DAGEN: DAY TWO OF THE G-7
SUMMIT HAPPENING IN GERMANY
RIGHT NOW.
WORLD LEADERS ARE MOVING CLOSER
TO SETTING A GLOBAL PRICE CAP
FOR RUSSIAN OIL.
JOINING ME NOW SENIOR MARKET
ANALYST, A FOX BUSINESS
CONTRIBUTOR, PHIL FLYNN.
PHIL, WHAT DO YOU MAKE OF THIS
MOVE?
>> I THINK IT’S CRAZY, RIGHT.
I MEAN, THIS IS A GROUP THAT HAS
TRIED SANCTIONS SIX DIFFERENT
TIMES AND A THEY’RE FAILING,
RUSSIAN OIL REVENUE IS HIGHER
THAN IT WAS BEFORE THE WAR AND
NOW THEY’RE TRYING TO CAP
PRICES.
THAT’S ADMISSION THAT THEY CAN’T
GET OFF A OF RUSSIAN OIL AND
GAS.
AND TO THINK THAT THEY’RE GOING
TO BE ABLE TO CAP THE PRICE AND
MAGICALLY RUSSIA IS JUST GOING
TO CONTINUE TO PROVIDE OIL, IT’S
FANTASY.
SO I DON’T KNOW WHAT THEY’RE
THINKING ABOUT.
OBVIOUSLY, I JUST DON’T THINK
THEY’RE THINKING AT ALL.
DAGEN: MEANTIME, LAST WEEK
PRESIDENT BIDEN AND COMPANY DID
NOTHING TO SUGGEST THAT THEY
WOULD SUPPORT OUR FOSSIL FUEL
INDUSTRY.
INSTEAD, ALWAYS SAD SADDLING UP
THE GREEN ENERGY MOVEMENT.
THE PRESIDENT TAKES A WINDMILL
MEETING BUT NOT MEETING
FACE-TO-FACE WITH ENERGY
EXECUTIVES WHO BASED ON REPORTS
THEY WERE SURPRISED THEY DIDN’T
GET FACE TIME AFTER THEY CAME
ALL THE WAY TO THE WHITE HOUSE.
>> YEAH, IT’S AMAZING.
THIS IS THE FIRST PRESIDENT IN
MODERN HISTORY THAT’S FAILED TO
MEET WITH THE BIG ENERGY
COMPANIES.
AND THEY HAVE TO REALIZE THAT
ENERGY IS STILL A BIG PART OF
THE U.S. ECONOMY.
IT PROVIDES UNION JOBS, HIGH
PAYING JOBS.
IT’S A BIG PART OF OUR ECONOMY.
AND TO JUST SNUB THEM LIKE
LITTLE KIDS, IT’S JUST -- IT
SHOWS HOW OUT OF TOUCH THIS
PRESIDENT IS WITH THE ECONOMY
AND WITH THE AMERICAN PEOPLE.
AND NOW HERE AT THE G-7, WHAT
DOES HE DO THERE?
HE’S DOUBLING DOWN.
HE’S SPENDING MORE TAXPAYER
DOLLARS ON GREEN ENERGIES FOR
POOR COUNTRIES, FOR
ENVIRONMENTAL JUSTICE.
HE’S GIVEN THE ENTIRE G-7
NATIONS THAT CONTRIBUTE MORE TO
THIS, I THINK HE NEEDS TO
CONTRIBUTE MORE TO DEVELOPING
U.S. OIL AND GAS RESOURCES SO WE
DON’T GET INTO THE TYPE OF
SITUATION WE HAVE IN EUROPE
WHERE SOMEBODY LIKE RUSSIA IS
CONTROLLING EUROPE WITH THEIR
OIL AND GAS.
DAGEN: WE HANDED -- WE HANDED
VLADIMIR PUTIN POWER.
WE HANDED HIM WEALTH BY
PRESIDENT BIDEN RESTRICTING AND
ATTACKING OUR ENERGY SECTOR.
YOU MENTIONED WHAT BIDEN WAS
TALKING ABOUT.
LISTEN TO THIS REAL QUICK AND
I’LL GET YOUR REACTION, PHIL.
>> THE ENTIRE WORLD IS FEELING
THE IMPACT OF RUSSIA’S BRUTAL
WAR IN UKRAINE.
AND ON OUR ENERGY MARKETS.
