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Speaker 1: The overwhelming theme is the United States, China and use

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Speaker 1: of coal. David Turk joins US now with Secretary Grand

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Speaker 1: Homie is US Deputy Energy Secretary. David, thank you so

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Speaker 1: much for joining us, and you do so with your

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Speaker 1: service to the nation of six seven and eight jobs

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Speaker 1: in climate. The immovable fact is we're trying to do

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Speaker 1: something about coal. My latest reading is China's really not

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Speaker 1: doing something about coal. What is the Department's timeline in

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Speaker 1: America to diminish coal usage.

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Speaker 2: Well, first of all, Tom and Lisa, thanks for the time,

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Speaker 2: and I really appreciate you being being with you today.

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Speaker 2: So we've got to look across the board. It's not

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Speaker 2: just coal, it's natural gas, it's oil. We've got to

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Speaker 2: look at all the sources of emissions, and we've got

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Speaker 2: to have a plan to build all the new clean energy.

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Speaker 2: And this is what we've got in the US. We've

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Speaker 2: got historic levels of funding through the pieces of legislation,

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Speaker 2: the Biparties and infrastruct legislation, Inflation Reduction Act. We're building

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Speaker 2: out our clean energy future like never before in our country.

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Speaker 3: It's quite staggering. We're what we're doing.

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Speaker 1: I go with that, and of course in the ft

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Speaker 1: this morning. A huge difference between a complete, complete, complete

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Speaker 1: climate commitment in Europe to the fractured battle you fight

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Speaker 1: every day in the United States. But to look at

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Speaker 1: coal as one example, particularly with the Chinese just ignoring

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Speaker 1: the debate on coal from everything I read, what is

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Speaker 1: the administration's path to shut down or diminish coal usage

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Speaker 1: across America.

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Speaker 2: So we've seen dramatic declines in coal in our country

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Speaker 2: and that's projected to continue going forward. It's because we

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Speaker 2: have cheaper, better alternatives solar and wind. On the solar

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Speaker 2: penetration we've got in our country, the wind, other clean

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Speaker 2: energy technologies, they're just simply cheaper and better, and so

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Speaker 2: the market is reacting to the incentives.

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Speaker 4: David, I'm looking right now at WTI crew traded on

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Speaker 4: the nimax at seventy three dollars and forty sixcess. This

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Speaker 4: is a good time to start refilling the Strategic Petroleum Reserve.

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Speaker 2: So we have been and we're going to be optortunistic

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Speaker 2: and we're going to take every advantage when the price

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Speaker 2: is at the right level to make a good deal

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Speaker 2: for taxpayers, we're going to refill. So we are refilling

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Speaker 2: as much as we can. We've been doing that for

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Speaker 2: the last several months and at this price level, we'll

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Speaker 2: keep doing it.

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Speaker 4: And it's been about three million barrel a month purchase

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Speaker 4: at the Energy Department has been making. Do you plan

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Speaker 4: to accelerate that though? As prices do continue to fall.

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Speaker 2: So that is the physical limit of how much we

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Speaker 2: can buy back. We've got some lifetime extensions in some

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Speaker 2: of our caverns. We actually have four separate facilities for

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Speaker 2: separate sites for our strategic petroleum reserve, so we will

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Speaker 2: be doing at least three million barrels and we hope

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Speaker 2: we can bring more capacity online at these price levels

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Speaker 2: to buy as much as we can to refill to

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Speaker 2: make sure we've got that available when we need it future.

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Speaker 2: So we'll buy as much back as we possibly can,

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Speaker 2: but there are some physical constraints given the way the

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Speaker 2: caverns are set up.

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Speaker 4: We've been talking a lot about some of the consolidation

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Speaker 4: in the shale patch, with a number of companies coming

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Speaker 4: to the latest coming this morning. Is this a good

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Speaker 4: thing from the Energy Department standpoint or a bad thing?

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Speaker 2: So, as you know, a lot of decisions that are

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Speaker 2: made in the energy sector, certainly in our country or

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Speaker 2: private sector decisions along those lines, and we're certainly seeing

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Speaker 2: that happen as well. I think one good thing we've

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Speaker 2: certainly seen is a focus from a lot of companies,

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Speaker 2: including here at the Climate Conference, on reducing methane emissions.

