Questions about the Strategic Petroleum Reserve (SPR) being at 58% capacity and the mechanics of the oil swap deal to release 172 million barrels.
Joe Kernan
Chris Wright
Explains the SPR release is done via swaps due to oil market backwardation, resulting in getting more than 200 million barrels back within a year at no taxpayer cost.
Asks how long for the SPR release to help and why the Navy isn't escorting tankers through the Strait of Hormuz yet.
Joe Kernan
Chris Wright
States there's no shortage in the Western Hemisphere; the issue is in Asia where Persian Gulf oil flows. The military operation to destroy Iran's offensive capabilities will take weeks, not months.
Chris Wright
The Navy is not ready to escort tankers now as all assets are focused on destroying Iran's war machine. It will happen 'relatively soon'.
Asks if by end of month the Navy will escort ships, citing an expert warning of oil above $150 if closure persists, and mentions helium supply risks for semiconductors.
Becky Quick
Chris Wright
Thinks it is 'quite likely' US Navy will be escorting ships by end of month. Acknowledges critical materials come through the strait but emphasizes US is net exporter of oil and gas.
Asks about repealing the CO2 endangerment finding and if climate 'hysteria' is fading.
Joe Kernan
Chris Wright
Strongly agrees, calling the endangerment finding a 'regulatory creep' without factual basis, praising Trump's leadership for addressing it.