OFF OF.
NEIL: ALL RIGHT.
NEIL: ALL RIGHT.
EDWARD LAWRENCE, THANK YOU VERY,
EDWARD LAWRENCE, THANK YOU VERY,
VERY MUCH.
VERY MUCH.
I WANT TO GO TO BLAKE BURMAN
I WANT TO GO TO BLAKE BURMAN
RIGHT NOW.
RIGHT NOW.
WE KNOW THE PRESIDENT WILL BE
WE KNOW THE PRESIDENT WILL BE
MEETING WITH OIL INDUSTRY
MEETING WITH OIL INDUSTRY
EXECUTIVES, SEVEN OR EIGHT OF
EXECUTIVES, SEVEN OR EIGHT OF
THEM, AT THE WHITE HOUSE LATER
THEM, AT THE WHITE HOUSE LATER
ON TODAY.
ON TODAY.
WE KNOW AS WELL THAT VLADIMIR
WE KNOW AS WELL THAT VLADIMIR
PUTIN HAS CONFIRMED I GUESS SOME
PUTIN HAS CONFIRMED I GUESS SOME
OF THE NUMBERS THE PRESIDENT WAS
OF THE NUMBERS THE PRESIDENT WAS
TALKING ABOUT, REDUCING SUPPLY
TALKING ABOUT, REDUCING SUPPLY
IN THE MARKET BY 10 MILLION
IN THE MARKET BY 10 MILLION
BARRELS A DAY.
BARRELS A DAY.
THE ONE THING I GOT FROM
THE ONE THING I GOT FROM
VLADIMIR PUTIN, MAYBE THIS IS
VLADIMIR PUTIN, MAYBE THIS IS
JUST ME SEIZING ON IT, IS THAT
JUST ME SEIZING ON IT, IS THAT
HE CALLED ON THE UNITED STATES
HE CALLED ON THE UNITED STATES
TO BE PART OF THAT.
TO BE PART OF THAT.
IT SOUNDS LIKE THE SAUDIS,
IT SOUNDS LIKE THE SAUDIS,
RUSSIANS AND ALSO WORKING WITH
RUSSIANS AND ALSO WORKING WITH
THE UNITED STATES TO CURTAIL
THE UNITED STATES TO CURTAIL
SUPPLY.
SUPPLY.
WHAT DO WE KNOW ABOUT THIS?
WHAT DO WE KNOW ABOUT THIS?
REPORTER: SOUNDS LIKE A LITTLE
REPORTER: SOUNDS LIKE A LITTLE
BIT OF TIT FOR TAT NEGOTIATION
BIT OF TIT FOR TAT NEGOTIATION
WHEN YOU TALK ABOUT RUSSIA,
WHEN YOU TALK ABOUT RUSSIA,
SAUDI ARABIA, THE UNITED STATES.
SAUDI ARABIA, THE UNITED STATES.
THE PRESIDENT HAS SAID HE HAS
THE PRESIDENT HAS SAID HE HAS
SPOKEN WITH VLADIMIR PUTIN AND
SPOKEN WITH VLADIMIR PUTIN AND
MOHAMMED BIN SALMAN IN THE
MOHAMMED BIN SALMAN IN THE
RECENT DAYS LEADING INTO THIS
RECENT DAYS LEADING INTO THIS
MEETING AT THE WHITE HOUSE THIS
MEETING AT THE WHITE HOUSE THIS
AFTERNOON, IT WILL BE THE
AFTERNOON, IT WILL BE THE
PRESIDENT, VICE PRESIDENT,
PRESIDENT, VICE PRESIDENT,
MEMBERS OF THE ADMINISTRATION
MEMBERS OF THE ADMINISTRATION
AND SEVERAL OF THE BIGGEST
AND SEVERAL OF THE BIGGEST
PLAYERS IN THE OIL AND ENERGY
PLAYERS IN THE OIL AND ENERGY
FIELD.
FIELD.
