,320 --> 00:30:08,200 Speaker 1: we know and talk about all the time, has come 541 00:30:08,240 --> 00:30:11,360 Speaker 1: down to one point seven trillion, Rick, how do you 542 00:30:11,440 --> 00:30:15,280 Speaker 1: prepare the American public for the pain. We're not talking 543 00:30:15,280 --> 00:30:17,280 Speaker 1: about ripping off the bandy. This is gonna be a 544 00:30:17,320 --> 00:30:21,520 Speaker 1: slow crawl, uh to net zero, to everyone driving e 545 00:30:21,640 --> 00:30:24,440 Speaker 1: vs to the end of the internal combustion engine. And 546 00:30:24,480 --> 00:30:26,920 Speaker 1: it's going to be expensive if we if we freak 547 00:30:26,960 --> 00:30:29,480 Speaker 1: out every time gas prices go up a little. We're 548 00:30:29,520 --> 00:30:32,800 Speaker 1: never gonna get there, are we. Yeah, I mean, it's 549 00:30:32,960 --> 00:30:35,800 Speaker 1: it's a process, right. I remember Al Gore announcing when 550 00:30:35,800 --> 00:30:37,840 Speaker 1: he was running for president two thousand and you know 551 00:30:38,160 --> 00:30:41,080 Speaker 1: it was the end of the internal combustions in there, 552 00:30:41,080 --> 00:30:44,120 Speaker 1: and that was twenty two years ago. So, um, you 553 00:30:44,160 --> 00:30:46,320 Speaker 1: know we're still waiting for that. But but look, there 554 00:30:46,360 --> 00:30:49,840 Speaker 1: has been incredible strides. Right. You look at the demand 555 00:30:49,920 --> 00:30:55,680 Speaker 1: now for evs all across the board in trucking and transportation, 556 00:30:55,960 --> 00:30:59,120 Speaker 1: you know, and and and and that is something that 557 00:30:59,320 --> 00:31:03,360 Speaker 1: is uh changing the way we look at gasoline, right 558 00:31:03,480 --> 00:31:06,880 Speaker 1: and and so uh that's going to continue. It's march, 559 00:31:07,040 --> 00:31:09,640 Speaker 1: and it's not costing anybody anymore than it is today. 560 00:31:09,800 --> 00:31:13,160 Speaker 1: If anything, it's taken some of the pressure off of gasoline. 561 00:31:13,200 --> 00:31:16,560 Speaker 1: And so, uh, we're going to change. Things are going 562 00:31:16,600 --> 00:31:19,360 Speaker 1: to happen, as as Genie points out, it's probably not 563 00:31:19,440 --> 00:31:22,840 Speaker 1: happening fast enough to meet the kind of reductions in 564 00:31:23,440 --> 00:31:27,080 Speaker 1: warming that we need to keep it under the thresholds 565 00:31:27,080 --> 00:31:30,760 Speaker 1: that the global community cares about. But this whole idea 566 00:31:30,840 --> 00:31:34,280 Speaker 1: that like great generality is like, oh, your energy prices 567 00:31:34,320 --> 00:31:36,960 Speaker 1: are going to go up by two. If we have 568 00:31:37,200 --> 00:31:40,760 Speaker 1: clean energy, is nuts, right, I mean, right now, wind 569 00:31:40,880 --> 00:31:45,280 Speaker 1: energy is less expensive than fracking in the West, so 570 00:31:45,760 --> 00:31:47,680 Speaker 1: you know, it's it's the kind of thing where people 571 00:31:47,680 --> 00:31:50,479 Speaker 1: are being very opportunistic. Um. You know, you kind of 572 00:31:50,520 --> 00:31:54,160 Speaker 1: hope that your leaders transition you there. I mean, the 573 00:31:54,200 --> 00:31:58,160 Speaker 1: reality is our economy is benefited from the diversity we 574 00:31:58,240 --> 00:32:02,680 Speaker 1: have now in energy, with clean energy making up a 575 00:32:02,800 --> 00:32:05,480 Speaker 1: larger and larger portion of our grid. But our grid 576 00:32:05,600 --> 00:32:09,120 Speaker 1: isn't ready to support those kinds of peaking energies. It 577 00:32:09,200 --> 00:32:13,560 Speaker 1: has to have some kind of baseload, and so far 578 00:32:14,080 --> 00:32:16,960 Speaker 1: those have been fossil fuels. So it's the mix has 579 00:32:17,000 --> 00:32:20,920 Speaker 1: been beneficial, and more and more we're turning to cheap, 580 00:32:21,680 --> 00:32:25,640 Speaker 1: uh clean energy. Rick and Jeannie helping us make sense 581 00:32:25,800 --> 00:32:29,280 Speaker 1: of all of this as we widen the conversation here. 582 00:32:29,760 --> 00:32:32,400 Speaker 1: This event today was not just supposed to be about oil. 583 00:32:32,440 --> 00:32:35,200 Speaker 1: They actually been telegraphing it since last weekend that the 584 00:32:35,200 --> 00:32:37,640 Speaker 1: President was going to make a major address on inflation. 