THE WEEKEND HAS COME AND GONE.
THE READ ON ALL OF THIS FROM THE
TRANSPORTATION SECRETARY OF THE
UNITED STATES, PETE BUTTIGIEG
WHO JOINS US RIGHT NOW.
SECRETARY, VERY GOOD TO HAVE
YOU.
THANK YOU.
>> GOOD TO BE WITH YOU.
>> Neil: LET ME ASK YOU FIRST
ABOUT WHERE WE STAND RIGHT NOW.
IT SEEMS A LITTLE BETTER TODAY.
AGAIN, THE WEEKEND IS OVER.
WHAT DID YOU MAKE OF HOW THE
AIRLINE INDUSTRY FUNCTIONED THIS
PAST WEEKEND?
>> THAT’S RIGHT.
SO THIS LAST HOLIDAY TRAVEL
WEEKEND HAD SOME OF THE BUSIEST
DAYS OF THE ENTIRE YEAR.
I WAS VERY CONCERNED WITH WHAT
HAPPENED OVER THE MEMORIAL DAY
WEEKEND.
GOT THE AIRLINES TOGETHER, ASKED
THEM WHAT STEPS THEY WERE TAKING
AND ANYTHING THAT WE COULD DO
COLLABORATIVELY TO SEE
IMPROVEMENTS BY THE JULY FOURTH
HOLIDAY WEEKEND.
THE GOOD NEWS IS, THIS LAST
TRAVEL WEEKEND WENT BETTER THAN
MEMORIAL DAY DID.
>> Neil: IT’S A LOW BAR, RIGHT?
>> YEAH, WE SAW ABOUT 3% OF
FLIGHTS CANCELLED IN A NORMAL
YEAR OVER THAT TRAVEL WEEKEND.
YOU WANT TO SEE THE NUMBER BELOW
2.
SO IT’S STILL HIGHER THAN IT
SHOULD BE.
NUMBER OF ISSUES CONTRIBUTING TO
THAT AND WE’RE GOING TO CONTINUE
USING OUR CONSUMER PROTECTION
ENFORCEMENT AUTHORITY TO MAKE
SURE WHEN THAT DOES HAPPEN,
THEY’RE PROPERLY COMPENSATED AND
TO LOOK AT THE OPERATIONAL SIDE
TO MAKE SURE THAT THE NUMBERS GO
DOWN.
IT’S NOT YET AT A LEVEL THAT I
CONSIDER ACCEPTABLE.
>> Neil: THAT’S PROBABLY AN
UNDERSTATEMENT.
BERNIE SANDERS SAYS IT’S TIME
FOR THE TRANSPORTATION
DEPARTMENT TO IMPOSE FINES ON
POOR PERFORMING AIRLINES.
HE WAS SUGGESTING THAT
PASSENGERS ARE -- WITH DELAYS OF
MORE THAN ONE HOUR TO BE
COMPENSATED.
HOW DOUGH FEEL ABOUT THAT?
>> WELL, LOOK, WE CERTAINLY
SHOULDN’T BE AFRAID TO TAKE
AGGRESSIVE MEASURES WHEN THAT IS
APPROPRIATE.
AS A MATTER OF FACT, EARLIER ON
MY WATCH, WE ISSUED THE HEFTIEST
FINES THAT HAVE EVER BEEN
ASSESSED AGAINST AIRLINES.
THAT FAILED TO DO WHAT THEY NEED
TO DO WHEN IT COMES TO REFUNDING
PASSENGERS.
IN TERMS OF THIS SPECIFIC
PROPOSAL, THERE’S MORE ANALYSIS
TO BE DONE ON THE EFFECT THAT
THOSE LEVELS OF FINES WOULD HAVE
ON THE AVIATION SECTOR AND THE
NATIONAL AVIATION SITUATION.
I’M OPEN TO IDEAS.
WE’RE GOING TO CONTINUE WORKING
ON OUR SIDE WITH THE AUTHORITIES
THAT WE HAVE RIGHT NOW.
WE UPDATED OUR INTERPRETATION OF
UNFAIR AND DECEPTIVE PRACTICES.
I HAVE ACTED ON THAT.
