Part 4/9:
A question from John Nichols probes whether the Secretary is worried about falling oil prices, a concern given the current global market dynamics. The Secretary responds optimistically, asserting that lower prices are strategic—Russia, he suggests, would become financially strained ("Russia is going to go broke") as their production costs exceed profitability at lower prices.
He underscores that the Biden administration's focus on removing unnecessary regulations can drive costs down for US producers, enabling domestic oil to remain viable at prices around $60—a critical point in economic recovery and energy independence.