Is Obama making the right move on oil?
Ed Pozzuoli and Sascha Burns discuss the President's move to crack down on market manipulation
- Duration 15:55
- Date Apr 17, 2012
Ed Pozzuoli and Sascha Burns discuss the President's move to crack down on market manipulation
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All right let's get to -- the politics -- that President Obama making a speech just about 35 minutes ago on gas and oil prices.
And and promoting what he says the administration is doing to get gas prices down and to keep them down his President Obama just a short time ago.
We've opened up new areas for exploration.
We've quadrupled the number of operating -- to a record high.
We've got enough new oil and gas pipeline to circle the earth and then some.
But as I've said repeatedly the problem is we use more than 20% of the world's oil and we only have 2% of the world's proven oil reserves.
Even if we drilled every square inch of this country right now.
Have to rely disproportionately on other countries -- -- All right let's bring in our political panel to debate this side issue which is going to be a big one throughout the election season.
I would just from my Abby is Ed Pozzuoli former advisor John Huntsman is presidential can -- mornings you let.
Good morning -- -- I'm good thank you sir and -- here in the studio assassin burns forma.
Presidential campaign stop a fight Al goals -- great to see you Saks it good to see you and let me come -- you first the president says he he and his administration is doing everything they can.
Let's keep gas prices down but these things take -- to actually have an effect that would seem to be a fat -- wouldn't know.
While -- -- only true then it would be a fair point but it's not the pipe lining an opportunity to.
To vote that congress put amazing amount of pressure on the president but the -- the president decided to put dead jobs aside.
And and not do not approve the pipeline so it's on hold.
We haven't had exploration.
In area is that like the golf.
Like in Alaska like in an Arctic Circle.
Those -- areas that could be opened up this president has failed miserably with any energy policy.
The beat the real key here though is that we actually are producing that the United States is producing more.
More oil than ever before and and which -- gasoline ultimately.
The problem is than the president and this administration.
Fails to understand the marketplace and and that.
If we get into that debate the president loses because Mitt Romney clearly does.
President fails to understand the marketplace and isn't doing enough quickly and no I -- actually disagree with that I think that.
What President Obama knows.
Is that the president has very little effect on gas prices now Republicans also know this but it's -- great.
Election year slogans and talk about how it's his fault there's not much he can do in the short term.
Now Republicans and Democrats disagree on how much you should -- that's absolutely true it's not the Democrats oppose drilling.
But they think we thank you should deal with more caution and it looks great to drill into you have.
BP oil spill any of Keystone Pipeline getting rushed through by Republicans without looking at the possible effects.
Act didn't mean there isn't it isn't it a fair point that when we get things like that the BP oil spill everybody needs to take.
You know -- step back and say hold on let's make sure it -- going to do this we do it right and that takes time.
It does take time and and and if you look beyond my shoulder the beautiful beaches of Miami prove the point.
However we have over regulated.
And moved effectively allowed.
The oil drilling to take place outside of an American territory I mean it it Cubans are doing it the Chinese are doing it.
Everybody did it right off -- the golf here in Florida just outside of territorial waters you know what enough is enough.
The the US government needs to back off the safety records operating a very strong I don't I don't have any problem at all in fact.
When it comes and when I leave here I'm gonna be driving along the beach.
I want that protected as a -- but at the end of the day the market place drives this and President Obama has little.
Understanding of the marketplace we're paying now closed for -- -- dollars and fifty cents on and on -- per gallon gas.
That is a hidden tax and when we talk about low income middle income people those people hardest hit it's a hidden tax.
And and look at the end of the day he has to do everything he can.
And he is not that pipeline is a good example already had an opportunity creates shots and didn't do it.
Couple of our -- is weighing in media -- Lorie says up.
-- he thinks Obama does understand the marketplace and that's how he's been able to destroy it so well.
Can you read this as -- president the United States.
Now owns the marketplace he's doubled the cost in only three years his plan is working.
Charles Reece says mr.
Obama wants gas prices -- even his own take advantage he has said he wants to get gas prices up to European levels the president also talked today.
A -- market manipulation all oil prices let's listen to him on that.
