and one of the few rays of job growth is in oil and gas. plauding, cheering) >> nowhere is the promise of innovation greater than in american-made energy. >> the country down on its heels, and here comes the oil industry, generating lots of oil, generating tax revenue. it was a great story for the oil industry to sell. >> over the last three years, we've opened millions of new acres for oil and gas exploration. >> the potential for natural gas was huge. >> we have a supply of natural gas that can last america nearly 100 years. >> when obama said we had 100 years of natural gas, we panicked, because we knew the climate was changing so fast. (audience applauding) >> we didn't take the alternative path of drastically increasing investment in renewables. >> thank you, god bless you, and god bless the united states of america. >> it should have happened in the obama years. and we've exacerbated the climate change problem for ten years when we could have been diminishing it. >> the bible says no man can serve two masters. well, we kind of had two

so we all know this, day one of the biden administration there was a focus on shutting down oil and gasroduction. certainly in my state, but across the country. limiting the ability to actually transport energy -- keystone x.l. but oil and gas pipelines, going to financial institutions strong-arming them not to invest in the american energy sector. mr. president, all those things have been happening since the beginning of this administration. so but now that you're seeing that the whole country knows that the responsibility of these high energy prices are from this administration and this president -- i did that, there you go -- you might be thinking, all right, people are really hurting. this is driving up inflation. the biden administration is probably saying, let's do a course correction. let's try to really increase the supply of energy, not strong-arm financial institutions to get rid of energy or to make it harder to invest in. so has there been a course correction? is the secretary of energy, as she testified today, and the president, we're doing all we can to increase production

, american oil and gas? >> yes, we need more pipelines both oil and gas, for instance, use keystone, for instance. if keystone would have been built six, seven years, canadian production would be another million barrels a day. there's not enough oil and gas pipelines. there's not enough l and fwrks plants. we need lng plants in the northeast. we have the largest gas field in the world in the northeast. it's too expensive to get the gas down to the gulf coast. we need to build lng facilities in the northeast. those are examples -- >> i thank you for your clarity on that mr. sheffield, i really do. back to general mcmaster. general, while the biden administration continues to push the industry towards developing and adopting renewable energy technologies, the united states is highly reliant on imports of the minerals, the production of the materials that are used in renewable energy technologies. so with the vast majority of those coming from china, i cannot fathom why we'd want to become more dependent on chin

. >> up next, house lawmakers debate legislation that ours rice gouging on oil and gas. the major prohibits price increases during national emergency, as declared by the president. it allows the federal trade commission to penalize oil companies that take part in price gouging. madam speaker, today, the house is taking action to protect consumers at the gas pump. this legislation is necessary right now because big oil companies are ripping off the american people. at a time when americans are paying record high prices for gas, big oil is taking advantage of the instability caused by russia's unjust war in ukraine and our ongoing economic recovery from the covid-19 pandemic to rake in record profits. the largest four big oil companies collectively made $27 billion in profits during the first quarter of this year, and some of these were record highs. others were the highest profits in over a decade. one c.e.o. was so giddy about these profits, madam speaker, that he said his company was, and i quote, a cash machine. these companies are indeed cash machines. last month, the

, american oil and gas? >> yes, we don't need more pipelines, both oil and gas. for instance, use keystone for instance, he's own would've been built six, seven years ago, we probably canadian production would be up another million barrels a day, going to the -- that is an example. you have to make long term decisions. to help the industry. but there is not enough oil and gas pipelines, there is not enough lng plants. we need algae plants in the northeast, we had the largest gas field in the world in the northeast. it's too expensive to get the gas down to the gulf coast. we need to build lng facilities in the northeast. those are examples -- >> i thank you for your clarity on that, mr. sheffield. i really do. and i appreciate, we will take that home. back to general mcmaster, general, while the biden administration continues to push the industry towards developing and adopting renewable technologies, energy technologies, united states is high highly reliant on imports of the minerals, the production of the m