585 00:32:37,720 --> 00:32:42,520 Speaker 1: It was about rising prices as we walked into the holiday, 586 00:32:42,600 --> 00:32:44,480 Speaker 1: and it started at least that way. Here. Listen to 587 00:32:44,480 --> 00:32:47,720 Speaker 1: the President from earlier today at the White House Gas 588 00:32:47,720 --> 00:32:51,520 Speaker 1: supply companies are paying less and making a lot more. 589 00:32:52,160 --> 00:32:54,160 Speaker 1: They do not seem to be passing it on to 590 00:32:54,240 --> 00:32:56,760 Speaker 1: the consumers of the pump. In fact, if the gap 591 00:32:56,840 --> 00:32:59,840 Speaker 1: between wholesale and retail gas prices was in aligned with 592 00:33:00,040 --> 00:33:03,640 Speaker 1: past averages, Americans have you paying At least that was 593 00:33:03,680 --> 00:33:06,320 Speaker 1: the President talking about the FTC actually was looking for 594 00:33:06,360 --> 00:33:10,080 Speaker 1: his remarks about Thanksgiving, saying bottlenecks in the supply chain 595 00:33:10,760 --> 00:33:13,200 Speaker 1: are actually starting to see some relief. Remember when that 596 00:33:13,280 --> 00:33:14,760 Speaker 1: was such a big deal a couple of months ago. 597 00:33:14,840 --> 00:33:22,280 Speaker 1: Here's the president and so all these concerns. A few 598 00:33:22,280 --> 00:33:25,400 Speaker 1: weeks ago there would be uh, there not be ample 599 00:33:25,440 --> 00:33:29,640 Speaker 1: food available for Thanksgiving. So many people talked about that, understandably, 600 00:33:30,080 --> 00:33:33,000 Speaker 1: but families can rest easy. Grocery stores are well stocked 601 00:33:33,040 --> 00:33:35,640 Speaker 1: with turkey and everything you else you need for Thanksgiving. 602 00:33:37,480 --> 00:33:39,800 Speaker 1: So there's that. Would that have been a better message 603 00:33:39,840 --> 00:33:42,920 Speaker 1: to send going into the weekend. The idea here is 604 00:33:43,200 --> 00:33:45,960 Speaker 1: inflation as a whole as a problem, and this president 605 00:33:46,040 --> 00:33:48,160 Speaker 1: is working on it. For your genie. It turned into 606 00:33:48,160 --> 00:33:51,560 Speaker 1: his speech about oil the spr and opened up a 607 00:33:51,600 --> 00:33:56,280 Speaker 1: massive avenue for Republicans to criticize him. That's right, you know, 608 00:33:56,400 --> 00:33:58,360 Speaker 1: I am glad to hear, by the way that we 609 00:33:58,440 --> 00:34:01,320 Speaker 1: are going to have our Turkey nurse on Thanksgiving. So 610 00:34:01,360 --> 00:34:03,360 Speaker 1: that is good news according to the President, who will 611 00:34:03,360 --> 00:34:07,480 Speaker 1: be on Nantucket. Um. But you know, I do think 612 00:34:07,520 --> 00:34:10,520 Speaker 1: the president, for all the political reasons we've talked about, 613 00:34:10,600 --> 00:34:14,839 Speaker 1: is trying to get this message right. And again, you know, 614 00:34:15,000 --> 00:34:17,680 Speaker 1: he he felt like with very little that he can 615 00:34:17,719 --> 00:34:21,000 Speaker 1: do as president to combat inflation. They were they tried 616 00:34:21,040 --> 00:34:23,279 Speaker 1: to do both today and I think the one unfortunate 617 00:34:23,320 --> 00:34:26,200 Speaker 1: thing is that what could have been the message about 618 00:34:26,239 --> 00:34:29,160 Speaker 1: the supply chain sort of drifted into this message about 619 00:34:29,200 --> 00:34:32,440 Speaker 1: the release of the oil. So you know, even if 620 00:34:32,440 --> 00:34:34,200 Speaker 1: he was going to do both, he might have done 621 00:34:34,280 --> 00:34:36,520 Speaker 1: him on two separate days. I think Rick made a 622 00:34:36,520 --> 00:34:39,399 Speaker 1: really important point, which was that you know this, this 623 00:34:39,440 --> 00:34:42,400 Speaker 1: White House has been fairly sort of slow. The president 624 00:34:42,400 --> 00:34:45,040 Speaker 1: likes to take his time on making decisions. They didn't 625 00:34:45,040 --> 00:34:47,759 Speaker 1: confront inflation when people noted it was going up in 626 00:34:47,880 --> 00:34:50,799 Speaker 1: on Bloomberg in particular, and yet when he did it 627 00:34:50,840 --> 00:34:52,520 Speaker 1: was at the it was at the very you know, 628 00:34:52,640 --> 00:34:55,719 Speaker 1: last minute here after that report and now today all 629 00:34:55,760 --> 00:34:58,399 Speaker 1: at once. It's you know, trying to address everything at once. 630 00:34:58,680 --> 00:35:01,160 Speaker 1: And the problem is the said gets muddled on a 631 00:35:01,239 --> 00:35:04,160 Speaker 1: Thanksgiving week? Well, is that how you see it? Rick? 632 00:35:04,440 --> 00:35:06,399 Speaker 1: This was supposed to be the chaser to the FED 633 00:35:06,520 --> 00:35:10,880 Speaker 1: roll out yesterday, the Powell and and Brainerd announcements. The president, 634 00:35:10,920 --> 00:35:14,040 Speaker 1: I feel your pain from the table to the gas tank. 635 00:35:14,080 --> 00:35:17,080 Speaker 1: But we're still we're all talking about fifty million barrels. 