WE’RE UNDERTAKING AN
INVESTIGATION RIGHT NOW ON THE
ISSUE OF CUSTOMER SERVICE.
YOU KNOW, WHEN YOU DO HAVE --
SOMETIMES WITH WEATHER, OTHER
ISSUES, THERE’S A CANCELLATION
OR DELAY THAT CAN’T BE AFFORDED.
WHEN IT DOES HAPPEN, YOU HAVE TO
HANDLE IT.
WE’VE HAD HOURS AND HOURS JUST
TO HAVE SOMEBODY TAKE CARE OF
YOU.
THAT’S ANOTHER RESPONSIBILITY
THAT THE AIRLINES HAVE.
WE HAVE TO CONTINUE TO PRESS THE
AIRLINES WITH THE AUTHORITIES
THAT WE HAVE, AND ALWAYS OPEN TO
IDEAS.
THEY HAVE TO BE IDEAS THAT WORK
AND GIVE US A BETTER SYSTEM THAN
WE ALREADY HAVE.
>> Neil: UNFORTUNATE WILL TO
YOUR POINT, SECRETARY, THESE
GUYS, THE AIRLINE INDUSTRY,
RECEIVED BETTER THAN $50 BILLION
IN TAXPAYER SUPPORT.
UNDERSTANDING WHEN THE BUSINESS
CAME TO A HALT BECAUSE OF COVID.
BUT WHAT DID THEY DO WITH THAT
MONEY?
HOW WERE THEY NOT PREPARED FOR
THE DEMAND THAT WOULD COME AS
THE ECONOMY GOT BACK AND PEOPLE
GOT BACK TO FLYING?
>> THAT’S RIGHT.
LOOK, TENS OF BILLIONS OF
DOLLARS OF TAXPAYER SUPPORT WENT
TO THE AIRLINES TO KEEP PEOPLE
IN JOBS.
IF WE KEEP PEOPLE EMPLOYED,
WE’LL HAVE THE AIRLINE SECTOR UP
AND RUNNING FOR WHEN THE DEMAND
COMES BACK.
NOW THE DEMAND HAS COME BACK
FASTER THAN MOST PEOPLE THOUGHT
POSSIBLE.
PART OF A GENERAL RETURN IN
SPENDING THAT HAPPENED MUCH MORE
QUICKLY THAN EXPECTED.
THAT’S A GOOD THING.
BUT THE AIRLINES HAVE TO BE
PREPARED TO SERVICE THE TICKETS
THAT THEY SELL.
>> Neil: WHERE DID THAT MONEY
GO?
A LOT OF IT --
>> HERE’S WHERE THE MONEY WENT.
IT WENT TO KEEP PEOPLE ON THE
JOB AND PREVENT PEOPLE FROM
BEING LAID OFF AND FURLOUGHED.
THE BILL WAS SET UP, IT SAID YOU
CAN’T FIRE ANYBODY.
HERE’S WHAT HAPPENED.
WHILE THEY COMPLY WITH THE BILL,
YOU STILL SAW THE AIRLINES GUIDE
A LOT OF THEIR PILOTS AND
EXPERIENCED CREWS IN TO EARLY
RETIREMENT.
THAT DIDN’T VIOLATE THE TERMS OF
THIS TAXPAYER MONEY.
EARLY RETIREMENT IS DIFFERENT.
WHAT THESE BUYOUTS DID, THEY
LEFT THE AIRLINES UNPREPARED TO
SERVICE THE ROUTES AND THAT’S
COMING BACK TO BITE THE SYSTEM.
NOW PASSENGERS ARE ASKING, WITH
ALL OF THIS TAXPAYER FUNDING
GOING OVER, WE ARE WE SEEING THE
SYSTEM NOT ABLE TO KEEP UP WITH
THE DEMAND NOW THAT PASSENGERS
ARE READY TO FLY AGAIN.
>> Neil: THERE WERE ABOUT 1,700
PILOTS FOR DELTA PROTESTING.
A LOT OF FLYERS ARE SAYING WHY
DIDN’T YOU FLY THE PLANE.
WHAT DID YOU MAKE OF THAT?
