The power of OPEC is going to be diminished as order shifts: U.S. Interior Secretary Doug Burgum

Summary

Doug Burgum, U.S. Interior Secretary and National Energy Council Chair, discusses Iran, Venezuela, and U.S. energy policy on CNBC's Power Lunch. He argues Trump's energy dominance agenda has weakened Iran, is pushing global oil prices lower, and will diminish OPEC's power while boosting Western Hemisphere production. He also notes the reversal of the Biden-era LNG export facility ban and touts low U.S. gasoline prices.

• Burgum says Trump's energy policies have enabled action against Iran without raising U.S. pump prices.
• He expects lower global oil prices as the U.S. pursues energy abundance and dominance.
• He sees OPEC's power diminishing as Western Hemisphere oil production, including the U.S., Canada, and Venezuela, gains influence.
• He highlights Venezuela's large oil reserves relative to Saudi Arabia.
• He says the Biden-era ban on building LNG export facilities has been reversed.
• He notes U.S. gasoline prices are at five-year lows, especially in red states.
• A host raises the scenario of Iranian oil worker strikes removing millions of barrels per day from the market.