Mar 12, 2014|
Garland talks with Eric Smith of the Tulane Energy Department about whether our natural gas should be exported to Europe.
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Automatically Generated Transcript (may not be 100% accurate)
Well we groomed her lot to in the aftermath of Ukraine. Then President Obama should get tougher and and he should to what degree and -- -- student applied to -- -- and their. Sojourner and crummy. And a possibility to move an Arctic you have taken over Ukraine. And one bill ideas that it's been projected. Is. Taking our natural gas and exporting. Because of wracking -- ruling. -- got a whole lot more energy them we have every book form and can -- side that -- and that's this may be dated but of the report -- as a liquid natural gas -- Olivia thing. We -- -- of the salute to UT. It's. And we've -- it's slightly larger export absolutely. Sure worlds. And LNG facility in camera. Its -- to benefit -- bought before reaching conclusions. We go to our expert is always an Eric Schmidt at Tulane Energy Department professor at their good afternoon. And talked you'll. -- World is the -- What do you think. -- -- -- -- -- I think it's. What are the effects are good people -- did you ever few more facts about the art of the possible for the start making. These sort of project. The first thing. The members. The US government doesn't export natural individual companies export. Shipments and billions of dollars on these. -- -- -- -- -- -- Kinda commitments -- supplied. Before they ever built partnerships with all the rest so. The short answer is we don't have a video you know export capacity right there -- remote. That you mentioned several reports are coming -- on -- pretty. Different shall be able to -- the volume -- exports would be. Our tradition being press disorder which starts coming on -- 4015. Which is probably going to be ultimately. Ukrainians should. Good group. -- and. Gas is sold to two utilities and Asia and other places so we we were asked to. Literally. Our government have to go in and you know and chief from the people who already percolating -- In order to redirected to Ukraine in the Ukrainian camp -- for a -- that are Central Africa. And. I thought it was due primarily read directed to Europe who were -- gets 3035. Person than that -- gas from Russia. In order to save Russia hey we got Europe covered. Well I know we do have import terminals and cultural -- statement that we could chip technology and get around where we have that are available. In two. Those. Re gasification terminal that are there are scattered all crossing. -- that but that wouldn't be a dude twenty that in. Well it -- that we can. Right we can to redirect LNG from other locations but the US doesn't have any exports available until -- Everything I read that. Our -- to lose restricted by Waldman would think creeps a lot of regulatory hurdles for exported natural death. Two countries that are not free trade partners is that correct. Yeah we are sort of a -- stage approval process should. Be relatively easy want to get out. It is the export to free trade. Partners. Members of NAFTA and -- So that. That's good news about uses a different people that we've been natural that people need to -- for the Japanese or Korean virtually. -- -- not members so that's the one that takes the the longer. A larger. -- minute effort to get support harder for some sort of been approved for sport and all the approvals for the current change. Secretary -- came to replace torture. Do these all these LNG facilities. In Louisiana. Is that more than other states and where they created in this just sat there. When there was no longer product. Well they were created to import LNG if you remember we we were. Before the shield sort of phenomenon that we are in deep trouble with the need to import. -- achieved from approach to foreign countries so we -- these import terminals along the elderly vehicle inspection report. -- on the Gulf Coast. And -- of the turtles that we are now trying to forming in two export -- Is is that real or. Is that the real big change. In those facilities. Yeah I took out -- anywhere from four to eight billion dollars apiece. Yeah that's a pretty big change. On. So everything we're hearing in the media. Is about Africa and we ought to get on this and and I've even -- Even though we takers through 2015 to get going. Where to save we're gonna do -- because even that would have influence on what Russia is doing right now. Well I think there's some some are characteristic that description the alternative or solution -- a pretty. The thing -- after remember. Is that people tend to crises in the future events into the year thinking. Long before the government answer to approve and I think that you know -- in the year. A statement -- Obama refused to territory approval of LNG. Export terminals would be useful. -- remember he's got a whole group of the electorate that's commentator -- urban history only and then there's even some of the conservatives. Through our interest in ensuring that gaffes kept in the united mysteries too depressed local price for their industries -- over. The approach chemical industries very happy not conceal -- exports -- Nuptial -- talk to about when we come back and also fund aboard your solution is that a pundit. Very interesting YouTube Google -- you'll -- we all over the media reporting this is a viable option. That would have. Abrupt precautions in Russia and you just don't read too polluted places it's now with the LNG Priscilla you were inept. That we already. We you'd have to our renovate them -- the cost of billions of dollars. And couldn't possibly -- directory export to sell up to 2050. Coming right back you know. Mug dated information but. The Lansing go read. You what else weren't trying to us from -- house Russia. Who's the biggest natural gas producer in the world. And we could take over Saudi Arabia's top oil producer by twenty protecting social things have changed. And -- -- -- one President Obama to use part of and it is. Sledgehammer