Trump holds meeting with energy industry leaders on economy
I thought what I might do is go. Around the room and you just introduce yourselves to the media real quickly and then we'll have. A discussion afterwards, you know our 2.2, trillion dollar relief package, includes. Provisions. To allow businesses to deduct, their losses this year against, taxes, they paid in previous, years which gets you a lot of liquidity and. A. Lot. Of companies need the liquidity right now and hopefully, we're going to be back in business very soon we're going to be open very soon in this country or was it built to be closed and. Essentially. We have a closed country. Nobody's. Ever heard of a thing like this but this was I, was, with some of the leading professionals. And they say not. Since, 1917. Has it been anything like this 1917. Was a. Time, when I guess you could say 50, 75, or 100 million you had different estimates people died, thinking. About a hundred million maybe a hundred million people died, so they had no communications. They weren't able to shut things down like we are doing but. That. Would there was a plague I was at playing started here actually went to Europe we, were badly affected, but Europe was really. Affected, so that was the worst and so. Not since a hundred years ago more than a hundred years ago has this thing, like this happened, I just. Want to start by saying it's an honor to be with you I know most, of you one way or the other some, of you I know and but, I know all of you by seeing you in the covers of all the business magazines, and the magazines, and. You've done a great job and we'll work this out and. We'll get our energy business, back on with you a thousand, percent it's a great business it's a very vital business, and, honestly, you've been very fair you've kept energy prices reasonable, for a long period of time we've got a long period of time with. Very reasonable, energy prices so I want to thank you all for being here and maybe. We'll start with Mike please, all, right Mike. Work with seven corporation, mr. president, proud where our people are doing to support healthcare. Providers, first responders, and all. The other vital, industries that keep our economy going. Thank, you very much appreciate. Vicky. Hall boxes in Tyrolean thank you for allowing us to be here today and thank you for all you're doing for us thank. You very much Thank You Vicky Dave. Baker Devon, Energy or an independent, oil and gas company out of Oklahoma City thank, you so much for the leadership that you're providing, during this challenging, time you're. The right man at the right time to balance all the priorities and we're, gonna be back thank you very much we'll get it done Dave thank you very much, mr.. President Greg Garland total 66, again thank you for great leadership through, this pandemic, crisis, and all, that you've done on the STEMI wants this package, really. For the American economy the proper police, are working to provide energy and improve lives we, think it's going to come back quickly it's, it's. Ready we're. Ready and we've got the right packages, out there so very. Good we're looking at a I think we're going to be really looking very seriously, in a infrastructure. Package where, it's. So important, for our country you know as of this moment, Darren. We have seven. Trillion plus in the Middle East for. What for. What reason, and, we, don't put money in our own countries so we're going to do a big a big. Package, on infrastructure. Fairly. Soon and I think and that's very important. Yeah it's. Great for you the credit from everybody Darren please, Thank, You mr., president Darren woods Exxon Mobil Corporation, I'd like to add my thanks for your leadership in this space as well and say. I think all of our companies here are aligned with your objective, which is to get the economy moving and to, make. Make sure people's lives around the world better we. Judge you thank, you, Harold. Hamm, German. Commented, resources, also out of Oklahoma City I think. We're having this meeting I think. This is so timely, and necessary. Really. Appreciate, through leadership, also. The friendship, that you've kept with the, Saudis. The Saudi, foreign minister or, Crown Prince and. Also, vitomir, Putin I know those hadn't, been easy sometimes, but, at, this time it was particularly, needed, so. I represent. Our, company as. Well as the depa domestic, energy producers. Alliance. And, we're. About the 10,000. Companies, and individuals, mostly. Independent producers, this.
Great Great job you're doing I, think. President, Putin and, the crown, prince wants something to happen badly, certainly, terrible. For them what's happening - so. They want to see something happen I've spoken to both of them and. We'll. Tell you about that a little well thank. You very much, yeah Thank, You mr. president, Jeff Hildebrand founder, chairman o Corp energy our. Distinction, is we are the only private company here. This. Is a company that's based in Houston. Domestic. Only, exploration. And production company, and, I'm really here today to represent the, independent energy, companies, the family-owned. Businesses, that are that, are in this industry. And. To give you really that perspective. And. Add to the, conversation in, that regard so thank you for your leadership, appreciate. It Thank. You Ben mr.. President helping Warren Energy. We're. The only papad company, and. So we try to do business with everybody in this room and and. I think we successfully, do actually so. It's. An honor to be here sir and it's an honor to be in, this room with these, these folks as well and. Everyone loves that guy right. Thank. You very much great, great job you doing - he's. Not an oil and gas man he's a. Wonderful. Person and a wonderful politician. And he wants to see the industry get strong again, so, Kevin do you have anything to say by the way well first I want to thank you for doing this just by you reaching, out to. President. Putin and the. Crown Prince things have, improved, you're. Looking around a lot of jobs but what else you're not seeing at this table a lot, of these are small businesses, that work with all these individuals, around here and your action, today with citing the cares Act getting, the small business loans out is. Going very strongly because it's needed but. The. American, economy, greatest. Strength is our what, energy provides, us you, provide us a good price these are great jobs but more importantly it also gives us energy independence, it changes, the whole dynamics. Around so, thank, you for the leadership thank. You Kevin unless you just said that Bank, of America in particular is, really of the big banks has really, stepped into it they, have done a fantastic job, today, and so over the ten thousand, in the first year thank, you for marrying unbelievable. And I want to thank them I want, to thank all of the community, banks, and the smaller banks that have been loaning. A lot of money paycheck, it's. All about the paycheck and. That. Nobody would have believed to cut a gun so well so it's it's. Just a number of hours but the, numbers are far greater than we would have anticipated so. It's been really great and thank you to all the banks but, again in particular Bank of America, they really stepped right up and. They did it there were no big deals that won't make it a big deal out of anything so that was terrific.
