Biden Adviser: We’re Managing Green Transition by Ensuring Lower Prices, Gas Prices Lower than Europe and Elsewhere

SULLIVAN You work under ░░░░░░░░ of State Blinken so ░░░░░░░░ re the guy HOCHSTEIN ░░░░░░░░ m at the White ░░░░░░░░ SULLIVAN the White House ░░░░░░░░ lot of people don ░░░░░░░░ realize this about you ░░░░░░░░ re the guy that ░░░░░░░░ you re putting in ░░░░░░░░ of miles on an ░░░░░░░░ You are flying to ░░░░░░░░ flying to Poland flying ░░░░░░░░ the Middle East You ░░░░░░░░ on a plane more ░░░░░░░░ anybody I know sitting ░░░░░░░░ and meeting with these ░░░░░░░░ over German policy So ░░░░░░░░ want to thank you ░░░░░░░░ that because you are ░░░░░░░░ your can I know ░░░░░░░░ hard that must be ░░░░░░░░ the family What are ░░░░░░░░ allies telling you about ░░░░░░░░ S energy policy HOCHSTEIN ░░░░░░░░ look what they tell ░░░░░░░░ is one How the ░░░░░░░░ did you do it ░░░░░░░░ are you both pursuing ░░░░░░░░ energy transition investment providing ░░░░░░░░ kind of incentives that ░░░░░░░░ driving so much capital ░░░░░░░░ invest in the United ░░░░░░░░ In fact their biggest ░░░░░░░░ is that their company ░░░░░░░░ coming to the United ░░░░░░░░ to invest While at ░░░░░░░░ same time we are ░░░░░░░░ largest producer of oil ░░░░░░░░ not just that the ░░░░░░░░ States have ever seen ░░░░░░░░ the world has ever ░░░░░░░░ 30 2 30 3 ░░░░░░░░ barrels a day We ░░░░░░░░ at a peak We ░░░░░░░░ the largest exporter of ░░░░░░░░ gas So we are ░░░░░░░░ all this at the ░░░░░░░░ time We are managing ░░░░░░░░ energy transition by making ░░░░░░░░ prices are lower Natural ░░░░░░░░ prices are 1 70 ░░░░░░░░ That is very low ░░░░░░░░ prices are lower than ░░░░░░░░ are in Europe and ░░░░░░░░ else Cost of manufacturing ░░░░░░░░ gone down as a ░░░░░░░░ Our inflation has gone ░░░░░░░░ as a result And ░░░░░░░░ are making these other ░░░░░░░░ When it comes to ░░░░░░░░ LNG pause they all ░░░░░░░░ concerned They definitely had ░░░░░░░░ concern Is the United ░░░░░░░░ stepping off the scene ░░░░░░░░ our supplier instead of ░░░░░░░░ SULLIVAN And clear from ░░░░░░░░ conception because I know ░░░░░░░░ is a political talking ░░░░░░░░ you may have heard ░░░░░░░░ somewhere we actually are ░░░░░░░░ all at once but ░░░░░░░░ are refilling the SPR ░░░░░░░░ Yes We SULLIVAN It ░░░░░░░░ t get a lot ░░░░░░░░ attention I m trying ░░░░░░░░ Brian the president ordered ░░░░░░░░ release of 180 million ░░░░░░░░ of oil from the ░░░░░░░░ when prices really spiked ░░░░░░░░ the war we had ░░░░░░░░ crisis SULLIVAN But we ░░░░░░░░ no idea what the ░░░░░░░░ was going to happen ░░░░░░░░ Correct And that worked ░░░░░░░░ what we said at ░░░░░░░░ time was We are ░░░░░░░░ to buy it back ░░░░░░░░ we are buying it ░░░░░░░░ Every month we have ░░░░░░░░ buying back The average ░░░░░░░░ that we sold the ░░░░░░░░ was 95 We are ░░░░░░░░ it back at around ░░░░░░░░ or 78 It s ░░░░░░░░ good trade