♪.
LARRY: ALL RIGHT, SO WE TALKED
ABOUT THIS, JOE BIDEN WANTS TO
GET RID OF THE INTERNAL
COMBUSTION ENGINE.
HE HAS CRAZY UNELECTED EPA
BURDENSOME REGULATORY
BUREAUCRATS.
NOBODY VOTED ON THIS IN THE
HOUSE AND SENATE.
JOINING ME, MIKE SOMMERS, CEO OF AMERICAN PETROLEUM INSTITUTE.
AMERICAN PETROLEUM INSTITUTE.
ONE OF MY FAVORITES, -- HOLLAND,
DEB HAALAND, INTIER YEAR
SECRETARY, LISTEN TO THIS.
>> I HAVE TO SAY ALL OF THIS
BECAUSE CLIMATE CHANGE IS THE
CRISIS OF OUR LIFETIME.
WE HAVE A OBLIGATION TO FUTURE
GENERATIONS TO MAKE SURE WE HAVE
A PLANET FOR THEM TO LIVE ON AND
THAT’S WHY I’M HERE.
LARRY: SHE IS BREAKING DOWN,
CRYING BECAUSE OF THIS.
SHE OUGHT TO CRY BECAUSE SHE
WON’T ISSUE ANY PERMITS THAT
WOULD EVEN HELP ELECTION VEHICLE
BATTERIES.
WHAT IS UP WITH THIS WHOLE
STORY?
>> LARRY, YOU HIT ON SOMETHING
WHICH IS REALLY IMPORTANT.
THIS ADMINISTRATION HAS
CONTINUALLY WORKED ON MAKING
SURE WE DON’T HAVE PERMITS WE
NEED TO, GET MATERIALS WE NEED,
TO ENABLE THE TRANSITION THEY’RE
TALKING ABOUT.
THE REAL CONCERN THAT WE HAVE
RIGHT NOW THOUGH THEY WANT TO
CONVERT A ENTIRE FLEET OF
VEHICLES THAT USE INTERNAL
COMBUSTION ENGINE TODAY, THEY
WANT US TO BE ALL USING ELECTRIC
VEHICLES BY 2032.
THIS IS A SYSTEM, A COUNTRY THAT
HAS BEEN REALLY BUILT ON THE
BACK OF OUR AUTOMOBILE INDUSTRY.
WE NEED THOSE WORKERS.
WE NEED TO MAKE SURE WE DRIVE
VEHICLES WE WANT.
THIS POLICY IS GOOD FOR CHINA
BAD FOR AMERICA.
LARRY: CHINA IS THE BIGGEST
BENEFICIARY, NO CHOICE.
WHAT HAPPENS TO OIL AND GAS
COMPANIES, GOING DOWN AMERICA
USING CRUDE OIL, 49% GASOLINE,
26%, DIESEL,% JET FUEL.
THAT IS 83% OF OIL USED.
OTHER REFINED DISTILLATES --
WHAT DOES IT DO TO OIL AND GAS,
IF THE BIDENS GET THIS, LOT PEOPLE DON’T THINK THEY WILLING
PEOPLE DON’T THINK THEY WILLING
IF THEY GET IT, ELECTRIC CARS
2032, WHAT HAPPENS TO THE OIL
BUSINESS?
>> THE ENERGY INFORMATION
AGENCY, BIDEN SOURCE OF
KNOWLEDGE, THEY SAY EVEN UNDER
THE IRA BENEFITS ONLY 15% OF OUR
FLEET BY 2030 WILL BE ELECTRIC
VEHICLES.
SO EVEN THE BIDEN ADMINISTRATION
IS SAYING THIS IS IMPOSSIBLE BUT
THEY’RE TRYING TO PUT A
REGULATION IN PLACE THAT 60% OF
VEHICLES SOLD IN THE UNITED
STATES IN 2032 WILL BE ELECTRIC.
WE CANNOT AFFORD TO DO THIS.
BY THE WAY, MOST OF THE
MATERIALS THAT WE NEED TO MAKE
EVS ARE MADE IN CHINA.
WE’LL NEED 2 1/2 TIMES MORE
COPPER ACCORDING TO S&P.
WE’LL NEED MORE LITHIUM, MORE
COBALT.
IF NOT PRODUCED HERE IT IS
PRODUCED BY CHINA.
