US Energy Secretary Chris Wright Talks China Deal
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Hello and welcome. This is The Michelle Hussein Show. I'm Michelle Hussein. I speak with people like Elon Musk. I think I've done enough. And Shonda Rhimes. That's so cute. This will be a place where every weekend you can count on one essential conversation to help make sense of the world. So please join me, listen and subscribe to The Michelle Hussein Show from Bloomberg Weekend, wherever you get your podcasts. You certainly ask interesting questions.
Bloomberg Audio Studios Podcasts Radio News Here's the latest, President Trump teasing an energy deal with China after both countries reach a tariff and rare earth agreement. Joining us now, I am so pleased to say, is U.S. Energy Secretary Chris Wright from Toronto, where he is in the G7 meetings with other world leaders talking about energy and what can be done to build out. U.S. Energy Secretary, thank you so much for being with us. I wanna start with this deal that President Trump was hinting at with China, talking about Alaska oil. What details can you provide us with? What contours of this transaction do you expect to come to light?
Look, China is by far the world's largest importer of oil and importer of natural gas. The U.S. is by far the world's largest exporter of natural gas and by far the world's largest producer of oil. So there's so much space for mutually beneficial deals between the U.S. and China. Alaska was mentioned in that deal dialogue's enormous reserves on the Alaskan slope. They've been strangled by the Biden administration, and Alaskan production's been in decline, but lots of room for that production to grow, lots of room to bring natural gas from the North Slope of Alaska, and bring that to all of our allies along the East Asian rim, or frankly, anywhere in the world. But President Trump is just a master negotiator.
He finds out what is it that's critical to the Chinese, what is it that's critical to the United States, and finds that sweet spot of a deal that works for both countries. Could potentially the United States fill a gap if China decides to buy less energy from Russia, especially since the U.S. government sanctioned Royce Neft and Lukoil? Absolutely, absolutely. Today, the U.S. produces 50% more oil than Russia or Saudi Arabia. And it just puts not just the United States, but the world in a better position. Can we squish out half of Russian oil exports and still have a roughly balanced oil market? Absolutely, we can. Have you been in touch as well with your counterparts in South Korea?
What energy deal is President Trump hinting at with China?
The president coming back on this trip talked about the tariff rate in South Korea and the plan for them to buy oil and gas in vast quantities, part of that trade deal. Yes. I've been in dialogues with the Korean staff since I arrived in the office. You know, Korea is a great industrial nation, also short on energy resources, but long on other assets. So, yeah, lots of room for the United States to grow our role in supplying natural gas, oil and, frankly, nuclear technology to South Korea. I bring this up because it sounds like are you preparing some sort of trip to the Asia Pacific if you have to meet with your Chinese counterparts and your South Korean counterparts for the United States to send more energy to that part of the world?
Oh, I go wherever the president tells me. But yes, I would be going to Asia in a few weeks, and heck, I may be going sooner than that. You know, I'll get debriefed from all the dialogues and all what must be done promptly in the follow-up. Could be heading there very shortly. But I don't know about that right now. But of course, Asia is the center of the world economy after the United States. So yeah, that's a critical alliances, critical partnerships, and critical oil demand sources.
Mr. Secretary, I feel like we should have a map here of all the places where you've got trips planned, because I suspect that you're going to be heading to Greece soon, too, and the whole idea of how much the U.S. is exporting in terms of energy to the European region, especially as they reduce reliance on Russia.
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