the oil and gas industry has more than 9,000 approved but unused drilling permits that could be used for production today. instead, big oil companies are more interested in funneling billions to their shareholders and executives than addressing record high gas prices. they are gouging consumers, and they are manipulating the market by deliberately keeping production low which keeps both prices and their profits high. now, you don't have to take my word for it. oil and gas executives themselves admitted as much in a recent survey, 60% of executives cited investor pressure to maintain capital discipline as the primary reason they are not increasing production. and only 6% -- and i want to stress this. only 6% said government regulations are impeding oil production. madam speaker, the profiteering must in and that's why we must pass the consumer fuel price gouging prevention act. this would put an end to gas gouging, penalize market manipulators and bring more transparency to the oil and gas market. it's a monopoly. i want to thank you, madam speaker, and dr. schrier for their leadership

the oil and gas industry does not operate well on short-term proposals. due to the nature of the industry companies like the ones before us today need long-term certainty a. temporary greenlight to produce oil from the biden administration will not undo the layers of red tape and aggressive anti-fossil fuel policies driving gas prices to new highs. while president biden should have been working to encourage domestic energy production he went to opec to ask for more oil. since that failed the administration is reportedly considering lifting sanctions so iran and venezuela can increase production. it has become clear that president biden's anti-american energy policies embolden putin. president biden's rush to green agenda involves a whole of government approach that advises multiple federal agencies to play some part in making it more difficult for oil and gas production. for example, the administration has pressured companies to halt investments in possible i will fuels. there is no denying the fact that the biden administration has promoted an increasingl

oil. and the gouging at the gas station. t is very clear to most americans that big oils shameless profiteering is taking place at the expense of the people and of our planet. at a time of democracy, and democratic values are a threat, the people of ukraine are being massacred. and the american people are suffering due to a historic spike in gas prices, emerging from a once in a century pandemic. you are companies are making record profits. nobody is more impacted by your actions than the low income and working class communities who spend the highest amount of their income on transportation and basic goods, just to get by. these communities are suffering, were suffering long before this current crisis, and now they are crying out for our help. claude and what is your response? you are enriching your investors with stock buybacks, and dividends, and line in your own pockets with millions after millions of additional executive compensation. many of my republican colleagues here in congress, and i believe your companies as well,

sorry, i'm auoin the oil and gas industry. sorry, i'm going to come _ the oil and gas industry. ment should be looking at instead, that is picked up by the british public. why? 50. instead, that is picked up by the british public. why?— british public. why? so, the tax burden is one _ british public. why? so, the tax burden is one thing _ british public. why? so, the tax burden is one thing few- british public. why? so, the tax burden is one thing few people | british public. why? so, the tax i burden is one thing few people talk about. but— burden is one thing few people talk about, but it's one of the largest cost of— about, but it's one of the largest cost of living for many families. they— cost of living for many families. they will pay something in the ballpark— they will pay something in the ballpark of £13,000 a year in taxes. that's_ ballpark of £13,000 a year in taxes. that's not— ballpark of £13,000 a year in taxes. that's not a — ballpark of £13,000 a year in taxes. that's not a one average, everybody paying the _ that's not a one average, everybody paying the same. if

oil is a global product. gas is much more complicated. for all these reasons i think that europe will be able to get rid of russian supplies. hashem: when you look at the economy now and you see the indicators. prices are soaring, inflation is likely to affect 20%, unemployment is on the rise. could this be a real indication that there was something wrong with the economy now in russia? vyacheslav: things have been moving so fast, we cannot rely on the numbers actually. one thing that would like to say. we should not lose the chain. so nobody cut supply sexually. -- actually. it has been harder to supply commodities to the european market. nobody cuts the supply so it still goes there. back to the numbers. i think we will see some recovery. even the prices are going back. there was an emotional reaction to the events in the political situation and now it is back to normal in the ruble is strong. russia exports much more than it imports now because of the restrictions. hashem: chris, since you started the conversation with us. there was ti

