JUDGE JEANINE: SO MANY FACETS TO
JUDGE JEANINE: SO MANY FACETS TO
THE CORONAVIRUS PANDEMIC
THE CORONAVIRUS PANDEMIC
INCLUDING THE LONG-TERM
INCLUDING THE LONG-TERM
RAMIFICATIONS ON THE U.S. OIL
RAMIFICATIONS ON THE U.S. OIL
INDUSTRY.
INDUSTRY.
DAN BROUILLETTE IS THE SECRETARY
DAN BROUILLETTE IS THE SECRETARY
OF ENERGY AND HE JOINS ME TO
OF ENERGY AND HE JOINS ME TO
TALK ABOUT THAT AND MORE.
TALK ABOUT THAT AND MORE.
I UNDERSTAND THAT YOU HAD A
I UNDERSTAND THAT YOU HAD A
MEETING WITH THE PRESIDENT
MEETING WITH THE PRESIDENT
YESTERDAY, AND MANY INDIVIDUALS
YESTERDAY, AND MANY INDIVIDUALS
IN THE OIL INDUSTRY.
IN THE OIL INDUSTRY.
WHAT WAS THE MEETING ABOUT, AND
WHAT WAS THE MEETING ABOUT, AND
WHAT CAME OF IT?
WHAT CAME OF IT?
>> WE HAD A MEETING YESTERDAY IN
>> WE HAD A MEETING YESTERDAY IN
THE OVAL OFFICE.
THE OVAL OFFICE.
THE PRESIDENT HAS BEEN
THE PRESIDENT HAS BEEN
PERSONALLY EVEN GANGED.
PERSONALLY EVEN GANGED.
THIS IS SUCH AN IMPORTANT
THIS IS SUCH AN IMPORTANT
INDUSTRY TO AMERICA.
INDUSTRY TO AMERICA.
HE WANTED TO HEAR CORRECTLY FROM
HE WANTED TO HEAR CORRECTLY FROM
THE MOM AND POP SHOPS, THE
THE MOM AND POP SHOPS, THE
SMALLER PLAYERS IN THE ENERGY
SMALLER PLAYERS IN THE ENERGY
INDUSTRY SO WE COULD UNDERSTAND
INDUSTRY SO WE COULD UNDERSTAND
WHAT THIS COVID PANDEMIC CRISIS
WHAT THIS COVID PANDEMIC CRISIS
IS DOING TO THE ENERGY MARKET.
IS DOING TO THE ENERGY MARKET.
IT’S BEEN A BIT OF A DOUBLE
IT’S BEEN A BIT OF A DOUBLE
WHAMMY FOR THIS INDUSTRY.
WHAMMY FOR THIS INDUSTRY.
WE HAVE SEEN THE DEMAND DROP OFF
WE HAVE SEEN THE DEMAND DROP OFF
BECAUSE WE ARE RIGHTFULLY
BECAUSE WE ARE RIGHTFULLY
ADDRESSING THE ISSUE.
ADDRESSING THE ISSUE.
BUT WE HAVE SEEN RUSSIA AND
BUT WE HAVE SEEN RUSSIA AND
SAUDI ARABIA COME INTO THE
SAUDI ARABIA COME INTO THE
MARKET PLACE AND PROVIDE
MARKET PLACE AND PROVIDE
DISRUPTION, IF YOU WILL.
DISRUPTION, IF YOU WILL.
JUDGE JEANINE: EXPLAIN WHAT’S
JUDGE JEANINE: EXPLAIN WHAT’S
GOING ON BETWEEN SAUDI ARABIA
GOING ON BETWEEN SAUDI ARABIA
AND RUSSIA.
AND RUSSIA.
>> THERE IS A CARTEL IN AMERICA
>> THERE IS A CARTEL IN AMERICA
THAT EVERYONE IN AMERICA IS
THAT EVERYONE IN AMERICA IS
FAMILIAR WITH.
FAMILIAR WITH.
THEY GOT TOGETHER AND HAD TO
THEY GOT TOGETHER AND HAD TO
DECIDE HOW MUCH OIL THEY WERE
DECIDE HOW MUCH OIL THEY WERE
GOING TO PRODUCE.
GOING TO PRODUCE.
THEY GOT INTO A SPAT, AND THEY
THEY GOT INTO A SPAT, AND THEY
COULDN’T FIND AN AGREEMENT
COULDN’T FIND AN AGREEMENT
WITHIN OPEC.
WITHIN OPEC.
WHEN THEY PARTED WAYS THEY MADE
WHEN THEY PARTED WAYS THEY MADE
AN ANNOUNCEMENT THEY WERE GOING
AN ANNOUNCEMENT THEY WERE GOING
TO PRODUCE MORE OIL, AT A TIME
TO PRODUCE MORE OIL, AT A TIME
WHEN THE WORLD DOESN’T NEED IT
WHEN THE WORLD DOESN’T NEED IT
BECAUSE WE ARE FACING AN
BECAUSE WE ARE FACING AN
INCREASED DEMAND BECAUSE OF THIS
INCREASED DEMAND BECAUSE OF THIS
GLOBAL PANDEMIC.