>> THEY’RE WORKING A LOT OF
OVERTIME.
THEY CAN ONLY TAKE ON SO MANY
SHIFTS BECAUSE OF SAFETY
REQUIREMENTS.
SECONDLY, YOU KNOW, YOU CAN ONLY
WORK SO MANY HOURS WHEN IT’S
DRAMATICALLY MORE THAN WHAT YOU
SIGNED UP FOR.
THAT’S WHY WE NEED TO HAVE A
STRONGER PIPELINE.
THAT MEANS COMPETITIVE PAY.
WE HAVE SEEN REGIONAL AIRLINES
INCREASING THEIR PAY.
THAT’S A GOOD MOVE.
PEOPLE WOULD BE SHOCKED TO FIND
OUT HOW LITTLE A PILOT GETS PAID
WHEN THEY ENTER INTO THAT
REGIONAL AIRLINE WORK FORCE.
ON OUR SIDE, WE’RE FUNDING
CURRICULUM DEVELOPMENT IN HIGH
SCHOOLS, COLLEGES AND DOZENS
AROUND THE COUNTRY TO BUILD UP
THAT SENSE OF INTEREST IN
AVIATION SO THAT WE CAN MORE
READILY RECRUIT AND TRAIN
PILOTS.
BUT A LOT OF IT LIKE ANY JOB,
COMES DOWN TO COMPENSATION, JOB
QUALITY --
>> Neil: HOW DO YOU ADDRESS
THAT, SECRETARY?
I KNOW YOU OVERSEE THE F.A.A. AS
WELL.
THERE’S WORKER SHORTAGES THERE
AS WELL.
WHEN IT COMES TO PILOTS, THE
RETIREMENT AGE REMAINS 65.
SHOULD IT?
WOULD YOU BE FOR INCREASING THE
POOL OF AVAILABLE WORKERS THEN
THAT COULD FLY THESE PLANES THAT
OFTENTIMES THEY’RE BEGGING TO
FIND PILOTS?
>> I’M MUCH MORE INTERESTED IN
RAISING THE BAR ON THINGS LIKE
COMPENSATION AND JOB QUALITY
THAN LOWERING THE BAR ON
SOMETHING LIKE SAFETY.
WHEN YOU GET TO THESE TRAINING
HOURS, THE RETIREMENT AGE, THOSE
ARE FUNDAMENTALLY SAFETY
REGULATIONS.
THE UNITED STATES OF AMERICA
SHOULD BE ABLE TO HAVE ROBUST
AVIATION SYSTEM WITHOUT WATERING
DOWN OUR EXPECTATIONS ON SAFETY.
>> Neil: YOU THINK YOU
COMPROMISED -- I’M SORRY.
ARE YOU COMPRISING SAFE TIFF
WITH A PILOT OLDER THAN 55?
WITH HAVE A PRESIDENT ALMOST 80.
WHAT IS THE BIG DEAL IF WE WENT
UP A FEW MORE YEARS?
>> LOOK, THAT REGULATION IS
THERE FOR SAFETY REASONS.
I HAVEN’T SEEN ANY PIECE OF
INFORMATION OR DATA THAT WOULD
SUGGEST THAT THE REASONING HAS
CHANGED.
SO I’M GOING TO LOOK AT OTHER
STEPS THAT ARE NOT AFFECTING
SAFETY.
IF SOMEBODY WANTS TO PRESENT
THEIR IDEAS, WE’LL TAKE A LOOK
AT IT.
SAFETY IS THE BEDROCK OF WHY MY
DEPARTMENT EXISTS.
IT’S THE FOUNDING MISSION OF THE
FAA.
THINK ABOUT HOW REMARKABLE IT IS
THAT WE HAVE SUCH AN
EXTRAORDINARY SAFETY RECORD IN A
COUNTRY WHERE 40,000 PEOPLE A
YEAR ARE KILLED IN CAR CRASHES.
THERE’S A LOT OF WORK TO GET US
WHERE WE ARE AND KEEP IT THAT
WAY.
THAT’S OUR COMMITMENT.
>> Neil: NO DOUBT THAT THE
SAFETY IS IMPORTANT.
