Latest / DEEP INSIGHT / US takes control of BILLIONS of barrels of oil after historic Venezuela deal

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US takes control of BILLIONS of barrels of oil after historic Venezuela deal · DEEP INSIGHT

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  Speaker 1: Okay, overnight, Venezuela announcing key details about the historic oil
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  Speaker 1: deal with the U.S., revealing it targets 1.5 million barrels
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  Speaker 1: a day and could generate $ 200 billion, while giving the U.S.
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  Speaker 1: control of more than 65 billion barrels of oil reserves.
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  Speaker 1: This as U.S. military officials say they have control over
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  Speaker 1: the shipping access to Iranian ports during the naval blockade
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  Speaker 1: in the Middle East. Here to discuss all of this
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  Speaker 1: is former Trump deputy national security advisor KT McFarlane. Always
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  Speaker 1: great to see you. Especially great to see you, KT,
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  Speaker 1: on this particular story because it's right in your wheelhouse.
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  Speaker 1: I want to start with Venezuela. When you step back
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  Speaker 1: and you look at this deal— and I get, you know,
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  Speaker 1: there are all kinds of other questions about this— but it
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  Speaker 1: does kind of make you wonder if, when President Trump's
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  Speaker 1: memoirs are written, the whole— this whole situation in Venezuela, where
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  Speaker 1: the U.S. winds up gaining access to these reserves, wasn't
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  Speaker 1: the precursor to his decision to then go after Iran.
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  Speaker 2: Oh, I think it was. And I think they probably
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  Speaker 2: thought Iran might be easier than it turned out to be.
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  Speaker 2: But it didn't. It turned out to be harder. But
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  Speaker 2: we still won. And that's the difference. We've won that.
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  Speaker 2: We've won that war. Because why? Because the oil that
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  Speaker 2: was moving through the Strait of Hormuz, 20 million barrels
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  Speaker 2: a day, it's going differently. It's going through the Strait
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  Speaker 2: of Hormuz, probably 10 million barrels a day now because
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  Speaker 2: we've cleared the southern route. But a lot of that
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  Speaker 2: oil that used to move by tankers is now moving
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  Speaker 2: by pipeline. And it's not going to go back to tankers.
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  Speaker 2: And then some of the shortfall has been made up
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  Speaker 2: by American oil and natural gas that's moving out of
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  Speaker 2: the United States. So at the end of the day...
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  Speaker 2: We got rid of the nukes, and if they try
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  Speaker 2: to rebuild the nukes, well, we'll bomb those again. And
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  Speaker 2: as far as the importance of the straits, it's going
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  Speaker 2: to be increasingly irrelevant, especially because of the Venezuela oil connection.
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  Speaker 2: We are now controlling a quarter of the world's oil,
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  Speaker 2: and whoever controls the world's energy, the world's fossil fuels,
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  Speaker 2: in the years ahead controls the future.
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  Speaker 1: You know, it's kind of amazing to think about, but
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  Speaker 1: for five decades, Iran has used their ability to put
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  Speaker 1: the squeeze in the Strait of Hormuz to get exact
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  Speaker 1: political things from other people. It's almost like they kind
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  Speaker 1: of pulled that bluff this time with the wrong dude,
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  Speaker 1: and it didn't work out for them, and they may
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  Speaker 1: have broken the one thing, the one lever that they've
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  Speaker 1: always had.
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  Speaker 2: You know, that's the point. They thought they were dealing with,
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  Speaker 2: you know, a typical American president. They didn't realize it
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  Speaker 2: was Donald Trump, and he plays by different games. And
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  Speaker 2: so they thought, OK, we're going to close the Strait
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  Speaker 2: of Hormuz, just like we tried to do with President Reagan,
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  Speaker 2: just like we've tried to do many times before. But
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  Speaker 2: because Donald Trump already had the armada prepositioned, he could
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  Speaker 2: then put a blockade on Iran. So for six months,
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  Speaker 2: no ships have gone into Iran, no ships have gone
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  Speaker 2: out of Iran. Their economy is spiraling. And yet at
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  Speaker 2: the same time, we've got this workaround of how to
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  Speaker 2: get oil to the world. You're going to see oil
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  Speaker 2: prices start to go down, I think, pretty dramatically now
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  Speaker 2: that that shortfall of 20 million barrels a day, that's
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  Speaker 2: now getting to the producers, that's getting to the refineries.
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  Speaker 2: And it wasn't three weeks ago. It wasn't two months ago.
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  Speaker 2: Now it is. And so the price of oil should
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  Speaker 2: start coming down and hopefully the price of gasoline to follow.
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  Speaker 1: So not only is it significant in terms of American
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  Speaker 1: power in Venezuela, the U.S. having control of that, it
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  Speaker 1: also means that our enemies, our biggest rivals, whether it's
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  Speaker 1: a country like Cuba or a country like China, doesn't
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  Speaker 1: have access, free access for cut-rate oil from Venezuela.
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  Speaker 2: Yeah, China had been all over South America trying to
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  Speaker 2: get their hands on Venezuela and other resources, oil as well.
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  Speaker 2: And now they're gone. They're out of there. They're not
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  Speaker 2: having any access to that. All China can get is
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  Speaker 2: that Iranian oil, which they're probably not getting that much
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  Speaker 2: of anyway. The genius of President Trump is that he
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  Speaker 2: realizes as a businessman what's the best country solution you
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  Speaker 2: can have to all of your trade, all of your commerce,
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  Speaker 2: all of your manufacturing, all of your production, to do
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  Speaker 2: it nearby. So we don't have to think about trans-Pacific
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  Speaker 2: trade or transatlantic trade. We're now going to have a
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  Speaker 2: Western hemisphere united at peace, trading with each other and
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  Speaker 2: under the United States leadership. The cheap goods that we've
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  Speaker 2: been importing from China for decades, they're going to now
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  Speaker 2: be made in South America. And because of the energy,
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  Speaker 2: particularly as we look to the future and the requirements
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  Speaker 2: of the data centers and artificial intelligence, it needs a
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  Speaker 2: lot more energy. Well, who's going to have all the energy? Us. Yes.
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  Speaker 1: Make the Western Hemisphere great again. KT McFarland, as always,
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  Speaker 1: really appreciate it. Thank you so much.
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  Speaker 2: Thank you.