Fox News
Expand
Browse All Video
Watch Live

You're watching...

WH: Option to tap strategic oil reserve on the table

Details

  • Description

    Former Shell Oil CEO John Hofmeister weighs in

  • Duration 3:43
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

-- gas prices on a terror climbing higher down ninety days in a -- the national -- is closing in -- front four bucks a -- my next -- has a solution.

Does the White House is not listening because instead of drilling in the White House reportedly talking tapping.

As in the emergency oil stockpile Don -- -- is the former.

President of so oil.

There's no confirmation of that but the suspicion is if prices go much higher they're going to.

We'll go tap the reserve you think that would be a -- -- If they tap the reserve -- to get 34 maybe five days of relief and then we go right back to where we were before.

People are looking for solutions.

And tapping the strategic oil reserve is not a solution.

To the relationship between supply and demand.

The reason crude prices are rising the reason gas prices are rising as we're living on the edge of supply in relationship to demand.

The way to fix it is increase supply but there's not a serious bone in the body of this administration.

From stem to stern.

On the idea of actually increasing hydrocarbon production.

As a matter of national policy.

The fact that we've got some higher production and oil shale has nothing to do -- the federal government in fact if you open the cover to the book and look inside the book.

The administration's five year plan is a retread.

The interior secretary was in Alaska this past week and gave half a loaf on the National Petroleum Reserve for future development.

You know there's nothing serious about trying to win -- -- to increase domestic.

The donors were on confusing you -- -- divided -- -- defer to my ignorance here now.

That we had the same supply demand issues.

A few weeks ago right well when when -- when -- -- -- prices were declining.

So then we went to a thirty day stay where they were declining so what did -- what was real that the decline of this run us.

Both.

Because.

Oil prices psychological based on impressions.

Based on perception.

And perception changes over time we've had some healthier retail sales numbers.

We've had some you know improvement in the jobless claims so suddenly maybe it's not as bad as people thought it was.

Going through June and early July this chances dramatically from week to week month to month.

Unless and until.

You have a serious production plan.

That looks like it's gonna really dig in to create more supply.

That's the way you change perception.

And nothing like that is happening -- that's a serious issue or let's take natural gas.

And turn natural gas into a serious transportation fuel with a real plan behind it with numbers with dates with milestones.

None of that's happening and you know the so called all the above energy plan it's all the above words that we can think up to say.

But the actions just don't follow by the way -- how soon.

To four dollars and nine.

Oh well I'm not sure we'll hit four dollars I don't think the economy strong enough -- unless something weird happens and you know any day something weird could happen.

Just just takes for instance in the north say they've got a couple of oil field shut in for maintenance -- that's caused the pop in the Brent crude price.

We got the fire at the Chevron facility.

42 cents a gallon in California.

Over the last six days.

It's that kind of weird thing that could happen that could spike things but I just think the economy's two week.

Because gas prices are too -- there's a correlation here between high gas prices and weak economy.

Okay John.

We'll try to have a good week and analysts on a presidency don't expect you most senior.

Load More