Number of states paying $4 gas triples
Is Obama administration helping?
- Duration 8:59
- Date Mar 24, 2012
Is Obama administration helping?
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-- getting slammed with four dollar gas the number of states where people pay at least that much tripling in the past few weeks.
Meanwhile President Obama saying we're drilling all over the place to help.
But you the facts say otherwise hi everyone I'm Brenda Buttner and this is Bulls and -- let's -- dry day do it.
Couple of years.
We -- B Smith Tobin Smith Jonas Max there S along with -- what investments managing partner and -- taos ski.
And -- -- Green welcomed everybody okay Toby using the White House is wrong were not -- -- all over the -- well of course the facts are.
Are clear we are drilling more in private land that we perhaps from a year 207 added to this year were up about 55%.
If you look at the federal lands which by the way hold literally.
Maybe a trillion barrels of oil that would only give -- independents would give us oil -- -- for the next 200 years.
What we're actually down 300000 acres and it's not talk about the offshore drilling is -- -- we had to make a eighteen month -- before we figured out that that we could have been.
And solve the problem offshore there a lot different ways than just banning so clearly the facts are network with a trillion dollars of barrels out there we're going after a little small part because we're holding -- -- Our supplies up the marketplace.
Is the issue here Jim who public vs private -- -- we really are drop drilling a lot on the private on private acres what about the public.
The reality is in the last three years -- we have.
Open up millions.
Speakers for chilly across 23 states this administration has also led to record numbers of all of rigs where it's 75.
And I think anyone who looks at the facts understands.
-- This president does not control oil prices at the end of the day it is driven.
By the uncertainty in Iran it is driven by increased demand by China Brazil India anyone who tells you different.
Is lying like one of Tobin president drugs well first -- the first that they would probably like today and secondarily.
Eight the president should do an executive -- open up tens of millions and it hasn't done so -- that you say you are a liar she made a very nice little joke is supposed to laugh but Gary -- I know you're not laughing I bad because you probably don't agree with her -- Well -- -- she has the facts right she doesn't have the rationale right until we make those.
May be the rational arguments -- that increase on drilling came from land that's not under the federal purview it's under either under.
Private to domain or it's under the the state so.
The current administration cannot claim that because of their actions they've increased drilling.
The other more important fact is that when George Bush took office we were reliant about 44% on foreign oil under his watch.
That dropped to about 32%.
Under Obama's watch even though all this increased drilling is that my gosh -- more energy independent.
It's gone back up to 40%.
You know if the fact is that we're doing all this great drilling that we're not drilling enough and industry experts say.
Like Toby if we started opening up forget about strolling in Indian national parks and we just -- what we could -- well we would double the supply and a very short period of time.
-- -- -- I think that we half too.
Look at some reality that this administration is employing -- all of the above strategy -- is powered drill -- don't.
There is focusing on clean energy and we we can't just.
Take this it responsibly we can't have more -- in the gulf of Maxwell -- we we have to look at this responsibly end this administration has done that well okay let let me just get this around Ed Ed what do you -- A judge I mean this is actually crazy it's all economics and when oil prices started moving up.
The these oil companies in the private -- started to literally put more resource is there because they saw all the there was profit to be made but there was a lot of drilling you know that they could do there there's nothing going on literally in the federal -- Barack actual drilling is down is down about 2% but it's where the economic started to speak to the point about all of the above strategy especially ridiculous the economics are not there none of those strategies make sense.
And we have to -- the free market be free and let these let really occur and we will bring prices down anyone who doesn't think that's the case should you really have to go back to economics 101 increase the supply you'll meet that demand will start to see the equilibrium come down.
Until you do that we're gonna see higher oil prices.
Now it just actually think there's an and intended positive consequence of waiting to drill.
Because I had prices will go -- -- bowl would Devlin keep saying it's only private land where there's an eagle whale really laughed because we already drilled out all the -- don't tell the public the government only -- -- stop as we drove up and also the last hundred years.
If the government -- another fifty years won't will be a thousand dollars a barrel they can use the proceeds of health the national delegate doesn't seem like that's at a terrible all they've backed up his fourth game back toward -- here.
We've seen in the price of natural gas -- -- ten year lows because we've increased the drilling because the -- -- as -- for the president because the technological.
The -- is it if you would get we're gonna get -- if it's on private land we don't have some would actually does there's a right to go Julie -- they want.
I can't build a Condo in Yellowstone park just because.
I wanna have a Condo there are cut down trees for lumbering that's government land they bought it they -- and wars it's not -- -- to the to deploy as we see it it's whoever well is in charge of the -- at that point I mean the bottom line we're gonna.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Hours and I can't -- a whole lot of rig offshore just because it's offshore in the bottom line of the governor don't the they have the right to control it did take considerations like Florida and the children in the industry hold on like Gary Bieber responded.
-- -- But but but that's important yes -- -- of the government purview and have all this land that you would.
It's not see any diminishment of Yellowstone Parker old faithful or anything or elect Joseph does.
That's not more talk about we're talking about areas that Toby said we used to drill on that we should be drilling on that have plenty of resource center and two it's your moves -- many.
Prince Andrew's point it's the Obama administration's point about this all the above and responsibility for everyone's along with that but it was a responsible to have -- -- -- -- -- responsible to have a 7500 dollar credit for the for the Chevy -- that's now discontinued -- -- not only taught her how loud wallop and leak oil all over the goal to be the pot there's downsides to to doing did you guys.
So I don't win or else got killing Barnes -- yes there's -- -- ever think -- -- as an.
-- and pointed out -- we have the most economical.
Natural resource out there that we're not usually.
If we all drilled everywhere if we drills on every.
Bit of wind it we have at our resource as we -- at the most at the most have to 3%.
That is occurring and aren't what.
Started and ballot okay -- there's not a whole -- up.
Actually the -- two billion barrels what you're talking about is 2% of our reserves.
Fortunately for America if you look better meet those -- you look at you go to shells -- Sarah.
We have according to -- -- right here is that the US Geological Survey we have almost a trillion barrels available that we can recover portability we do right now at today's prices with today's economic and today's technology.
We have totally disregarded it and -- said -- -- we don't need that.
-- to speak to just to that point I mean look.
Why did natural gas prices dropped from ten dollars or eleven dollars three years ago down to two and a half dollars into the new technology right extracting the natural gas.
That's believe there's going to be any discussion about anything other then.
Fossil fuels -- we looking at natural gas and in you know but this whole idea about wind energy and and -- solar energy it's not economically sensible.
Well nobody does it by choice not sunny during a nighttime in the wind doesn't blow you know -- -- did not a reason I'd try Harrison.
To say that follow it deals with -- 5% of our economy is based on there.
Are gonna -- all on the private lands on drilled -- ready because the the government has never gotten in the way of in this country on drilling private -- and that's I mean why should I don't understand why you some right to go -- wherever you want to be the bottom line is buy some land privately and ruined it.
-- -- -- Out of the Internet but because run out of Madrid people who don't need to get a supplies we can have 816 trillion dollar eighteen trillion dollar economy if we would do this responsibly.
And not ask -- -- -- last our guys.