"We have to get out of our own way": Armstrong joins Bloomberg TV

Yeah, good morning. You know, this is really simple for me. I've watched as our country has gotten to be at the hardest place I can imagine to be able to build critical infrastructure in our country. And I see it really holding back our country. And so as I've witnessed that from the private side, it's really concerning to me about our future as a country when we have gotten to be the place that just cannot get out of our own way in terms of being able to build critical infrastructure. And you know, everybody thinks that that is just something that's rough on the big bad companies, the pipeline companies, utility companies. Really at the end of the day, the loser in that situation is the consumer and our industries in the US because that really just separates the lack of infrastructure separates abundant supplies that we have here in the US from the consumer and drives the cost up to the consumer. And I realize that if we are really going to be an AI power and continue to be the leader in technology, we have got to be able to get power and energy to those AI centers as well as just our general industry. So that's really what's motivated me. I don't have any doubt in my mind what the high priority is and I've been working really hard to have blinders on to all the other distractions that exist in the role and really to focus on that.

Yeah, and I'm really encouraged. I do think that really the chemistry is right right now. Obviously, there's some restriction on that going ahead of the midterms and the minority party really not wanting to see any success at times. But I think there's a lot of folks on both sides of the aisle that understand that we are really holding ourselves back as a country by not being able to build critical infrastructure.

Yeah, you know, I think we've gotten here because we've somewhat politicized the process of building big infrastructure, whether that is transmission grid, which you know, desperately needs to be built out. And it's not always, you know, what's good for somebody's own backyard, but it's what's good for our country. And that dynamic, I think, stands in the way of us being able to get permitting done. But the way we got here is a lot of different agencies with a lot of different uncertainty in terms of what their real role is in the permitting process. And we've moved from a country that says that the agency's job is to see how we can do it in a constructive and environmentally sensitive way to one that some of our agencies I think think it's their job to stop getting things built. And then we have very powerful NGOs here in the country that work hard to bring litigation against large infrastructure as well. So it's really a culmination of lack of motivation I think by politicians in the short term to see long-term infrastructure. You know, set another way, getting long-term infrastructure built is not going to lower gasoline price tomorrow. It certainly will in the long run but it's not an immediate gratification and therefore it's not a very good mix for politics. And so that's one of the reasons that I find myself in a unique situation to really bring attention to the long-term issue of getting our permitting done here in the US.

Well, you know, again, I think that we should keep things in context. I remind people quite a bit that in June of 2022, retail gasoline average across the US was $5.03. So far, the first week in June, that's around $4.31. So, you know, we've been here before in terms of short-term blips in gasoline prices that are caused by geopolitical issues with, as you'll recall in June '22, that was the Ukraine upset. So, you know, these short-term things are going to happen for sure. And what we need to have is an abundance of infrastructure that doesn't stand in the way. If you think about the difference between Oklahoma gasoline prices and California gasoline prices, those are completely self-inflicted in California. Going from, I think, 43 at one time, refineries out there to, I think, six or seven now. So, you know, getting rid of your critical infrastructure, not allowing pipelines to be built is what drives that long term. And in the short term, I would just say, you know, any of those fixes are not healthy. So if you pull back the gasoline tax, you're just going to be increasing the deficit and ultimately raising taxes somewhere else. So that's not, from my perspective, that is like putting a glove on to fix a leaky pipe and doesn't really get at the really important issues which is getting things like there's a major pipeline that Phillips 66 and Kinder Morgan are trying to build called Western Gateway that would bring product from right here in Oklahoma into the California markets. And those are the kind of things that we really should be focused on particularly the Senate. The Senate really should be the body that is looking long term and thinking about how we set the US up for success long term. And so that's what I'm very focused on.

I absolutely believe that we should be pursuing any and all energy options. And so, and I do think that a permitting reform and any bill that we get done is going to be good for all of the above. I think what I don't support is subsidy. But I certainly support making sure that when we're permitting infrastructure, we shouldn't be making decisions about fuel choices. The permitting process is complicated enough and it ought to be focused around making sure we can build big linear infrastructure in our country to connect supplies with markets that are hungry for that demand and that's what it ought to be focused on. It should not be focused on picking winners and losers as to energy sources.

Yeah, we should absolutely take it serious. And it is one of those long-term issues. We need to be prepared for it. And hopefully, you know, we've got the defenses in place to take care of that with the sterile flies. But I think, you know, it's a very serious issue and we should not be taking it lightly. And I know here in Oklahoma, we've got great leaders like Frank Lucas as one of our reps that's a real professional and a real pro in this area. And it's nice to have his expertise weighing in on that issue.