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Speaker 3: This is something we've been after for quite some time.

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Speaker 2: Our EPA colleagues recently announced some big news here in

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Speaker 2: terms of the new regulatory structure to really do what's

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Speaker 2: the biggest no brainer I think in the history of

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Speaker 2: no brainers on climate is reduce methane emissions in the

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Speaker 2: oil and gas sectors. So we're really stepping up on that,

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Speaker 2: and we're seeing some companies step up on that beyond

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Speaker 2: what they're required to do in the US.

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Speaker 1: Take your point on that, there's some real traction on that,

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Speaker 1: you know. I want to go back here. You are

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Speaker 1: an advisor fresh out of Virginia to Senators Biden, Senator Conrad,

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Speaker 1: You've had eighteen jobs and energy You've arguably, David Turke,

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Speaker 1: Republicans and Democrats have more experience than anybody breathing today.

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Speaker 1: How did we get to being an opex sized oil

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Speaker 1: nation all of a sudden, we're like as big as

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Speaker 1: a Rocker. You know, I'll let you decide what it is.

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Speaker 1: How did we get to this hydrocarbon success that America

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Speaker 1: is today.

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Speaker 2: Well, first of all, Tom, thanks for the compliment. I'll

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Speaker 2: make sure my mom sees this. And here's such a nice,

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Speaker 2: nice compliment.

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Speaker 3: I think the.

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Speaker 2: Short answer is, we are a private sector market. Unless

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Speaker 2: you have federal laws, federal restrictions, a private sector will

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Speaker 2: do what the private sector will do, and they found

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Speaker 2: a lot of profit and a lot of opportunity, including

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Speaker 2: and especially in shale in our country.

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Speaker 1: What do you say to the critics of the Biden

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Speaker 1: administration that it is I'm not private sector centric.

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Speaker 2: So look at the numbers, look at where the production

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Speaker 2: levels are at. We also need to, of course, focus

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Speaker 2: on the emissions coming from all of that oil and gas,

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Speaker 2: not only that produce in the US, but around the world.

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Speaker 2: And one disappointment I have to say here at the

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Speaker 2: Climate Conference is, while we've made some progress on methane emissions,

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Speaker 2: that's a big deal. I don't think there's as much

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Speaker 2: focus as there needs to be on oil.

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Speaker 3: And gas scope three emissions.

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Speaker 2: That is, those emissions produced when that oil that gasoline

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Speaker 2: goes into the atmosphere. Scope three emissions are actually ten

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Speaker 2: times the amount of Scope one in Scope two for

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Speaker 2: many oil and gas companies, So we need a lot

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Speaker 2: more focus on Scope three emissions. We need a real

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Speaker 2: credible plan for dealing with those emissions.

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Speaker 4: David, does it make it kind of awkward for the

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Speaker 4: US to have a leadership position in reducing emissions at

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Speaker 4: COP twenty eight, given the fact that US production has

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Speaker 4: increased to a record pace, even as it's cut in

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Speaker 4: places like Saudi Arabia and cutter.

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Speaker 2: I feel incredibly proud to be part of this historic

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Speaker 2: Biden administration when it comes to climate change. In fact,

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Speaker 2: we're actually seeing our emissions decrease in the US three

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Speaker 2: percent in twenty twenty three despite GDP growth, healthier than

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Speaker 2: just about every other country.

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Speaker 3: In the world.

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Speaker 2: And what you've seen is with the historic pieces of

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Speaker 2: legislation all we're doing in this administration, we're expected already,

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Speaker 2: just in these few short years of policy, to actually

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Speaker 2: double our emission reductions by twenty thirty forty percent plus

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Speaker 2: reductions just from the actions from this administration. That's an

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Speaker 2: impressive record.

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Speaker 3: And we need to do more.

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Speaker 2: All countries around the world need to do more given

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Speaker 2: the climate challenges that we face, and we're already seeing

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Speaker 2: in our world today.

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Speaker 1: David Trick, thank you so much. She is a Deputy

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Speaker 1: US Energy Secretary, of course from Dubai