JUST TO GIVE YOU A LITTLE BIT OF
JUST TO GIVE YOU A LITTLE BIT OF
EXAMPLE OF WHO’S EXPECTED TO BE
EXAMPLE OF WHO’S EXPECTED TO BE
IN THE ROOM, THE HEADS OF EXXON,
IN THE ROOM, THE HEADS OF EXXON,
CHEVRON, OCCIDENTAL PETROLEUM,
CHEVRON, OCCIDENTAL PETROLEUM,
INDUSTRY REPRESENTATIVES, TOO,
INDUSTRY REPRESENTATIVES, TOO,
JUST TO GIVE YOU A FEW.
JUST TO GIVE YOU A FEW.
THERE OF COURSE HAS BEEN A LOT
THERE OF COURSE HAS BEEN A LOT
OF FOCUS ON THIS SAUDI
OF FOCUS ON THIS SAUDI
ARABIA/RUSSIA STANDOFF AND WHAT
ARABIA/RUSSIA STANDOFF AND WHAT
THAT HAS DONE TO OIL PRICES.
THAT HAS DONE TO OIL PRICES.
YOU TALK ABOUT THE COMMENTS MADE
YOU TALK ABOUT THE COMMENTS MADE
FROM VLADIMIR PUTIN AS WELL.
FROM VLADIMIR PUTIN AS WELL.
BUT THAT’S ONLY HALF OF THE
BUT THAT’S ONLY HALF OF THE
STORY OR PART OF THE STORY,
STORY OR PART OF THE STORY,
HOWEVER YOU WANT TO DIVVY IT UP.
HOWEVER YOU WANT TO DIVVY IT UP.
THERE HAS ALSO BEEN BACK HERE IN
THERE HAS ALSO BEEN BACK HERE IN
THE U.S. THIS CRATERING OF
THE U.S. THIS CRATERING OF
DEMAND FOR OIL AND FOR GAS,
DEMAND FOR OIL AND FOR GAS,
BECAUSE OF EVERYTHING THAT’S
BECAUSE OF EVERYTHING THAT’S
BEEN GOING ON.
BEEN GOING ON.
I CAN TELL YOU A CONVERSATION
I CAN TELL YOU A CONVERSATION
THAT I WAS HAVING EARLIER TODAY,
THAT I WAS HAVING EARLIER TODAY,
THAT WAS BROUGHT UP TO ME AT THE
THAT WAS BROUGHT UP TO ME AT THE
VERY BEGINNING.
VERY BEGINNING.
YES, THERE’S SAUDI ARABIA,
YES, THERE’S SAUDI ARABIA,
RUSSIA AND THAT WHOLE DYNAMIC
RUSSIA AND THAT WHOLE DYNAMIC
BUT BACK HERE IN THE U.S., THE
BUT BACK HERE IN THE U.S., THE
DEMAND IS SIMPLY JUST NOT THERE.
DEMAND IS SIMPLY JUST NOT THERE.
IT’S PART AS WELL OF WHAT LARRY
IT’S PART AS WELL OF WHAT LARRY
KUDLOW TOLD STUART VARNEY
KUDLOW TOLD STUART VARNEY
EARLIER TODAY WHEN HE WAS TEEING
EARLIER TODAY WHEN HE WAS TEEING
UP THIS 3:00 MEETING AT THE
UP THIS 3:00 MEETING AT THE
WHITE HOUSE LATER THIS
WHITE HOUSE LATER THIS
AFTERNOON.
AFTERNOON.
WATCH.
WATCH.
>> WELL, LOOK, IN TERMS OF THE
>> WELL, LOOK, IN TERMS OF THE
PANDEMIC AND THE COLLAPSE IN
PANDEMIC AND THE COLLAPSE IN
DEMAND, THERE’S NOTHING WE CAN
DEMAND, THERE’S NOTHING WE CAN
DO RIGHT AWAY.
DO RIGHT AWAY.
THERE MAY BE SOME ISSUES,
THERE MAY BE SOME ISSUES,
SMALLER ITEMS THAT I’M GOING TO
SMALLER ITEMS THAT I’M GOING TO
LEAVE ON THE TABLE FOR THAT
LEAVE ON THE TABLE FOR THAT
MEETING.
