00:00Come to order. Senator Reid's just stepped out to it.
00:03We're about seven weeks into the war with Iran and I wondered, Mr. Secretary,
00:09given that your department enforces sanctions, if you have a sense just how much Iran has gained
00:16through sanctions relief since the war began. I'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
00:28many times. If 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
00:50sales of oil because of sanctions relief? I couldn't disagree more.
00:54Okay. Do you disagree that Russia has received significant additional revenue
00:58from the sanctions relief? I 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 straight and foremost...
01:10Familiar with it?
01:11There is oil to the left and to the right.
01:15There is to the right. The Treasury was able to,
01:19just as you are concerned about gasoline prices for the American consumer and for our Asian allies,
01:25as are we. The Treasury was able to create 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,
01:42because the world became very well supplied. So if Russia was selling their oil at a 20% discount,
01:52I can tell you that 100% of 100 is less than 80% of $150, and the American consumer
01:59has been better off.
02:00Well, the folks in Delaware are buying $4 a gallon gas today. I don't see that we've seen a significant
02:07reduction in the price of the pump or the price on the world markets. But I have two more questions
02:11I
02:11want to get to. And I look forward to disputing with you the details. I believe that Russia and
02:16Iran have benefited from the release of sanctions. And when you said, we're not going to extend sanctions
02:22relief, and then we're reversed, I was deeply disheartened because we shouldn't be funding Putin's war
02:27machine. I would like to take that was as a result. Last week was Bank Week, World Bank and IMF
02:33Week.
02:34And on Wednesday, it was my belief we would not do it. I was approached by more than 10 of
02:40the most
02:41vulnerable and poorest countries in terms of energy. And they asked us to extend that sanction. And it's
02:48only for 30 days. 30 days, $4.5 billion to Putin's war machine. I'm perplexed by your budget proposal,
02:56which would cut over 200 million, a more than 60% cut to this successful program.
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