LARRY: JOINING US NOW THE CEO OF
THE AMERICAN PETROLEUM
INSTITUTE, MIKE SUMMERS.
MIKE, WELCOME BACK.
LISTEN TO SOME SOUND ON
MR. BIDEN’S THREATS YESTERDAY.
PLEASE TAKE A QUICK LISTEN.
PRESIDENT BIDEN: NOT EVERYONE
HAS STEPPED UP.
OIL INDUSTRY HAS NOT MET THE
COMMITMENT TO SUPPORT THE
AMERICAN PEOPLE.
TIME FOR THE COMPANIES TO TOP
WAR PROFITEERING.
MEET RESPONSIBILITIES TO THE
COUNTRY.
GIVE THE AMERICAN PEOPLE A
BREAK, STILL DO VERY WELL F THEY
DON’T THEY WILL PAY A HIRE TAX
ON THE EXCESS PROFITS.
LARRY: ALL RIGHT, YOU KNOW,
MIKE, WE SAID THIS BEFORE, WE
TALKED ABOUT THIS, I REALLY
RESENT HIS IMPUGNING AGAINST THE
PATRIOTISM OF THE PEOPLE IN YOUR
INDUSTRY WHICH IS VERY OIL
DISTINGUISHED INDUSTRY AND
EMPLOYS A LOT OF PEOPLE,
11 MILLION PEOPLE OR MORE.
I THINK THAT IS JUST RIGHT
THERE.
WHAT IS THE VIEW, I’M SURE YOU
TALKED TO YOUR LEADING CEOs
AND SO FORTH, WHAT ARE THEY
SAYING ABOUT THIS LATEST SORT OF
HOT AIR BLAST?
>> WELL, IT WAS ABSOLUTELY
OUTRAGEOUS.
I CAN THINK OF NO INDUSTRY OTHER
THAN THE AMERICAN MILITARY
ITSELF THAT IS MORE PATRIOTIC
THAN THE AMERICAN OIL AND GAS
INDUSTRY.
THIS INDUSTRY GOT US THROUGH
WORLD WAR II.
IT SUPPLIED 90% OF THE OIL THAT
THE ALLIES NEEDED TO GET US
THROUGH WORLD WAR II.
WE’RE DOING THE SAME THING NOW
WITH AMERICAN LNG.
I WAS JUST AT A TERMINAL IN
LOUISIANA WHERE I SAW AMERICAN
LNG BEING LOADED ON TO A TANKER
ON ITS WAY TO FRANCE TO HELP
THEM THROUGH THE ENERGY CRISIS
THAT THEY’RE IN TODAY.
SO THE ACCUSATIONS THAT THEY
MADE ON THIS INDUSTRY, AN
INDUSTRY BY THE WAY
SELF-SANCTIONED AND REFUSED TO
TAKE ANYMORE RUSSIAN CRUDE AT
THE BEGINNING OF THIS TERRIBLE
WAR GOING ON IN EUROPE, AN
INDUSTRY THAT WITHDREW FROM
RUSSIA ON ITS OWN WITHOUT
MANDATES FROM THE FEDERAL
GOVERNMENT, FOR THEM TO BE
SAYING THAT THIS INDUSTRY, THE
MOST PATRIOTIC INDUSTRY THAT I
KNOW IN OUR COUNTRY, WOULD BE
WAR PROFITEERING, IT IS AN
ABSOLUTELY OUTRAGEOUS COMMENT.
LARRY: I MEAN BASICALLY
PRESIDENT BIDEN AND HIS GROUP
HAVE SPENT TWO YEARS ATTACKING
YOUR INDUSTRY, JUST ATTACKING
THEM.
THE EVENLY OTHER POINT I HAVE
MADE IT SEVERAL TIMES THIS WEEK,
I KEEP ON MAKING IT, THE THING
ABOUT PETROLEUM AND PET VERY
CHEMICALS AND VARIOUS --
PETROCHEMICALS, VARIOUS
DERIVATIVES, GASOLINE, DIESEL
FUEL, TALK ABOUT THAT IN A
MINUTE, NAT-GAS AND SO FORTH BUT
THEY PERMEATE EVERY ASPECT MUCH
EVERYDAY LIFE.
FROM EYEGLASSES TO MRY.
s, TO GOLF BALLS AND TENNIS
RACKETS.
PEOPLE DON’T SEEM TO UNDERSTAND
THAT.
THE BIDENS DON’T SEEM TO
UNDERSTAND THAT.
HE REPEATEDLY SAYS WE WILL END
FOSSIL FUELS.
THE INDUSTRY RESPONDS TO THAT I
GUESS THEY HAVE TO?
>> THAT IS UNBELIEVABLE.
THIS INDUSTRY REALLY SUPPLIES
THE THINGS THAT WE USE EVERY
SINGLE DAY.
EVEN THE MOST ARDENT
ENVIRONMENTAL ITS USE PET VERY
CHEMICALS IN THEIR CLOTHES AND
SKI JACKETS.