YOU’RE RIGHT.
BUT TO A LOT OF AMERICANS FLYING
THIS SUMMER, THEY HAVE GIVEN UP
HOPE THAT IT WILL BE A SMOOTH
RIDE.
I’M BEGINNING TO WONDER IF
PEOPLE LOST CONFIDENCE IN THE
AIRLINE AFTER ABANDONING ROUTES,
CUTTING BACK THE NUMBER OF
CITIES THAT THEY SERVICE AND
EVEN TAKING A LOT OF PLANES OUT
OF SERVICE WHETHER THAT WAS EVER
ENVISIONED IN THE 50-PLUS
BILLION THAT TAXPAYERS GAVE
THEM.
DO YOU THINK THAT THEY WASTED
THAT MONEY?
>> LOOK, WHEN THAT MONEY WENT
OUT, WHEN THE RESCUE PLAN
PASSED, ONE OF THE FIRST THINGS
I HEARD IS THAT FLIGHT
ATTENDANTS AND OTHER AIRLINE
WORKERS WERE TOLD THAT THEY
COULD TEAR UP THEIR FURLOUGH
NOTICES.
THAT WAS A VERY GOOD THING.
MANY OF THESE AIRLINES, IF NOT
ALL OF THEM, MIGHT HAVE
COMPLETELY COLLAPSED AND GONE
OUT OF BUSINESS.
WE FORGET IN THE CHATTER HOW
CLOSE THIS ECONOMY CAME TO GOING
OFF THE BRINK.
THAT WAS DEFINITELY TRUE FOR THE
AIRLINES.
I DON’T THINK IT WAS A MISTAKE
TO KEEP THE U.S. AVIATION SECTOR
IN BUSINESS.
I DO THINK THE AIRLINES THAT
ACCEPTED ALL OF THIS FUNDING
NEED TO SERVICE THE ROUTES
THEY’RE SELLING TICKETS FOR.
>> SO WHEN YOU LOOK AT THE
INDUSTRY, YOU ADVOCATED LIKE A
STRESS TEST LIKE BANKS.
MOST OF THEM HAVE COME THROUGH
OKAY WITH THESE TESTS, BUT DO WE
NEED SOMETHING SIMILAR FOR THE
AIRLINE INDUSTRY?
SOMETHING TELLS ME THAT THEY
WOULD FAIL THAT TEST AND THEY
HAVE AT LEAST IN RECENT
WEEKENDS.
SO WHAT TO YOU ADVOCATE?
>> YEAH, YOU KNOW, I THINK AMONG
OTHER THINGS, THEY HAVE TO
DEMONSTRATE THAT THEY CAN
SERVICE THEIR ROUTES.
ONE OF THE THINGS I TALKED TO
THEM ABOUT STRESS TESTING THEIR
SCHEDULES TO MAKE SURE THAT THEY
COULD SUPPORT THOSE SCHEDULES
WITH MORE REALISTIC ASSUMPTIONS
AND STAFF AS WELL AS THINGS THAT
ARE A LITTLE LESS IN THEIR
CONTROL LIKE WEATHER AND THINGS
THEY’RE WORKING ON LIKE THE AIR
TRAFFIC CONTROL SIDE OF THE
HOUSE.
ALL OF THOSE THINGS NEED TO GO
RIGHT FOR THINGS TO MOVE
SMOOTHLY.
WE CLEARLY HAVE HIT ISSUED THAT
THIS SECTOR IS NOT AS RESELLIENT
AS IT NEEDS TO BE.
IT’S A VERY CONCENTRATED SECTOR.
DO BACK TO WHEN DEREGULATION
TOOK PLACE.
NOBODY ARGUED OR BELIEVES THAT
THERE WOULD BE AS FEW AIRLINES
AS THERE ARE TODAY IN THIS MARK.
THAT MEANS THAT, YOU KNOW, IF
THAT’S THE INDUSTRY STRUCTURE,
WE HAVE TO STAY VERY CLOSELY ON
TOP OF THAT TO MAKE SURE THAT
CONSUMERS, TAXPAYERS, PASSENGERS
ARE PROTECTED.
