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Gulf Oil CEO Joseph Petrowski on how the White House’s policies impact the energy sector.
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For more on this and other critical energy issues were joined by -- Oil CEO joke atrocity drove great to have you here distributor that must have been -- -- that statements slipped back in to the to the that.
Sure the administration would have done that potential.
Our this administration is is is amazingly.
They talked just gestures in Washington -- -- about the great advances in domestic production that we've made what of course as the opinion victory -- they mentioned.
Is that all of the increase -- been on private lands and that production has been down.
Almost a third on public lands that they they simply are not friendly towards our department's period -- and we're watching another coal company go broke for watching utilities struggling that are dependent upon -- nations dependent.
Coal for about 40% of bar.
Our generation.
And this administration doesn't seem to have a focus other than being anti fossil fuel.
-- that is true.
And you know all of the above is is really I think it.
At that terrible -- future life is about making choices.
Attrition should be based on economics and cost.
And all of the debate yesterday in Washington.
Are very few people that ever brought up the cost and we can say -- low wind or solar.
But let's get down the cost and the fact is hydrocarbons.
Represented a a great way to get this economy jump start or.
What was congress most excited about -- -- to trust what excited -- I don't know if they were excited what I was trying to -- let them.
You know as we have some problems in the Arafat's the renewable fuel -- we have mandates the mandates by themselves -- just silly ways to.
I think -- on economic policy.
We have a mandate for example a fuel that doesn't exist so the loss.
And if you don't make it most the name of that fuel -- officer.
And it's issued its -- -- industrials it may never exit well it's like mandating.
-- hunting you know you -- -- you can mandated.
But it isn't fair and and you pay -- tax.
Nearby the problem we have was we've mandated a certain amount even of corn based ethanol.
And given what's happening in the midwest.
That could be -- -- disaster.
Did congress show any interest in the fact that we are watching.
Horrible drop that is driving prices for Warren.
And their four -- -- all.
Significantly higher I don't think -- where I think there was news -- there was some thought they were aware that the drop and I think what they thought as well the revenues will go up rounds of the renewable certificates -- -- pay a penalty by the way.
They've gone up a penny and a half -- a week which.
Translate to about a bill you have to also cost that ultimately get past but the consumer these numbers where we talked about it element canceling -- are talking about bet.
It is serious -- a 136 billion gallons what we consume United States last year.
But the point matters most of our refineries now are making a blending product.
That means ethanol so even if -- -- worst case scenario happens in the corn crop.
And a hog goes up another 5060 cents a gallon which would translate the five to -- -- -- gasoline.
We're still gonna have to use ethanol in the short run unless we retooled -- refineries back to produce gasoline as it used to be produced without.
So all of -- -- bop.
-- it's becoming a synonym for.
We don't know what to -- It really is a bit all of the above is saying I'm not going to make a choice -- American made the choice.
On hard economics what's best for the nation.
We have good stories and oil are domestic production because private lands is up after -- -- tremendously.
Positive story.
-- from all the subsidy at least was taken off of it.
But I think to mandate a certain amount I'm not what price dictate.
-- you could have the fuel market stealing corn from the food market and that's that's a looming political problem.
Of trust and it was -- -- and we -- reflection banner -- should be.
