NEIL: ALL RIGHT.
STOCKS RACING ALONG RIGHT NOW.
WE HAVE THE DOW AT SESSION HIGHS
UP BETTER THAN 460 POINTS.
HAD BEEN WORST DOWN AT 200
POINTS.
THAT IS 640 POINT SWING.
WHAT IS BEHIND THIS IS
PRESIDENT’S COMMENTS HE IS GOING
TO IMPOSE, IN FACT ALREADY
SIGNED OFF ON ALL RUSSIAN OIL
COMING INTO THIS COUNTRY.
THAT WOULD INCLUDE LIQUIFIED
NATURAL GAS.
HE IS BANNING THAT AS WELL.
BRITAIN GOING ALONG ALTHOUGH
THEY’RE GOING TO TAKE A LITTLE
LONGER TO DO IT.
NOT ALL OF EUROPE GOING ALONG
BUT THIS IS A BIG UNKNOWN.
IT WAS REPRESENTED TO SOME A
REVERSAL ON THE PART OF THE
PRESIDENT HERE HE WOULD NOT
ENTERTAIN DOING IT, BIPARTISAN
OPPOSITION TO THAT STANCE HE
PIVOT AD LITTLE.
THEY’RE HOPING MAYBE HE PIVOTS
WHEN IT COMES TO THE ISSUE OF
REVISITING DOMESTIC OIL
PRODUCTION.
HARD TO SAY, BUT MAYBE CLEAR
CHASE KNOWS, DIRECTOR OF
GOVERNMENT RELATIONS.
CLAIRE, THANK YOU FOR BEING
PATIENT IN THE MIDDLE OF ALL OF
THIS BREAKING NEWS.
IS THERE A THOUGHT THAT MAYBE
THE PRESIDENT SINCE HE DID
CHANGE HIS MIND ON OUTRIGHT
BANNING ALL RUSSIAN OIL THAT HE
MIGHT CHANGE HIS MIND ON
DOMESTIC OIL PRODUCTION WHAT DO
YOU THINK?
>> WELL, NEIL, THANK YOU HAVING
ME ON AND YOU KNOW, THERE
CERTAINLY IS A HOPE AND IT WOULD
BE THE RIGHT MOVE.
IT JUST HAS BEEN REALLY
DIFFICULT TO UNDERSTAND WHAT
PRESIDENT BIDEN HAS BEEN
THINKING SINCE THE DAY THAT HE
TOOK OFFICE.
I MEAN AS WE LOOK AT HIS
ACTIONS, HE WENT AHEAD AND
BANNED KEY STONE PIPELINE ALMOST
IMMEDIATELY AND SIGNALED THAT HE
WAS GOING TO MAKE IT MORE
DIFFICULT FOR US TO DRILL BY
PUTTING A HOLD ON FEDERALISES,
DOING A NUMBER OF THINGS, BUT
GOING AHEAD AND AGREEING WITH
NORD STREAM 2.
IT IS INTERESTING TODAY.
I MEAN THIS IS A CRISIS OF
PRESIDENT BIDEN’S MAKING.
IF HE HAD ALLOWED US TO CONTINUE
DRILL WAY WE WERE UNDER
PRESIDENT TRUMP I DON’T THINK WE
WOULD BE SEEING 130-DOLLAR OIL
TODAY.
NEIL: YOU KNOW WHAT THE
ADMINISTRATION SAYS ABOUT THAT.
THERE ARE 9,000 LEASES.
OIL INDUSTRY HAS THEM.
THEY’RE NOT IMPLEMENTING.
WHAT THEY FAIL TO POINT OUT THEY
HAD 40,000 LEASES LAST YEAR.
THAT THEY HAVE BEEN WORKING
AGGRESSIVE BEEN ON THEM.
HAVING SAID THAT THERE IS THE
VIEW OF THE WHITE HOUSE TALKING
ABOUT A PIPELINE OR REVISITING
DOMESTIC PRODUCTION ISN’T GOING
TO CHANGE WHAT ARE JUST SUPPLY
DEMAND EQUATION THAT FAVORS
PRICES GOING STILL HIGHER AND
THEY TALK ABOUT THE AVAILABLE
SUPPLY TODAY.
WHAT DO YOU SAY?
>> I THINK, YEAH, 9,000 LEASES
AVAILABLE IS SUCH A MISLEADING
NUMBER.
IT IS, THE SITUATION.
WE HAVE PERMITS BUT, WE ARE IS
BAAING THE SAME ISSUES FACING
OTHER INDUSTRIES ARE FACING,
SUPPLY CHAINS, LABOR SHORTAGES.
WE CAN HAVE LEASES BUT IF WE
CAN’T GET CASING TO PROTECT
GROUNDWATER, WE CAN’T DRILL.
WE NEED RIGHTS OF WAYS TO ACCESS
LEASE OR LINES TO MOVE THE
PRODUCT.
THAT IS CONTROLLED BY THE
INTERIOR DEPARTMENT WHICH HAS
BEEN VERY SLOW TO GET US ANSWERS
ON THE RIGHTS-OF-WAY.
SO I THINK IT IS REALLY
DISINGENUOUS FIGURE TO SAY WE’RE
BEING VERY SUPPORTIVE WHEN FROM
DAY ONE AS YOU MENTIONED THE
SIGNAL TO OIL AND GAS COMPANIES
HAS BEEN WE DON’T WANT YOU
DRILLING ON FEDERAL LAND.
SO AS A RESULT WE ARE MAKING THE
CHOICE TO INVEST ELSEWHERE AND
TO SLOW DOWN.
AS YOU LOOK AT THE TIMELINE OF
THOSE LEASES AS WELL, IT TAKES A
YEAR FOR US TO GET A PERMIT BACK
FROM THE FEDERAL GOVERNMENT.
SO WE HAVE TO PLAN A YEAR IN
ADVANCE, WE HAVE TWO TO THREE
YEARS TO DRILL THAT PERMIT.
SO YOU KNOW, WHAT WE’RE SEEING,
YES IT IS A BIT OF A PILE-UP
BECAUSE OF COVID.
WHEN THE ECONOMY WAS OPEN AND
SHUT DOWN AGAIN AND OPEN AND
SHUT DOWN AGAIN, WE CAN’T JUST
RAMP UP PRODUCTION OVERNIGHT
WHEN WE DON’T KNOW WHAT THE
ECONOMY WANTS.
SO WE’RE READY AND WILLING YET
IT IS GOING TO TAKE A LITTLE BIT
OF TIME TO GET A LINE BUT WE CAN
SUPPLY THE WORLD WITH THE
CLEANEST NATURAL GAS AND FOSSIL
FUELS ON THE PLANET.
NEIL: CLAIRE CHASE, THANK YOU
VERY, VERY MUCH, ENERGY
CORPORATION DIRECTOR OF
GOVERNMENT RELATIONS.
TO EXPAND ON THAT POINT JUST
BECAUSE YOU HAVE A LEASE DOESN’T
MEAN YOU WILL BE ABLE TO
INSTANTLY ACT ON IT.
POINTING THIS IN REFERENCE, YOU
HAVE TO GET PERMITS.
YOU HAVE TO GO THROUGH A PROCESS
WHERE YOU BEGIN HIRING, AT
MULTIPLE LEVELS.
IT CAN TAKE UP TO 10 YEARS.
EVEN WITH ALL OF THAT, WITH THE
LEASES THAT THE INDUSTRIES HAD
LAST YEAR AT THIS TIME, CLOSE TO
40,000 ARE WHITTLED DOWN TO