THAT’S WHAT WE DO WITH THE
CONSUMER PROTECTION FUNCTION IN
MY DEPARTMENT.
IN ADDITION TO THE FAA LOOKING
AT OPERATIONAL SAFETY, WE HAVE
AN OFFICE OF CONSUMER
PROTECTION.
WE’VE HAD AN UPTICK IN THE
NUMBERS OF COMPLAINTS IN THERE.
WE’RE LOOKING AT EVERYTHING FROM
PROMPT REFUNDS TO JUST BEING
ABLE TO GET SOMEBODY ON THE
PHONE.
>> Neil: FINALLY, SECRETARY, GAS
PRICES AS YOU KNOW CONTINUE TO
RISE.
AS OF LATE THEY’VE BEEN
STABILIZING.
I KNOW THE ADMINISTRATION HAS
FOCUSED ON THE ENERGY COMPANIES
AND WHETHER THEY’RE GOUGING
AMERICANS.
THERE’S NO EVIDENCE OF THAT.
HE DID ADD GAS STATION OWNERS,
THAT THEY SHOULD DO MORE.
SEEING AS BETTER THAN 95% OF
THEM ARE INDIVIDUALLY RUN AND
HAVE NOTHING TO DO WITH THE OIL
COMPANIES, DO YOU THINK THAT WAS
FAIR?
DO YOU THINK THAT THE OWNERS OF
GAS STATIONS IN THIS COUNTRY ARE
DELIBERATELY GOUGING AMERICANS?
>> THE ONE GROUP OF PEOPLE THAT
WE SEE THAT IS HAPPY ABOUT WHAT
IS HAPPENING WITH GAS PRICES ARE
OIL COMPANY EXECUTIVES AND
OWNERS.
WE’VE SEEN THEM OUT THERE SAYING
THEY’RE NOT GOING TO INCREASE
PRODUCTION.
WHY WOULD THAT WHEN THEY’RE THIS
PROFITABLE.
THAT’S WHY THE PRESIDENT SAYS
YOU’RE NOT PRODUCING --
>> Neil: ARE YOU BLAMING THE OIL
COMPANIES FOR THIS?
ARE YOU BLAMING THE OIL
COMPANIES FOR THIS?
>> I’M CERTAINLY HOLDING OIL
COMPANIES RESPONSIBLE FOR THEIR
CHOICE NOT TO PRODUCE.
AGAIN, EVEN THOUGH CONGRESSIONAL
REPUBLICANS ARE NOT GOING TO
ALLOW THIS TO HAPPEN, WE BELIEVE
A USE IT OR USE IT POLICY THAT
SAYS IF YOU SIT ON THE PERMITS
OR LEASES, YOU OUGHT TO DO
SOMETHING WITH THEM IS
RESPONSIBLE.
OBVIOUSLY THERE ARE AND ALWAYS
HAVE BEEN A LOT OF DIFFERENT
FACTORS THAT GLOBAL PETROLEUM
MARKETS, ONE OF WHICH IS THE
FACT THAT A MAJOR OIL-PRODUCING
COMPANY LAUNCHED A WAR OF
AGGRESSION AND DESTABLEILIZED SO
MUCH OF THE WORLD COMPANY --
>> Neil: HALF OF THAT INCREASE
STARTED PRIOR TO THE FIRST
RUSSIAN SOLDIERS ARRIVING ON
UKRAINE.
THAT’S RIGHT?
>> WHAT ABOUT THE OTHER HALF?
>> THAT HALF BEFORE, WE HAD RUN
UP -- YOUR ADMINISTRATION HAS
BLAMED THIS ON THE WAR.
THAT WAS CERTAINLY A BIG FACTOR.
BUT GAS PRICES HAVE GONE UP 50%
ALREADY BEFORE THE WAR.
SO TO ME THAT IS HALF OF THE
BLAME.
IT’S NOT ALL THE BLAME.
>> YEAH.
WHAT I’M SAYING ABOUT WHEN IT
COMES TO THESE SKY HIGH GAS
PRICES, DRIVERS ARE MAD ABOUT
IT, I’M MAD ABOUT IT.
THE PRESIDENT IS MAD ABOUT IT.