And. I think what we want to do john, cornyn please. I, know, how you are, so involved in this coming from the great state of Texas would. You like to say a couple of words Thank, You mr. president thank you for convening. The meeting many, of us have been talking together. But. We, can't get done. What needs to be done only, you and the administration can, and particularly getting the attention of the, Saudis and. Flooding. The markets, really adding insult to injury in. A time when our economy was, suffering. Anyway because of the corona virus and so. This meeting could not be more timely I agree with what's. Been said about the importance of affordable. Energy to our standard of living and really we've changed the changing the world as a result of the production of domestic energy here, and improved. The quality of life for a lot of people. Good. Job and. John. Agrees we're talking about it the other day that. You've. All done well but you've also kept, the energy. Very. Affordable, very very. Affordable, and very a, lot of it we never had any problems we're going to keep it the way do I see Dan back there. I. Was I was looking I thought that looked like Dan I, want, to thank you for convening, this meeting you, know under the Trump administration working. With the Congress, the. US has become the. World's energy superpower, again it's unbelievable, and these. Companies have done it obviously. It's a very important, issue in, my state the great state of Alaska, but. These. Are great jobs as John, Cornyn just said for all of our states but, it's really important, for the national security of our country, to and. We. Have been a number of senators, have been reaching. Out having frank discussions, with the saudis saying hey if you're a long-standing. Ally, of ours, we're, not right, now you're you're hurting a lot of our, citizens. You're hurting a lot of the people we represent and, shouldn't. Take us for granted we, have a great military that's. Protected, Saudi Arabia, for decades. And. Senator. Kramer and I have some legislation, that could. Possibly, change that if if they don't start to cooperate so again. We appreciate your, leadership with, the crown prince with. The Russians and calling, this meeting but this is a great sector, of the US economy that, once. We get through this and we will this. Pandemic this this sector, is going to take off again and your, your administration. You have had a lot to do with, the strength of the US energy, sector and we need to keep it strong thank, you, and. Kevin cramer north dakota people don't realize how big of produces North Dakota is right. Mr.. President Decco, everything, and, maybe a little bit the. People, around your cavity but right now we, are part of the Renaissance of oil, and gas in this country but, since you became president we went from a Renaissance to security. To independence, to dominance, and. That dominance, and that security a right now are in some danger just a quick example. In North Dakota. Since, Saudi, Arabia, and Russia announced, their little price war we've. Had six billion dollars, of capex taken. Out of our state plan, for this year I. Was, economic developer after when the entire gross domestic product, of North Dakota is 13 billion dollars so, that's significant, that represents not just capex, that represents lots, of jobs lots. Of people in the value chain and we. Just have one word took to what Dan. Talked about with regard to Saudi Arabia. It. Is estimated by, one report in 2018. That we spend a minimum of eighty eighty 1 billion dollars, defending. Global. Oil supplies, we. Can use that money in national defense and other hotspots, and in the world if our friends are going to treat us this way so appreciate.