Today we're announcing new steps to strengthen oversight of energy markets.
Things that we can do administrative way we are doing.
And I call on congress.
To pass a package of measures.
To crack down on illegal activity and hold accountable those who manipulate the market for private gain and the expense of millions of working fail us.
That session dates -- if there's a marketplace for anything there's people trying to make money out of cash.
Can he regulate the market more should -- regulate the market -- Well absolutely although.
I'm Ed I'm feeling very sorry for Jonathan and me looking at your background over Miami -- we -- there a I don't -- welcome Walt thank you very much.
The absolutely can and in fact George Bush said the same when oil prices were high under him.
He said he absolutely was not gonna love this kind of manipulation.
Now the what we know is that along with supply and demand speculators.
Have a lot to do.
With the increase in oil prices so what Obama is trying to do President Obama is trying to do.
Is increase that oversight make it make sure that they're not doing anything illegal.
And it is a political because congress can't pass it yes but what it is is it shows a clear distinction.
Between where Democrats are and where Republicans are because right now Republicans want to loosen.
Regulations on Wall Street which is not what has helped our economy at this point it -- is that is that.
This is a fight between the the the left to want more regulation and Republicans who just want to loosen regulations even more on a Wall Street that is take him about it frankly.
A lot of loose regulations in the past.
Well I would say this the biggest.
Manipulator of the market has been the Obama administration when the oil -- at when no -- -- energy secretary comes out and says.
We want as a policy.
Gasoline prices to be as high -- higher than Europe so this will we can push a policy.
And it added -- the solar wind and natural energy.
That's what we want that's what he said that was the stated policy so they are doing everything they -- to effectively manipulate the market.
The Obama administration is getting what its policy deserves higher gasoline prices for everyone right Sara west.
Weighing in here on our chat today saying maybe only spoke supposedly complained about too much government regulation should lead to a country with less -- of it if they can find one.
So I won't put up graphic that we haven't had Fox News poll we did recently.
April ninth to eleventh I think it was carried out on whether people think.
That gas prices are a threat to the economic recovery we can put that out he's seen evidence.
47% is extremely serious threat 40% say some -- so AT 7%.
I believe Sasha that it is at least a somewhat serious threat.
To the economic recovery that is a worrying figure for the president is -- because he asked to deal with the -- is his fault or not he's got to deal -- -- somehow.
Was sure and I mean every time we go to fill -- the car you state it is painful and it doesn't just affect.
Your own -- affects prices and airlines it affects trains at -- you know it.
It's across the board.
But the problem is he will have to deal with that in terms it it's tough politically but there is very little he can do.
Right now to make a difference in that.
An -- that's it it's a complete misrepresentation of what the energy secretary said in terms of wanting the gas prices to go higher.
The reality is if gas prices are higher people drive less and there is a debate about.
Whether or not that's helpful because we do have to lower our reliance on gas.
And there were big foreign income recognizes wanna put -- one of the figure from that same Fox News poll.
On whether President Obama is taking enough action.
To reduce gas prices -- Fifteen -- that he could do more but he doesn't want to.
Says he wants to do mall but -- that seems to me they're so pretty straight political split in the country right now.
We are we're on the down the middle on pretty much everything on we.
And that's where this election is gonna bet that 3% -- is -- this election is giving one and lost.
-- I I I can't disagree with that analysis Jonathan but the key here is that higher gasoline prices.
-- -- everybody and it impacts disproportionately.
Lower and middle class people why because it grocery prices go up.
Driving to work the cost of driving the kids to school and go to work goes up it is a hidden tax and whether the Obama administration want to step up to the plate or not.
They had a choice Keystone Pipeline was a key choice.
Obama administration decided to side on the extremist environmentalist position and stop the project didn't -- Tracks.
Okay just -- keystone really quickly because there's so much misinformation about that.
It's not -- in its tracks it most likely will be approved but what happened was Nebraska Republicans.
Voted down the original keystone.
They said they had to come back with a new proposal it has to be vetted by the State Department because it is international borders.
And so -- -- you you can't just it couldn't have gone forward as it was.
And the weather but it is approved now version -- approved in a year it would have nothing to do with gas prices right now all right.