oil was $40 a barrel, natural gas was $1.92. the commentary that we have received since this announcement from state oil and gas association, research development council, the state of alaska and the most significant producer in the in the is that there they submitted their comments. they submitted their interest. it appears that those were not considered. can you share with me what kind of a reach out the department actually did to determine a level of interest and cook in that? >> thank you for the question, senator. it's my understanding that no specific companies expressed interest in the sale both over 2020 and 2021, when oil prices had essentially recovered from the covid impact. while those associations did comment, only specific companies bid on the leases. that is a key indication to the team of the interest in the area. >> again, i think this would follow. i think it's senator lee who might have mentioned the point. if there isn't an opportunity to know whether these are even going to materialize, it makes it difficult

now for gas prices, let's get real about gas prices . oil companies set gas prices, not the government and thisis what happens . on april 9 20/20 when trump brought together to 10, opec, saudi arabia in a meeting and they decided to and the saudi russian price war that's been going on for three years under trump that ended in 2020 and trump brought a party together of people to do that and what they decided was to lower production on gas and oil and raise prices to quote unquote save the gas industry . 20/20 and read the thousands of articles on it, do the research by typing in trump opec russia agreement april 2020. >> let me jump in so i can get a response from the congressman. >> first of all obviously i don't agree with this. i think the trump policies were great policies and resulted in one of the strongest economies we witnessed in modern times . naomi have invited policies and those are the policies we are experiencing this record 40 year record inflation rate at. this is the policy with the american rescue plan which there are estima

fink's reversion on hey, by the way, we're going to need oil and gas. amazing when you become profitable, but quicy-- although i'll tell you it's also the oil and gas industry telling its story better. we've always had a good esg story talking about what we're doing and not just environmentally, but what we mean socially and getting better environmentally as well. we're paying attention to those issues. we're communicating them better and i think it's going to really broadenhe investment horizon for who is investing in oil and gas in the future. >> if ian add one point on the esg. i'm from tulsa. i'm acquainted with joe kraft, he was on the show and second largest coal producer in the u.s., producing 36 million tons a year and easy could expand because the demand for coal is so high and what about esg. he says we have 14 bkers in our revolving line of credit and seven of them told us this'll not be back because of esg. >> a company that's not doing anything illegal, immoral or fatting and bankers cut them off because of esg. it's a cancer on capitalism

uh, and when we see the statistics, so to speak, growth, uh, oil production gas and oil production of same united states of america we see that to a large extent those wells that were previously drilled, but were mothballed, are being used. everything is different there. e, reasons, they are now starting to work again, that is, today the problem of new investments in the oil and gas industry in the world, but problematic due to the fact that e supports the problem of green economy, but on the other hand. they must inevitably exist, and before that, resources must be allocated. to do this, there must be long-term contracts to stimulate new investments, which, so to speak, would be adequate to the current situation. and from this it will be very difficult for them to get out of this situation, and it is not even a question of figures for so many steam or so many cubic meters of gas there. you can replace them by numbers. yes , theoretically everything is possible. replace something somewhere somehow, but these are numbers, and we are talking about the real movement of resources, but in

me that at this stage the americans do not set themselves the task of completely ousting russian gas and oile they cannot physically replace it, but they set certain tasks for themselves to maximize the price of gas to maximize the price of oil at the moment so that the european economy adapts to these prices, so that citizens and the european union are accustomed to these high prices, and then europe can be strangled politically, that is, forced to politically abandon russian gas from russian oil, when certain conditions are created for this, if they are created, at least in those volumes that the americans and their allies will be able to replace russian gas and oil, that is, they are well aware of entering into a confrontation with europe. that is, for today, completely stop all this. it means to bury the economy. european union it will be, well, too obviously obvious from the big economic losses. it depends on how it will be protected from a reboot. i understand how they will fix it, but it seems to me that they still set the task. uh, well, let's put it this way, to adapt all this to th