Your Outreach this week I think we're halfway there just, with the success of your diplomacy, this week thank you for knowledge for this week if it's got out, we have to otherwise we do there's. A lot of jobs too we're, talking about what is a big job producers, anyway Kevin right would. You have anything to say mr. president thank you I'm Mike summers and presidency of the American Petroleum Institute, the. Folks around this table represent, the American ever an energy revolution we. Want to thank you for everything that you've done to support that revolution, and, we want to make sure that revolution, come continues. After. This pandemic crisis, is solved. Important. Meeting this time as you know prices all, across the country, public, health crisis, and an economic, crisis, as you've, heard and as you know for everyone around this table the, energy sector has been a huge part of the economic success and boom that, we've enjoyed over the last several years and. The combination. Of, the. Economic, harm of the coronavirus. Crisis, combined, with the Saudis and Russians. Waging. Economic, warfare on, jobs in this country it's been a perfect storm in the energy sector and I'll tell you there. Are a lot of jobs there are millions, of jobs in, Texas. And across the country that are represented, by the men and women around this table and by energy producers, and there are small. Producers. Throughout Texas, and throughout the country who are who are on the verge of being driven out of business and, so, this this meeting I think is important, every one of the senators in this room has had multiple conversations with, the Saudis leading in hard on the, Saudis and your, leadership in diplomacy with the crown prince had, a big, impact getting, them to stop flooding the market and taking advantage of this, crisis, and I would underscore, one other issue, the number of the folks around this table of race I'm very concerned about is. Ensuring. That that, those and energy, in this, time of crisis, have access to capital that, there. Are jobs that are hanging in the balance and and, if the energy producers, in this country that have made America the number one producer of oil and gas in the world can. Access, capital, to get out of this crisis, we're, going to see bankruptcies. At a level this country hasn't seen in, decades and so this meaning and the continued leadership of, your administration, is, hugely important, thank you thank, you very much today while you're up the, concept, inferences, I think we should say in front of the media but oil. Reserves, story, oil the filling up the national reserves as you know getting. The early great price but, at these prices in, fact Kevin and I have been speaking about it John and I have been speaking about it at these prices you would think you'd want to fill up every cavity, that we have in this country and there's some areas in Louisiana, and, other areas that could be filled up they hold a lot of oil but, at these prices and, it would be good and would keep everybody, working but. You would think you'd want to fill. Up those areas, what do you think of that look. I think, that's exactly right I think it makes sense in terms of easing, the pressure that is that is threatening these jobs but it also makes sense for the taxpayer, yeah that's that Strategic, Petroleum Reserve is, there in times of crisis, and usually. The way the federal, government works is we buy when it's expensive, and we sell when it's cheap we, actually have an opportunity now, that by when it's cheap I think, it was. Inexcusable. That. Democratic. Leadership, and the House and Senate blocked, that in this bill we passed last, week and, I think Congress needs to go back and. It, was in the bill yep, and then the speaker came in and that's the one thing when she held this bill up for the number of days does she remove $20.
Over $20. Well there are too many demographics. That want to see little jobs go I think you should go back Kevin, I think you should go back and see John, if. You guys could go back and do a separate bill and. Beyond that you know I think it's 75, billion barrels right now to fill it up that's not that much so. It's fairly in pretty good shape, but, we have other areas that are bigger frankly. Than we could fill up too but it does prices, we should be you. Should be pumping, it up so maybe you guys could check on and see what you can do but I don't, think anyone can reject it nobody, can reject it so. Just. One thing mr.. President the. Department the interior manages, a, large, portion of land and part of the offshore and one of the things we've done over the last 15, days is you had the slowest, bread we. Have really. Had. Our inspectors, out on the front lines working, to make sure that the production that's taking place is. A Cranham as safe and a responsible. Manner and thank everybody for their cooperation in, that these. Jobs are so important, to the American people and and. Important that we make. Sure that we daughter. Eyes across parties to he's the biggest landlord, in the country. Meaning. Is called interior. Interiors. A lot of land when you look at it thank you great job me doing, so. Did mr., president, thank. You thank, you sir Thank You bishop. My name's Dan Burke I served the president with the Secretary of Energy with, regard to the storage mr. president having the announcement went to market this week for 30 million barrels, now. What standing the desire. Of the Congress not to give us any money to pursue this idea we have found an alternative, financing mechanism. So that we can take it you would I actually. Wasn't worried about. So. That we could win dictate Romero I'm, sorry sir what are you paying anyone, it's gonna be a little bit. Flexible. Pressure, where they may be paying us that's gonna be a little bit.
So. We're gonna go negatives, yeah might get transmitted. But, mr., president I just want to do now and for the industry players, who are here we're moving very aggressively we're, using every tool that we have at. The US Department, of Energy not only to provide immediate relief for, this. Particular industry and the economy itself, but also the look for technologies. That over time will reduce the cost structure, for the entire industry so we're moving on this as aggressively, as we can sir thank you for your leadership, did you check out other areas, where, you can store oil. And. There's some very big ones bigger than what we have now and. At these prices you should do it just really fill it up right yes sir, the tank, okay. Bob, lighthouse you've been so great and this is your meeting really but Bob it's been some of the best trade deals ever. Done in our country, and one, of them is kicked it actually kicked it on April, 1st and. That's with China and I hope they're buying a lot. But. The trade deals are working china's, good we're on track with the USMC everybody, on this entry was very shy that's pretty he, just wants to make deals in saloon then you've done a great job thank you very much we. Will have a news conference in about five o'clock, 5:15. Maybe then, so we'll see it a little while we'll answer questions, but this is a great group of leaders and, we've. Got to make sure that we preserve and, even. Make greater our energy. Industry and I want to thank all of the, senators. And congressmen. And the boss here for, being. Here and for working so hard they are I'll tell you what they are. Calling. Me constantly they. Want your industry, to be successful, and they really and they're going to make it that way we're all going to make it that way so. I'll see you at five o'clock and. Same, place, we. Look forward to it thank you. Rotavirus. We, got the new guidance. Would. Anybody like to beat this and how about you do you want to be tested I would love to be tested actually I think all of us might add we might be able to. Question. No, you know what I like it let's. Test these guys you. Know they gave us I think some of millions of jobs, listen. We think if I said millions of jobs if anybody wants to be tested.