636 00:35:17,120 --> 00:35:19,160 Speaker 1: Maybe that's because we're on Bloomberg, but that's that was 637 00:35:19,200 --> 00:35:21,880 Speaker 1: the lead for most mainstream news today. Yeah. No, he 638 00:35:21,920 --> 00:35:24,560 Speaker 1: stepped on his own message and and and and look, 639 00:35:24,600 --> 00:35:28,520 Speaker 1: we we talked about this earlier, uh this week that 640 00:35:28,880 --> 00:35:31,200 Speaker 1: there was real pressure for him to connect with that 641 00:35:31,680 --> 00:35:34,680 Speaker 1: uh family sitting around the kitchen table, because all this 642 00:35:34,760 --> 00:35:38,040 Speaker 1: talk about transitory inflation put him in a box where 643 00:35:38,040 --> 00:35:41,240 Speaker 1: people thought, oh, he doesn't even care about the rising prices. 644 00:35:41,600 --> 00:35:44,759 Speaker 1: And we've seen his approval rating now below some of 645 00:35:44,800 --> 00:35:49,399 Speaker 1: the lowest points in Donald Trump's administration. And so they've 646 00:35:49,440 --> 00:35:52,240 Speaker 1: got a serious problem. And I don't think the message 647 00:35:52,280 --> 00:35:56,120 Speaker 1: he was trying to convey, you know, which was hey, uh, 648 00:35:56,320 --> 00:35:58,759 Speaker 1: you got all the stuff you need for Thanksgiving. I 649 00:35:58,800 --> 00:36:01,359 Speaker 1: cut through all these supply change. I mean like, even 650 00:36:01,400 --> 00:36:04,320 Speaker 1: though it's more expensive, uh, you got it. And I 651 00:36:04,760 --> 00:36:07,160 Speaker 1: don't see that as being the message that's gonna make 652 00:36:07,200 --> 00:36:10,799 Speaker 1: people feel better about the future of the economy through that. 653 00:36:11,200 --> 00:36:13,440 Speaker 1: By the way, Thanksgiving week, did did you see what 654 00:36:13,480 --> 00:36:15,920 Speaker 1: they Every year? They do this deal with the price 655 00:36:16,120 --> 00:36:20,439 Speaker 1: of Thanksgiving meal. You saw this year a Thanksgiving dinner. 656 00:36:20,719 --> 00:36:25,120 Speaker 1: The price overall is up by fourteen percent. That is 657 00:36:25,160 --> 00:36:28,560 Speaker 1: a headline the genie that this White House didn't need 658 00:36:28,680 --> 00:36:31,200 Speaker 1: right now. But what's the president? You mentioned Nantucket? They're 659 00:36:31,239 --> 00:36:34,200 Speaker 1: they're headed there tonight. They're back to the old Thanksgiving 660 00:36:34,200 --> 00:36:36,640 Speaker 1: on Nantucket. Really, they've been doing this for over thirty years. 661 00:36:36,640 --> 00:36:40,560 Speaker 1: The Biden family, as he looks across the bleak, gray 662 00:36:40,640 --> 00:36:46,200 Speaker 1: and white vista, that that I'm assuming Nantucket has this 663 00:36:46,239 --> 00:36:48,399 Speaker 1: time of year kind of a cold week to be there. 664 00:36:49,160 --> 00:36:52,160 Speaker 1: Is he considering his own mortality here or or how 665 00:36:52,160 --> 00:36:54,880 Speaker 1: he's going to come back to Washington and get his 666 00:36:54,960 --> 00:36:57,560 Speaker 1: arms around this story? You know, I think, you know, 667 00:36:57,680 --> 00:37:00,200 Speaker 1: I know they've been going there for three decades. It's 668 00:37:00,200 --> 00:37:02,960 Speaker 1: a lovely place. I love Nantucket, but I also worry 669 00:37:03,000 --> 00:37:05,439 Speaker 1: to a certain extent that sends the wrong message. Joe 670 00:37:05,480 --> 00:37:08,480 Speaker 1: Biden ran and one on being the Joe Biden who 671 00:37:08,560 --> 00:37:11,480 Speaker 1: is empathetic with the working class. He talks a lot 672 00:37:11,520 --> 00:37:16,879 Speaker 1: about his working class roots. Nantucket has more. It has 673 00:37:17,000 --> 00:37:19,719 Speaker 1: that sense. And I love Nantucket. I love it and 674 00:37:19,760 --> 00:37:22,400 Speaker 1: I would go there any time. But you know, Joe Biden, 675 00:37:22,640 --> 00:37:25,160 Speaker 1: whether he goes, you know he's going to Nantucket. That aside, 676 00:37:25,160 --> 00:37:27,919 Speaker 1: he's really got to get back to what he ran 677 00:37:28,080 --> 00:37:31,000 Speaker 1: and one on which is his ability to empathize with 678 00:37:31,040 --> 00:37:35,080 Speaker 1: the challenges that people are facing in the moment, and 679 00:37:35,160 --> 00:37:37,520 Speaker 1: that seems to have gotten away from him and has 680 00:37:37,600 --> 00:37:41,319 Speaker 1: resulted in, amongst other things, this huge decline in his 681 00:37:41,440 --> 00:37:45,960 Speaker 1: public approval ratings, not just amongst Republicans who didn't support him, 682 00:37:46,040 --> 00:37:49,360 Speaker 1: but independence, moderate and even some Democrats. We've come a 683 00:37:49,360 --> 00:37:52,600 Speaker 1: long way from mar A Lago, Rick Davis. Yeah, they're 684 00:37:52,600 --> 00:37:55,920 Speaker 1: gonna have all kinds of fancy Thanksgiving dinners down there. 