WE NEED WORLDWIDE EFFORT TO
INVEST IN TRANSFORMATIVE CLEAN
ENERGY PROJECTS, TO ENSURE THAT
CRITICAL INFRASTRUCTURE IS
RESILIENT TO CHANGING CLIMATE.
CRITICAL MATERIALS ARE NECESSARY
FOR OUR CLEAN ENERGY TRANSITION.
DAGEN: HE IS ACTIVELY CAUSING
HIGH GAS PRICES.
>> HE IS.
YOU KNOW, HE’S SAYING THAT THE
INABILITY TO INVEST IN GREEN
ENERGY IS CAUSING THE PROBLEM.
IT’S PRESIDENT BIDEN’S POLICIES
THAT HAVE LED TO THIS SITUATION.
LISTEN, ONE OF THE THINGS THAT
RUSSIA WAS ALWAYS WORRIED ABOUT
WAS PROTECTING THEIR OIL AND GAS
INTEREST IN EUROPE WHILE EUROPE
MADE THIS GREEN ENERGY
TRANSITION, THEY WORKED VERY
CLOSELY WITH GERMANY AND OTHER
EUROPEAN NATIONSES TO ASSURE
THEM THAT NO MATTER WHAT THEY
WOULD CONTINUE TO BE A RELIABLE
SUPPLIER OF ENERGY AND THE EU
BOUGHT IT.
THEY CLOSED THEIR NUCLEAR POWER
PLANTS, THEY CLOSED THEIR
NATURAL GAS FIELDS.
THEY SHUT DOWN DRILLING AND
EVERYTHING ELSE AND NOW LOOK AT
WHERE THEY’RE AT.
THEY’RE GOING TO HAVE TO REOPEN
THOSE PLANTS, REOPEN THE NUCLEAR
PLANTS, REOPEN THE COAL PLANTS
AND AT THE SAME TIME VLADIMIR
PUTIN IS CRYING ALL THE WAY TO
THE BANK.
SANCTIONSES HAVESANCTIONS HAVE F
IT’S FAILING THE GLOBAL ECONOMY
AND THE NATIONAL SECURITY OF THE
ENTIRE WORLD IS IN JEOPARDY
BECAUSE OF THIS SHORT-SIGHTED
POLICY.
DAGEN: BEFORE WE HAVE TO SAY SO
LONG, SO TRIPLE A IS EXPECTING A
RECORD NUMBER OF PEOPLE ON THE
ROAD HERE IN THE U.S.,
42 MILLION PEOPLE WILL BE
DRIVING THIS JULY 4th HOLIDAY
WEEKEND, DESPITE GAS PRICES.
THE CURRENT NATIONAL AVERAGE FOR
GASOLINE IS $4.87 A GALLON.
PHIL, THIS COULD -- OR $4.89.
IT’S BELOW $5.
I’M SAYING ONE THING, WE’RE
SHOWING ANOTHER.
BUT IT COULD KEEP FALLING,
COULDN’T IT?
>> IT COULD.
I MEAN, LISTEN, THE BOTTOM LINE
HERE, WE HAVE PENT-UP DEMAND FOR
GASOLINE.
WE’RE TALKING ABOUT A RECORD
4th OF JULY HOLIDAY BUT TO BE
HONEST WITH YOU, PRO PROBABLY WO
HAVE BEEN BIGGER IF GASOLINE
PRICES WEREN’T AS HIGH AS THEY
ARE.
LISTEN, CONSUMERS ARE TRYING TO
ADJUST TO THESE HIGHER PRICES
FOR GASOLINE.
BUT AT THE END OF THE DAY,
WHENEVER THEY SPEND A DOLLAR ON
GASOLINE, THEY’RE NOT GOING TO
BE SPENDING IT ON SOMETHING ELSE
SO THAT’S A BIG ISSUE.
THE U.S. REFINERS ARE DOING A
GREAT JOB TRYING TO KEEP PRICES
LOW DESPITE THE FACT THAT THE
BIDEN ADMINISTRATION STOOD IN
THEIR WAY EVERY CHANCE THEY GET
SO I HAVE TO CREDIT THE U.S.
REFINING INDUSTRY FOR BASICALLY
PRODUCING MORE GASOLINE AT A
TIME WHERE EVERYBODY’S TRYING TO
SHUT THEM DOWN.
DAGEN: WELL-SAID.
PHIL, THANK YOU SO MUCH.