Transcripts. Bannon’s War Room. Dave Walsh America Must Take on The OPEC Cartel By Increasing Oil Production at Home. October 5, 2022, Part II.
Topic: Taking on OPEC by increasing America’s Production. Guest, Dave Walsh. October 5, 2022, Part II
Transcripts from Bannon’s War Room on Rumble: Dave Walsh: America Must Take on the OPEC Cartel By Increasing Oil Production At Home.
Published October 5, 2022.
Clip: OPEC Press Conference:
Full News conference following in person OPEC meeting. October 5, 2022.
Starts 39:00 into the video.
Photo of Prince Abdulaziz Bin Salman Al-Saud
Reporter: You're Highness I want to kick off by asking you specifically a question that I asked of Vladimir Putin a year ago, are you using energy as a weapon? It was a question that he denied but there are both people in Washington and in the White House who right now are looking at the cuts that OPEC plus is making, and they are saying that this is an aggressive move by OPEC.
And they're very curious to understand why this organization that they call a cartel is moving against the United States and Europe and Mr. Secretary General to follow on to that when I spoke to you just a couple of months ago you said you had an open-door policy to European policymakers.
Have they entered that door? Are you having those conversations with them because I have to tell you there is a huge narrative coming from the West right now that OPEC as you say of band of brothers but as they would say a cartel is attempting to hold the world hostage just as Vladmir Putin has done when it comes to energy prices thank you general.
Prince Abdulaziz Bin Salman Al-Saud: question which I you know I take pleasure of answering gladly, with a quick answer, show me where is the act of belligerence, period. Secretary General.
Secretary General, Haitham Al Ghais: Your Royal Highness back to your question yes, I did say we have an open door. We have an open door. I'm waiting for someone to knock on that door that's all I can say.
Reporter: And you're still not getting anyone knocking on that door because a lot of folks would say that by this action by these cuts you are danger in global energy markets. You are endangering the global economy.
Secretary General, Haitham Al Ghais: If you permit me to answer. we are not endangering enter markets we are providing security, stability to the energy markets.
Reporter: At a price.
Secretary General, Haitham Al Ghais: Everything has a price. Energy security has a price as well.
END of Clip
Steve Bannon:
Okay welcome back, by the way if I can tell Denver am I ever crack team here on the road what I want to do is I want to deal with this with Dave Walsh on OPEC and I want to play the one America scoop again since this OPEC was so long, I'm sure people forgot about that. So, let's not put it together let's get that ready I'm going to call for it okay. Let me bring in Dave Walsh. Dave our allies quote end quote in Saudi Arabia and this is not about Russia, this is about Saudi Arabia and UAE and the Gulf Emirates etc. They put the knife right in us. Tell us about what happened today.
Dave Walsh:
We were embarrassed today by the media, Reuters and my dear friend from college Tyler Mathisen on MSNBC, who I went to college with by the way, claiming that oh geez are OPEC committing hostile acts.
OPEC is an illegal cartel. In the United States of America, Canada Western Europe Australia New Zealand there are anti-monopoly, anti-cartel laws such as here, the Sherman Act and the Robinson Patman Act against firms who conspire together, countries who conspire together in acting in restraints of trade. So definitionally, everything OPEC does is a hostile act to consumers and its competitors, of course it is.
What's new under the sun about this except the media has just tumbled to possibly that this is a problem and that they're not actually an official regulatory body of some kind as they want to portray that they are. They're not. They're an illegal cartel.
Globally, it's difficult to enforce our laws globally but you know our what we should do, what we did do in 2019 we competed so successfully in elevating production to nearly 13,500,000 barrels a day. We had them crushed.
So here what we ought to do today is join Liz Truss in England issuing 130 permits in the North Sea, join Norway in elevating their production in a new field generating 400,000 barrels a day, elevate our production, align with Mexico, align with Brazil, align with even Canada might become interested in this in forming a 28 million barrel per day cartel that fights this successfully and put them out of business but through elevated production on our side.
