BACK TO YOU, LIZ.
ELIZABETH: THANK YOU,
EDWARD LAWRENCE.
WE HAVE BREAKING NEWS COMING
INTO THE STUDIO.
BRING IN WALL STREET PRO AUTHOR,
FORMER INVESTMENT BANKER CAROL
ROTH.
CAROL, HERE IS THE BREAKING
NEWS.
LOOKS LIKE CALIFORNIA, THE
GOVERNOR OF CALIFORNIA IS SAYING
THAT WE WILL DO THE FIRST OF ITS
KIND IN THE NATION-STATE PENALTY
ON U.S. OIL COMPANIES IF THEIR
PROFITS PASS A CERTAIN
THRESHOLD.
THIS IS HE SAYING THIS IS PRICE
GOUGING PENALTY ON BIG OIL.
THIS IS BREAKING NEWS.
>> YEAH THE MENTAL GYMNASTICS
BEING PERFORMED AT A LEVEL THAT
IS SO HIGH HERE, LIZ, I FEEL
LIKE HE IS GOING TO TAKE HOME
ALL OF THE GOLD MEDALS.
I SAW THE BREAKING NEWS,
BREAKING TWEET, SAID THEY’RE NOT
GOING TO BE GAS LIT BY OIL
COMPANIES KEEPING GAS PRICES
HIGH.
IF I RECALL CALIFORNIA’S TAXES
ARE THE SECOND HIGHEST IN THE
NATION.
THEY WERE THE FIRST ONE.
THEY HAD A LITTLE TAX HOLIDAY.
THEY ARE ADDING ON COSTS HERE.
ALL OF THEIR POLICIES ARE
BASICALLY LIMITING SUPPLY THAT
CALIFORNIA IS THE LEADER IN,
THAT’S WHAT IS CAUSING THESE
HIGH PRICES.
TO TURN THIS AROUND TO START
SAYING WE’RE ADDING PENALTIES.
IT IS PERFECTLY ABSURD AND
PERFECTLY CALIFORNIA.
ELIZABETH: CALIFORNIA’S
GOVERNOR, CAROL, IS NOT SAYING
HOW HE WILL RETURN THAT MONEY TO
STATE TAXPAYERS EVEN IF THEY SEE
ANY OF THAT MONEY, YOU KNOW WHAT
I MEAN?
THERE IS NO DETAIL ON THAT,
CAROL.
>> RETURN THE MONEY?
WHEN HAVE THEY EVER RETURNED THE
MONEY ON ANYTHING?
THEY TOOK THE MONEY FROM COVID
RELIEF AROUND THE COUNTRY, USED
IT ON PET PROJECTS.
CALIFORNIA, ILLINOIS, OTHER
SMALL BUSINESSES AND OTHER
EMPLOYERS WILL HAVE TO PAY
HIGHER UNEMPLOYMENT TAXES
BECAUSE THEY TOOK OUT THE LOANS
AND TOOK MONEY SO OF COURSE IT
IS NOT GOING TO GO TO ANYBODY
AND MAKE THE AVERAGE AMERICANS
LIFE BETTER.
THEY WILL CONTINUE TO STRUGGLE.
ELIZABETH: SO A WEEK AFTER
CALIFORNIA ANNOUNCED, A FEW
MONTHS AGO IT WANTS TO GET RID
OF ALL GAS-POWERED CARS, A WEEK
AFTER THAT, THEY DEMANDED PEOPLE
STOP USING ELECTRICITY BECAUSE
OF POWER OUTAGES AND BLACKOUTS,
RIGHT?
>> YEAH.
NO, IT’S AMAZING.
A QUESTION OF HOW IS THIS GOING
TO WORK IF YOU’RE GOING TO HAVE
ALL OF THESE ELECTRIC CARS, HOW
ARE YOU GOING TO POWER THEM?
HOW WILL THE GRID HANDLE THEM
WHEN YOU CANNOT HANDLE THE
CAPACITY RIGHT NOW?
WHERE DO THEY THINK ELECTRICITY
COMES FROM?
DO THEY THINK THEY’RE A BUNCH OF
UNICORNS PEDDLING BIKES THAT ALL
OF SUDDEN POWER THE ELECTRIC
GRID, LIZ?
I DON’T THINK THAT IS GOING TO
HAPPEN.
THE FRUSTRATING PART, TYING BACK
TO WHAT WE’RE TALKING ABOUT IT
IS A EPIC WEALTH TRANSFER.
IT’S A WEALTH TRANSFER FROM THE
WEALTHY, FROM MAIN STREET TO THE
WEALTHY AND WELL-CONNECTED,
PEOPLE WHO ARE INVESTED IN THESE
GREEN TECHNOLOGIES.
IT IS ALL ABOUT POWER AND
CONTROL, NOT MAKING AMERICANS
LIVES BETTER.
>> I WOULD LIKE TO SEE A UNICORN
PEDDLING A BICYCLE THAT WOULD
HELP THE GRID OVER THERE.
TO YOUR POINT, CAROL, FORMER
GOVERNMENT OFFICIALS ARE WARNING
AMERICANS IN THE MIDWEST SHOULD
PREPARE FOR ENERGY SHORTAGES.
BIDEN WHITE HOUSE DONE A WAR ON
OIL, COAL, NAT-GAS, 80% OF U.S.
NEEDS.
REACT TO WHAT THE PRESIDENT SAID
HERE.
>> HOW SOON SHOULD RAIL
WORKERS --
>> REFILL THE STRATEGIC
RESERVES, MR. .
PRESIDENT BIDEN: PRESIDENT AS
SOON AS I CAN CONVINCE THE
REPUBLICANS TO TO SEE THE LIGHT.
ELIZABETH: WHAT LIGHT IS HE
TALKING ABOUT?
>> NO ONE KNOWS WHAT HE IS
TALKING ABOUT.
HE HAS BEEN OUT ON A CAMPAIGN,
EMPTYING THE RESERVES TO GET
PRICES DOWN.
HE IS TRYING TO CUT DEALS WITH
SAUDI ARABIA AND OPEC PLUS THAT
HAVEN’T WORKED.
HE IS SAYING WORD SALAD
NONSENSE, ASSUMING THAT SOMEBODY
GOES NO, IT IS REPUBLICANS
FAULT.
LIKE GAVIN NEWSOM SAID BIG OIL’S
FAULT.
EVERYBODY’S FAULT EXCEPT FOR THE
BIDEN ADMINISTRATION, GAVIN
NEWSOM, GREEN PUSHERS WHO ARE
CREATING POLICIES THAT ARE
LIMITING THE SUPPLY OF OIL AND
LIMITING THE INVESTMENT.
BY THE WAY --
ELIZABETH: JUST WILD.
GO AHEAD.
FINISH YOUR THOUGHT.
>> I WAS GOING TO SAY OPEC
WARNED THERE IS A $12.1 TRILLION
UNDERINVESTMENT IN OIL TO MEET
THE NEEDS OF THE GLOBE BY 2045.
IF WE CONTINUE TO HAVE THESE
POLICIES, THIS IS NOT JUST A
PROBLEM TODAY OR FOR THE NEXT
YEAR, WE’RE GOING TO GET BY IT,
IT WILL BE FINE, THIS IS ONGOING
PROBLEM WILL AFFECT HUMAN
FLOURISHING FOR BASIC POWER