tv President Biden on Reducing Oil Gas Prices CSPAN March 31, 2022 11:29pm-11:52pm EDT
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companies to immediately increase supply to help reduce the cost of gasoline at the pump and says it is their patriotic duty to do so. this is about 20 minutes. >> that afternoon. as i said in my state of the union address i'd be honest with the american people and today i want to talk with you about the cost here at home. the fact is he is causing thousands of deaths and untold destruction. working with our nato allies and their partners and beyond that we are responding. we are aiding the ukrainian people both economically and
militarily while the most punishing economic sanctions that russia's ever had against any nation. thus far these actions are crippling russia's economy isolating putin to the world and helping ukrainians fight for their country and ease their suffering. as i said from the start putin's war is imposing a cost of the our allies and democracies around the world. today i want to talk about one aspect of the war that has real effect on the american people. it's price hiking and americans and our allies are doing it at the pump. i know how much it hurts. as you heard me say before a in a family like any of you where the price of a gallon of gasoline went up our family budget and your family widgets feel it. none of it should depend on whether an dictator declares
were and leg and a only to ease the pain of the families but to end this dependence and lay a foundation for true american independence. parenthetically imagine europe didn't have to count on russian oil if they were and are again dependent. it the nature of so much. the problem you're facing with gas prices has two roots. first the pandemic. when covid struck the demand for oil plummeted so production slowed down worldwide. because of the speed up our coverage demand for oil shot back up much faster than the supply. that's why the cost of gas began to rise last year. the second route is vladimir putin. this year gas was $3.30 a gallon. today averaging $4.20 or $4.22.
nearly 1 dollar more in and less than three months. the reason for that is because of putin's war and not many people are buying russian oil around the world. republicans and democrats could call for and supported it. it was the right thing to do. i said at the time it's going to come at a cost. russian oil comes off the global market supply of oil drops as prices are rising. now the price hike is hitting americans at the pump which brings me to the first part of my plan. to meet and increase the supply of oil are prices are rising because of his actions or there isn't enough supply but the bottom line is if we want lower gas prices we need to have more oil supply right. u.s. oil companies that are reporting their largest profits in years have a choice.
they can put those profits to productive use by producing more oil restarting idle wells producing on the sites they are already leasing giving the american people a break passing savings onto their customers and lowering the price at the pump or they can as some of them are doing exploit the situation and set back ship those profits to the investors while american families struggle to make ends meet. look this is a moment of consequence in peril for the world and pain at the pump for american families. it's also moment it patriotism. i wanted knowledge those companies that have announced they are increasing in media production, they are investing money to produce more oil and also clean technology to reduce our dependence on oil in the future. they have everything they need. nothing is standing in their way and they have indicated they will reduce an extra 1 million barrels of oil per day
probably starting as early as this fall. that's progress but some companies have been blunt. they don't want to increase supply because putin's price hike means higher profit. one ceo at college they don't care if the price of a barrel of oil goes up to $200 a barrel. they are going to step up production. i say enough, enough of lavishing excessive profits on investors and payouts and buybacks as the american people and the world is watching. oil companies made $80 billion in profits in this year those profits are expected to soar but record profits but it's time to stop up for the good of your country and the good of the world to invest in the media production that we need to respond to vladimir putin and provide some relief for customers not investors and
executives. i'm a capitalist and i have no problem with corporations getting a profit. companies have an obligation to go just beyond their shareholders, their customers their communities and their country. no american company should take advantage of the pandemic or vladimir putin's object if. investing those profits in production and innovation that's what they should do invest in customers and it's not just patriotic but it's good for your business as well. right now oil and gas industry is sitting on nearly 9000 unused permits for production on federal lands. more than 1 million unused acres they can pump on. families can afford to let these companies that own these. to help execute the first part of my plan i'm calling for a use it or lose it policy. congress should make companies
pay fees on federal leases that they haven't used in years and acres of public land without production. companies that are already producing won't be affected. those sitting on unused leases and idle wells will either have to start producing or pay the price for their actions. look, the action i'm calling for will make a real difference over time. the truth is it takes months, not days for companies to increase production that's what the next part of my plan is so important. today i'm operating the use of 1 million barrels per day for the next six months over 180 million barrels for the strategic petroleum reserve. this is a wartime bridge to increase oil supply so production ramps up later this year and by far the largest release of our national reserve in history it will provide a
historic amount of supply in a historic amount of time, six-month bridge to the fall and we will use the revenue to restock the strategic petroleum reserve when prices are lower. so we will be ready for future. folks i've corrugated this release with allies and partners around the world. already we have commitment from others countries to release tens of millions of additional barrels into the market put together a combined efforts will supply well over 1 million barrels a day. this will deny to any ability to weaponize energy sources. now for the first part of my plan i -- and the second part is about declaring real american energy independence long-term. so we never have to deal with this problem again. we in the hole will need to
