Fox News
Expand
Browse All Video
Watch Live

You're watching...

Gas prices on the rise across US

Details

  • Description

    Former Shell Oil CEO John Hofmeister weighs in

  • Duration 3:59
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Welcome everyone I'm Stuart Varney in for Neil Cavuto and this is -- world and the pain at the pump is getting even more painful today gas up another -- -- 24 cents in the last month alone as oil and it's declined.

And now -- Iran's president will be heading to Saudi Arabia for a summit next week reportedly -- poaching of King Abdullah.

Former Shell Oil president John -- -- -- says it's time to stop relying on the mideast and get drilling right via our John this meeting.

About a Saudi Arabia Iran.

Seems like a sign of instability.

In the gulf.

Do you think that we in America will take that as a signal to yes let's go and stop drilling will we do that.

You know Stewart our dependence on the Middle East and particularly the Persian gulf.

Has absolutely.

No sense whatsoever behind it.

The fact that we know we have domestic natural resources here in this country.

And that we're not allowed to go after them by government edict government policy is absurd and the American people are paying through the nose.

For political.

What ever on the part of the administration I call -- political.

Cowardice on the part of the administration.

And not allow all Americans to have access to American natural resources look at what could be wrong with that Stewart.

I want to know why.

I I think you're entirely right in saying that does a very strong -- -- to say yes go out and drill so why don't wait.

Why all political forces stacked against this happen.

I don't get it.

Because because special interest money.

Going into the president's campaign reelection bond.

Comes from people who don't want to see more drilling.

You follow the money every time Stewart.

I consider the American political system.

Totally corrupted.

By special interest money.

Made legal only by the people who are collecting the money they always accused Laura -- -- especially for a yes they Lewis had you the big oil companies you all the special interest -- -- voted economic policy.

There -- special interest on all sides of the equation.

With the current incumbent the oil and gas.

Industry in general is so -- That I'm sure they get very little money.

And meanwhile the environmental groups who want to stop hydrocarbon production.

Are putting a lot of money into the Obama campaign.

I say stop both sides stop the special interest money from both sides.

Let the American people decide what kind of public policy they want not special interest from either corporations.

Labor unions environmental groups or anyone else if the American people who have the vote.

Let them vote up or down on whether they want this or that candidate with no private money.

John what do you make of this the Obama administration's just announced that it will offer a 105.

Million dollar loan guarantee to a California -- them.

To convert household trash.

To ethanol.

105 million dollar loan guarantee.

That public money which will go out but we will not build a pipeline with private money cost of the taxpayer nothing.

There is a desperate search floor.

-- for ethanol right now because.

The industry the ethanol industry has been unable to break the -- chemical code.

We are running short on ethanol against the law that was passed several years ago.

Oil companies are paying fines for not mixing -- -- ethanol in with gasoline.

Because there isn't enough ethanol yet they have to pay the fines so the administration is desperate to find more ethanol so they don't have to change the law.

Which was written to aggressively for what nature can produce.

So here's another -- going going out to somebody.

I hope it's well I open as well Bidwell research does all I can site you managed to avoid using the -- Solyndra very interesting John -- monster thank you very much -- --

Load More