Which candidate will cut prices at the pump?

This transcript is automatically generated

Price is still surging up nearly 10% in the past month alone.

And now -- -- -- -- was on pace to possibly be the most expensive year for gasoline ever.

And that may be why President Obama and governor Romney you're out pitching their energy plans on the campaign trail take a listen.

Continue to invest in home grown.

Renewable energy right here in Iowa and all across the -- -- for all the above whether it comes above the ground or below the ground we're gonna take advantage of our energy resources to save your jobs to create more jobs.

So what's plan we'll give you the most relieved that the gas pump hi everybody I'm Liz MacDonald -- David Asman and welcome to -- That's still in focus with people -- -- out of the brand new book.

-- manifests on this a must read in this election year.

Joining -- today are Mike does dated rich -- guard Morgan Brennan John attending and Rick congress Steve we have the president nesting wants to tap the strategic petroleum reserve.

And now we're going to increase their imports from Saudi Arabia and every -- of oil what do you make of that.

While hoping underscores two big things one is under this administration the permit process for drilling in this country has gone way down it's like a snail's pace they're putting barriers in the way of fracking so the supply side -- -- And then on the dollar -- every cheapen the Dolly get expensive gasoline and oil should learn that from the 1970s.

All right Rick here's the thing is -- it's called the strategic petroleum reserve not the politically -- -- -- Petroleum reserve what do you make of that move.

Well you know look obviously it has a certain appearance that if you're gonna tap on mr.

ginger -- reserve a few weeks before an election because you're worried the prices are gonna go high.

Yeah you gotta ask the question isn't a political move the truth is with the administration has said though.

Is they're going to wait and see what's developing out of my -- and if there's an impact happening because of I ran.

-- you have to give them then the benefit of the doubt and maybe this is something they have to do.

One thing I do want to point out though look presidents have very little to say about the price of gas unfortunately.

Doesn't matter -- Democrat doesn't matter if your Republican.

Governor Romney saying -- we're gonna do all of the above come on.

-- -- rich here's the thing though rich -- right I mean.

Let's at old second fiddle with their supplies and inventories a monkey around with that oil prices in gas prices.

Because it look at they are afraid of it Arab Spring new revolutions breaking out all of the country over there.

Then that area of the world and they've got to do a lot of social spending government spending so they wanna keep gas side.

What is wrong with trying to develop what we've got here in the United States.

-- there's nothing wrong with that but you know you have to start from a point of view that it's okay to do that and when you have an XE PA official Lou.

Went around saying we should crucify oil and gas companies and then of course that official resigned but honestly for his resignation letter he said I notice it.

-- president Obama's been incredibly supportive of me and my work.

And we give that kind of attitude.

Oozing out of the administration.

It's no wonder speculators jump in the moment oil becomes reasonably priced and drive it back up.

Aren't touch anybody -- Oh come on I mean both sides in this debate are hopeless because both start with the presumption that we have a supply problem we don't have a supply problem at all.

We have a dollar problem and that's where Rick condor is incorrect president's -- the only fix this.

Presidents to pursue a strong dollar always have cheap oil if we go back to strong dollar policy oil declined it's not -- go back the dollar.

-- and it won't weigh in here Mike -- yet if there was actually no supply problem.

Then that would mean that.

We have unlimited energy now we don't have unlimited energy the supply situation does send market signals Romney's plan would create more energy we do need more energy to increase the size of the economy.

And oil is the way to -- All right you know Morgan here's -- thing I mean Canada we get 30% of them imports of oil.

From Canada in -- could replace 32% of what Iran ships what do you think.

I actually think that this isn't a supply issue as well I I agree with John that if you look at the numbers domestic supplies actually up 14% over last year.

I actually think this is an issue on the refinery side.

We've got taxes and regulations and it made the process of refining so expensive that we have refineries closing left and right we've had three that I know -- in the northeast just since March.

And that's part of the reason that we're seeing gas prices go up I think more so than speculators.

And that's nation -- be taking care that's reason and actually behind the Romney giving -- Obama.