reduce art dependence on fossil fuels altogether we need to choose long-term security over energy and climate on their ability. we need to double down on our commitment for clean energy tackling the climate crisis and our partners and allies around the world. we can do that. passing my plan is before the senate right now. it's been there for well over a month. to speed the transition to clean energy future that is made in america with american products and american values we need to embrace all the tools and technologies to help free us from our dependence on fossil fuels and move us to a more homegrown clean energy peer technology made by american companies and american workers that can bolstered democratic -- domestic supply chain here at home and export those technologies around the world to reduce greenhouse gases are that's why today i've issued
direct hits to strengthen our our economy and use the defense production act to secure america's supply-chain with the critical material to go and the batteries and electric vehicles and storage of renewable energy lithium graphite nickel and so much more. we need to end their long-term reliance on china and other countries to power the future. i'll use every tool i have to make that happen. building a made in america clean energy will safeguard national security and yes it will help us tackle climate change and yes it will help ensure it creates millions of good jobs for generations to come. most importantly the most important in my plan will do right away is to save the family money and here's what i mean. under my plan that's before the congress that we can take advantage of the next generation of electric vehicles. the typical driver will save $80
a month from not having to pay for gas at the pump. her home is powered by safer cleaner g. like solar and he pumps big you can save about $500 on average. take my word for it the ceos of america's largest utility companies came to see me at the white house several weeks ago and they told me typical families will be saving show up on their utility bill immediately. the cost will come down even more as we develop cutting-edge energy technologies clean hydrogen technology bans nuclear technology carbon sequestering technology. by the way this week's benefit i include in the bipartisan infrastructure law helps families weather is their homes are being delivered. my mr. schneider is making $3.2 billion available for this a minister for an up to five
thousands kybella direct payment to working-class families weather is their homes and save the money to keep them warm in the winter and cool in the summer. it's a direct grant. this program has been around for a while and it's delivered to families $327 in savings and now we have the ability to reach 10 times as many families because of legislation we have already past into legislation. in addition to that we are setting new standards to boost fuel economy's renew buhl -- vehicles sold american in five years we will travel 10 miles more on every single gallon we have because these average fuel economy 49 miles to the gallon means hundreds of dollars in savings for families at the pump and setting similar standards for appliances from your air conditioner to your microwave refrigerator washer and drier.
will save the average family $100 a year in utility bills. the bottom line is this a between ramping up production in the short term and driving down demand in the long-term we can free ourselves from our dependence on oil across the world. look i note s. prices are high and i get it. my plan will help us today to safeguard against tomorrow. i'm open to ideas to strengthen the plan. i won't put it on hold. it's time to deliver true independence to america for once in frone i will use every tool at my disposal to protect you from putin price hikes. it's not time for politics. americans can't afford that right now. so let's meet this moment together. we are the only nation that is turned every crisis we have ever faced into an opportunity.
let's show true strength and show our unity resolve and innovative spirit in america and come out of this long-term much better off. we stand up to the of the world the autocrats we stand up for those who are ready to unite with us, the united states of america. may god bless you and may protect our troops. thank you. [inaudible] >> that's an open question. there's a lot of speculation. he seems to be and i not saying this with certainty, he seems to be self-isolating and there is some indication that he has fired her put under house arrest some of his advisers. i don't want to put too much stock in that at this time
because we don't have that much hard evidence. >> how much time will it take to reduce gas prices? that's a really important question and there's no firm answer. prices are to came down when it was announced ahead of time. my guess is we will see it come down and continue to come down but how far down i don't think anyone can tell. there will be a slight delay because if you go out there and you are a gas station you purchase x amount of gas at a certain price you are going to lower the price at the pump until you are able to get back what you have invested them talking a matter of days and weeks. it's hard to tell. the other thing is it could come down fairly significantly and it could come down anywhere from 10
cents to 35 cents a gallon. it's unknown at this point. i'm also waiting to see whether or not our allies, exactly how many barrels day release from their supplies now. my guess is it could be as high as somewhere between 30 million to 50 million barrels and the higher the number the more likely the prices will come down. thank you all very much. >> mr. p back his forces.
it depends on how you read what's going on. thus far there is no clear evidence he's pulling his forces out and there's also evidence that he's being up his troops in the donbas area. depending on your view of putin i'm skeptical. it's an open question whether he's pulling back and i'm just going to put this on donbas and not worried about the rest of the country. i'm skeptical. i don't have proof that he's not going to take a pause and do all he can to use all the tricks he has in donbas. i don't know the answer but it appears so far he has not pulled all of the troops out from kyiv and moving south or there's no evidence he is done that.
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