685 00:37:55,920 --> 00:37:59,480 Speaker 1: I mean, they've got a big fundraiser week after Nantucket 686 00:37:59,520 --> 00:38:02,560 Speaker 1: A problem after four years of Marrow Lago. Nah, nobody 687 00:38:02,600 --> 00:38:04,880 Speaker 1: cares about Nantucket. Most people don't even know if it's 688 00:38:04,920 --> 00:38:07,399 Speaker 1: in the United States. So I mean, like I'm here 689 00:38:07,440 --> 00:38:10,319 Speaker 1: to confirm it as not. These these optics are are 690 00:38:10,440 --> 00:38:14,520 Speaker 1: are irrelevant unless it has something to do with jobs 691 00:38:14,640 --> 00:38:18,399 Speaker 1: or the economy, and the economy being spelled inflation. Um, 692 00:38:18,840 --> 00:38:21,799 Speaker 1: nobody's gonna pay much attention to it. And and and look, 693 00:38:21,840 --> 00:38:25,200 Speaker 1: I mean the reality of it is is he could 694 00:38:25,280 --> 00:38:28,799 Speaker 1: use a break. I mean, uh, this administration has been 695 00:38:28,840 --> 00:38:31,000 Speaker 1: all over the map, and maybe they can get together 696 00:38:31,040 --> 00:38:33,359 Speaker 1: and think about how they're gonna come out of this 697 00:38:33,719 --> 00:38:38,440 Speaker 1: holiday with a clear message. Rick and Genie the Signature panel, 698 00:38:38,480 --> 00:38:41,040 Speaker 1: and another great conversation with us on Bloomberg Sound On. 699 00:38:41,080 --> 00:38:43,920 Speaker 1: This is why they call it the fastest hour in politics. 700 00:38:43,920 --> 00:38:45,880 Speaker 1: It's already over. I'll meet you back here tomorrow as 701 00:38:45,920 --> 00:38:49,680 Speaker 1: we track prices at the Thanksgiving table, borrowing a thought 702 00:38:49,760 --> 00:38:52,719 Speaker 1: from Matt Shirley, what's happening to wine prices this year? 703 00:38:53,520 --> 00:38:59,319 Speaker 1: I'm Joe Matthew. This is Bloomberg. You're listening to Bloomberg 704 00:38:59,320 --> 00:39:05,040 Speaker 1: who sowned on with Joe Matthew on Bloomberg Radio. The 705 00:39:05,080 --> 00:39:10,120 Speaker 1: program described today by Bloomberg's Tom Keene as piercing political talk. 706 00:39:11,160 --> 00:39:14,200 Speaker 1: Do you hear him say that I always knew Tom 707 00:39:14,239 --> 00:39:16,600 Speaker 1: was a genius. I feel like we need to do 708 00:39:16,640 --> 00:39:19,879 Speaker 1: a full hour on evs after this program. But look, 709 00:39:19,880 --> 00:39:21,799 Speaker 1: we're trying to get to the bottom of this conversation 710 00:39:21,840 --> 00:39:24,799 Speaker 1: about oil prices, about the energy markets, the President's move 711 00:39:24,880 --> 00:39:27,280 Speaker 1: today the spr and even if you do not agree 712 00:39:27,280 --> 00:39:29,759 Speaker 1: with everyone you're hearing from, I hope you're learning as 713 00:39:29,840 --> 00:39:31,560 Speaker 1: much as I am. And to that and we reassemble 714 00:39:31,600 --> 00:39:35,440 Speaker 1: our signature panel. It is a feast this week. Bloomberg 715 00:39:35,520 --> 00:39:40,480 Speaker 1: Politics contributors Genie Chanzino and Rick Davis. Genie, we've heard 716 00:39:40,520 --> 00:39:43,239 Speaker 1: from a Republican congressman from Texas. We've heard from a 717 00:39:43,480 --> 00:39:49,080 Speaker 1: driller from Colorado. Obviously you know where they're coming from here. 718 00:39:49,239 --> 00:39:52,560 Speaker 1: I guess the question is, is the President's and more 719 00:39:52,640 --> 00:39:57,719 Speaker 1: more at large, the Democratic Party's approach to climate and 720 00:39:57,719 --> 00:40:00,800 Speaker 1: and transferring to renewable energy at risk what we're seeing 721 00:40:00,840 --> 00:40:04,520 Speaker 1: right now in the energy markets. You know, it simply 722 00:40:04,640 --> 00:40:07,839 Speaker 1: cannot be, because let's deal with the facts here. The 723 00:40:07,920 --> 00:40:11,839 Speaker 1: facts from the science on this about climate change are 724 00:40:11,920 --> 00:40:15,880 Speaker 1: real and there's