SULLIVAN Maybe ░░░░░░░░ should be a trader ░░░░░░░░ Yeah The bonuses are ░░░░░░░░ in the government you ░░░░░░░░ Laughs SULLIVAN Right Right ░░░░░░░░ to that we ve ░░░░░░░░ a ton There s ░░░░░░░░ lot of optimism here ░░░░░░░░ the energy transition It ░░░░░░░░ not oil and gas ░░░░░░░░ It used to be ░░░░░░░░ have NextEra Energy coming ░░░░░░░░ there s all the ░░░░░░░░ investments that are here ░░░░░░░░ take minerals I know ░░░░░░░░ you have been working ░░░░░░░░ Africa as well to ░░░░░░░░ what you would call ░░░░░░░░ creation of another sort ░░░░░░░░ OPEC in the 70s ░░░░░░░░ they were really sort ░░░░░░░░ dominating the market for ░░░░░░░░ What do you mean ░░░░░░░░ that HOCHSTEIN What I ░░░░░░░░ is we are building ░░░░░░░░ energy transition That is ░░░░░░░░ are growing dramatically in ░░░░░░░░ United States are 10 ░░░░░░░░ other places around the ░░░░░░░░ they are even larger ░░░░░░░░ that Renewables are growing ░░░░░░░░ they are all based ░░░░░░░░ critical minerals and rare ░░░░░░░░ that come from places ░░░░░░░░ Africa Southeast Asia Right ░░░░░░░░ China has a dominant ░░░░░░░░ in this And if ░░░░░░░░ allow that to continue ░░░░░░░░ are going to put ░░░░░░░░ energy of the future ░░░░░░░░ risk of becoming where ░░░░░░░░ were in the 70s ░░░░░░░░ you had an oil ░░░░░░░░ and we had SULLIVAN ░░░░░░░░ think it crushed the ░░░░░░░░ economy HOCHSTEIN Absolutely And ░░░░░░░░ they have control of ░░░░░░░░ vehicle fleet and our ░░░░░░░░ and that is something ░░░░░░░░ to me is a ░░░░░░░░ security threat it s ░░░░░░░░ economic security threat So ░░░░░░░░ have to start playing ░░░░░░░░ up We have to ░░░░░░░░ on the field That ░░░░░░░░ going to Africa and ░░░░░░░░ America and making sure ░░░░░░░░ we can provide a ░░░░░░░░ kind of approach where ░░░░░░░░ companies European companies that ░░░░░░░░ t abuse human rights ░░░░░░░░ don t have child ░░░░░░░░ that don t reduce ░░░░░░░░ cost artificially through that ░░░░░░░░ higher values and show ░░░░░░░░ countries that we are ░░░░░░░░ business but America is ░░░░░░░░ I ve got to ░░░░░░░░ you every president in ░░░░░░░░ country I go to ░░░░░░░░ I want to deal ░░░░░░░░ American companies not Chinese ░░░░░░░░ reason I don t ░░░░░░░░ because they are not ░░░░░░░░ So I have to ░░░░░░░░ with who I have ░░░░░░░░ s a dollar in ░░░░░░░░ hand is better than ░░░░░░░░ in the tree So ░░░░░░░░ we are doing is ░░░░░░░░ with American companies to ░░░░░░░░ how we can break ░░░░░░░░ logjam so that we ░░░░░░░░ security of supply That ░░░░░░░░ of supply energy security ░░░░░░░░ not just something about ░░░░░░░░ and gas It s ░░░░░░░░ important in the energy ░░░░░░░░ SULLIVAN Well you re ░░░░░░░░ there putting in the ░░░░░░░░ work I m sure ░░░░░░░░ have another plane to ░░░░░░░░ Amos Hochstein senior advisor ░░░░░░░░ the president for energy ░░░░░░░░ investment thank you very ░░░░░░░░ HOCHSTEIN: “Thank you.”