Transcripts. Bannon’s War Room. Dave Walsh Global Economic Empire and Energy. October 8, 2022.
Topic: Energy. Guest, Dave Walsh. October 8, 2022.
Transcripts from Bannon’s War Room on Rumble: Dave Walsh Global Economic Empire and Energy
Published October 8, 2022.
Jack Posobiec:
If I want to bring in Dave Walsh now and really get his take on that that conference that was just held and some of these ideas of this global economic empire.
Dave Walsh:
It was a great summit my privilege to attend. Five hundred CEOs convened in near Lynchburg VA where great Liberty University is. Great job done by Dave hosting and arranging a great conference. I was mainly involved the energy aspects of it and what
I was listening to from the very large African delegation, that was the focus was massive massive disturbing feelings about the World Bank position on supporting energy for Africa that the World Bank only really supports renewables projects and will only fund renewables projects for Africa. A great deal of frustration with that because the continent with a billion four people many countries with US consumption of electricity at a 1910, 1912, level desperately need all types of electric power, hydro, nuclear, coal, gas oil. Fortunately, Africa is blessed with massive quantities of coal, oil, and gas. Hydroelectricity still largely heavily untapped.
Tremendous opportunities do blast into massive production using those resources not renewables. But here the UN both UN policy and the World Bank policy is really at this point only all about renewables which is a way of stifling economic growth in Africa. The way that the western European economy was built, the economy here in North America was built, the economy in Japan was built, was based on a solid foundation of fossil fuels or steel plants, car plants, aluminum plant, smelters.
You've got to have that for a developed society, baseload continuous duty energy that only fossil fuels and nuclear power provide. Renewables can be used on the margin but not as a main source for baseload continuous duty power. The Africans know that. Everybody I talked to there they know that and they’re very frustrated with the policies with the World Bank will only finance renewable projects in Africa with tremendous need tremendous need for electrification.
Jack Posobiec:
Why is it that energy has become such a political tool in the building of this global empire?
Dave Walsh:
Now he's (Biden) begun to unveil his whole strategy on the OPEC announcement. Yesterday it was releasing another 10 million barrels of the SPR (Strategic Petroleum Reserve), completely non sustainable, use one of their words, a non-sustainable approach to this long term need to produce more, horrible strategy we're down to 22-day supply. If you take the day supply of what's left versus our national consumption, we're down to a record low in 42 years of the SPR 22-day supply.
Second thing he's come out with, he’s evaluating cutting off oil exports. And I want you to think about that, that's a 8 million barrels a day we export. The biggest recipients are Canada and Mexico as we trade grades of oil with them. We receive enormous quantities of oil from Canada and Mexico grades including refined product that we don't have, and we shipped to them products that they don't have. And here we're talking about a blanket possible cut off of exports.
Nothing will raise prices more than that because what that does is communicate to oil producers some of your largest clients will be off limits, offshore customers, that's going to aim to reduce production even further in a time of need. So, that’s going to have the polar opposite effect.
Jack Posobiec:
Would that include offshore refineries in the gulf as well?
Dave Walsh:
Yeah, he's talking about evaluating cutting off exports. Now until the discussion is distilled that would include Canada and Mexico, a complete disaster. We have to look at this collectively across Canada, Mexico, Brazil, England, Norway, and the UK together, as a consortium not a recipient consortium but a production consortium, to work with one another to combat collectively the after mentioned countries very strongly allied with us of course produced 28 and a half million barrels a day. That’s an equivalency with OPEC.
We would easily crush their strategy. Further, he's also talking about visiting the US district and federal courts to attack OPEC. Okay, it is an illegal cartel, but we can't impose, unfortunately, we can't impose U S District Court and US judge decrees against foreign sovereign nations. That's not going to work. We can only combat this by congealing with similarly aligned major production nations to team together to crush them with an equivalent supply where we team with one another.
So, for example again cutting off exports to Canada or Mexico cannot be in the playbook. We import enormous quantities of grades of oil and kerosene that we need. It’s a trading thing and you know across border with pipelines. It is as it should be they’re our neighbors. They are our allies. So, this discussion of cutting off exporting is insane and further communicates to producers, your biggest clients will be gone.
They'll produce less, prices go up further. Jack there's one more thing I missed in the policies being evaluated as of today, also pulling back some of our air support for the Kingdom of Saudi Arabia. Now, that can sound like a nifty tit for tat. It's not. If we begin to expose them to more of a threat from Iran, they will go seek support from others. It will be China.
We can't use this when we have such an easy solution of producing more, returning to global dominance in oil and gas production. It’s such an easy appropriate thing to do not these measures but instead to expose now more instability in the Middle East and in the world in addition of course to Taiwan and what's going on in the Ukraine. If we start talking about withdrawing air support for Arabia because of this, we're introducing yet more instability then. We can solve this with production.
END
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