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Chaffetz: We Have to Solve Our Energy Problem

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    Utah congressman on tapping strategic oil reserve

  • Duration 3:42
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-- -- -- is taking a tumble after that tablet that all for the four bucks a barrel today we're just north of nine.

Our news of the president's updates its strategic petroleum reserve but prices already -- doubts of Republican congress and Jason jackets is wondering.

What it's -- congressman you use you don't like this one out.

-- I've strategic petroleum reserve is there for natural disaster.

Some other catastrophe I recognize that the president is having a political cast catastrophe going into it.

The fourth of July weekend and now high oil prices are high gas prices.

But this is not the way to use the strategic petroleum reserve absolutely not.

-- -- I could see your point that I I could see his point -- well I'd I'd I'd unmitigated of them that I but I don't think it was.

Of a political move because actually it telegraphed that he might do this.

And if you gonna surprise the markets you do it when the -- and prices are declining -- you've steered down the road.

There might be in a -- supply disruptions.

As apparently a number of energy officials did so what better time to do it then -- ahead of what could be the crisis that you and that is -- news.

Well I we only have about 727.

Million barrels that are there and our our reserve.

We're gonna take out thirty million barrels.

That's not gonna solve the problem there are those of us to believe that we really truly want to solve the problem that.

We consume more than we produce and there are those of us to believe if you truly want to drive down the cost of gas if you really wanna solve problems.

-- you -- -- pursuing the extraction of our resources that are -- here at home.

-- oriented -- tonight enjoy that tapping more of our energy here.

Yeah couldn't do the mid to end of another words you know how the markets work loyalists it is -- tradable commodity.

Some people have any more -- -- fixed commodity but.

Again I'll leave that aside and that that the markets pounced on this is a -- hey wait -- -- the president might do this again and he might do this again.

And their that you he's getting his wish us.

Lower prices.

Now it's a temporary band -- But when -- economy is subject to the whims of Libya and Nigeria and Venezuela you have a problem and we've got to solve that problem.

And that's what not that's my bigger point is OK maybe -- two -- mandate.

But we gotta solve this long term creates instability in the market I recognize that the refineries in Europe that are having some problems we got the situation in Libya.

But what if we actually have a real disaster.

We don't have that much oil on reserve it's a ninety to a hundred day supply that's isn't automatically a disaster for you.

Well if there were some sort of earthquake her or Hurricane Katrina certainly -- under that category that's what it's therefore it's not too for the press president before.

Fourth of July to help lower the price a gas a few pennies on the way out the door that's that's not a responsible way to address.

-- real quickly I I heard from your colleague.

Democratic colleagues -- -- and the Democrats at that look.

Tax cuts have to be on the table when these thoughts you say well.

This is not a time theory -- taxes.

I think we put -- -- -- -- cut captain ballots plan that many of us that conservatives have signed on to.

That's a responsible way to go we need the president to step up and suggest.

This is what I want to do that is yet to happen but certainly this is no time be raising taxes that is ridiculous -- still sitting in your office.

I do I do you and that's -- I save some money.

You sleep well.

The trick is to be that you gotta be tired enough but it it's I'm 62 in the cut about six feet so you can do that map and answered CNN on Conan.

On alright -- good having you got partisan thank you derailment.

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