OF HOW HIGH THE NEXT INTEREST
RATE HIKE IS WE ARE EXPECTING 75
BASIS POINTS OPEN ENERGY
ANALYSIS GLOBAL HEAD TOM KLOZA, GREAT TO SEE YOU.
GREAT TO SEE YOU.
THANK YOU SO MUCH FOR BEING HERE
YOUR THOUGHTS ON WHERE OIL AND
GAS ARE GOING.
LOOK AT GAS FEATURES EXTENDING
GAINS LIKE 10% AFTER RUSSIA CUT
THE GAS SUPPLY, PIPELINE TO
GERMANY, YOUR REACTION.
>> MY REACTION IS THIS IS AN
ENERGY CRISIS NOT JUST AN OIL
CRISIS AND YOU CAN REALLY SEE
WHAT’S HAPPENING AND NATURAL GAS
AND EUROPE IN ELECTRICITY IN
EUROPE WE HAD LONDON PAYING A
PRICE TO THE BELGIANS LAST WEEK
FOR ELECTRICITY THAT WORKED OUT
TO SOMETHING LIKE $16660 PER
BARREL.
WE HAVE NATURAL GAS SELLING FOR
SIX, SEVEN, EIGHT TIMES HER OWN
PRICES AND THEY MAY NEED DIESEL
FUEL OR OTHER MOLECULES TO POWER
UP.
IT IS A CRISIS AND IT’S A CRISIS
NOT JUST FOR OIL AND GASOLINE
BUFFER DIESEL, NATURAL GAS,
ELECTRICITY AND COAL.
MARIA: YOU MAKE A GREAT POINT,
IN FACT THE WHOLE MIDDLE OF THIS
WE ARE LOOKING FOR ANSWERS AS TO
WHY IN THE MIDDLE OF THIS CRISIS
HAS PRESIDENT BIDEN SENT OIL
FROM OUR STRATEGIC RESERVE AND
SOLD IT TO CHINA I ASKED
DEMOCRAT CONGRESSMAN RO KHANNA
ON THIS AND HE TOO WAS SAYING
THIS IS WRONG.
WATCH THIS.
>> THAT IS WRONG I EARLY ON SAID
WE SHOULD NOT BE EXPORTED ARE
OIL, OUR GAS I DON’T THINK THAT
WAS THE RIGHT DECISION AND WE
ARE STILL CALLING ON THE
PRESIDENT NOT TO EXPORTED.
ONE OF THE REASONS TO DECLARE
CLIMATE EMERGENCY IT WOULD
ACTUALLY GIVE HIM THE POWER TO RESTRICT EXPORTS OF CRUDE OIL.
RESTRICT EXPORTS OF CRUDE OIL.
MARIA: TOM YOUR THOUGHTS ON THIS
CLIMATE EMERGENCY?
>> I THINK THE EXPORTING OF
CRUDE OIL YOU SELL IT TO
MULTINATIONAL COMPANIES SO THEY COULD TAKE IT TO WHATEVER
COULD TAKE IT TO WHATEVER
COUNTRIES THEY WANT TO WITH THE
EXCEPTION OF SANCTIONS UPON.
IT’S NOT THE U.S. DIRECTLY
EXPORTING.
I WILL SAY THIS RIGHT NOW THE
JURY IS OUT ON THE SALES FROM
THE SPR I WOULD PROBABLY ARGUE
WE HAVE SEEN CRUDE OIL PRICES
TEN OR $15 LOWER THAN WE MIGHT
HAVE SEEN HER IN THE THIRD
QUARTER BECAUSE OF SPR SALES BUT
WE ARE AT THE LOWEST INVENTORY
SINCE THE MID-1980s OR SO.
AS WE CONTINUE TO SELL OUR
RESERVES AND MAY HAVE MORE
CONSEQUENCES BUT RIGHT NOW YOU
CAN PROBABLY SAY IT DID PEEL
BACK SOME OF THE ENTHUSIASM FOR
OIL.
WE HAVE A HIGH FOR EVERYTHING
THE SHARED GASOLINE, DIESEL,
HEATING OIL, THAT IS PROBABLY
BECAUSE OF SPR SALES.
MARIA: LOOK AT TURKEY BUSTING
SANCTIONS OPENLY, DEJUAN SAYS
TURKEY WILL INCREASE OIL AND GAS
IMPORTS FROM IRAN DURING A
RECENT VISIT TO IRAN AND THEY
AGREED TO INCREASE THE TRADE
EXCHANGE TO $30 BILLION. YOU GOT ADVERSARIES ON THE MARCH
YOU GOT ADVERSARIES ON THE MARCH
WITH THIS CRISIS AND ENERGY.
IT’S NOT EXACTLY A CHOIR BOY IN
THE NATO ALLIANCE.
YOU DO HAVE A CHANGE IN FLOWS,
WE HAVEN’T REALLY SEEN THAT MUCH
RUSSIAN OIL OR SUPPRESS BUT WHAT
WE’VE SEEN INSTEAD OF SENDING IT
TO EUROPE OR SENDING THEIR
MOLECULES TO NORTH AMERICA THEY
HAVE BEEN SENDING IT TO CHINA,
INDIA, TURKEY AND OTHER PLACES.
WE WILL SEE THE SANCTIONS
PROBABLY NEED TO GET A LITTLE
TOUGHER.
MARIA: DAGEN MCDOWELL JUMP IN.
>> ONE THING ABOUT RO KHANNA
HE’S ALL OVER THE PLACE WITH HIS
IDEAS ABOUT ENERGY ECONOMY.
OCTOBER OF LAST YEAR HE WAS
PRAISING SOME OIL COMPANIES AT A
HEARING FOR CUTTING THEIR
PRODUCTION AND THEN LAMBASTING
OTHER OIL CEOS FOR NOT DOING
MORE TO FIGHT CLIMATE CHANGE.
HERE IS A QUOTE FROM RO KHANNA.
IT IS NOT A GOTCHA QUESTION, DO
YOU COMMIT TO DOING ANYTHING TO
MATCHING YOUR EUROPEAN
COUNTERPARTS TO TRY TO BRING
DOWN THE ACTUAL DEMAND OF OIL
PRODUCTION.
THIS WAS TO MIKE WORTH THE
CHEVRON CEO AND A LOT OF THE RED
STATES ARE DOING MORE TO JUICE
GASOLINE PRICES BY WAVING THE
GAS TAX FLORIDA IS DOING THAT IN
ADDITION TO SENDING STIMULUS
CHECKS TO LOW-INCOME FAMILIES
THEY ARE GOING TO WAIVE THE GAS
TAX FOR THE MONTH OF OCTOBER
THAT JUICES DEMAND WHEN SUPPLIES
ARE STILL TIGHT.
>> I THINK THAT IT IS TIME FOR
THE ELECTIONS FOR GOVERNOR
DESANTIS QUITE FRANKLY AND I
SUPPOSE IF I HAVE THE POWER TO
SUSPEND TAXES WOULD IT BE
APPROPRIATE IN A STATE WHERE
SOMEBODY FACES REELECTION.
I DON’T THINK IT’S A GOOD POLICY
NECESSARILY AND I DO THINK AFTER
THE NEXT 60 DAYS OR SO AFTER WE
GET THE HURRICANE SEASON.
I THINK GASOLINE PRICES WILL
CONTINUE TO MODERATE BUT I
CANNOT BE A MOTIVATIONAL SPEAKER
ON CRUDE, DIESEL, HEATING OIL OR
NATURAL GAS.
I THINK UNFORTUNATELY WE ARE
LOOKING AT GLOBAL ENERGY CRISIS