you can find bullish forecasts on clean energy that will tell you that oil demand, by th time willow starts producing will be too low to make willow economic so i think there s probably an edge case, but there s at leas a possibility that we won start pumping oil out of it at all. that s an interesting point i just would say, it coul be very big, it could be ver small, it is very difficult to say. on that point, you and have covered climate policy fo 15 years there has been a huge shift. the idea at the beginning was, you have to put price on carbon, raise the price of fossil fuel extraction to make i competitive with clean alternatives then there was making sure you don t build out fossil infrastructure by building new pipelines. the consensus now a story abou
president of crimes against humanity. but with the world s largest proven oil reserves and as the west wants to move away from its dependence on russian oil, the oil supply is wielding power. last month the u.s. granted chevron limited authorization to presume pumping oil from venezuela, despite trade sanctions in place since 2019. should the united states ease sanctions on venezuela? what i would say is this has to be revisited just to make sure that the sanctions are going in the right direction and not, you know, the direction of dam damaging the common people, causing shortages in the population, et cetera. so i think that we need to rethink the entire system. reporter: in the footsteps of fellow americans released from overseas captivity, toledo found a new appreciation for the meaning of freedom. the air had a different smell. i perceive, you know, a
with our emergency oil supply near a real record low here, the administration is giving chevron the green light to resume pumping oil in venezuela of all places, the price future group senior analyst phil flynn joins me now to discuss. i like the red shirt by the way in keeping with christmas with the green behind you. thank you. david: it s not just our strategic reserves in order to bring prices down. crude oil reserves were down, we were expecting a drop of two million barrels, it s actually down 12 1/2 million barrels and that s despite china slowing down. and we have concerns with the winter coming up and ability to heat our homes. you re right and the numbers we re seeing is disturbing. that s another sign that president biden is really losing his war on the fossil fuel industry. this reaching out to a dictator
renewing a license for chevron to pump oil in venezuela in partnership with the country s state-run oil company. chevron is reportedly preparing to make its first shipment to the u.s. by late december, but the white house ensis the deal is not about insists the deal is about democracy. with the maduro regime promising to negotiate with the opposition about returning to free and fair elections. we re back with kim strassel and wall street journal columnist mary anastasia o grady. mary, why is the administration doing this? is it about the oil or something more? yeah, i think they started out pretending that it was about the oil, but when it became very public that even if chevron goes in there and starts pumping oil, they re probably going to be able to get out about .2% of global demand on an annual basis over in one or two years.
u.s. embassy in china advising u.s. citizens to have a two week supply of medications and other essentials, so it seems like things could get worse as the white house appears to be focusing on the substance of china s policies rather than have a communist nation is enforcing them. the white house is going to have to comment on this. back to you in a bit here president biden getting fierce blowback tonight for his handling of high fuel prices. the administration is allowing chevron to resume pumping oil in venezuela while refusing to expand domestic oil production. white house correspondent kevin corke is live in the nation s capital. evening, trace. it s a simple question really. why do in venezuela it millions of americans a been clamoring for the ministrations do we here at home. open the spigot to more energy production by altering policies of hamper that effort. but if you re expecting a fresh take on the issue from the white house today, the fact is you were sorely disappointe