WHY SACRIFICE AMERICAN ENERGY
INDEPENDENCE WORLD CONTINUES TO
RELY PARTICULARLY WITH THE WORE
IN UKRAINE TO CHINA RIGHT NOW?
IT IS INTERESTING, THE SAME DEB
HAALAND BREAKING DOWN, ONE
STOPPING PERMITTING FOR ALL OF
THE ABOVE, WHICH IS THE STRATEGY
I THINK THAT YOU, ALL OF THE
ABOVE, OIL, GAS, RENEWABLES,
FINE, NUCLEAR.
LET LET 1000 FLOWERS BLOOM BUT
THEY WON’T.
THEY WANT TO KILL YOUR BUSINESS.
I WANT TO GET YOUR TAKE, HOUSE
REPUBLICANS, KEVIN MCCARTHY AND
COMPANY, STEVE SCALISE WITH THE
QUARTERBACK HAS COME UP WITH
HR.1 WHICH WOULD REOPEN ALL OF
THE FOSSIL FUELS WHICH IS WHAT
WE NEED.
WE’LL HAVE PERMITTING REFORM,
IMPORTANT PERMITTING REFORM.
SO ARE YOU ALL GOING TO GET
BEHIND THAT?
>> WE HAVE ENDORSED HR.1.
WE THINK IT IS THE RIGHT POLICY
FOR AMERICA BUT IT IS NOT JUST
GOOD FOR OIL AND GAS.
IT IS GOOD FOR THOSE TRYING TO
PRODUCE MORE RERENEWABLES IN
THIS COUNTRY.
IT IS ALL OF THE ABOVE APPROACH.
DEMOCRATS AND REPUBLICANS SHOULD
GETTING TOGETHER TO PASS THIS
LEGISLATION.
BY THE WAY YOU HIT ANOTHER
IMPORTANT POINT F WE POWER THE
FUTURE, WE NEED TO MINE THE
FUTURE.
TRY PERMITTING A MINE TO GET
PRODUCE MATERIALS THEY WILL NEED
TO ELECTRIFY THIS COUNTRY.
IT IS ALMOST IMPOSSIBLE.
LARRY: HAALAND STOPPED IRON
RANGE IN MINNESOTA, SHE JUST
STOPPED IT.
MAYBE SHE IS CRYING BECAUSE SHE
STOPPED SO MUCH, SHE IS DAMAGING
ECONOMIC GROWTH, LOOK AT
ECONOMIC GROWTH, IT IS KIND OF
NONEXISTENT.
THE OTHER QUESTION IS, WHAT WILL
THE OIL AND GAS COMPANIES DO IN
THE NEXT 10 YEARS?
WHAT IS THEIR STRATEGY, IF YOU
WILL?
>> WELL, OUR STRATEGY, RIGHT NOW
IS TO MAKE SURE THAT WE’RE
STOPPING THESE POLICIES.
BECAUSE IF THESE POLICIES GET
ENACTED IT WILL HURT AMERICAN
CONSUMERS, IT WILL RAISE PRICES.
WE’RE HELPING OUR LARGEST
GEOPOLITICAL FOE, CHINA ON THE
WORLD STAGE RIGHT NOW.
LARRY: HOW MANY PEOPLE ARE
EMPLOYED?
>> 12 MILLION AMERICANS EMPLOYED
BIT OIL AND GAS INDUSTRY.
LARRY: SECONDARY, TERTIARY
IMPACT.
>> WOULD BE HUGE.
LARRY: DOUBLE, TRIPLE?
>> 8% OF AMERICAN GDP.
I LIKE TO SAY IT IS THE FIRST 8%
OF GDP BECAUSE WE CANNOT DO WHAT
AMERICA DOES BEST WHICH IS
PRODUCE AND MANUFACTURE FOR THE
WORLD AMERICAN ENERGY.
LARRY: CLEANEST.
>> WITHOUT THAT 8%.
LARRY: CLEANEST.
THAT IS INTERESTING I DIDN’T
KNOW THAT 8% NUMBER.
THAT IS A BIG NUMBER.
12 MILLION JOBS?
>> 12 MILLION JOBS.
LARRY: THE DINER ACROSS THE SEAT
THAT EMPLOYS 10 PEOPLE YOU EVER
TO LOOK AT THAT TOO.
MIKE SOMMERS, GOOD FIGHT, KEEP
IT UP.
MEANING NO DISRESPECT TO