GLOBAL PANDEMIC.
JUDGE JEANINE: WHAT ABOUT THE
JUDGE JEANINE: WHAT ABOUT THE
STRATEGIC OIL RESERVE.
STRATEGIC OIL RESERVE.
THE PRESIDENT SAID HE WAS
THE PRESIDENT SAID HE WAS
FILLING UP THE RESERVE BECAUSE
FILLING UP THE RESERVE BECAUSE
IT’S SO INEXPENSIVE.
IT’S SO INEXPENSIVE.
THERE HE IS THE BUSINESSMAN.
THERE HE IS THE BUSINESSMAN.
HOW DOES THIS IMPACT THE
HOW DOES THIS IMPACT THE
ORDINARY AMERICAN WHO WANTS TO
ORDINARY AMERICAN WHO WANTS TO
PUT GAS IN THEIR CARS AND HOW
PUT GAS IN THEIR CARS AND HOW
DOES IT IMPACT THE UNITED STATES
DOES IT IMPACT THE UNITED STATES
IN TERMS OF OUR BEING ENERGY
IN TERMS OF OUR BEING ENERGY
INDEPENDENT.
INDEPENDENT.
>> YOU KNOW THIS PRESIDENT WELL.
>> YOU KNOW THIS PRESIDENT WELL.
HE DOES APPROACH THIS AS A
HE DOES APPROACH THIS AS A
BUSINESS PERSON.
BUSINESS PERSON.
HE DOES TWO THINGS VERY, VERY
HE DOES TWO THINGS VERY, VERY
WELL.
WELL.
HE ASKED HIMSELF TWO IMPORTANT
HE ASKED HIMSELF TWO IMPORTANT
QUESTIONS.
QUESTIONS.
WHAT’S GOOD FOR THE COUNTRY AND
WHAT’S GOOD FOR THE COUNTRY AND
WHAT’S GOOD FOR AMERICA.
WHAT’S GOOD FOR AMERICA.
AS HE SEES PROBLEMS HE
AS HE SEES PROBLEMS HE
APPROACHES IT AS A BUSINESS
APPROACHES IT AS A BUSINESS
PERSON DOES.
PERSON DOES.
WHEN THESE TWO PLAYERS DECIDED
WHEN THESE TWO PLAYERS DECIDED
TO OVERPRODUCE AND DRIVE PRICES
TO OVERPRODUCE AND DRIVE PRICES
DOWN, THAT’S A BARGAIN TO THE
DOWN, THAT’S A BARGAIN TO THE
AMERICAN TAXPAYER.
AMERICAN TAXPAYER.
IN AMERICA WE HAVE A STRATEGIC
IN AMERICA WE HAVE A STRATEGIC
PETROLEUM RESERVE.
PETROLEUM RESERVE.
NOW IS THE TIME TO BUILD THAT
NOW IS THE TIME TO BUILD THAT
UP.
UP.
OVER THE YEARS AS WE TRIED TO
OVER THE YEARS AS WE TRIED TO
FILL THE PETROLEUM RESERVE, WE
FILL THE PETROLEUM RESERVE, WE
TENDED TO BUY HIGH AND SELL LOW.
TENDED TO BUY HIGH AND SELL LOW.
WHEN PRICES ARE DOWN WE ARE
WHEN PRICES ARE DOWN WE ARE
GOING TO FILL IT UP RIGHT TO THE
GOING TO FILL IT UP RIGHT TO THE
TOP.
TOP.
JUDGE JEANINE: HOW DOES THE
JUDGE JEANINE: HOW DOES THE
DEPARTMENT OF ENERGY WORK WITH
DEPARTMENT OF ENERGY WORK WITH
CONGRESS TO TRY TO GET FUNDING
CONGRESS TO TRY TO GET FUNDING
TO PURCHASE OIL.
TO PURCHASE OIL.
>> HERE IS WHAT WE ARE DOING.
>> HERE IS WHAT WE ARE DOING.
WE CAN HAVE APPROPRIATIONS FROM
WE CAN HAVE APPROPRIATIONS FROM
THE U.S. CONGRESS TO BUY OIL.
THE U.S. CONGRESS TO BUY OIL.
WE CAN ALSO MAKE THE STORAGE
WE CAN ALSO MAKE THE STORAGE
AVAILABLE TO THE INDUSTRY.
AVAILABLE TO THE INDUSTRY.
IN THE OIL BUSINESS THE WAY IT
IN THE OIL BUSINESS THE WAY IT
WORKS IS YOU PRODUCE IT AND USE
WORKS IS YOU PRODUCE IT AND USE
IT.
IT.
WE CAN’T DO THAT BECAUSE DEMAND
WE CAN’T DO THAT BECAUSE DEMAND
IS DOWN.
IS DOWN.
OR YOU CAN STORE IT.
OR YOU CAN STORE IT.