THAT INDUSTRY WILL SURVIVE THIS
PRESIDENCY AND CONTINUE TO
PROVIDE THE ENERGY THE WORLD
NEEDS EVERY DAY, NOT JUST THE
UNITED STATES BUT YOUR EUROPEANS
AND ASIANS, EVERYONE BENEFITING
FROM THE AMERICAN OIL AND GAS
INDUSTRY.
LARRY: GREAT PART OF THE STORY,
"WALL STREET JOURNAL" EDITORIAL
TODAY OR YESTERDAY, AFTER
THROWING FIVE TRILLION DOLLARS
AT GREEN NEW DEAL TYPE STUFF,
80% OF THE WORLD’S POWER STILL
COMES FROM FOSSIL FUELS.
80%.
THE NEEDLE MIGHT HAVE MOVED ONE
PERCENTAGE POINT IN SEVERAL
DECADES.
I WANT TO ASK YOU SOMETHING ELSE
MORE CONSTRUCTIVELY.
MIKE THERE, IS TALK OF 25-DAY OF
SHORTAGE OF DIESEL FUEL COMING
IN THE MIDDLE OF WINTER.
IT COULD AFFECT TRUCKING,
SHIPPING, SUPPLY CHAINS IN
GENERAL.
WHAT DO YOU KNOW ABOUT THIS,
WHAT CAN YOU TELL US ABOUT IT?
>> IT’S A HUGE CONCERN BUT GOOD
NEWS IS ON THE WAY.
THE TRUTH OF THE MATTER IS THERE
ARE A LOT OF REFINERIES THAT ARE
GOING THROUGH THEIR REGULAR
MAINTENANCE PROCEDURES RIGHT
NOW.
SO WE EXPECT ABOUT FIVE TO 8% OF
OUR REFINING CAPACITY TO COME
BACK ON LINE IN THE COMING
WEEKS.
ANOTHER GOOD NEWS STORY IS THAT
HARVEST SEASON IS ABOUT TO COME
TO A CLOSE, WHICH MEANS THAT
LESS DIESEL FUEL WILL BE USED
IN, BY OUR AMERICAN FARMERS.
SO THERE ARE GOING TO BE MORE
RESOURCES COMING ON VERY
QUICKLY.
AMERICAN REFINERS RIGHT NOW ARE
OPERATING AT THE HIGHEST LEVELS
THEY HAVE EVER OPERATED AT TO
PROVIDE FOR AMERICAN DIESEL FUEL
AND AMERICAN GASOLINE WHICH
REALLY POWERS OUR AMERICAN
ECONOMY BUT I DO THINK THAT OVER
THE COMING WEEKS HELP IS ON THE
WAY IN TERMS OF MORE FUEL COMING
ON TO THE MARKET IN THOSE
MARKETS THAT DESPERATELY NEED
IT.
LARRY: WOULD BE NICE TO GET SOME
NEW PERMITS TO BUILD SOME NEW
REFINERIES BUT THAT IS SUBJECT
OF ANOTHER SEGMENT.
>> WE HAVEN’T BUILT A NEW
REFINERY SINCE 1977.
THAT WAS WAY BEFORE THE AMERICAN
FRACKING REVOLUTION.
LARRY: YOU WILL PROBABLY BE
CRITICIZED FOR THAT ONE.
NORTHEAST, HOME HEATING RESERVES
ARE VERY LOW.
SEEMS TO BE SHORTAGES, HIGH
PRICES AGAIN.
SOMEBODY SAID THERE IS UNTIL
BARRELS OF HOME HEATING RESERVES
THAT WILL LAST SIX HOURS.
I DON’T KNOW WHETHER THE ANALYST
WAS BEING SARCASTIC OR NOT.
WHAT CAN YOU TELL US ABOUT THAT?
I KNOW GLOBAL WARMING IS A HOT
TOPIC ON THE LEFT BUT YOU HAVE
TO GET THROUGH A CHILLY AND COLD
WINTER FIRST?
>> YEAH, THIS IS REALLY A STORY
OF TERRIBLE POLICY F WE COULD
BUILD A NATURAL GAS PIPELINE
THROUGH THE STATE OF NEW YORK,
THEY WOULDN’T BE USING HEATING
OIL TO POWER THEIR LIVES AND
HEAT THEIR HOMES.
THIS IS JUST AN EXAMPLE OF A
TERRIBLE POLICY THAT HAS BEEN
PURSUED BY MULTIPLE GOVERNORS IN
THE STATE OF NEW YORK AND
HOPEFULLY WE’LL BE ABLE TO
RECTIFY THAT IN THE NEXT FEW
DAYS.
AT THE SAME TIME WE KNOW THAT
HEATING OIL RESERVES ARE LOW BUT
THE STORY IS THE SAME.
WE’RE GOING TO GET MORE
REFINERIES BACK UP AND GOING
QUICKLY AND HOPEFULLY WE’LL IN
ABLE TO GET THE RESERVES BACK UP
WHERE THEY NEED TO BE WHAT WE
EXPECT TO BE A COLD WINTER
SEASON.
LARRY: MIKE SUMMERS, THANK YOU,