really no arguing with them. Climate change 725 00:40:16,040 --> 00:40:20,320 Speaker 1: is going to destroy our environment. We've got to address 726 00:40:20,400 --> 00:40:22,440 Speaker 1: it as a world, not just the United States, and 727 00:40:22,480 --> 00:40:25,040 Speaker 1: we have to address it now. We could choose to 728 00:40:25,160 --> 00:40:27,799 Speaker 1: ignore it, we could choose to turn away from it. 729 00:40:27,840 --> 00:40:30,800 Speaker 1: But the problem is it's going to only get worse 730 00:40:31,120 --> 00:40:33,520 Speaker 1: and here's and more expensive. I mean, was Dan right 731 00:40:33,560 --> 00:40:35,560 Speaker 1: about that? We need to be more honest with everybody 732 00:40:35,600 --> 00:40:37,239 Speaker 1: about what this is going to look and feel like. 733 00:40:37,440 --> 00:40:39,759 Speaker 1: I I think so you know, I am not a 734 00:40:39,800 --> 00:40:42,440 Speaker 1: big fan of what the President did today. I think 735 00:40:42,480 --> 00:40:44,080 Speaker 1: it was a political move. I don't think it's going 736 00:40:44,120 --> 00:40:47,920 Speaker 1: to have a substantive impact. But the reality is, you know, 737 00:40:48,080 --> 00:40:50,879 Speaker 1: Dan said himself, he wants cleaner he wants clean water. 738 00:40:51,040 --> 00:40:53,520 Speaker 1: We all do, is what he said. And he said, 739 00:40:53,600 --> 00:40:56,279 Speaker 1: one way to get to net zero is we have 740 00:40:56,400 --> 00:41:00,160 Speaker 1: more federal investment. Then support the Build Back Better bill. 741 00:41:00,280 --> 00:41:02,520 Speaker 1: It's not a perfect bill, but it invests in the 742 00:41:02,680 --> 00:41:05,600 Speaker 1: very places they're talking about. So you know, you can't 743 00:41:05,600 --> 00:41:08,839 Speaker 1: have it both ways. They get federal investment and and 744 00:41:09,120 --> 00:41:11,560 Speaker 1: do you know, try to you know, address get us 745 00:41:11,600 --> 00:41:14,360 Speaker 1: to net zero. We've got to take the steps that 746 00:41:14,400 --> 00:41:16,480 Speaker 1: are in that bill, which by the way, has, as 747 00:41:16,520 --> 00:41:18,439 Speaker 1: we know and talk about all the time, has come 748 00:41:18,480 --> 00:41:21,560 Speaker 1: down to one point seven trillion, Rick, how do you 749 00:41:21,640 --> 00:41:25,520 Speaker 1: prepare the American public for the pain. We're not talking 750 00:41:25,520 --> 00:41:27,520 Speaker 1: about ripping off the bandy. This is gonna be a 751 00:41:27,560 --> 00:41:31,759 Speaker 1: slow crawl, uh to net zero, to everyone driving e 752 00:41:31,840 --> 00:41:34,240 Speaker 1: v s to the end of the internal combustion engine, 753 00:41:34,600 --> 00:41:36,799 Speaker 1: and it's going to be expensive if we if we 754 00:41:36,880 --> 00:41:39,240 Speaker 1: freak out every time gas prices go up a little, 755 00:41:39,520 --> 00:41:42,759 Speaker 1: we're never gonna get there, are we? Yeah, I mean 756 00:41:42,800 --> 00:41:45,840 Speaker 1: it's it's a process. Right. I remember Al Gore announcing 757 00:41:45,840 --> 00:41:47,960 Speaker 1: when he was running for president two thousand and you 758 00:41:48,000 --> 00:41:51,279 Speaker 1: know it was the end of the internal combustions in there, 759 00:41:51,320 --> 00:41:54,360 Speaker 1: and that was twenty two years ago. So um, you 760 00:41:54,360 --> 00:41:56,560 Speaker 1: know we're still waiting for that. But but look, there 761 00:41:56,560 --> 00:41:59,920 Speaker 1: has been incredible strides. Right. You look at the demand 762 00:42:00,160 --> 00:42:04,280 Speaker 1: now for e vs all across the board in trucking 763 00:42:04,400 --> 00:42:08,719 Speaker 1: and transportation, you know, and and and and that is 764 00:42:08,800 --> 00:42:13,160 Speaker 1: something that is uh changing the way we look at gasoline, 765 00:42:13,400 --> 00:42:16,799 Speaker 1: right and and so uh that's going to continue. It's 766 00:42:16,840 --> 00:42:19,840 Speaker 1: march and it's not costing anybody anymore than it is today. 767 00:42:20,000 --> 00:42:23,399 Speaker 1: If anything, it's taken some of the pressure off of gasoline. 