Reaction & Commentary
>> WE ARE IN THE WORST ENERGY CRISIS THE UNITED STATES HAS CRISIS THE UNITED STATES HAS SCENES SINCE THE 1970s. WE HAVE AN ADMINISTRATION CONSIDERING CUTTING OFF 16% OF AMERICA’S SUPPLY OF OIL AND GAS IN THE GULF OF MEXICO. THE AMERICAN PETROLEUM INSTITUTE ALONG WITH HUNDREDS OF THOUSANDS
OF AMERICANS STEPPED UP AND SAID WE NEED TO CONTINUE TO DEVELOP OUR RESOURCES IN THE GULF OF MEXICO. THE ANSWER TO THE CRISIS IS MORE SUPPLY, NOT LESS. EVERY POLICY THIS ADMINISTRATION PUT FORTH IS CAUSING THE AMERICAN PEOPLE TO ENDURE AN EVEN LONGER ENERGY CRISIS. LARRY: THEY ARE LOOK AT ENDING
EXPORTS OF FOSSIL FUELS WHICH WOULD BE A POKE IN THE EYE TO OUR EUROPEAN ALLIES. AND IT WOULD DO GREAT DAMAGE TO OUR DOMESTIC ECONOMY. >> THAT’S RIGHT. I AM IN THE STATE OF CALIFORNIA. YESTERDAY I TOURED ONE OF THE MOST SOPHISTICATED REFINERIES WE HAVE IN THE UNITED STATES.
IT IS ABLE TO PROCESS 360,000 BARRELS OF OIL EVERY SINGLE DAY AND TURN IT INTO PRODUCTS WE USE ON A DAILY BASIS. THAT COIL COMES — THAT OIL COME OVER THE WORLD. WE NEED TO USE YOUR OUR OWN OIL AND OIL FROM OTHER COUNTRIES. TO STOP EXPORTS FROM THE UNITED
STATES, THE RETALIATORY EFFORTS OTHER COUNTRIES WOULD TAKE IF THAT WERE TO HAPPEN WOULD INCREASE PRICES ON THESE PRODUCTS AT A TIME WHEN WE ARE TRYING TO LOWER PRICES ON AMERICAN CONSUMERS. LARRY: JUST TO CLEAR UP SOME MISGUIDED THINKING. IF YOU OPEN THE DOOR TO EXPORTS AND MAKE IT CLEAR. WOULDN’T THAT JUST INCREASE
PRODUCTION IN GENERAL? NO, IT’S NOT LESS. YOU WOULD BE PRODUCING MORE, WOULD YOU NOT? >> IN FACT, LARRY, WE ARE ABLE TO POINTS TO A RECENT EXAMPLE OF HOW THAT WORKS. DURING THE OBAMA ADMINISTRATION REPUBLICANS AND DEMOCRATS WORKED REPUBLICANS AND DEMOCRATS WORKED TOGETHER TO LIFT THE 70s ERA EXPORT BAN.
THE UNITED STATES PRODUCED 2 MILLION MORE BARRELS A DAY OF THAT OIL BECAUSE THERE WERE MARKETS FOR THAT YOU OIL. WHAT THEY ARE TALKING ABOUT NOW IS NOT JUST A BAN ON THE REFINED PRODUCTS, BUT REIMPOSING THE OIL EXPORT BAN. AND THEY ARE IN DISCUSSIONS WILL POTENTIALLY LIMITING THE AMOUNT
OF LNG WE CAN EXPORT. THAT WOULD PUT A HUGE HINDRANCE ON PRODUCTION THAT WE MAKE AT WORLD CLASS REFINERIES ACROSS THE UNITED STATES. LARRY: WHAT’S THE PHRASE? HOW TO INFLUENCE PEOPLE AND MAKE FRIENDS. WE SHOULD GIVE THEM MORE, NOT