I’LL COMPANIES ARE THRILLED.
THIS IS GOOD NEWS FOR THEM.
WHEN THE INCENTIVES ARE THAT
DIVIDED BETWEEN THEM AND THE
AMERICAN PEOPLE, IT’S VERY
IMPORTANT FOR CONGRESS TO DO
EVERYTHING IT CAN TO ENSURE THE
CONSUMERS ARE PRO TECHED.
THAT’S ALL WE’RE SAYING WITH
THIS USE IT OR LOSE IT IDEA.
I DON’T KNOW IF IT WOULD TAKE
CARE OF EVERY MARKET BUT IT
WOULD HELP.
>> Neil: THEY KNOW SUPPLY AND
DEMAND AS YOU DO.
IF THE OIL COMPANIES COULD GET
THEIR HAND ON MORE LAND TO TAKE
ADVANTAGE OF THIS, WITH THE
DEMAND STILL BEING WHAT IT IS,
THEY COULD MAKE BUS LOADS OF
MONEY.
WOULDN’T THAT BE IN THEIR
INTEREST?
BY FINGERING THEM -- THEY’RE NOT
SAINTS.
THEY WANT TO MAKE MORE MONEY IN
THIS ENVIRONMENT.
WHY WOULDN’T THAT?
>> WHY ARE THEY SITTING ON THESE
OPPORTUNITIES TO PRODUCE RIGHT
NOW?
IT’S BECAUSE THIS ENVIRONMENT
WHERE THEY’RE EXTREMELY
PROFITABLE AND THE REST OF US
ARE GETTING KILLED IS FAVORABLE
FOR THEIR BOTTOM LINE.
>> Neil: WOULD IT BE MORE
FAVORABLE WITH MORE LAND.
IF YOU’RE LIMITED WITH THOSE
9,000 PERMITS AND LICENSES THAT
YOU TALK ABOUT, THEN THEY’RE NOT
ALL GOING TO BE GUSHERS.
EVEN THAT 9,000 IS ABOUT HALF
WHAT IT WAS 18 MONTHS AGO.
WHY WOULDN’T THEY --
>> THEY’RE SITTING ON IT RIGHT
NOW.
THEY MAKE MORE MONEY WITH THE
STATUS QUO.
THAT’S THE BOTTOM LINE.
WHEN INCENTIVES ARE THAT
MISALIGNED -- YOU HAVE TO TAKE A
LOOK AT A POLICY INTERCEPTION.
THAT’S WHAT POLICY EXISTS FOR,
TO MAKE SURE THAT COMPANIES ARE
OUT THERE TO MAKE A BUCK, WHICH
IS WHAT COMPANIES DO.
FINE.
BUT WHEN THEY DO, DOESN’T HAVE
TO BE IN A WAY TO HURT THE
AMERICAN PEOPLE.
I DON’T THINK ANYBODY THINKS
THAT OIL MARKETS ARE A TEXTBOOK
EXAMPLE OF A NATURAL SUPPLY AND
DEMAND PERFECTLY COMPETITIVE
PART OF THE ECONOMY.
WE KNOW THAT THEY ARE MASSIVELY
SHAPED BY EVERYTHING FROM WAR
AND PEACE AROUND THE WORLD TO
POLICY DECISIONS.
WE THINK MORE OF THOSE POLICY
DECISIONS OUGHT TO BE ONES THAT
FAVOR THE CONSUMER INSTEAD OF
THE OIL COMPANY EXECUTIVES AND
ONNERS.
>> Neil: ARE YOU SAYING THEY’RE
RIGGING THE GAMES?
THERE’S BEEN INVESTIGATIONS
BETWEEN REPUBLICANS AND
DEMOCRATS OVER 40 YEARS.
NOT A ONE HAS BEEN ABLE TO
ACCURATELY PROVE OR STATE THAT
THIS IS WHAT IS GOING ON.
THIS CABAL WAS ACTING TO HORDE
PRICES AND TO SCREW CONSUMERS.
IT HAS AND HAPPENED.
>> SO LOOK, IF THEM KEEPING
PRICES UP WHILE DECLINING TO
PRODUCE MORE ISN’T BREAKING
LAWS, I’D LIKE TO ASK WHETHER WE
COULD HAVE BETTER LAWS.