so oil, gas, oil, oil, gas company comes from russia. right? and coal. and when you kind of look at that, and the polish moves already, just suspend gas imports to suspend coal imports into commit by the end of this year to end oil imports. how is that going to be back stopped? and when you look at your alliance structure, when you look at the united states, but it's not just us, it's, you know, cutter, it's other places in the world. how does the math add up that you're going to keep energy flowing in places because that, that infrastructure was not there before. and are you concerned for your own citizens about how big that pinch will be? are some european countries were addicted to russian gas? oil mostly gas, full decades, ah, many years ago and came to the conclusion that we should render all country are entirely independent of impulse of russian gas. and as with what we do, we are doing right now by october. we are about our long term contract with gas brom expires. we are not going to renew it. and a new pipeline to focus baltic pipeline will be o

and what else is possible to get from oil and gas and what role plays in it? emistry dmitry horn visited a unique facility, see a special report. chemistry. what can be made from oil and gases? gazprom neftekhim salavat is a unique plant on an area of ​​1,300 hectares, there are 4 separate full-cycle production facilities, oil refining and kazakh chemistry, acrylic acid production, all production facilities are connected in a single technological chain , almost waste-free production. more than 98% of the original is converted into finished products vacuum tubes are intended for operation of oil and gas condensates. this is one of the primary oil refining units, and in t-6 it is one of the units. we still have an auto-4 installation at their plant. the number in the name of the unit indicates the total capacity of the refinery, which is able to accept and process 10 million tons of raw materials per year. the requirements for the quality of products are constantly increasing, therefore, without the construction of new plants and the reconstruction of old facilit

we've been producing oil and gas in oklahoma. we know how to do this most of the regulations regulations in this country are coming coming from oklahoma. we're not afraid to be regulated. we're we're drilling oil and gas right now and wells in an areas that have been explored 100 years ago. that's how much the resource they they put wells in areas where we're going horizontally and and stimulating rock and and a huge amount of resource is available for oklahoma men's. we're on a we're on a vast resource of gas. and what we've done is incentivize when and solar and not put a primary if you will a cost on that reliability and that's something that i think we're going to have to see going forward, you know one when you talk about and the wind industry is going to fight that tooth and yes and solar industry is the same they don't want to provide firm power when power is dear. sorry. no. no, i think that's exactly right. i mean, we're already seeing that we're going to the commission because really, you know, we're i work for harold ha

european countries also plan to support the oil and gas industry in particular. st week, french leader emmanuel macron during an interview with transpyat tv channel said that he supports a full oil and gas barge. according to bloomberg, almost all countries of the european union want to completely abandon oil by the end of the year, while the czech republic, hungary and slovakia will be allowed to buy russian energy carriers until 2024, as long as hungary defends putin's interests. well, actually, the interests of the orb. europe cannot make a consolidated decision, this is a slow movement towards these sanctions. actually, whether the sanctions will be adopted, it will mean that europe refuses russian oil for six months last week, during the hearings of the senate appropriations committees, the us secretary of labor gina raymonda said that the sanctions are already in effect, according to her, tank factories in russia have stopped and the military is using foreign chips for household appliances. russia cannot now import any what products are necessary for product

that well, that is, they do not create any new and additional incentives for the development of oil and gasre, first of all, what the president, biden, did, he banned , uh, the oil pipeline construction of an oil pipeline from canada to the usa that was being built before that uh, banned the use of e, federal lands, and for oil and gas. well, that is, holding relevant auctions. well, of course, there are investors who invested earlier, they see great uncertainties today and are not willing. let's just say they develop production. we don't see the boom in shale or, uh, oil or gas that was observed there at the beginning of uh, the 21st century and actually. well, as it were, in my opinion, the energy industry today is in such a state, uh, stagnation there as well. well, although we we see to recover those losses that were as a result of the pandemic, for example, there this year we expect that in the united states there will be an increase in oil production by about 1 million barrels per day, which, in principle, is not as much as before, when they increased at a faster pace, we see that inv