Let's move on from the -- from the gas prices that debate if we may and I want to get if those direct to let you go.
On another the hot -- issues of the day as we approach the election who Mitt Romney might take.
But he's vice presidential running mate he said the I guess today that the these search form.
A VP is already under way who do you like.
Well I think I said last last time I was here I'd love Jeb Bush to be the vice president but the bottom line and they don't read as though does it does -- -- -- one not so sure we know the list so I would suggest that you've got three -- four at least three Floridians that have been mentioned Allen west U.
-- Senator -- -- and Jeb Bush you've had Rob Portman.
-- you've got you've got some really good candidates to choose from I think that we're gonna see.
The decision making process.
On how our future Romney administration is gonna go through.
How they -- and -- and the types of things they're gonna look for I think we're gonna get a chance to see how methodical Mitt Romney.
And his administration will be in getting the potential vice president I think what's a good a good signal for us so we were.
-- what you would say either Romney would rule lacked the kind of Sarah Palin out of left field -- I'm will be more sort of -- -- tradition tool when it cautious whatever you wanna call it in his vetting the candidate had.
-- I would say that I would I would I would think that we would get a window and understanding of how Romney administration would that major decisions.
When it comes to the pick a vice president no no slight on the Sarah Palin pick the McCain people vetted whatever they did.
But in this instance I think we're gonna get a chance to see now he's got -- time.
We're gonna get a chance to see how they make decisions I think it's a good signal.
For Republicans I also like what -- he's doing he's starting to consolidate the base I think Republicans are gonna be fully complete united to take on.
President Obama Sasha who do you.
Think the wrong Mitt Romney might lean towards as as a running.
Well I think it depends and I I think -- you're right and that he'll see how methodically as.
But it's methodical in terms of winning an election not in terms of policy.
And they're keeping it close to the vest severity said they're going to keep it close to the vest because as he is reaching out to conservatives and evangelicals right now.
He wants to.
He doesn't want to make any moves so make them think even more that he's not on their side is no -- has said the one thing.
Is that he's going to make sure of is that the vice president.
Is anti abortion because we all know that vice president said abortion policy right so I mean that's if that's all the evangelicals are gonna get that's not much anyway so I think he'll wait to see.
How far they are where they are if he's energize them and if so he could move to -- Picking somebody from a swing state.
Picking Rob Portman from Ohio because he's sort of an adult in the room.
And Romney could move more towards the we're gonna deal well with the economy but it's all about how -- is doing with the evangelical.
All right one quick bug bit of news before we go -- -- until comments on this just very quickly how we just go to new releases -- solves all showing that President Obama.
Leading Mitt Romney among UN among women -- -- by 51%.
That is a huge gender gap for Mitt Romney to overcome doesn't look as though the whole Hilary Rosen and -- spat really helped Mitt Romney is some sort of look.
Well I think I think at the end of the day let let's.
This myth of the Republican war on women is simply a -- in fact we did get a chance to see what the Obama administration.
Brought up of of a stay at home mom in and -- that she never worked a day or life -- Sasha you don't you don't believe that and Romney never worked in their life do you.
Well I think taking care kids is the easiest thing in the world for about five minutes -- how.
-- -- -- Hillary Rosen is not part of the administration.
She is not part of the campaign she isn't she doesn't work for the DNC which was widely reported she is a Honda and happily neither you nor -- -- ever says anything.
Idiotic they -- until your -- punditry irony behind it is not a good week for her it was not all right I gotta wrap up that but goes -- -- -- -- -- loss would that.
Did the president call and not apologize -- -- -- You don't have to apology.
Look I don't really have to you -- whenever you want he's okay but his people didn't say it.
He didn't apologize for Rush Limbaugh and Ann Romney is not an individual private citizen sees part of Iran -- campaign.
All right I didn't want to revisit.
The Hillary Rosen and Romney debate ironically.
About women but there we go you always want to talk about idol is you could talk about -- that's -- OK okay guilty at a and -- well I think -- path forward -- don't -- presidential campaign is such events former Al Gore presidential campaign stop and thank you both very much great to have you thank.