-- here to -- -- the speculator attacks when you know gas prices are going down but Steve.

You know to Morgan's point about refineries what matters more refinery issues or a weaker dollar because oil's price in dollars.

That the bases the weaker dollar -- -- -- weaker dollar you're gonna get.

Dollar price of oil going up again we saw this in the 1970s and that's when speculators start to jump in our member in the seventies none -- your point man.

But back in the seventies -- -- saying -- do -- those evil oil companies are parking tankers offshore.

To run up the price of oil should get the dollar right that's big and then get the supply side you do both -- are not mutually exclusive.

You know so Rick -- when they're more dollars out there that means that oil prices go up and you know there's he never gonna hear an announcement that 02 weeks and Thursday that dollars going to collapse are you worried about that.

Not particularly an end and for the record I remember the seventies the other half.

Some of my brain cells I'm not in the seventies I do what I do have to say something go to rich Carl guard.

What do you think that there's a chance in the world that President Obama would know that low level EPA guy if he tripped over him in an oil field.

I'm -- like the guys said c'mon right.

That's the culture he said Rick it's that culture he sent Alex and I that's what we got out of it and he's a lack every fiber to the point about the lack about new refineries in this country.

Do you think there's a chance that we never get a new refinery approved under this EPA -- anyway you know they have.

I you know we have people the private sector wants to go and find more energy more oil so there is and it's looking for.

On the demand side you know -- this is not this unlimited supply that some people have said here.

If they're wise thing you want to have private investors looking to invest in this area the problem is.

Is that the president his policy.

Has ignored what the private market is said and he wants to dictate from the White House.

Where our energy is gonna come from that's why you get things like Solyndra that go backdrop a year -- the president says this is a success story.

Yeah I mean outside is something green energy costs a lot of green John Tammy meaning taxpayer green and what do you make a Mitt Romney saying look -- you can't start your car with a windmill.

On the top of that what -- -- can let's.

Well he's he's correct about that but he still misses the point in what I think is missing from this discussion.

Is compared to -- advantage sure we could create lots of -- bring lots -- on the ground here but you'd be economically crippling.

Oil profits are very low relative to other industry profits that's why we let other countries.

-- produced the oil and we'll take it is that we can do things that are actually wildly profitable.

-- -- -- If we move in this direction will be a very poor country and let's saudis and the war that breaks down that breaks down completely when you're talking about of the third of the oil we import from OPEC nations -- -- cats.

And are finding are out what terrorist opposition.

If if they don't president ascended to someone else someone's going to buy that oil and oils expensing be as weak dollar it's not a function of where we're getting it for -- -- Morgan we also have you know China coming into this hemisphere right and the issue too is we haven't brought this up yet.

It's so does a bigger polluter than me -- any country in the world that they're going to be drilling all over the place are real worried about -- the going to be doing in the North Sea and areas of Canada.

I would be -- and and and that goes back to this point of rising gas prices gas is so closely tied to oil.

That as long as you have growing demand from places like China the price of gas will go up which is why I think that we should.

But as Obama saying pursue green energy but we should also be doing -- Ronnie is -- Ronnie is proposing and that's you know scaling back regulations and actually developed and more and more possibilities for traditional -- under -- Well let's just remember maybe you can't start your car with a would know on top of that according to governor Romney but you can't drive your car -- a dog on top of it.

I really had to leave it on that note.

Didn't -- anyway.

Watch Live

Which candidate will cut prices at the pump?

Details

Clips

Cost of Freedom

Should IRS remain in charge of enforcing ObamaCare?

Secret briefings as taxpayers demand answers on NSA snooping

NSA scandal's impact on ecommerce

Critics: Companies make it too easy for government to snoop

Will ObamaCare put job market on life support?

Americans losing faith in federal government?

New proof taxman was playing politics?

IRS under fire for lavish junkets

'Bullying' tactics from the administration?

Sen. Ted Cruz leading the charge on abolishing the IRS

Report: IRS accused of targeting GOP donors

Impact of political scandal on markets, economy

Transcript

Recommended