and the capabilities to access the oil and gas.- access the oil and gas. ll, the arctic is notjust - access the oil and gas. well, the arctic is notjust about i the arctic is notjust about oil and gas. the arctic is notjust about oiland gas. it the arctic is notjust about oil and gas. it is one of the regions with the largest and automatic in terms of resources. we have a multitude of minerals, abundance of energy sources, notjust oil and gas but minerals, so this is an automatic create green transition that we are trying but what is important one thinks about the arctic, economic potential and resource potential is to be mindful of operating conditions in the arctic vary greatly arctic council operating in the region is not a straightforward thing as it could be in many other parts of the world.- as it could be in many other parts of the world. given it is remote. _ parts of the world. given it is remote. easy _ parts of the world. given it is remote, easy or— parts of the world. given it is remote, easy or otherwise i parts of the world. given it is l rem

additional oil and gas revenues are those which are obtained as a result of the fact that oil is above the so-called basic oil prices and under normal conditions the money was the state now since the budget is usually suspended. they can be used on the current year's expenditure . the government's reserve fund was created to finance contingencies and activities for which federal money is not provided. watch now it is planned to replenish it by almost 792 billion rubles. the money will be used, including to ensure a stable economy in the face of sanctions . white house the government of the russian federation may, without amending the laws of the federal budget, allocate funds for various kinds of current needs. and we see that now the funds of the government's reserve fund. go for extra payments. uh, in the form of benefits for families with children. we understand what's next. and the funds from the government's reserve fund will be directed to those needs, er, that the government considers to be extremely important, necessary from the government's reserve fund. at this year, fu

actually, to provide for enough gas and oilfor the hungarian economy, or, as a matter of fact, coming from the west, from austria, they are carrying the same russian oil receiving from eastern directions. so, again, it's a very complicated... well, the thing is, some things aren't complicated. here's a very simple question, be brief if you can — are you going to pay, as russia now demands that you do, for your oil and gas from russia in roubles? the eu says you mustn't, that would be a breach of contract and a breach of sanctions, but your pm seems to say, yeah, we'll pay in roubles if you really want us to, mr putin. so, what's the truth here? the truth is that nine european countries are paying for gas and oil as it is required by russia for the moment, because that's a technical issue. so, you know exactly how it works, how the russians have put the new payment mechanism into work, and again, it's a must for the hungarian economy and the hungarian households that we have energy, so on that, we cannot compromise. so, you're paying in roubles. see, itjust seems on a whole host of these issues — the sanctions issue, the payment issue and on the arming

so i would like to stress the russian oil and gas flow grow. and so still, despite all the conversations about implementing strong, better than not helping stopping the expert actually goals, then despite the fact be dependent on the russian get why and europe is very high. so it over the russian market in europe, all the 30 percent and even now, just about 40 percent. and some countries like central to europe, it's more than 80 percent and gas balance covered by russia. we've been that it's not easy actually. it's a great one. just talk, flowing and the buying and having some trading relationship. so in this, by the oldest press, all this political now just political dispute. it give more to the market. it's very nervous about the, you know, stopping, and then the just, you know, not having russian supply and press on the, on the prices and prices very high profits rather than or less for the companies. chris, the economists were somehow predicting the g d. p of russia to contract by 15 percent . that does not seem to be the case now, is it be

they include freezing the central banks, foreign reserve, banning oil and gas imports, and suspending rushes banks from global financial assistance. the measures were man to cripple its economy, but the russian rubel is trading our 2 year high against the us dollar researchers in phil and found revenues from and as you sales to the you have nearly doubled since february when the war began. and the american investment bank, j. p. morgan says rush as economy is performing better than expected. still, the international monetary fund expects the economy to shrink by 8.5 percent this year. but his ability to limit the initial shock of sanctions has frustrated west. the leaders, so how, how that, whether the storm russia doubled interest rates to 20 percent. when sanctions head to help increase demand for the rural capital controls or imposed businesses, had to convert 80 percent of foreign currency revenues to roubles. remittances abroad was strictly limited. most significantly, russia has had a steady flow of foreign currency from its vast oil and gas explores, a jump in global prices off