768 00:42:23,400 --> 00:42:26,759 Speaker 1: And so uh, we're going to change. Things are going 769 00:42:26,800 --> 00:42:29,600 Speaker 1: to happen, as as Genie points out, it's probably not 770 00:42:29,680 --> 00:42:33,080 Speaker 1: happening fast enough to meet the kind of reductions in 771 00:42:33,680 --> 00:42:37,279 Speaker 1: warming that we need to keep it under the thresholds 772 00:42:37,280 --> 00:42:40,960 Speaker 1: that the global community cares about. But this whole idea 773 00:42:41,080 --> 00:42:44,520 Speaker 1: that like great generality is like, oh, your energy prices 774 00:42:44,560 --> 00:42:47,200 Speaker 1: are going to go up by two if we have 775 00:42:47,440 --> 00:42:51,000 Speaker 1: clean energy, is nuts, right, I mean, right now, wind 776 00:42:51,120 --> 00:42:55,480 Speaker 1: energy is less expensive than fracking in the West, so 777 00:42:56,000 --> 00:42:57,879 Speaker 1: you know, it's it's the kind of thing where people 778 00:42:57,880 --> 00:43:01,040 Speaker 1: are being very opportunistic. Um you you kind of hope 779 00:43:01,360 --> 00:43:04,960 Speaker 1: that your leaders transition you there. I mean, the reality 780 00:43:05,040 --> 00:43:08,520 Speaker 1: is our economy is benefited from the diversity we have 781 00:43:08,719 --> 00:43:13,400 Speaker 1: now in energy, with clean energy making up a larger 782 00:43:13,400 --> 00:43:16,080 Speaker 1: and larger portion of our grid. But our grid isn't 783 00:43:16,120 --> 00:43:19,600 Speaker 1: ready to support those kinds of peaking energies. It has 784 00:43:19,640 --> 00:43:23,799 Speaker 1: to have some kind of um baseload, and so far 785 00:43:24,280 --> 00:43:27,160 Speaker 1: those have been fossil fuels. So it's the mix has 786 00:43:27,200 --> 00:43:31,120 Speaker 1: been beneficial, and more and more we're turning to cheap 787 00:43:32,560 --> 00:43:36,200 Speaker 1: clean energy. Rick and Jeannie helping us make sense of 788 00:43:36,280 --> 00:43:40,160 Speaker 1: all of this as we widen the conversation here. This 789 00:43:40,200 --> 00:43:42,640 Speaker 1: event today was not just supposed to be about oil. 790 00:43:42,680 --> 00:43:45,400 Speaker 1: They actually been telegraphing it since last weekend that the 791 00:43:45,440 --> 00:43:47,879 Speaker 1: President was going to make a major address on inflation. 792 00:43:47,960 --> 00:43:52,760 Speaker 1: It was about rising prices as we walked into the holiday, 793 00:43:52,800 --> 00:43:54,680 Speaker 1: and it started at least that way. Here. Listen to 794 00:43:54,719 --> 00:43:57,920 Speaker 1: the President from earlier today at the White House gas 795 00:43:57,960 --> 00:44:01,719 Speaker 1: supply companies are paying us and making a lot more. 796 00:44:02,400 --> 00:44:04,360 Speaker 1: They do not seem to be passing it on to 797 00:44:04,480 --> 00:44:07,000 Speaker 1: the consumers of the pump. In fact, if the gap 798 00:44:07,080 --> 00:44:10,080 Speaker 1: between wholesale and retail gas prices was in aligned with 799 00:44:10,200 --> 00:44:13,880 Speaker 1: past averages, Americans have you paying. At least that was 800 00:44:13,920 --> 00:44:16,520 Speaker 1: the President talking about the FTC actually was looking for 801 00:44:16,600 --> 00:44:20,279 Speaker 1: his remarks about Thanksgiving, saying bottlenecks in the supply chain 802 00:44:20,960 --> 00:44:23,440 Speaker 1: are actually starting to see some relief. Remember when that 803 00:44:23,480 --> 00:44:25,040 Speaker 1: was such a big deal a couple of months ago. 804 00:44:25,080 --> 00:44:32,440 Speaker 1: Here's the president and so all these concerns. A few 805 00:44:32,520 --> 00:44:35,600 Speaker 1: weeks ago there would be uh, there not be ample 806 00:44:35,640 --> 00:44:39,840 Speaker 1: food available for Thanksgiving. So many people talked about that, understandably, 807 00:44:40,320 --> 00:44:43,280 Speaker 1: but families can rest easy. Grocery stores are well stocked 808 00:44:43,280 --> 00:44:45,880 Speaker 1: with turkey and everything you else you need for Thanksgiving. 809 00:44:47,719 --> 00:44:50,040 Speaker 1: So there's that. Would that have been a better message 810 00:44:50,080 --> 00:44:53,120 Speaker 1: to send going into the weekend. The idea here is 811 00:44:53,440 --> 00:44:56,160 Speaker 1: inflation as a whole as a problem, and this president 812 00:44:56,239 --> 00:44:58,399 Speaker 1: is working on it. For your genie. It turned into 813 00:44:58,400 --> 00:45:01,799 Speaker 1: his speech about oil the spr and opened up a 814 00:45:01,840 --> 00:45:06,520 Speaker 1: massive avenue for Republicans to criticize him. That's right, you know, 815 00:45:06,600 --> 00:45:08,600 Speaker 1: I am glad to hear, by the way, that we 816 00:45:08,640 --> 00:45:11,560 Speaker 1: are going to have our turkey dinners on Thanksgiving. So 817 00:45:11,600 --> 00:45:13,560 Speaker 1: that is good news according to the President, who will 818 00:45:13,600 --> 00:45:17,719 Speaker 1: be on Nantucket. Um. But