And you notice that question never came up, why don't we elevate production as a way forward to beat these guys? which can easily be done but we're not. We continue to look at them to negotiate with them for our next buy with Iran, with Venezuela, with Saudi. It’s insane to be dealing with the very nations conspiring illegally against us and every act they commit is an act of hostility to their competitors and customers of oil and gas globally, definitionally. That's not a new question that the media needs to raise today. It's a fact since the 70s founding of OPEC. It’s what they do.
Steve Bannon:
Okay hang on. I want everyone to understand something. Here what’s going on and the media is confusing it on purpose. And this is the run up to the 20th Party Congress. What Putin is doing right now is totally underwritten by the CCP. Every move he's making is totally back stopped by the CCP. The CCP, Chinese Communist Party has a 40-year output deal with Iran.
(Deep dive on the topic: The Diplomat: The China-Iran Strategic Partnership: 40 Years in the Making December 4, 2021)
(POLITICS CNBC: Iran and China sign agreement aimed at strengthening their economic and political alliance March 28, 2021.)
The CCP also has a side deal that hasn't fully been announced with the Saudis. The Saudis, OPEC is empowered by the Chinese Communist Party. The Chinese Communist Party, one, is taking over the land mass, the Eurasian landmass with Pakistan, with Iran, with Russia and yeah, they'll throw in there Turkey and some of the stands in Central Asia.
This move has got the full backing of the Chinese Communist Party, and this is all to break the back of the West. How expensive is this going to be, the 2 million barrel per day? What is this going to do to gas prices Dave Walsh do you think and then how's it going to roll through? I think I saw something on GETTR earlier Dave that gasoline there's the premium, the supreme gas in California I think was $8.80 right.
People are talking about I think in Vegas or in Nevada they’re going to buy 5 or 6 bucks. What is this going to do to the West that these 2 million barrels per day. If the no productions kicked up what would this do to the West?
Dave Walsh:
Forecast Morgan Stanley, Bank of America and Citibank and forecast a few days ago expecting this significant production decline by OPEC being announced. Oil per barrel will go to about 110 per barrel which is up 15 to 20% from levels in the last week. If that be the case gas would probably go on average nationally from $4.20 to $4.40 a gallon, up about 15 to 20% from now. And this will be effective November 1st by the way these production declines they've announced.
So, we'll see. And we saw it today, one- and three-quarter percent increase in the crude oil price in Texas today resulting from this already. So yeah, it should be 15 to 20% uplift unfortunately, in the middle of these recessionary times when demand is lower. This is incredibly sad, cause this counters all the good the actions of raising interest rates to reduce inflation. Unless we do something about producing more oil and gas, they'll be relatively meaningless. We have got to attack maximizing production refining in this country and beat these guys out of this hostile activity of them conspiring against consumers globally. We can do that.
Steve Bannon:
Well one of the reasons they conspire the Chinese Communist Party is in back of them, but they also understand we have this radical almost medieval theology religion cult of decarbonization. This is why the Biden administration nobody talks about increasing production. The Saudis and Iran and particularly the CCP know they have us cause we have leaders… you talked about 2019. 2019 is the golden age of the Trump economy, the summer, the fall and Christmas with zero inflation, rising wages for blue collar workers, all time high stock market.
President Trump talked a little bit about this in his speech to the Hispanic Leadership Conference but 2019 is also when we really kicked into gear full spectrum energy dominance not independence, dominance so we were an exporter. Talk to us about how important it is, not just important. If we don't get back, if this nation does not return to full spectrum energy dominance, we are rapidly going to fall out of being a first world country, Dave Walsh.
Dave Walsh:
Well, and the fact of negotiating with OPEC members for buys in Kingdom of Saudi Arabia, Venezuela, Iran instead of producing, elevating our own production, which is way possible, get these permits issued, get the production moving ahead, this is the way forward.
2019, again we had OPEC on the run. It was basically a neutered organization due to our own elevated production of natural gas and oil. We need to follow the lead of Liz Truss in England. She's freed up 131 permits in the North Sea. Norway is elevating its production. Let's do the same, easily done and also the food aspect.