SO IN THIS PETROLEUM RESERVE WE
SO IN THIS PETROLEUM RESERVE WE
DECIDE TO MAKE IT AVAILABLE TO
DECIDE TO MAKE IT AVAILABLE TO
THE INDUSTRY SO THEY WOULD HAVE
THE INDUSTRY SO THEY WOULD HAVE
A PLACE FOR THEIR PRODUCTION TO
A PLACE FOR THEIR PRODUCTION TO
GO WHILE WE ADDRESS THIS
GO WHILE WE ADDRESS THIS
ECONOMIC CRISIS WE ARE IN.
ECONOMIC CRISIS WE ARE IN.
THAT’S WHAT WE ARE DOING.
THAT’S WHAT WE ARE DOING.
WE ARE MOVING VERY AGGRESSIVELY.
WE ARE MOVING VERY AGGRESSIVELY.
THIS WEEK WE ANNOUNCED WE’LL GO
THIS WEEK WE ANNOUNCED WE’LL GO
TO MARKET FOR 30 MILLION BARRELS
TO MARKET FOR 30 MILLION BARRELS
TO PUT INTO THE STRATEGIC
TO PUT INTO THE STRATEGIC
PETROLEUM RESERVES IN LOUISIANA
PETROLEUM RESERVES IN LOUISIANA
AND TEXAS.
AND TEXAS.
JUDGE JEANINE: HOW DOES THIS
JUDGE JEANINE: HOW DOES THIS
AFFECT YOU AS THE SECRETARY AT
AFFECT YOU AS THE SECRETARY AT
THE DEPARTMENT OF ENERGY, HOW
THE DEPARTMENT OF ENERGY, HOW
DOES THIS IMPACT OUR BEING
DOES THIS IMPACT OUR BEING
ENERGY INDEPENDENT?
ENERGY INDEPENDENT?
WE WERE EXPORTING CRUDE OIL,
WE WERE EXPORTING CRUDE OIL,
CORRECT?
CORRECT?
>> THAT’S CORRECT.
>> THAT’S CORRECT.
THE NATION IS TURNED AROUND IN
THE NATION IS TURNED AROUND IN
THE LAST FOUR DECADES.
THE LAST FOUR DECADES.
WE HAVE GOT FROM AND YOU
WE HAVE GOT FROM AND YOU
IMPORTING TO AN EXPORTING
IMPORTING TO AN EXPORTING
NATION.
NATION.
WE ARE FUNDAMENTALLY DIFFERENT.
WE ARE FUNDAMENTALLY DIFFERENT.
BUT WE ARE ALSO INDEPENDENT FROM
BUT WE ARE ALSO INDEPENDENT FROM
THE TYPES OF ACTIONS I MENTIONED
THE TYPES OF ACTIONS I MENTIONED
EARLIER.
EARLIER.
WHERE OPEC CAN ADDRESS
WHERE OPEC CAN ADDRESS
SHORTAGES, WE NO LONGER HAVE TO
SHORTAGES, WE NO LONGER HAVE TO
PAY AS MUCH ATTENTION TO THOSE
PAY AS MUCH ATTENTION TO THOSE
ACTORS AS WE USED TO 30 OR 40
ACTORS AS WE USED TO 30 OR 40
YEARS AGO.
YEARS AGO.
LET’S FILL UP THE STRATEGIC
LET’S FILL UP THE STRATEGIC
PETROLEUM RESERVE.
PETROLEUM RESERVE.
JUDGE JEANINE: RUSSIA WAS
JUDGE JEANINE: RUSSIA WAS
CLAIMING THEY HADN’T EVEN SPOKEN
CLAIMING THEY HADN’T EVEN SPOKEN
TO SAUDI ARABIA IN THE BEGINNING
TO SAUDI ARABIA IN THE BEGINNING
OF ALL OF THIS.
OF ALL OF THIS.
I’LL TELL YOU, MR. SECRETARY, AS
I’LL TELL YOU, MR. SECRETARY, AS
WE GO THROUGH THIS PANDEMIC,
WE GO THROUGH THIS PANDEMIC,
IT’S INTERESTING HOW WE REALIZE
IT’S INTERESTING HOW WE REALIZE
HOW INTERWOVEN WE ARE IN TERMS
HOW INTERWOVEN WE ARE IN TERMS
OF THE OTHER NATIONS.
OF THE OTHER NATIONS.
WHETHER IT’S CHINA ON OUR NEED
WHETHER IT’S CHINA ON OUR NEED
TO BE INDEPENDENT OF THEM, OR
TO BE INDEPENDENT OF THEM, OR
OPEC AND THE WHOLE LOT OF THEM.
OPEC AND THE WHOLE LOT OF THEM.
BUT WE CERTAINLY HAVE A
BUT WE CERTAINLY HAVE A
PRESIDENT WHO RECOGNIZES AMERICA
PRESIDENT WHO RECOGNIZES AMERICA
FIRST AS THE ANSWER TO A LOT OF
FIRST AS THE ANSWER TO A LOT OF
OUR PROBLEMS.