you know, I do think 819 00:45:17,760 --> 00:45:20,720 Speaker 1: the president, for all the political reasons we've talked about, 820 00:45:20,800 --> 00:45:25,080 Speaker 1: is trying to get this message right. And again, you know, 821 00:45:25,200 --> 00:45:27,879 Speaker 1: he he felt like with very little that he can 822 00:45:27,920 --> 00:45:31,240 Speaker 1: do as president to combat inflation, they were they tried 823 00:45:31,280 --> 00:45:33,480 Speaker 1: to do both today and I think the one unfortunate 824 00:45:33,520 --> 00:45:36,439 Speaker 1: thing is that what could have been the message about 825 00:45:36,440 --> 00:45:39,360 Speaker 1: the supply chain sort of drifted into this message about 826 00:45:39,400 --> 00:45:42,640 Speaker 1: the release of the oil. So you know, even if 827 00:45:42,680 --> 00:45:44,440 Speaker 1: he was going to do both, he might have done 828 00:45:44,480 --> 00:45:46,719 Speaker 1: him on two separate days. I think Rick made a 829 00:45:46,760 --> 00:45:49,600 Speaker 1: really important point, which was that you know this, this 830 00:45:49,680 --> 00:45:52,600 Speaker 1: White House has been fairly sort of slow. The president 831 00:45:52,640 --> 00:45:55,240 Speaker 1: likes to take his time on making decisions. They didn't 832 00:45:55,280 --> 00:45:57,960 Speaker 1: confront inflation when people noted it was going up in 833 00:45:58,080 --> 00:46:01,000 Speaker 1: on Bloomberg in particular, and yet when he did it 834 00:46:01,040 --> 00:46:02,759 Speaker 1: was at the it was at the very you know, 835 00:46:02,880 --> 00:46:05,960 Speaker 1: last minute here after that report and now today all 836 00:46:06,000 --> 00:46:08,640 Speaker 1: at once. It's you know, trying to address everything at once. 837 00:46:08,880 --> 00:46:11,400 Speaker 1: And the problem is the message gets muddled on a 838 00:46:11,440 --> 00:46:14,359 Speaker 1: Thanksgiving week? Well, is that how you see it? Rick? 839 00:46:14,640 --> 00:46:16,640 Speaker 1: This was supposed to be the chaser to the FED 840 00:46:16,760 --> 00:46:21,120 Speaker 1: roll out yesterday, the Powell and and Brainard announcements. The president, 841 00:46:21,160 --> 00:46:24,279 Speaker 1: I feel your pain from the table to the gas tank. 842 00:46:24,320 --> 00:46:27,320 Speaker 1: But we're still we're all talking about fifty million barrels. 843 00:46:27,360 --> 00:46:29,360 Speaker 1: Maybe that's because we're on Bloomberg, but that's that was 844 00:46:29,400 --> 00:46:32,080 Speaker 1: the lead for most mainstream news today. Yeah. No, he 845 00:46:32,160 --> 00:46:34,759 Speaker 1: stepped on his own message. And and and and look, 846 00:46:34,840 --> 00:46:38,719 Speaker 1: we we talked about this earlier, uh, this week, that 847 00:46:39,120 --> 00:46:41,440 Speaker 1: there was real pressure for him to connect with that 848 00:46:42,160 --> 00:46:45,160 Speaker 1: family sitting around the kitchen table, because all this talk 849 00:46:45,239 --> 00:46:49,120 Speaker 1: about transitory inflation put him in a box where people thought, oh, 850 00:46:49,160 --> 00:46:52,160 Speaker 1: he doesn't even care about the rising prices. And we've 851 00:46:52,160 --> 00:46:55,600 Speaker 1: seen his approval rating now below some of the lowest 852 00:46:55,600 --> 00:47:00,080 Speaker 1: points in Donald Trump's administration. And so they've got a 853 00:47:00,120 --> 00:47:02,719 Speaker 1: serious problem. And I don't think the message he was 854 00:47:02,760 --> 00:47:06,560 Speaker 1: trying to convey, you know, which was hey, uh, you 855 00:47:06,680 --> 00:47:09,279 Speaker 1: got all the stuff you need for Thanksgiving. I cut 856 00:47:09,280 --> 00:47:11,759 Speaker 1: through all these supply chains. I mean like, even though 857 00:47:11,800 --> 00:47:15,200 Speaker 1: it's more expensive, um, you got it. And I don't 858 00:47:15,239 --> 00:47:17,680 Speaker 1: see that as being the message that's gonna make people 859 00:47:17,719 --> 00:47:21,040 Speaker 1: feel better about the future of the economy through that. 860 00:47:21,440 --> 00:47:23,680 Speaker 1: By the way, Thanksgiving week, did did you see what 861 00:47:23,719 --> 00:47:26,120 Speaker 1: they Every year? They do this deal with the price 862 00:47:26,320 --> 00:47:30,720 Speaker 1: of Thanksgiving meal. You saw this year a Thanksgiving dinner. 