Europe has 24 large ammonia facilities for making fertilizers. Those 24 facilities have throttled back their production by an announced 35% on average, each, which is going to severely affect the Spring planting season in Europe for basic food stocks. So, we're going to see another secondary effect of these gas and oil prices in Europe caused at 35% reduction in the capacity to make fertilizers, key fertilizers, which are underway now, these reductions in supply, that are going to affect the Spring planting season. So, there are more problems than just at the pump in supporting industry which is already massively a problem in Germany.
Zero Hedge Article. April 9, 2022. The Global Fertilizer Shortage Means That Far Less Food Will Be Grown All Over the Planet In 2022
Steve Bannon:
If we put together Norway, Canada, the UK, Mexico and Brazil and the United States to counter OPEC what kind of throw weight would they have as far as production goes Sir?
Dave Walsh:
Those countries Steve, 28 million barrels per day for production. If we go back to 13 million where Canada stands plus the UK, Norway, Brazil, Mexico would be about 28 million barrel per day producer of oil for the West for the West. We wouldn't need OPEC. OPEC would become totally neutralized.
Now when you're talking about combating illegal activities that you can't you know we can't enforce our laws in the Kingdom of Saudi Arabia, but we can set up an organization in parallel to procure oil from our own sources that would completely throttle them so it's behaving as they do to defeat them and put them out of this illegal business of conspiring against global consumers, which they've been at since 1972.
Fox Business Article.nMarch 19, 2017. A Short History of OPEC
Market Watch Article. November 27, 2014. A brief, wondrous history of OPEC landmark events
The WSJ Article. June 3, 2013. A Brief History of OPEC – At A Glance.
This isn't a new thing, so just look how it troubled today's media questions about hostile acts. Of course, illegal conspiracies committed hostile acts every day against consumers and competitors. That's why they're illegal in in in so much of the West and Japan, cartels.
Steve Bannon:
Can the Biden regime actually respond to this as long as they have this ideology of decarbonization?
Dave Walsh:
No, they get confused with that and it seems to drive their entire agenda strategically, that life is about decarbonization and net zero. And unfortunately, as long as that is the central thesis and mission of strategy, we're not going to be able to take on this cartel and oil prices by producing more because the administration is strongly opposed to that. Kerry himself has said we're not going to drill more holes, there you go. We've got five different agencies under the administration all espousing policies against more oil and gas production and with a mission of suspending the use of fossil fuels directly from our Treasury Secretary, from her lips.
June 5, 2022, 2:37 Janet Yellen Warns the US ‘Will Always Face Vulnerabilities’ By Being Dependent On Fossil Fuels
May 11, 2021. Clear we have to move away from fossil fuels: U.S. Energy Secretary
So, she's repeating the strategy of the administration. No, they can't, they can't successfully combat this by negotiating buys from Venezuela Saudi Arabia and Iran. That's not going to do it. That's going to embolden them. It's going to embolden them further.
Steve Bannon:
Dave, you called this the day that Biden showed up at that humiliating, when they humiliated him at the meeting with the Saudi Prince, MBS. It was humiliating, the fist bump, all of it. They have no respect and the reason they have no respect, they realize he’s illegitimate. They know it. They know he stole it, that's why they treat him with no respect. The CCP treats him with no respect.
Joe Biden fist bumps Mohammed bin Salman during visit to Saudi Arabia
CNN The Point Article July 17, 2022. Why Joe Biden’s fist bump with MBS was such a disaster.
CNN Article October 7, 2022. Opinion: Biden’s fist bump turned slap in the face.
USA Today Article October 10, 2022. From fist bump to humiliation: OPEC+ production cut leads Biden to 'revisit' Saudi relations
St. Louis Post-Dispatch Article October 11, 2022. For Biden's fist bump, his Saudi reward is a gut punch
Dave Walsh:
He voluntarily withdrew the biggest weapon he had against them, which is to outproduce them. He takes that off the table therefore, you can't have any power or authority in negotiating with them. Not that you want to negotiate with them, but you remove that, and you join them in reducing demand or reducing supply for a different reason, that being environmental, we’re kind of on their team the way he’s behaving. So, there's no credibility talking to him.
Steve Bannon:
Dave how do people get to all your breaking news you got up on social media it?
Dave Walsh:
Thank you Steve, @Dave Walsh Energy on GETTR, thank you.
END
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