. >> announcement acts as an incentive to buy gas and oil or produce gas and oil?> i think we are going to need some -- i don't think we can turn our backs entirely on hydrocarbons. u.k. has a flourishing sector in the northeast of scotland. it is very important. we have to keep that going. i think one of the lessons of the current spike is we can't afford to be totally dependent on putin's hydrocarbon but at the same time we have to accelerate our drive for low carbon energy. the british energy security strategy, 50 gigawatts of wind by 2030, 25 gigawatts of nuclear by 2050. these are big, big increases in a low carbon energy. what they offer is a big platform for investment from overseas. found in the last few weeks is a real appetite from international investors for money in long-term infrastructure projects in the u.k., and integrate energy sector. >> can ask about how spending? do you risk getting the public -- quickly, what happens if the war in ukraine continues and this time there are still high energy prices? >> i think the package we have set out in it th

gas complex. how do sanctions against russian oil and gas work today?irst of all, we are talking about the ban on sales relevant technologies for the extraction of gas and oil, as well as some other natural minerals, this is the first line of influence, so to speak, the second line of influence is a ban, in fact, on the company to transport russian gas and transport russian oil , first of all by tankers, this is the second line, which well, and finally, the third the line of influence is to limit the russian oil and gas complex's ability to receive , say, loans and money abroad, the third line of influence. thus, we see that just this complex of sanctions and such examples can be proven very a lot of it is very effective because we are actually cutting off the opportunities for the development of the oil and gas complex to develop in the way that he would like, now what concerns the current sanctions of the european world, indeed, a lot has been said about it, so i will repeat these things, which is the production and export of the oil and gas industry

— money from the gas and oil companies? money from the gas and oil com anies? , ., ., companies?panies? everything. onto general taxation. we had actually moved - companies? everything. onto general| taxation. we had actually moved away over many years from trying to have these sort of ring fenced type the tickles —— these are ring fenced taxes. just not the policy we are pursuing. more creeping in now, national insurance rise a post because i don't think it should be taxing things that are good, ie jobs. that is broadly ring fenced into more money for the nhs and social care and here we are, a new ring fencing type idea of energy companies providing a third of the amount of this extra money. but there have been better tax receipts. we are in a better phase than we thought we might be. what is a budget responsibility didn't forecast we would have such good tax receipts and it has already been a big windfall on energy in terms of extra vat on our household energy that we have been supplied tax to 5%. a higher amount is officially going to face more tax. that is a lot more coming i

almost 70% of emissions are coming from the combustion of coal, gas, and oil.t is a crucial solution to replace our energy system, ok? with renewables. even more crucial to stop using so much energy, but it should go together. no question about that. but somehow the idea was if we did solar, winds and recently musk that we would get a hall pass to the 22nd century and that is scientifically not true. we can turn off all of the energy today and we will go right over the cliff. ok? and furthermore, the reason is because we are already at very elevated levels of c02 in the atmosphere and other greenhouse gases as well. as david said in the workshop yesterday and i will show us why this afternoon but we are at 495 ppm, when you count niger's oxide, methane. we're not at 415. we are at 495. that is from noaa. that is from our own government interns of c02. this is the highest and 25 million years. so, where we are as a people is in terra nova. a place that nobody has occupied. a rate of change has never occurred. in geological history over 3.5 years. since life star

hat those kinds of green energy that you outlined then oil and gas?— outlined then oil and gas? i outlined then oil and gas? not yet. the idea that at the moment we i outlined then oil and gas? not yet. | the idea that at the moment we are starting in 20, 20 5% that is accelerating to go to the next four years. we've seen a pull—back globally and bv is no different. it's effectively standing on oil and gas projects has halved in the last few years. there's been a competition for capital and for investment globally. it's a lot of low carbon options out there. across the world, the uk is competing in that investment from arkadiusz, from shale, from others. you that investment from arkadiusz, from shale, from others.— shale, from others. you said it takes time- — shale, from others. you said it takes time. i— shale, from others. you said it takes time. i suppose - shale, from others. you said it takes time. i suppose the i shale, from others. you said it i takes time. i suppose the question is, why haven't these companies be doing more over the last two decades?— doing more over the