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Can consumers affect prices at the pump?

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    Report: Americans spent nearly 10% of income on gas in 2011

  • Duration 4:19
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-- thanks I was a little stunned when I found out that Americans spent nearly 10% of their income on gasoline last year so.

In today's take charge consumer protection segment since 2012 doesn't look to be much different.

And the price of gas is causing some serious concern not only would your wallet but in Washington.

We wondered whether or not there was anything consumers can do to affect the prices at the pomp though it straight out of Phil Flynn a market analyst with pfc best research of Fox Business contributor.

And it's great to see Phil I know you know the oil companies like nobody else following every single day.

Wonder behind the scenes you know BP took a hit because of the oil spill with fines.

This week new regulations.

-- President Obama approving new taxes.

On gas and oil companies.

-- angry enough to do something about the second actually benefit the consumer can't they do something to bring prices down you think they're talking behind the scenes.

But when they are I think we don't let that you would -- you -- and that's produce oil.

You know -- oil industry really is one of the most historic race -- is ever in the history of the energy industry admit.

That basically creating -- gas production which is gonna make us at some point in the future.

Totally self reliant on gas instead of the Obama administration.

It embracing this new technology they've released -- -- away so I think the oil companies are doing everything they possibly can't bring 10.

Prices down into investing billions -- the hours to make it more efficient for.

Knew with the US consumer and US citizens.

Because let's look at this Brenda Buttner just told us that the energy stocks are leading the S&P.

The companies make money if they charge more for gasoline.

But -- -- consumers we'll take a stand and say you know what I'm not gonna drive on that vacation which will hurt other industries also.

What are the that companies set up enough to push harder the administration on drilling on these new taxes.

I think they are I think -- TI has been very aggressive against Obama administration.

Are pointing out the inconsistencies.

You know I think -- It's amazing that the Obama administration is trying to take credit for more oil production.

Are in this country I would make them everything -- They could to stand in the way you know most of increases in production really change during the bush administration's -- you know tragic -- -- for that is really.

It disingenuous at best but I'll say it this remember that.

Not every sector -- will industry's doing well right now.

We've got refineries in this country that are shutting down right now and I think that the administration and you were to help Belmont place trying to back off a little bit on zombies or we change EPA regulations that cost billions of dollars for refineries -- -- really -- -- cost of gas.

Celine yeah I know three refineries in Pennsylvania alone I believe close so obviously people are out of work as a result there's less oil in production.

And you're right about the president -- these are the facts folks at the president did take credit for more drilling.

But we know there was a huge gap of time where there were no permits.

Given during this administration.

So I'm curious it about the conversation that may be going on.

What can we do if the oil industry isn't taking every step they can and it sounds like you think they are.

To make it happen and bring the price down and make it more available for those who need it.

Think the US consumers don't they -- -- they cut back on their consumption in the you know there are consumption is at the lowest level it has been ten years show I think the other thing that consumers can do.

Is she pressure on the Obama administration.

You don't push through quick.

I seeking regulations on the pipeline coming -- Canada.

Also to encourage.

-- -- approval.

Are more shell gas production notes or should things from revolutionize our economy she can also put a lot of people actually works.

That would be a great thing felt thank you so much your -- I really appreciate it.

Love to see those prices come down for those who need to fill the tank thanks great to.

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