00:00Joining us now is Jared Agin executive director of National Energy Dominance Council. Thank you so much for joining us
00:08Jared. And most recently just yesterday the Interior Department held an oil and gas lease sale in New Mexico and
00:14Texas generating over four billion dollars. What is the timeline for everyday Americans that are waiting for lower gasoline prices
00:22for them to convert into leases to actual barrels of oil hitting the market.
00:27Yeah. Well it's exactly what the president just said. I mean once the straight of Hormuz opens you're going to
00:32see gas prices go down very quickly. But the sale yesterday why that's important is all the things the president
00:39and the administration are doing are really going to benefit us in the long term. We're going to be in
00:44a better position once the straight of Hormuz opens up again. That lease sale yesterday you mentioned it four billion
00:50dollars. That's not just a record. That is four times the next closest lease sale.
00:56That has ever happened from the Department of Interior. Just soak that in. It's four times better thanks to President
01:02Trump because people are investing in oil and gas again in America. Drill baby drill under President Trump is working
01:10to have the biggest lease sale by four times.
01:13Thanks to the president shows that people want to invest. Drill baby drill is happening and you're going to have
01:19more oil and gas production over the long term here in America. The war on oil and gas is over
01:24and companies are
01:26investing. The war is still on. Director is there a timeline then. What is your assumption about when that starts
01:31to have an impact in lower gasoline prices.
01:34Well we're opening up different things to bring down oil oil prices now. I mean so someone mentioned there the
01:41war is still on right now. They're negotiating. There's not a there's not a war on oil and gas here
01:47in America.
01:47Here in America we have the supply. What I'm talking about is Joe Biden was shutting down oil and gas
01:53operations here in America. We are opening that up again. We're at record production here in the U.S.
01:58We do not have a supply chain problem. We do not have supply problem for oil and gas. So as
02:04the president mentioned we're going to look at things like the gas tax holiday SPR.
02:10We've we've done a waiver on the Jones Act and and we've we've even used the Defense Production Act in
02:16places like California which have which are trying to stop oil and gas production in their own state.
02:22They would rather take oil from Iraq than their own state. The president has used his authorities to reverse that
02:30and that is going to have a benefit on the people here in America.
02:33So he's doing all the things he can with the tools in the toolbox to change the trajectory of production
02:39here in the U.S.
02:40And I was just up in Alaska. We had first oil in a in a project up in Alaska. We're
02:46opening up the N.P.R.A.
02:47We just talked about permitting reform in the end and the N.P.R.A. to do more production there.
02:51So we're opening up new avenues in Alaska in New Mexico. And I was just down in Venezuela.
02:57We're opening up new production in Venezuela. Venezuela is hitting record production and that's all coming up to the U
03:02.S.
03:02So we're doing all the things we can do. Once the Strait of Hormuz is open you're going to see
03:06the prices come down.
03:07But we're all going to be in a better position. Thanks for President Trump on oil and gas.
03:12I wonder just about the economic intelligence of a gas tax holiday. So we have not in the U.S.
03:20as you point out but globally a supply problem. If you then goose demand by subsidizing it
03:28doesn't seem like the best idea in the midterm. Right. You get a price drop right away but more people
03:35go and buy gas.
03:35Why would you do that. Well it's a temporary action to drive down the cost of gas prices about 18
03:43cents per gallon.
03:45That is going to provide some relief to people here in the U.S. I think everybody wants to see
03:50gas prices come down.
03:51I filled up six dollars and 36 cents a gallon a couple days ago by the way. Exactly.
03:56And so this would this would drive down those costs by by 18 cents. And we're looking at other ways
04:02to drive down the price of of gas.
04:04But this is one measure. And like I said there are other measures that we're working on.
04:08And all of that is to relieve some of the price that is on consumers. The president has made it
04:13clear from day one he wants the gas prices at the pump to drive down lower.
04:17And and obviously he's working and negotiating to make sure the straight of her moves gets open again which will
04:22immediately start to bring down the price.
04:25Jared I was talking to a wealth manager who has a lot of clients in Idaho. A lot of them
04:30have made their wealth through cattle ranching.
04:32And she described this real fear of what's happening in those places in America right now that they feel that
04:39the government is going to start coming in because of this desire for energy dominant dominance to seize private land
04:44or disrupt their federal grazing rights.
04:47What is the message to those parts of of America that are worried about their industry and livelihood changing as
04:54we prioritize the importance of energy?
04:57Well I think that's where the lease sale you talked about at the beginning is a good example for people.
05:01That's federal land. That is that is an area that the oil and gas companies obviously bet heavily on and
05:08to have them coming in strong for these dedicated areas which we know that there's going to be a huge
05:15upside on oil production.
05:17Like I said Alaska Venezuela there are already great places of oil reserves.
05:21So I think that gives people comfort that that they're they're targeted on these areas that that the oil and
05:26gas companies know they can really generate product from.
05:31And and so they're not focused on on on private land.
05:34Some of these are these are obviously federal facilities up in up in Alaska in New Mexico and Texas.
05:40And then like I said we're really pushing in Venezuela and getting record levels of production.
05:46That's where that's where really it's going to drive the more molecules that we need for energy dominance.
05:51And we no doubt have the most oil of anybody in the world in terms of supply.
05:57As you said you're ramping up production. How much of the Middle East production do you think though is damaged?
06:03I mean when the Strait of Hormuz gets reopened if the Strait of Hormuz is reopened how quickly you think
06:08all that production can come back online because it's a fungible commodity.
06:12Right. So even if we have all of it everybody else in the world is bidding up the price.
06:17Yes. Well I think that's where the U.S. is in a position of strength.
06:21So what we're getting we're getting calls from all around the world of can the U.S. meet the demand
06:26that's out there.
06:27And the answer is yes. And so what you've seen is some of the facilities for natural gas and LNG
06:32in the Middle East have been have been hit.
06:35But we're ramping up LNG facilities here in the United States. We are now by far the biggest leader in
06:41production and exporting both oil and gas.
06:45We've really brought LNG export facilities online under President Trump. And we're getting more long-term deals where the where
06:53the U.S. out of the Gulf of America can supply Europe can supply Asia can supply the U.S.
06:59on natural gas and LNG. And then obviously we're opening up Alaska to even do more of that over into
07:05Asia.
Comments