against plumber prudent and Ukraine. By exporting our natural gas to Europe. That gets about 3035%. And other programs and -- -- threaten him in the pocket. -- what I find up room professor Everett Smith through lane and -- department. Good idea but all LNG liquid natural gas facilities. Don't -- war and after renovated and that the cost billions of dollars and that probably wouldn't get done two run 2015. All right which started in 45 game and that probably wouldn't be. Significantly internal -- warriors -- -- a little -- and may have skewed this. The chemical companies -- talking about it -- assume the utility companies do. Are serious about an idea of we've we've got a surplus and that keeps the costs down our cause and you do this. Breed trio products utilities are gonna go. Well I think that there's. A little -- it true that the campuses all kind of -- questions -- degree if you were electrical company. That's producing pharmaceuticals you don't care at all or it currently is not a big proponent of your columns. But if you were producing. Polyvinyl chloride. Plastic bags or something like Eric and certainly hear from our premier Costas and -- actually concerned. Or the (%expletive) were Christian concern. Dictate matters a great deal. So yes they would like to protect margins. I think -- policy. Which chemical company's position is that I don't ever believe that will be able to export about LNG. -- financial terms were crushed to radically different approach and -- just a question that's typical of the scale. No do you think we can export something like 3035%. Of what you're -- it's not a -- they use the 3035%. They used from Russia at this point. I would seriously doubt it there there're other people already supplying Europe put LNG. Got a -- -- -- -- currently. -- -- -- It would be all are there to try and covered them the total war. Sure all the biggest economic problem would be there just -- Russian situation you're we're in now. And across. To convert natural gas elegy and then back to natural reaction again. Is in many cases marches across America as a child or if you're in Russia. If you look pretty rare -- can produce again. On an incremental cost forty different different should actually reference so true. Ten dollars and you're making a bunch of money. After you -- tracked across support Portugal for a -- for our. That cost of turning a terror for Fargo and natural gas in QLNG. Transporting and convert it back in the -- there should or. We are at ten dollars very quickly so -- economic knockdown drag out try to Russians will be cheaper source secure your actual. So this. Implantation and your -- with the debate it is just kind of we should tell him. Well now. I don't think it's a waste the time and I think that if it encourages. The president the current administration to speed things are possible lull in. Exports were less restriction in particular it's actually you know here. He's a good. A -- the gross profit. I -- out sort of Ukraine the more -- in the world market the better off it is for these other countries are quite the end of the year ago and commercial. But little or no effect on Europe org recruiting tool 20/20. Felt like to debate that's wasted time -- for others again. We're -- we've got extras so what do we export make profit. Well -- am the very -- we are already are exporting natural gas spot of course it's going to push toward Mexico. Where they are able to read to -- benefits from a low cost space to leave the US is is moving. As natural gas pipeline does not being converted -- apologies and back -- again. Live and yet it is for them through on in the midst. Or -- -- On our -- and got my apologies I do do. I think my my super solution -- Shura. Is certainly if you export ban on oil. The Russians make more money selling oil to people reduce soaring natural gas should firm and the degree that you wanna put pressure on. Russia. That we do have surplus. Light sweet crude today that we kept following. It would make sure at least from my viewpoint and fewer people -- Portugal are in use spell out oil weapon. Are true to our terms suppress. The Russians are prepared for be your partner neighboring country. And home loan with the thing you did or are well and we could do that even -- via. What's the name of the giant pipeline nuclear gets built -- -- -- -- you're we'd still do it. Well remember keystone XL to bring at least our crew that took coastal road -- and our partners were designed to operate in partnership -- recruit. And what that would do is displace heavy shower -- being imported from dinosaurs will other pleasures. Our light sweet crude. We're already shelled rebel fighters commute should start from the middle of the country where. Two blocks -- terms of how much are local. Complex refiners contentious start. So we should be able to start exporting light sweet crude producer has -- the year administration murderer should. Her interest and a quick course and go about her second of big meeting of the U and -- -- it and Houston. Of Reading about their conference. And their dreading the soaring cost of oil and gas projects millennium in the multi billions of dollars. And more of these officials was quoted as saying. The industry triple digit oil prices a hundred dollars bowel is in the -- twenty dollars. And a -- to PO stock market at least one type of crude is ninety dollars today borders and -- Well what they're saying is we're producing -- this world but it's not cheap. Here we -- not going into oil fields can produce for our return dollars a barrel. -- moderate and different throwing out in the ultra deep water or use different throwing these. Well shale plays and put an approach to infrastructure. You know develop a -- from the get the world -- the stability. That oil camps sell for forty dollars are you kidding yourself drifting succeed Arnold and the company's streak he's. Professor of Potomac hundred class a learn a lot appreciate that time could talk news. Professor Eric Smith actually in the Energy Department come right back governor of the.