863 00:47:30,960 --> 00:47:35,319 Speaker 1: The price overall is up by fourteen percent. That is 864 00:47:35,360 --> 00:47:38,799 Speaker 1: a headline the genie that this White House didn't need 865 00:47:38,880 --> 00:47:41,439 Speaker 1: right now. But what's the president? You mentioned Nantucket? They're 866 00:47:41,480 --> 00:47:44,400 Speaker 1: they're headed there tonight. They're back to the old Thanksgiving 867 00:47:44,440 --> 00:47:46,839 Speaker 1: on Nantucket really been doing this for over thirty years. 868 00:47:46,880 --> 00:47:50,800 Speaker 1: The Biden family, as he looks across the bleak, gray 869 00:47:50,840 --> 00:47:56,399 Speaker 1: and white vista, that that I'm assuming Nantucket has this 870 00:47:56,440 --> 00:47:58,640 Speaker 1: time of year, kind of a cold week to be there. 871 00:47:59,400 --> 00:48:02,160 Speaker 1: Is he consider ring his own mortality here or or 872 00:48:02,200 --> 00:48:05,000 Speaker 1: how he's going to come back to Washington and get 873 00:48:05,000 --> 00:48:07,799 Speaker 1: his arms around this story? You know, I think, you know, 874 00:48:07,880 --> 00:48:10,399 Speaker 1: I know they've been going there for three decades. It's 875 00:48:10,400 --> 00:48:13,200 Speaker 1: a lovely place. I love Nantucket, but I also worry 876 00:48:13,200 --> 00:48:15,680 Speaker 1: to a certain extent that sends the wrong message. Joe 877 00:48:15,680 --> 00:48:18,719 Speaker 1: Biden ran and one on being the Joe Biden who 878 00:48:18,760 --> 00:48:21,719 Speaker 1: is empathetic with the working class. He talks a lot 879 00:48:21,760 --> 00:48:27,120 Speaker 1: about his working class roots. Nantucket has more. It has 880 00:48:27,200 --> 00:48:29,920 Speaker 1: that sense. And I love Nantucket. I love it and 881 00:48:29,960 --> 00:48:32,600 Speaker 1: I would go there any time. But you know, Joe Biden, 882 00:48:32,880 --> 00:48:35,360 Speaker 1: whether he goes, you know he's going to Nantucket. That aside, 883 00:48:35,400 --> 00:48:38,160 Speaker 1: He's really got to get back to what he ran 884 00:48:38,320 --> 00:48:41,239 Speaker 1: and won on, which is his ability to empathize with 885 00:48:41,280 --> 00:48:45,319 Speaker 1: the challenges that people are facing in the moment, and 886 00:48:45,360 --> 00:48:47,759 Speaker 1: that seems to have gotten away from him and has 887 00:48:47,840 --> 00:48:51,560 Speaker 1: resulted in, amongst other things, this huge decline in his 888 00:48:51,680 --> 00:48:56,200 Speaker 1: public approval ratings, not just amongst Republicans who didn't support him, 889 00:48:56,239 --> 00:48:59,560 Speaker 1: but independence moderate and even some Democrats. We've come a 890 00:48:59,560 --> 00:49:02,839 Speaker 1: long way for of Marra Lago, Rick Davis. Yeah, they're 891 00:49:02,840 --> 00:49:06,040 Speaker 1: gonna have all kinds of fancy Thanksgiving dinners down there. 892 00:49:06,200 --> 00:49:08,880 Speaker 1: I mean, they've got a big fundraiser week after that. 893 00:49:09,200 --> 00:49:12,320 Speaker 1: Nantucket a problem after four years of Marra Lago. Nah, 894 00:49:12,440 --> 00:49:14,960 Speaker 1: nobody cares about Nantucket. Most people don't even know if 895 00:49:14,960 --> 00:49:17,440 Speaker 1: it's in the United States. So I mean, like I'm 896 00:49:17,480 --> 00:49:20,120 Speaker 1: here to confirm it as not. These these optics are 897 00:49:20,360 --> 00:49:24,120 Speaker 1: are are irrelevant unless it has something to do with 898 00:49:24,239 --> 00:49:28,600 Speaker 1: jobs or the economy, and the economy being spelled inflation. Um, 899 00:49:29,080 --> 00:49:32,000 Speaker 1: nobody's gonna pay much attention to it. And and and look, 900 00:49:32,040 --> 00:49:35,359 Speaker 1: I mean the reality of it is is he could 901 00:49:35,480 --> 00:49:39,000 Speaker 1: use a break. I mean, uh, this administration has been 902 00:49:39,040 --> 00:49:41,160 Speaker 1: all over the map, and maybe they can get together 903 00:49:41,239 --> 00:49:43,560 Speaker 1: and think about how they're gonna come out of this 904 00:49:43,960 --> 00:49:48,640 Speaker 1: holiday with a clear message. Rick and Genie the signature panel, 905 00:49:48,680 --> 00:49:51,279 Speaker 1: and another great conversation with us on Bloomberg sound on. 906 00:49:51,320 --> 00:49:54,160 Speaker 1: This is why they call it the fastest hour in politics. 907 00:49:54,160 --> 00:49:56,200 Speaker 1: It's already over. I'll meet you back here Tomorrow's we 908 00:49:56,280 --> 00:50:00,160 Speaker 1: track prices at the Thanksgiving table, borrowing a thought from 909 00:50:00,160 --> 00:50:03,879 Speaker 1: Matt Shirley, what's happening to wine prices this year? I'm 910 00:50:03,960 --> 00:50:05,480 Speaker 1: Joe Matthew. This is Bloomberg