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President Obama praising the passage of the payroll tax cut.
Saying we needed to help pay for soaring gas prices.
And this holiday weekend there at a side all right -- more than 980%.
Since he took office.
Now some -- here says stop talking about how high -- -- and start doing something to bring it down.
Hi everyone I'm Brenda Buttner bits is -- -- bears let it rise.
He will bear this week Gary -- at DeVon Smith Jonas Max Ferris along with Bob froehlich and Steve Murphy welcomed everybody.
So Bob focus I'll be lowering gas prices and not had a Paper high gas prices.
And that won't see -- -- my goodness that word spending this because we're not addressing the real problem in the real problem is.
There's there's a great psychological impact on the price of gasoline every consumer understands that it's not like the trade balance or something like that they're trying to figure rises important is extremely important because it's interface every single week this is why we don't have a comprehensive energy policy we have to focus on lowering the price of gasoline still had the single greatest influence on our economy.
Extending these -- got to -- do nothing they do -- -- where we are now lower the price of gasoline you kidding me that's little stimulate the economy we're absolutely focusing on the wrong thing.
But -- -- people need the tax cut all the more because they have to face these higher gas prices.
Well -- -- I would never argue increasing taxes I'm in favor of tax cut in tax rates the assets across the board I'm always in favor lower taxes but.
I think -- stronger one aspect we do have a comprehensive.
Energy policy it's to put resource is an unproductive areas like wind and solar.
Cut out -- productive areas that would cap.
The Michael Dell the one good note is we are doing more drilling on US soil that we have in the past 45 years the reason.
Most of that drilling is on private property.
The government property did like and why are off the coast is still being restricted.
By the current administration in my got -- -- it's just simple economics Brenda if we opened up those areas for drilling we have a larger supply of oil a large supply of oil means a lower price -- canceling.
Steve how to bring those gas prices down you great.
I think were pointing the finger here at the wrong president about.
Oil prices and gasoline prices it's not probably not gonna say President Bush it's president -- manage -- The reason why the oil prices are spiking so badly right now is because of the crisis over.
Iran moving towards.
Developing nuclear weapons and let's be realistic about it it's going to get a lot worse it's probably going to lead to -- war either involving the United States Israel or both countries.
And the gasoline prices are gonna go -- a lot more.
Now we're not going to have that situation totally wrecked our economy putting a thousand dollars as President Obama points out.
Putting it thousand dollars a year in somebody's in a -- with -- could make it about 50000 a year.
That makes a lot of sense in terms of being able to it and you -- the impact.
Of the eventuality of gasoline prices spike and -- 20250.
Dollars a barrel because it is I radiance that you -- I.
-- the year -- your had a lot.
I mean look at this logic it this is sort of like saying you you have a heart attack but take this sugar -- you're gonna feel pretty good front the next you know good -- months.
It's aspirin is supposed to take political don't have the heart attack could economic plan announced he's now -- I'm.
We have a bigger issue here we know that to Gary's -- point that we have enough oil in -- -- and bar and onshore.
That at the margin prices yes are being hit by this uncertainty.
Via Iran but at the margin it's the new oil that's coming on that's available in -- the amount of every day excess supply that would bring us down to the 85 and 75 dollar price point and we can do it now -- six we have the Shell Oil revolution.
We have the keystone pipeline that would actually bring another to -- -- we could have five million extra barrels a day and -- we have a bit energy business for very long time with that type of excess capacity.
We would have 75 dollar oil or lower it would be profitable to bring out of the ground but it also have about two dollar and fifty cent gasoline.
I want to get back to the supply issue in just a minute but actually Jonas you don't think it's because of supply disruptions you think it has something to do with the man.
Know that like to say or getting gas -- no experience in the energy industry but the getting back to the aggregate win at all but a big tax big tax.
Is the reason the -- of -- what we're all argue like.
We need to how the tax break to pay for the high gas the gas is high because of the tax break.
Which made the economy better.
Gas prices go -- as the economy improves the gas prices are about -- -- -- the last time the economy is strong a few years ago it's around four dollars a barrel we're on the down.
Because the economy's improved it's a sign -- -- over stimulate the economy with too much stimulus spending and too low tax rate in economies -- for sending.
I will say always -- -- talking about and Italy is an annual are.
If they -- all the tax cuts go away this year.
You'll see the price of gas go back to three dollars a gallon because will be a drag on the economy and people won't spend as much.
You're chicken before they -- this -- -- it is a symptom of a strong if not overheating economy.
From too much government stimulus and low -- Canada could have got doctor Bob -- yes we'll call it so let overeating and Chicago's -- -- -- -- come here and get a taste of reality this is not an overheating economy in my goodness what we have to do is help stimulate the economy.
Not by -- the government's -- money added we have to address the issue and Adobe and -- -- -- spot on its drill baby -- we have that we can solve this problem ourselves to have the political will to do what's right and to do what's right to take the energy in your own power your old control -- bring the price -- -- stimulate the economy -- we won't -- need these extended benefits Steve he -- seat on its -- if if gas prices come down does that mean that we can get rid of this tax pac man.
If we if they if they go lap we have to have the tax -- -- Barrett.
Very good very good question but I agree lower rates across the board would be excellent for our economy what we ought to do is make this tax cut permanent by taking that cap.
Off the payroll tax so that if you make ten million dollars a year you pay the same as somebody that makes 151000 dollars a year you pay the same rate.
You all want a flat tax.
That's where we should start here this is the most regressive tax in our society let's just flatten it out.
Well but it remember -- talk about gasoline prices in the economy and we we know it's so correlated now people can't and a half.
Bought cars are more efficient by the way were using 5% less gasoline Jonas because we're driving about five and a half.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- another engine pardon upon into our economy by ramping up oil and that we have two things we have a higher tax collections lower deficits lower gasoline prices which -- -- -- virtual updraft.
Why would we not do that cannot.
-- under that I want I want agreed upon by agreeing.
I want to say that I -- we're clearly agree.
And I think the problem here it is a matter of political will let's have the will to just do it all and stopped arguing a about whether to be more gasoline -- more nuclear more renewable.
We need to be energy independent do it all -- Jonas factually about that -- if you -- Tammy about that.
Bet half the question -- simply supply more oil on the market the price will go down but we're talking about taxes that's what the president -- -- -- And the payroll tax cut leads to people having forty dollars more every two weeks of spends some of that winds up in the gas tank on the -- and all -- And if that's.
This unit we -- talking with -- demand side of the high gas prices and tax cuts in the strike the economy is basically -- -- stimulus program we don't have a recession.
Is gonna lead to higher consumption of fuel higher prices you can't solve that -- Doing something else you made a problem with this stimulus they are the government spends more than they take didn't that is a stimulus -- -- -- yeah I I called --
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