00:00Come to order. Senator Reid's just stepped out.
00:03We're about seven weeks into the war with Iran.
00:07And I wondered, Mr. Secretary, given that your department enforces sanctions,
00:12if you have a sense just how much Iran has gained through sanctions relief since the war began,
00:18I'll tell you, estimates are $14 billion.
00:22The $14 billion is a myth and unfortunately a DNC talking point that I've been subjected to many times.
00:30If anyone would like to show me where that $14 billion comes from.
00:34I look forward to an exchange of details on that, Mr. Secretary.
00:37We can exchange it in a very public forum.
00:39I'm not the DNC. I'm the senator from Delaware.
00:42Well, on every talk show and every senator seems to have that.
00:46Do you disagree that Iran has received significant additional revenue from their sales of oil because of sanctions relief?
00:52I couldn't disagree more.
00:53Okay. Do you disagree that Russia has received significant additional revenue from the sanctions relief?
00:59I couldn't disagree more.
01:01Okay. Why did you relieve the sanctions against Russian and Iranian oil?
01:06Think of it this way, sir. There's the Strait of Hormuz.
01:10Familiar with it.
01:11There is oil to the left and to the right.
01:15There is to the right.
01:16The Treasury was able to, just as you are concerned about gasoline prices for the American consumer and for our
01:24Asian allies,
01:25as are we, we Treasury was able to create the more than 250 million barrels on the water.
01:33And the way to think about this is, as they came in today, the oil prices are at $100.
01:39If we had not done that sanctions relief, they might have been at $150 because the world became very well
01:46supplied.
01:46So, if Russia was getting, selling their oil at a 20% discount, I can tell you that 100%
01:54of 100 is less than 80% of 150.
01:58And the American consumer has been better off.
02:00Well, the folks in Delaware are buying $4 a gallon gas today.
02:05I don't see that we've seen a significant reduction in the price of the pump or the price on the
02:09world markets.
02:10But I have two more questions I want to get to, and I look forward to disputing with you the
02:14details.
02:15I believe that Russia and Iran have benefited from the release of sanctions.
02:19And when you said, we're not going to extend sanctions relief, and then we're reversed,
02:24I was deeply disheartened because we shouldn't be funding Putin's war machine.
02:28I would like to tell you, that was as a result.
02:30Last week was Bank Week, World Bank, and IMF Week.
02:33And on Wednesday, it was my belief we would not do it.
02:37I was approached by more than 10 of the most vulnerable and poorest countries in terms of energy,
02:45and they asked us to extend that sanction, and it's only for 30 days.
02:5030 days, $4.5 billion to Putin's war machine.
02:53I'm perplexed by your budget proposal, which would cut over $200 million,
02:58a more than 60% cut to this successful program.
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