Saudi pipeline attack threatens MAJOR oil source

>> Brian: A CRUCIAL SAUDI. PIPELINE ATTACKED BY A DRONE. WILL BE OUT OF SERVICE. THREATENING TO CUT ANOTHER. SOURCE OF CRUDE OIL FROM THE. MARKETS. COMES AS THE ADMINISTRATION. FOCUSES ON VENEZUELA AT THE G-20. CONFERENCE IN TEXAS THIS WEEK. >> WE INVITED THE VENEZUELAN. DELEGATION HERE TO G-20. THAT'S A NEW THING.

THEY ARE NOT NORMALLY PART OF. THE G-20. HOPEFULLY THE NEXT COUPLE DAYS. WE'LL GET SOME DEALS WE CAN. ANNOUNCE. VERY CLOSE ON SOME, FROM THE OIL. AND GAS PERSPECTIVE, FROM THE. MINING PERSPECTIVE, EVEN. BANKING. >> Brian: THAT WILL HELP, BUT. NOT RIGHT WAY. SO WHAT COULD THIS ALL MEAN FOR. THE OIL MARKETS, GAS PRICES? FOX NEWS CONTRIBUTOR AND OIL. TRADER JOINS US NOW. I KNOW WE'RE LOOKING AT HOUSTON. BUT I CAN'T GET MY EYES OFF. WHAT'S HAPPENING IN THE MIDDLE. EAST, SHUTDOWN OF THE RED SEA. AND NOW THE BLOWUP OF THAT.

PIPELINE. GAS, OIL, OVER $100 A BARREL. WHAT COULD CHANGE THIS? >> WELL, HOPEFULLY, A WORK. AROUND FROM THE WORK AROUND. THIS PIPELINE WAS A LIFE SAVER. FOR SAUDI ARABIA BECAUSE WHEN. IRAN WAS ATTACKING THE STRAIT OF. HORMUZ, THIS WAS THEIR BACKUP. PLAN, RIGHT? THEY WERE MOVING UP TO 4 MILLION. BARRELS OF OIL DAY. THAT WAS ABOUT 4% OF THE DAY'S. SUPPLY. IT WASN'T AS MUCH AS SAUDI. ARABIA WAS SENDING OUT BEFORE. THE WAR BUT DEFINITELY, YOU.

KNOW, KEPT PRICES UNDER CONTROL. NOW YOU SEE WHAT'S HAPPENED WITH. PRICES. GASOLINE PRICES, DIESEL, CRUDE. PRICES ARE SOARING. THEY SOARED ON THIS NEWS. BUT THEY ARE COMING UNDER. CONTROL WITH THE HOPES THAT WE. CAN WORK AROUND FROM THE WORK. AROUND. SAUDI ARABIA'S TALKING ABOUT. PUTTING MORE SHIPS THROUGH THE. STRAIT OF HORMUZ. THEY'RE ALSO TALKING ABOUT FAST. TRACK TO GET THE PINELINE BACK. ONLINE SO HOPEFULLY THAT WILL. CALM THE MARKETS AND KEEP US. UNDER CONTROL UNTIL WE CAN GET. CAUGHT UP ON THE SITUATION.

>> Brian: STRAIT OF HORMUZ ONLY. HAS ABOUT 30 SHIPS GOING. THROUGH. YOU WOULD ALWAYS TELL US WE NEED. 100 FOR THINGS TO RETURN TO. NORMAL. I'M NOT SURE WHAT CAN CHANGE. THERE. OTHER PEOPLE HAVE POINTED OUT. THIS IS MORE OF A REFINERY. PROBLEM. >> IT REALLY IS. YOU KNOW, I THINK THAT'S ONE OF. THE THINGS THAT'S GONNA COME UP. AT THE G-20 TODAY. WE WOULDN'T BE HAVING THIS ISSUE. IF IT WASN'T FOR THE GREEN. ENERGY MADNESS FOR THE LAST 1020.

