25:30 And so the giveaway to me is that let's bring out the heavy guns and the kicker is, and I want to play a couple clips, one of them is oil part one. And you have to ask the question, and I'm going to ask you this, you're in broadcasting, you've been working, you're not an idiot. Oh, hold on a second, John. Hold on. Let me just uh... A little tighter can you be? Ask Adam, ask Adam Will he know or will he won't I don't know but here we go Ask Adam, ask Adam yeah Yeah, okay. Go ahead, ask. So uh, I did a short version of that. Don't play it. So anyway um, so now you've been in broadcasting, you kind of, now if you're, if all hell's breaking loose in some area right? Yeah. Don't you want to be on the air?
26:19 You don't want to be like the guy reporting it, you're going to either be flown out there and you're going to be reporting or you're going to be in the studio. They had Rachel Maddow was on like all night on MSNBC. Yeah, she's a real broadcaster. It's like, hello, it's Rachel Maddow here at MSNBC. She was all over the place. She was at the anchor desk covering the story. So the question is, when do you take one of the most popular people on broadcasting and you move them out Where is Glenn Beck? Right. Why is Glenn Beck during this episode and why do they put in on the Glenn Beck show a stooge who does nothing more but bring in his pals to talk about the situation in Egypt all about the oil. Play oil part one and we'll get a little taste of this and ask yourself again where's Glenn Beck? Why was he taken off? And prices at the pump, the grocery store, the mall and your home will skyrocket.
27:18 with me now, John Hoffmeister. He's the former head of Shell Oil and Steve Moore is a senior economic writer at the Wall Street Journal. Hoffmeister, I'm going to start with you, my friend. You've been it. You've been the CEO of Shell. You know how important that Middle East and those two choke points, the Suez Canal and the Strait of Hormuz. You tell us, tell our viewer how important that area is. And by the way, how important keeping flow of oil through there is. We've known for decades how vulnerable we are, Eric, to these choke points. And there have been all kinds of scenarios and games played out in terms of what might happen. We use as a world 85 million barrels a day. The United States uses 20 million barrels a day.
28:00 Every day 10,000 gallons a second and we're shutting down drilling in our own Gulf of Mexico This is absurd. It is absurd that a nation that has so much John and John what if we were to choke off one of those two? The Persian Gulf the Strait of Hormuz if that way if by the way on the other side of Saudi Arabia on that choke point lies Iran if Iran were to get a crazy idea and close that port or close that shipping lane What would happen to the price of oil and gas? It would only take a matter of hours before we would see significant movement, days before we could see the price of oil go up 50% or even double. Because the amount of oil coming out... So you're saying $200 a barrel? You're saying $200 a barrel? It could easily get to $200... It's interesting, I've heard this $200 a barrel number mentioned everywhere. That is the new meme, is the $200 a barrel of oil.
28:55 Now you know this Shell guy, if you listen to him, especially the first part, he sounds like he's reading this. I mean this little interview is so scripted it's almost embarrassing. I mean the guy is not performing well. He's also waving his arms around. uh... like a street hooker it's like the street hooker but yeah, no that meme, here's what people are going to start looking out for you're going to hear a couple of, you're going to hear the two hundred dollar meme you're also going to hear the eighty five million barrels a day although i have to say that i don't have the clip but they they kept running a similar meme on cnn only they kept using the number eighty six but anyways eighty, you're going to keep hearing that well eighty six is divisible by three
29:37 So that's a better number. 86 is divisible by 3? I don't know. In what universe? I'm just talking crap. Anyway, so 85 is the number. You're going to hear that and you're also going to hear occasionally the 20 million barrels a day that we use. But these are numbers you never, you don't hear these numbers normally. We haven't heard these numbers thrown or bandied about. But I heard these numbers on three different shows all within the same few hours. And so this is obviously out there to make people aware of the fact that how much oil is being used. Anyway, you can finish this little clip and you can hear these guys ranting about how everything is going up in price.
30:23 Okay, Steve, if I have Steve Moore, I hope I have him. There we go, Steve. Okay, since you saw the pictures in Egypt, you see the protesters in the street, since we started seeing those last Thursday or Friday when it escalated, the price of gasoline, not at the pump, not the AAA number that everyone reads, the price of gasoline on a wholesale level has jumped 13 cents a gallon. What does that mean to American consumers? Well, Eric, first of all, that's nothing. I mean, 13 cents is a lot, but if these projections are right that John is talking about, we're looking at the price of gasoline. I just filled up yesterday. I think I paid something around $3.59 a gallon, which is a lot. But we could see the price of gasoline, if we moved to $150 or $200 a barrel oil, we could be looking at $5 a gallon to fill up.