| 00:00:00 | MURKOWSKI WAS HERE BUT SHE'S HAD A TURN SO -- THEN LET'S -- LET'S RECOGNIZE SENATOR UDALL. |
| 00:00:08 | >> THANK YOU, MR. |
| 00:00:09 | CHAIRMAN. |
| 00:00:10 | AND SENATOR MURKOWSKI, AS ALWAYS, IS VERY GRACIOUS. |
| 00:00:14 | GENTLEMEN, THIS HAS BEEN INFORMATIVE, ENJOYABLE. |
| 00:00:16 | I'VE LEARNED A LOT AS I THINK WE ALL HAVE. |
| 00:00:19 | THIS MORNING I WANT TO JUST PIGGYBACK ON WHAT SENATOR WIDEN JUST POINTED OUT, AND THAT IS THAT WE OUGHT TO BE REALISTIC AS POLICYMAKERS HERE IN WASHINGTON THAT IF WE'RE GOING TO SQUEEZE IRAN, THAT WE'RE GOING TO SEE A RISK PREMIUM THEN BUILT INTO INTERNATIONAL OIL MARKETS. |
| 00:00:35 | I THINK YOU ALL AGREE. |
| 00:00:36 | AND I THINK IT WOULD BEHOOVE ALL OF US HERE WHEN WE START TO TALK ABOUT HIGH OIL PRICES AND, THEREFORE, HIGH PRICES AT THE PUMP, AND WE'VE BECOME OUTRAGED, WE FIRST OUGHT TO SAY WE'VE ALL FOR THE MOST PART HERE IN WASHINGTON SAID IT'S IN OUR NATIONAL SECURITY INTEREST TO SQUEEZE IRAN, AND AS A PART OF THAT PROESZ, WE CAN ANTICIPATE GASOLINE PRICES ARE GOING TO RISE. |
| 00:01:00 | WE HAVE TO BE STRAIGHT WITH THE AMERICAN PUBLIC, BUT THAT'S IN PART WHAT'S HAPPENING. |
| 00:01:05 | AND I DO THINK THAT SENATOR CAMPBELL MADE SOME GOOD POINTS ABOUT THE DIFFERENCE BETWEEN LEGITIMATE HEDGERS AND SPECULATORS. |
| 00:01:12 | BE INTERESTING TO TRY AND DIFFERENTIATE BETWEEN THE TWO. |
| 00:01:15 | BUT IN THAT CONTEXT, I WANTED TO FOLLOW UP ON WHAT SHE BEGAN TO ALLUDE TO, WHICH IS I REMEMBER GLOBAL ENERGY MARKETS. |
| 00:01:24 | AND COULD YOU ALL ADDRESS HOW THE U. |
| 00:01:27 | S. CAN SUPPORT COMPETITIVE AND OPEN GLOBAL ENERGY MARKETS? |
| 00:01:31 | HOW DO WE WORK WITH THE INTERNATIONAL COMMUNITY SO WE CAN REDUCE THE PAIN AT THE PUMP? |
| 00:01:36 | NOT JUST FOR OUR CITIZENS BUT AS SENATOR CANTWELL POINTED OUT, JAPAN, EUROPEANS, AND THE CHINESE. |
| 00:01:44 | I'VE BEEN PUSHING THE STATE DEPARTMENT AND THE USTR TO SEE WHAT THEY COULD DO TO USE ALL OPTIONS DIPLOMATIC AND ECONOMIC TO HELP STABILIZE PRICES IN THAT ARENA. |
| 00:01:55 | BUT I'D BE CURIOUS YOUR THOUGHTS, STARTING WITH YOU, DR. |
| 00:01:59 | GRUENSPECHT, HOW WE COULD DO THAT. |
| 00:02:01 | >> I MEAN, YOU KNOW, AGAIN, AS YOU KNOW, IT'S NOT A POLICY AGENCY, BUT I WILL POINT OUT THAT THE STATE DEPARTMENT IS ESTABLISHING FOR THE FIRST TIME, I BELIEVE, A NEW BUREAU OF ENERGY, YOU KNOW, AT THE ASSISTANT SECRETARY LEVEL. |
| 00:02:17 | I BELIEVE THAT THAT'S AN INITIATIVE. |
| 00:02:19 | I THINK THE NOMINEE HAS BEEN NOMINATED AND ACTUALLY HAD HIS HEARING RECENTLY. |
| 00:02:25 | EVEN BEFORE THAT, I THINK WILL'S A LOT OF OUTREACH. |
| 00:02:28 | I KNOW IN THE SHALE GAS AREA, THERE'S BEEN A LOT OF INTERNATIONAL OUTREACH, AGAIN, NOT DONE BY US, DONE BY THE STATE DEPARTMENT, BUT SHARING TECHNOLOGY, AND THERE'S A LOT OF INTEREST, A LOT OF INVESTMENT IN FOREIGN COMPANIES, IN OUR, YOU KNOW, HORIZONTAL DRILLING AND FRACKING, FRACTURING, HYDRAULIC FRACTURING OPERATIONS, IN PART BECAUSE I THINK THEY WOULD LIKE TO GAIN SOME EXPERIENCE. |
| 00:02:54 | TO THE EXTENT THAT PLAYS OUT IN SORT OF TIGHT OIL, WHICH HAS BEEN DISCUSSED AT THIS HEARING IN PART, |
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