Podcast Summary: The 47 Morning Update with Ben Ferguson

Episode: Oil & Gas(lighting)

Release Date: March 10, 2022

Introduction

In the episode titled "Oil & Gas(lighting)," host Ben Ferguson delves deep into the tumultuous landscape of the U.S. energy sector, examining the administration's policies, their implications on domestic and international oil markets, and the broader geopolitical ramifications. The conversation is primarily anchored around a detailed discussion between Senator Ted Cruz and Michael Knowles, shedding light on the Biden administration's strategies and their effectiveness in addressing the ongoing energy crisis.

Biden's Energy Policies and Their Impact

Rising Energy Prices

At the outset ([05:25]), Senator Ted Cruz critiques President Joe Biden's aggressive energy agenda, attributing the surge in energy prices directly to the administration's policies. He states:

“We’ve seen since pretty much the instant Joe Biden became president, we've seen the price of energy going up and up and up... This has been a relentless war on oil and gas.” ([05:25])

Cruz argues that Biden's actions, such as shutting down the Keystone Pipeline and halting new leases on federal lands, have significantly reduced domestic energy production, leading to increased reliance on foreign oil and elevated prices at the pump.

Supply and Demand Dynamics

Highlighting basic economic principles, Cruz explains the correlation between reduced supply and rising prices:

“What Biden has presided over is supply going down dramatically... When supply goes up, the price goes down. If demand goes up, the price goes up.” ([20:42])

He emphasizes that the administration's restrictions on oil and gas production directly contribute to the inflationary pressures seen in energy markets.

Shift to Foreign Oil: Venezuela and Iran

Critique of Foreign Oil Alternatives

Cruz criticizes the White House's pivot to sourcing oil from Venezuela and Iran as ineffective solutions to the energy crisis. He elaborates:

“They want to buy oil from Venezuela and Iran... while they (the Biden administration) are denying energy production at home.” ([10:20])

He underscores the problematic nature of relying on oil from nations with questionable human rights records and geopolitical tensions, contrasting it with the more stable and reliable Canadian oil sources.

Impact on Global Geopolitics

Further, Cruz discusses the broader implications of these policies on Russia's geopolitical leverage:

“President Zelensky... said if the United States had imposed sanctions on Nord Stream 2 last year, Putin would not have invaded Ukraine.” ([28:03])

He connects the lack of stringent sanctions and support for oil sanctions to Russia's sustained ability to fund its military endeavors.

Sanctions on Russian Oil and Gas

Insufficient Action Against Russia

Cruz highlights the Biden administration's delay and partial measures in sanctioning Russian oil, pointing out inconsistencies in their approach:

“Biden exempted oil and gas. Nevermind that Putin's major source of revenue is oil and gas... they have been trying to press Europe to cut off Russian oil and gas but are reluctant to ramp up U.S. production to fill the gap.” ([10:20])

He argues that without significantly reducing U.S. energy exports, Europe remains dependent on Russian resources, thereby sustaining Russia's economic strength.

Zelenskyy's Position

Reflecting on his conversation with Ukrainian President Zelensky ([28:03]), Cruz conveys Zelensky's stance on how U.S. energy policies have influenced Russia's aggressive actions:

“Zelenskyy said if the U.S. had imposed sanctions on Nord Stream 2 last year, Putin would not have invaded Ukraine.” ([28:03])

This underscores the perceived direct link between U.S. energy policy and Russian military actions.

Military Aid to Ukraine

Request for Fighter Jets

A significant portion of the discussion centers on the type of military aid Ukraine requires. Zelensky has explicitly requested fighter jets to gain air superiority over Russian forces:

“What Zelenskyy said he needs more than anything else are fighter jets... he needs the jets.” ([28:03])

Cruz criticizes the Biden administration for its reluctance to provide such advanced military support, despite bipartisan agreement among senators on its necessity.

Administration's Hesitance

Cruz points out the administration's hesitancy to commit to providing fighter jets, even when logistical solutions like the transfer of MIGs from Poland are available:

“The Biden administration really, really didn't want this to happen... So Poland today did something really quite extraordinary, which is they flew the MiGs to a US Air Force base. They said, all right, here are the MIGs that Ukraine wants.” ([34:51])

This move by Poland forces the administration to retract its support, further complicating the provision of necessary military aid to Ukraine.

Supreme Court Nominee: Ketanji Brown Jackson

Meeting with the Nominee

Transitioning to domestic affairs, Cruz discusses his recent meeting with Ketanji Brown Jackson, Biden's Supreme Court nominee:

“She personally can be very charming. She smiles and laughs easily. She's very bright, she's very capable.” ([39:11])

He provides insights into her professional background and demeanor, noting her meticulousness and guarded approach to her jurisprudential philosophy.

Confirmation Prospects

Cruz expresses skepticism about Jackson's alignment with conservative principles, emphasizing the challenges Republicans might face in opposing her confirmation:

“There is no chance that it will turn out that this Supreme Court nominee is a secret conservative.” ([48:03])

He underscores the likelihood of her confirmation given the current congressional dynamics, where Democrats are expected to support her defectively.

Conclusion

Throughout the episode, Senator Ted Cruz presents a comprehensive critique of the Biden administration's energy policies, linking them to both domestic economic challenges and international geopolitical tensions. He advocates for increased domestic energy production as a strategic move to alleviate energy prices and weaken adversarial nations like Russia. Additionally, Cruz underscores the importance of decisive military and economic support to allies like Ukraine to curb aggressive actions by authoritarian regimes. The discussion also touches upon the broader implications of Supreme Court nominations, highlighting the ongoing partisan battles within U.S. politics.

Notable Quotes:

• Ted Cruz ([05:25]): “This has been a relentless war on oil and gas.”

• Ted Cruz ([20:42]): “Supply going down dramatically... When supply goes up, the price goes down."

• Ted Cruz ([28:03]): “If the United States had imposed sanctions on Nord Stream 2 last year, Putin would not have invaded Ukraine.”

• Ted Cruz ([34:51]): “Poland today did something really quite extraordinary, which is they flew the MiGs to a US Air Force base.”

• Ted Cruz ([48:03]): “There is no chance that it will turn out that this Supreme Court nominee is a secret conservative.”

This episode provides an in-depth exploration of the intersecting realms of energy policy, international relations, and judicial appointments, offering listeners a critical perspective on current administrative strategies and their broader implications.