MEETING.
REPORTER: LEAVE ON THE TABLE FOR
REPORTER: LEAVE ON THE TABLE FOR
THAT MEETING.
THAT MEETING.
HOWEVER, I AM TOLD THAT IF THE
HOWEVER, I AM TOLD THAT IF THE
ISSUE OF POTENTIALLY PUTTING
ISSUE OF POTENTIALLY PUTTING
TARIFFS ON OIL IMPORTED FROM
TARIFFS ON OIL IMPORTED FROM
SAUDI ARABIA, IF THAT IS TALKED
SAUDI ARABIA, IF THAT IS TALKED
ABOUT, I’M TOLD THERE WOULD BE A
ABOUT, I’M TOLD THERE WOULD BE A
LOT OF PUSHBACK IN THAT ROOM.
LOT OF PUSHBACK IN THAT ROOM.
FOR EXAMPLE, THE HEADS OF THE
FOR EXAMPLE, THE HEADS OF THE
AMERICAN PETROLEUM INSTITUTE AND
AMERICAN PETROLEUM INSTITUTE AND
AMERICAN FUEL AND PETROLEUM
AMERICAN FUEL AND PETROLEUM
MANUFACTURERS WROTE PRESIDENT
MANUFACTURERS WROTE PRESIDENT
TRUMP EARLIER THIS WEEK AND THIS
TRUMP EARLIER THIS WEEK AND THIS
IS WHAT THEY SAID.
IS WHAT THEY SAID.
THEY TOLD THE PRESIDENT QUOTE,
THEY TOLD THE PRESIDENT QUOTE,
IMPOSING SUPPLY CONSTRAINTS SUCH
IMPOSING SUPPLY CONSTRAINTS SUCH
AS QUOTE TARIFFS OR BANS ON
AS QUOTE TARIFFS OR BANS ON
FOREIGN CRUDE OIL WOULD
FOREIGN CRUDE OIL WOULD
EXACERBATE THIS ALREADY
EXACERBATE THIS ALREADY
DIFFICULT SITUATION, JEOPARDIZE
DIFFICULT SITUATION, JEOPARDIZE
THE SHORT-TERM AND LONG-TERM
THE SHORT-TERM AND LONG-TERM
COMPETITIVENESS OF OUR REFINING
COMPETITIVENESS OF OUR REFINING
SECTOR WORLDWIDE AND COULD
SECTOR WORLDWIDE AND COULD
JEOPARDIZE THE BENEFITS
JEOPARDIZE THE BENEFITS
AMERICANS EXPERIENCE AS A RESULT
AMERICANS EXPERIENCE AS A RESULT
OF OUR INCREASING ENERGY
OF OUR INCREASING ENERGY
DOMINANCE.
DOMINANCE.
THE FEELING THAT I GOT THIS
THE FEELING THAT I GOT THIS
MORNING WAS THAT SOME OF THESE
MORNING WAS THAT SOME OF THESE
PLAYERS WOULD LIKE THE MARKET
PLAYERS WOULD LIKE THE MARKET
CONDITIONS STATE-SIDE TO PLAY
CONDITIONS STATE-SIDE TO PLAY
THEMSELVES OUT.
THEMSELVES OUT.
YOU HAVE SEEN THE POP IN OIL
YOU HAVE SEEN THE POP IN OIL
PRICES IN THE RECENT DAYS.
PRICES IN THE RECENT DAYS.
THEY FEEL IF THERE WOULD BE SOME
THEY FEEL IF THERE WOULD BE SOME
SORT OF TARIFFS OR QUOTAS IT
SORT OF TARIFFS OR QUOTAS IT
WOULD BE A KNEE-JERK REACTION IN
WOULD BE A KNEE-JERK REACTION IN
THE SHORT TERM COMPARED TO THE
THE SHORT TERM COMPARED TO THE
LONG GAME HERE THAT NO MATTER
