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It's the latest this morning, Bren climbing back above one eleven. As President Trump ways Iran's latest proposal to end the war, the Treasury Secretary scomp Messin saying the US blockade is forcing Iran's oil industry to shut with gasoline shortages to follow. John Gus now to discuss. I'm very pleased to say the US Energy Secretary Chris Right joined us for more.
Mister Secretary, you are in Croatia. I believe we can talk about the relationship between the US and Europe and just a moment, we have to lead with Iran this morning, mister secretary, in your mind, how much storage capacity does Iran have left? And what's informing that conclusion at the moment.
Well, look, there's monitoring of storage tanks that carg islanded around the nation of Iran. But yeah, they don't have a huge amount of storage capacity, and they've got old reservoirs that are low pressure, which means it's much more destructive if they have to shut in their production.
Kepler, the secretary is talking about twelve to twenty two days left that Iran has in terms of storage before they have to shut in. Do you see the President making any sort of decision on Iran's proposal before that time period is up.
At the President's focused on getting the right deal that could be independent of their storage. But obviously that puts great heat on Iran. If we can get the right resolution, that could be tomorrow, that could be two weeks from now, But the key thing is the right resolution Iran.
And let me just put the context again.
Iran has roughly one thousand pounds of sixty percent enriched uranium. There's no commercial peaceful use for that. That's bomb material and that's ten days two weeks tops to turn that into highly enrich uranium for bombs.
So this is an existential crisis. I'm very proud of the President to.
Stand up and put an end to Iran's efforts to get a nuclear bomb.
Well, so it doesn't sound like the President would take this off ramp from Iran, which is reopening the straight up removes. Obviously the US blockade would have to end, and then kicking the can down the road when it comes to talks on nuclear.
Yes, again, the critical outcome here is that we end the ability for Iran to have a nuclear weapon. There's many ways that deal can be structured, but the compromise will not be made on the principle no nuclear armed Iran.
We see gasoline prices on average rising again this morning. They're above four dollars a gallon. You recently said the administration plans to do more to bring down US gas prices. We saw the waiver on the Jones Act extended. What else are you thinking about.
When you also saw announcements on the EPA for blending requirements this summer that allows our refineries to produce a lot more gasoline. Unfortunately, a few states foolishly did not go along with it, so California is still going to have outrageously high gas prices. New York State, I don't know why also did not go along with the federal regulations, but we're doing everything we can to increase refinery throughput. American oil production is at record high, American oil export
store allies are broader at record high. So look, we're going through a purity of discomfort to solve a forty seven year crisis, and gasoline prices are still a dollar a gallon cheaper than they were during the middle of the Biden administration.
Well, I'm hearing that the administration is also considering an export ban on US products.
Is that accurate? Absolutely not, absolutely not.
Look here, I am in Dubruvnik, in Croatia signing multi billion dollar deals to sell American energy exports.
That is the fastest growing export out of our country.
We're selling American natural gas, American oil, American jet fuel, diesel, and gasoline all around the world. We're not going to stop those exports. We're going to grow those exports.
Secretary, how much are you trying to ameliorate some of the price considerations and traditional allies of the United States as this does potentially drag on for a longer period of time. I mean, how much does cost a big part of some of these exports.
Yes, everyone understands, particularly over here in Central and Eastern Europe. People understand the existential threat from Iran. Everybody wants to see that the United States successful in ending Iran's nuclear weapon ambitions. Nobody likes, of course, high prices in the short term, but they understand increased American energy exports, increased energy addition policies lean into more energy production.
That's what President Trump is all about.
We've got to get away from those Western European policies of making intentionally making hydrocarbons expensive and energy subtraction policies. The future of Europe, the dynamic growth of Europe, is going to be in these Central and Eastern European nations that lean into the President Trump's American agenda of more energy, more economic growth, more opportunities for citizens.
Emory was alluding to this idea, this idea of potentially having restrictions on exports, and this has been deployed before in part because prices were going up and it increased the price when we were exporting a significant part of resources in the United States. How do you plan to have exports continue to increase to us? Allies will not necessarily having the ramifications of much higher prices here.
Because the refinery capacity we have in the United States now is greater than all of the consumption in the United States. If we didn't export our diesel and jet fuel, we'd have to turn down our refineries.
Who would want to turn down their refining.
Capacity in today's world, We want them to. The higher utilization they run, the higher throughput they run on, the more efficient they are, they produce more products. That puts a downward pressure on prices, not just in the United States, but for everyone abroad. That's what America is about, bringing more energy to the world and pushing prices down.
Mister Secretary, And you're announcing today Trump Peace pipelines. Will it be something that all of our allies in Europe can get a handle of.
Absolutely.
This Trump Peace Pipeline agenda is to grow the connection between the nations of Europe.
Where I'm standing right here in Croatia.
These nations were at the end of Russian Soviet Union energy system. They were at the behest they were beholden to Russia. That's not a good place to be. What we're doing here is expanding this pipeline network so they can import oil and natural gas from the United States and then transport it among the nations in this region, so their economies can grow and they can realize lower
price for their citizens in greater economic futures. I think the idea of the Trump Peace Pipeline, the peace pipelines, there's many of these are huge. Well, we'll announce today a couple of historic agreements in this.
Regard, Missus Secretary.
I know you've got a time window this morning, so thanks for making sign for us. The Uman of sent Energy Secretary there Chris right on the situation for global energy and US energy doing a ton of heavy lifting