WE’RE GOING TO THE OUTER LIMITS.
I THINK THAT IS THE WAY PROBABLY
I THINK THAT IS THE WAY PROBABLY
SHOULD BE.
SHOULD BE.
JEFF, GO AHEAD.
JEFF, GO AHEAD.
REPORTER: MR. PRESIDENT TO
REPORTER: MR. PRESIDENT TO
RETURN TO TOPIC YOU OPENED PRESS
RETURN TO TOPIC YOU OPENED PRESS
CONFERENCE WITH ON OIL, U.S.
CONFERENCE WITH ON OIL, U.S.
CRUDE FUTURES WENT BELOW ZERO,
CRUDE FUTURES WENT BELOW ZERO,
NEGATIVE TERRITORY.
NEGATIVE TERRITORY.
>> NEGATIVE, LIKE INTEREST
>> NEGATIVE, LIKE INTEREST
RATES, THEY GO NEGATIVE.
RATES, THEY GO NEGATIVE.
REPORTER: DOES THAT MAKE YOU
REPORTER: DOES THAT MAKE YOU
WANT TO SEE SAUDI ARABIA AND
WANT TO SEE SAUDI ARABIA AND
RUSSIA, OPEC PLUS DO MORE?
RUSSIA, OPEC PLUS DO MORE?
>> MUCH IT HAS TO DO WITH SHORT
>> MUCH IT HAS TO DO WITH SHORT
SELLERS.
SELLERS.
A BUNCH, IF YOU LOOK A MONTH
A BUNCH, IF YOU LOOK A MONTH
INTO THE FUTURE IT IS 25 OR
INTO THE FUTURE IT IS 25 OR
2DOLLARS A BARREL.
2DOLLARS A BARREL.
SO A LOT OF PEOPLE GOT CAUGHT.
SO A LOT OF PEOPLE GOT CAUGHT.
THEY GOT CAUGHT, THEY’RE ARE A
THEY GOT CAUGHT, THEY’RE ARE A
LOT OF PEOPLE NOT TOO HAPPY
LOT OF PEOPLE NOT TOO HAPPY
BECAUSE THEY GOT CAUGHT.
BECAUSE THEY GOT CAUGHT.
IF YOU TAKE A LOOK AT IT, IT IS
IF YOU TAKE A LOOK AT IT, IT IS
MORE AFTER FINANCIAL THING THAN
MORE AFTER FINANCIAL THING THAN
A OIL SITUATION.
A OIL SITUATION.
BECAUSE IF YOU TAKE I BELIEVE IN
BECAUSE IF YOU TAKE I BELIEVE IN
A MONTH OR SO, IN OTHER WORDS GO
A MONTH OR SO, IN OTHER WORDS GO
A LITTLE BIT, IT IS AT 25, 20 --
A LITTLE BIT, IT IS AT 25, 20 --
$28 A BARREL.
$28 A BARREL.
IT IS A LARGELY A FINANCIAL
IT IS A LARGELY A FINANCIAL
SQUEEZE AND THEY GOT SQUEEZED.
SQUEEZE AND THEY GOT SQUEEZED.
REPORTER: WOULD YOU LIKE TO SEE
REPORTER: WOULD YOU LIKE TO SEE
SAUDI ARABIA --
SAUDI ARABIA --
>> WE’VE ALREADY DONE THAT
>> WE’VE ALREADY DONE THAT
SAUDI ARABIA IS CUTTING BACK.
SAUDI ARABIA IS CUTTING BACK.
RUSSIA IS CUTTING BACK, MEXICO
RUSSIA IS CUTTING BACK, MEXICO
IS CUTTING BACK.
IS CUTTING BACK.
OPEC PLUS, CALL IT OPEC PLUS
OPEC PLUS, CALL IT OPEC PLUS
ADDITIONAL STATES ARE CUTTING
ADDITIONAL STATES ARE CUTTING
BACK.
BACK.
THE PROBLEM IS NOBODY IS DRIVING
THE PROBLEM IS NOBODY IS DRIVING
A CAR ANYWHERE IN THE WORLD,
A CAR ANYWHERE IN THE WORLD,
ESSENTIALLY, 184 NATIONS.
ESSENTIALLY, 184 NATIONS.
FACTORIES ARE CLOSED AND
FACTORIES ARE CLOSED AND
BUSINESSES ARE CLOSED.
BUSINESSES ARE CLOSED.
SO ALL OF A SUDDEN WE HAD REALLY
SO ALL OF A SUDDEN WE HAD REALLY
A LOT OF ENERGY TO START OFF
A LOT OF ENERGY TO START OFF
WITH, OIL IN PARTICULAR.
WITH, OIL IN PARTICULAR.
WE HAD A LOT.
WE HAD A LOT.
THEN ALL OF A SUDDEN THEY LOST
THEN ALL OF A SUDDEN THEY LOST
40, 50% OF THEIR MARKET SO IT
40, 50% OF THEIR MARKET SO IT
JUST STOPS.
JUST STOPS.
IT WILL BE PICKING UP.
IT WILL BE PICKING UP.
THE ENERGY BUSINESS WILL BE
THE ENERGY BUSINESS WILL BE
STRONG.
STRONG.
THEY CUT BACK, IT COULD BE
THEY CUT BACK, IT COULD BE
20 MILLION BARRELS.
20 MILLION BARRELS.
LET’S SAY 15.
LET’S SAY 15.
THAT WAS BETWEEN RUSSIA AND
THAT WAS BETWEEN RUSSIA AND
SAUDI ARABIA.
SAUDI ARABIA.
BUT THIS HAD TO DO WITH THE
BUT THIS HAD TO DO WITH THE
SQUEEZE AND IT WAS A VERY TOUGH
SQUEEZE AND IT WAS A VERY TOUGH
SQUEEZE.
SQUEEZE.
A LOT OF PEOPLE --
A LOT OF PEOPLE --
REPORTER: YOU DON’T THINK THEY
REPORTER: YOU DON’T THINK THEY
NEED TO DO MORE RIGHT NOW?
NEED TO DO MORE RIGHT NOW?
>> THEY HAVE TO DO MORE BY THE
>> THEY HAVE TO DO MORE BY THE
MARKET, TO BE HONEST.
MARKET, TO BE HONEST.
SAME THING OVER HERE.
SAME THING OVER HERE.
IF THE MARKET IS WAY IT IS
IF THE MARKET IS WAY IT IS
PEOPLE WILL SLOW DOWN OR STOP