YEARS. IN THIS COUNTRY WE'VE SHUT DOWN. FOUR REFINERIES OR SIX. REFINERIES TO STOP MAKING DIESEL. AND GASOLINE SUPPLY, WHICH IS. ABSOLUTE MADNESS, RIGHT? AND I THINK WE SEE HOW SILLY. THOSE POLICIES WERE RIGHT NOW. BECAUSE NOW WE'RE ALLOWING A. COUNTRY LIKE IRAN TO HOLD THE. WORLD HOSTAGE, MAINLY BECAUSE WE. HAD A BAD ENERGY POLICY IN THE. FIRST PLACE. SO AS BAD AS WHAT IRAN IS DOING,

WE SET OURSELVES UP FOR THIS. WE SHOULD HAVE SEEN THIS COMING. I'M GLAD WE'RE TAKING STEPS SO. THIS NEVER HAPPENS AGAIN. >> Brian: YOU POINT OUT KATHY. HOCHUL, IT'S COMICAL THAT SHE'S. COMPLAINING ABOUT PRICES BECAUSE. ALL SHE DOES IS DO THINGS TO. JACK UP PRICE. >> RIGHT. ABSOLUTELY. YOU'RE TALKING ABOUT NEW YORK. SHE'S BLAMING DONALD TRUMP AND. THIS WAR. HAS SHE LOOKED AT HER OWN TRACK. RECORD? HAS SHE EVER PUT IN A POLICY --. I'VE NEVER HEARD HER DO ONE THAT. WOULD BRING MORE SUPPLY ON LINE,

BRING PRICES DOWN. SHE HASN'T. I THINK IT'S KIND OF COMICAL. THAT SHE'S JUMPING ON THE PRO. FOSSIL FUEL BANDWAGON. WE WELCOME YOU, GOVERNOR HOCHUL. LET'S DRILL, BABY DRILL. >> Brian: YOU ALSO POINT OUT. WHEN CHINA COMES TO TOWN, THERE. WILL BE INTERESTING CONVERSASATN. BECAUSE CHINA NEEDS THE STRAIT. THEY'RE NOT GETTING THE DISCOUNT. OIL THEY USED TO GET. NOTHING'S GETTING OUT THERE. ALSO THEY SEEM TO BE HELPING. IRAN WITH LOGISTICS IN ORDER TO. BOMB OUR BASES. YOU'RE GOING TO BE LOOKING AT.

THAT, BECAUSE THAT WILL AFFECT. OIL PRICES. YOU'RE LOOKING FOR SOMETHING TO. COMEME OUT OF THAT. >> IT REALLY WILL. IT'S AMAZING TO ME. CHINA, I THINK, IS DOING THIS TO. TRY TO GIVE THE UNITED STATES A. HARD TIME. BUT AT THE END OF THE DAY, THEY'RE REALLY SHOOTING. THEMSELVES IN THE FOOT. I MEAN, CHINA'S REDUCED THEIR. OIL DEMAND DRAMATICALLY SINCE. THE WAR STARTED. THEY CAN'T KEEP THAT U UP FOREV. UNLESS THEY WANT THEIR ECONOMY. TO FALL APART. THEY'RE REALLY IN THIS CRAZY. BALANCING SITUATION. I WILL TELL YOU THIS. CHINA HAS TO DEAL WITH THE.

UNITED STATES. I'M EXPECTING A BIG TRADE DEAL. TO COME OUT OF THIS AND, HOPEFULLY, IT WILL BE WITH. GRAINS. IT WILL BE WITH MEAT. IT WILL BE WITH EVERYTHING U.S. HOPEFULLY THAT WILL BE A GOOD. THING. >> Brian: I KNOW WE'RE NOT. TALKING WAR, BUT I THINK FOR THE. OIL PRICES, I WOULD LOVE TO SEE. THE U.S. COMMIT TO SUPPORTING. SAUDI ARABIA TO PUSH BACK THE. HOUTHIS RIGHT OUT OF THAT. STRAIT, AND MAKE THEM PAY THE. PRICE FOR BLOWING UP THAT. PIPELINE. I THINK THE WORLD WOULD LOVE TO. SE.