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Reuters is reporting that Iran is allowing private firms to market oil.
At big discounts.
In order to beat western sanctions -- does this mean for.
Shell Oil president John -- Meister is joining us now from Houston John do you think -- -- oil market is.
Factoring in the potential danger of -- -- to world oil supplies.
Well I think -- in several dimensions you're absolutely right.
It in the Iranians have nothing else are persistent.
And they have great staying power.
And they know how the gray market the black market operates and so they will do what they have to do to sell their oil to make sure they get continued revenues coming in to fund their government.
And to fund their nuclear program by the way.
But they are very you know very sophisticated and how they go about it and they will skirt the law but meet -- legal requirements.
And there will be buyers there absolutely will be buyers of lower priced oil because anyone would take a break from 91 dollar oil if they cut.
Now what amazes me.
And this -- I've said -- so many times but I'll keep saying at what amazes me.
Is the American political leadership continues to keep the American economy on edge by failing to happen of domestic energy strategy.
That would put paid to the Iranians why do we live in a world where we're at the mercy of what these people want to do.
Instead of developing our own domestic natural resources according to a strategic plan which would take care of our economy.
Bill jobs in America and that you don't just leave us -- we have a economic goodness.
But John we have incredible production happening in North Dakota with it in shale formations in terms oil the oil sands in Canada.
We have as a nation made great progress.
On that note and on the demand side Americans buy their own choice.
Fuel and gasoline by buying much more fuel efficient cars.
Those are ameliorated yes but it's incremental -- it's just incremental it's not substantial.
We've gone from five million barrels a day to six million barrels a day of production in about five years.
But we need eighteen million barrels a day just to get through the day that's down from -- so yes we are using less.
But how do you close that increment.
And unless we have a plan.
Unless there are political enablers instead of disabled -- and keep in mind the incremental improvements that we have seen have nothing to do with the federal government.
They have everything to do with the private land holders right seeking rent for their natural resources and state permitting authorities which are looking for job development in their states so thank goodness for that and yes let's continue along those lines.
But what I'm saying is between six and eighteen million barrels a day.
There's huge opportunity to do so much more.
To put so many more people to work and to build value in this economy.
John thank you so much I'm getting long in the tooth and I've never seen an energy policy in my life time whether it's Republican or Democrat so.
We'll save it happens thank you so much John -- -- --
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