Transcripts. Bannon’s War Room. Dave Walsh On OPEC's Oil Production Cut: American Energy Independence Would Save America from Biden's Created Energy Crisis. October 6, 2022
Topic: OPEC Production Cut. Guest, Dave Walsh. October 6, 2022.
Transcripts from Bannon’s War Room on Rumble: Dave Walsh on OPEC's Oil Production Cut.
Published October 6, 2022.
Steve Bannon:
Let me bring Dave Walsh for a minute and I'm holding through the break, and I got also Naomi Wolf.
Dave the big news is that Biden goes over there and kowtows to the Saudis, but he just had to look at home. Give me a minute before we go to break on really, he didn't need to go there and beg to the Gulf Emirates or to the Persian Gulf the solution here is at home sir.
Dave Walsh:
Exactly the last people you go and seek support from our is the kingpin leader of the cartel intending to damage you with their continuous hostile actions which had been in place since 1972.
It was pointed out on this forum last year the creation of OPEC plus meeting OPEC plus Russia engaged in February of 2021 from the moment we empowered them once again, from the moment the Biden administration announced cessation of offshore drilling, cessation of permit applications being stymied on federal lands across the country, in the gulf and Alaska. A strong signal that we were stepping back production under an environmental blanket.
So, our signaling that from January of 21 made OPEC relevant once again, an absolute sin and then you go begging to them for supply those who were killing you word hostile actions just make no sense. And then the non-sustainability of these SPR releases another 10 million announced yesterday, not a sustainable solution production is this solution. Production is the solution.
Steve Bannon:
Dave hang on for one second. Dave one thing I think I would like you to explain is we treat this cartel like it's and they talk about OPEC plus you got all the pontificate non-stop talking about this and OPEC and OPEC plus and they're in Vienna and in the sitting there like swells. Is this cartel legal? Should it even be having any impact in the United States and why have we not broken it up, sir.
Dave Walsh:
By our laws the laws of the Western Europe the EU, Japan, Australia, and New Zealand and most of the developed world cartels that are engaged in price fixing that damage consumers and competitors and create a monopolistic enterprise are patently illegal.
Now country by country it's hard for us to enforce our own laws in places like the Kingdom of Saudi Arabia and Russia but given that the premise of the formation of the cartel is specifically meant to be hostile to your consumer pricing and the competitors to that cartel. They're definitionally illegal and that I mean for the media to have lost sight of that in our collective consciousness, it's very sad.
I can go back will find some stuff for a future show, Jimmy Carters comments himself on the floor at the time of the formation of OPEC when it began to exercise severe damage to this nation intentionally.
That's why it was formed, to drive prices through the roof by an illegal collaboration and we made it more and more trivial as production ramped up through 12 to six years ago as production of oil and gas ramped up in this country.
We made OPEC more and more trivial until January of 21 we decided to throttle back production by all of our disincentives to produce oil in this country to guess what? we made OPEC important again by stepping back. Announcing basically stepping back under the umbrella of environment environmental safety, stepping back in production by those processes and steps on abandoning fossil fuels and these kinds of comments coming directly from our own government signaled strongly to OPEC, hey they’re back in the king seat. They're back in charge of pricing. It is an illegal conspiracy organization that meant to provide continuous hostile damage to its competitors.
Steve Bannon:
And here's how Biden, we're shoveling cash over to the Ukraine. We're killing Ukrainian women and children every day and they've empowered Putin and the oligarchs, the worst element of the oligarchs which are the energy oligarchs in Russia because of this.
This is why, Trump's theory was very simple, full spectrum energy dominance, that’s sustainable energy, nuclear power oil and gas, you name it but full spectrum energy dominance. That was at the foundational element of the American economy and that will lead you to a peaceful and prosperous world okay, a peaceful and prosperous world.
Biden’s regime has a radical idea about money called modern monetary theory and had this radical idea about immediate decarbonization of the economy and of basically you know geophysics. It just ain't going to happen overnight what they've done is jammed us up and that's why you have $9 gasoline you know California. Dave what is our solution? Give me the Dave Walsh let's just get back to basics and we're going to keep it very simple. What is our solution here to get out of this mess cause the economy is going to crater.
And this is what gets me so upset, I told people at the time on the show you can't go over in kowtow to the Saudis okay. You have to come in, they have to respect you and they have to fear you. If you go over and kowtow like Biden did. And remember he went over people need to understand, he begged for a million barrels a day increase.
This is a 3-million-barrel swing right. He was asking for a million barrel a day or 2 million barrel a day increase, and this is how an ally that we've saved right. If it's no American military there's no house of Saud. And hey I was a naval officer over there on a ship, my kid brother was a helicopter parent over there, my daughter was over there you know the reason is we're just volunteers, but it's been since the 1970s right. We've been over there, no offense saving the House of Saud, and this is how they repay you serve sir. So, what's to be done?
Dave Walsh:
Well, I'll start what you shouldn't do what he did yesterday was announced one more one time only in November, 10-million-barrel SPR release to combat this. That is not, to borrow some of their language, not a sustainable solution. A a sustainable solution also is not talking to Venezuela which by rumor don't have factually pinned down yet. We're talking to them again, apparently.
Those aren't sustainable solutions. Sustainable solution involves elevating production. Vicki Holleb, the CEO of Occidental yesterday reported out an interview at accurately, the last six to seven years of investment and exploration and development of oil fields here and in the North Sea has been badly retarded, needs to be incented to be redeveloped and restarted and that's going to take a few years.
I mean these are long term investment processes, building rigs finding fields, finding that they're prosperous and rich enough to explore and harvest. That's going to be a few years process, three to four years, but in the meantime incenting that would be a very good thing, financially and incenting that.
Incenting drilling incenting releasing permits doing the basics of blocking and tackling police departments on federal lands move forward. President Reagan issued more drilling permits on federal lands than all of the presidents before and after him from Carter through today, for example. He was a great initiator along of course with President Trump of driving American independence.
That's what's needed right now, including incentives to end drill and update and expand our refining capacity. We need to incent the industry to go ahead and do that on a more rapid pace because we are so dependent on oil and gas. It's a good thing it's not a bad thing. We have to acknowledge that and move forward instead of throttling and also some diplomacy with Brazil, Mexico, Canada, UK and Norway, to align against this illegal cartel. That's the way to beat it.
We're probably not going to beat in the world court in the World Trade Organization. Let's beat it with competing head on head with similarly aligned countries who can produce and who would I think be highly interested. President Trump would have done this, reached out not to OPEC members to supplicate bended knee and ask for more supply at cheap prices but to go ahead and align with the those who were friendly with us who have massive oil reserves to go ahead and explore jointly.
Steve Bannon:
The long handled the CCP's all over this to Dave Walsh understand down at Dave Brats, great conference down there in Lynchburg at liberty how do people get you on social media to follow you
Dave Walsh:
It's at Dave Walsh energy thank you Steve
Steve Bannon:
Thank you, brother.
END
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