THAT’S WHAT I’M SAYING.
>> Neil: ARE YOU SAYING THEY’RE
THE REASON WHY THE PRICES ARE
UP?
NOTHING ELSE IS GOING ON?
>> AGAIN, WE KNOW THAT THERE ARE
ALWAYS LOTS AND LOTS OF THINGS
THAT DRIVE OIL MARKETS AND GAS
PRICES.
>> YOU’RE ADMINISTRATION HAS
TARGETED THEM, RIGHT?
THAT’S THE REASON AND NOTHING
ELSE.
>> AGAIN, I THINK -- I FEEL LIKE
WE PRESENTED MULTIPLE REASONS.
WE TALKED ABOUT A COUPLE OF
THEM.
ONE OF THEM IS PUTIN’S WAR OF
AGGRESSION.
YOU HAVE A COUNTRY THAT GOES TO WAR THAT IS AFFECTING MARKETS.
WAR THAT IS AFFECTING MARKETS.
WE THINK THE BEHAVIOR IS ANOTHER
REASON.
WE KNOW THAT -- THE FACT THAT
DEMAND HAS COME ROARING BACK.
THERE’S A DEMAND PRESSURE THAT
IN ANY MARKET AFFECTED BY SUPPLY
AND DEMAND WILL HAVE AN EFFECT.
THOSE ARE SOME OF THE THINGS.
WHEN THERE’S THINGS UNDER THE
ADMINISTRATION’S CONTROL, THE
PETROLEUM RESERVE, THE ETHANOL
FLEXIBILITY, THE OPPORTUNITY FOR
RELIEF ON THE GAS STATION, THE
PRESIDENT AND THE ADMINISTRATION
WILL PULL OTHER LEVERS.
IT WOULD BE A MISTAKE TO GIVE
VLADIMIR PUTIN A PASS AND TO
GIVE OIL EXECUTIVES A PASS WHEN
THEY’RE THE ONLY PEOPLE IN THE
COUNTRY PERFECTLY HAPPY WITH THE
GAS PRICE ENVIRONMENT WE’RE
LIVING WITH TODAY.
>> Neil: BUT IT’S NOT JUST THE
PUTIN GAS TAX HIKE, RIGHT?
>> IT’S NOT JUST ANYBODY.
IT’S NOT ANY ONE FACTOR.
THAT’S MY POINT --
>> Neil: I DON’T WANT TO BELABOR
THE POINT.
ALL I HEAR IS THE PUTIN HIKE.
I LOOK AROUND WHAT ELSE HAS
HAPPENED?
>> LIKE I SAID, A LOT OF THINGS
GOING ON.
ONE OTHER THING. SINCE ALL OF THE DYNAMICS THAT
SINCE ALL OF THE DYNAMICS THAT
WE TALKED TO AFFECTING AISLE --
OIL PRICES, THERE’S A LOT OF
OTHER THINGS THAT ARE FRANKLY
MORE RESPONSIVE TO POLICY
CHOICES THAN OTHERS LIKE THE
COST OF PRESCRIPTION DRUGS.
WE BELIEVE THAT WE OUGHT TO TAKE
ACTION TO LOWTER COST OF
PRESCRIPTION DRUGS, INSULIN,
LOWER THE COST OF HEALTHCARE,
CHILD CARE.
THESE ARE THINGS THAT CONGRESS
COULD DO RIGHT NOW THAT THE
PRESIDENT CALLED FOR, THERE’S A
LOT OF OPPOSITION TO IT.
BUT PRECISELY BECAUSE THERE’S,
AS YOU CORRECTLY NOT, LOTS OF
DIFFERENT FACTORS THAT DRIVE OIL
PRICES.
WE COULD BE DOING WORK AT THE
SAME TIME ON SOME OF THE ISSUES
THAT ARE MORE DIRECTLY SENSITIVE
TO THE POLICY CHOICES MADE IN
WASHINGTON THAT WOULD GIVE
AMERICANS RELIEF EVERY DAY AT
THE KITCHEN TABLE.