President Obama defensive over high gas prices
Will energy costs prove pivotal in race for White House?
- Duration 5:20
- Date Oct 15, 2012
Will energy costs prove pivotal in race for White House?
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They're averaging 22 days now high gas prices shaping up to be a pivotal campaign issue.
Today's average for a gallon three dollars and 79 cents that is more than double the price.
When President Obama was sworn into office governor Romney hitting present Obama over the pain at the pump this weekend.
What why was at west with -- gasoline had that at about twice the price as when he came man.
That he had and a half a number of -- -- for drilling on public lands -- he said noting the Keystone Pipeline.
I asked more questions just like why was it with a trillion dollar deficit.
He founded and is it and it's hard to put nine -- -- ninety billion dollars.
In the green energy companies that in many cases were contributors to his camp.
-- of tough words there over the weekend that it was a candidate Obama who made solving high gas prices a major priority.
Listen to mr.
Obama in 2008.
For the well off.
This country high gas prices are mostly an -- Buttons to most Americans there are a huge problem.
Bordering on price in as president I will work to solve this energy crisis once and for all Stephen Moore senior economic writer for the Wall Street Journal -- good morning to you.
I don't politics and economy mixed -- -- this -- let me go to the Y its answer the question why the spike at the moment.
Well there's a couple factors one is obviously -- on rust in the Middle East bill and whenever that happens you see a spike up and energy prices.
But there's also domestic policies that are affecting these high gas prices and I pointed to -- One is the expansive monetary policy by the Federal Reserve you know when they -- QE1 and QE2 in QE3 and QE infinity.
-- all of the outpouring of money into the economy leads to higher prices and one of the reasons these high gas prices are -- potential problem.
For rob Barack Obama is that would higher energy prices are kind of lead indicator for higher prices.
Across the board but did the last -- point I would make bill is is the point that admit that Mitt Romney made in that clip that she -- played that.
This is a -- -- president has been pretty hot sell the fossil fuels there hasn't been a lot of drilling on federal announced -- got a lot of moratorium in fact.
That we've we have an editorial in our paper today about eleven million acres.
In Alaska that was taken off line from drilling so.
This is a prop problem I think for a Barack Obama and and those high gas prices are -- -- -- -- -- -- You say the dollars cheaper -- the money she heard it yet.
That and also does that -- the energy policy has not been suitable is not lent itself toward.
Finding or let's say oil reserves but you -- you -- -- fracking in places like eastern Ohio I mean.
That industry is booming which tells you why governor Romney over the weekend was talking about gas prices in Ohio -- he's trying to find an issue that.
Yeah PS and -- -- right then with the that natural gas boom in this country and the hydraulic fracturing we do have a lot.
More oil and gas production but not nearly enough and all of that production almost all of it is on private lands and one of the points the oil and gas executives I talk to says look we've got most of the oil and gas in this country is on public lands and that's what's been good for the most part taken off limits.
For drilling but you know if those high gas prices persist.
I think it is a problem come November 6 because I'm old enough to remember nineteen -- When the high gas prices were a big problem for Jimmy Carter was -- sign -- to the voters that there was something wrong with the economy fundamentally.
Four dollars and 61 cents is the is the average price per gallon in California but clearly it trickles across the the -- from west to -- that's what you told our producers here explained to us.
You say the president told us his policies back in 2004 years ago I would make energy more expensive.
And he was right.
Well while the white clip that you didn't show belliard showed the clip of him saying that I -- -- I gas prices hurt the middle class.
But previously in some of the debates when he was debating Hillary Clinton and democratic primary he manages statement that he said my energy policies -- necessarily mean.
Higher energy prices and and and back that's been the case his energy policies have led that to a higher energy prices that's one of the few promises on the economy Barack Obama has made it by the way he had also propose he didn't get it through congress.
He proposed a big energy tax called a cap and trade policy if that had gone through energy prices would even be higher than they are -- Well I think your point about 1980s -- using it goes to how you feel about how you're doing it out how much -- -- out of your pocket but.
I would argue you don't have to get a California -- find high gas prices well they say this debate's going to be in Long Island.
And you take a drive -- set a New York City you're you're over four bucks already.
The I was gonna say the same thing bell in all I wanna go to a place where you can Taylor has some four dollars a gallon is -- him where I live in Northern Virginia were paying.
For forty I think yesterday -- paid for 39 a gallon -- to -- -- and people are searching around for a place where you can play it pay less than four dollars a gallon maybe some -- those western states that have -- like Wyoming.
But not a lot of the metropolitan areas where we have and a lot more -- the.
Energy plan is one of the five principles of what governor Romney said that he would do if elected president so we'll see how this plays tomorrow night.
I'd be a big issue -- initial right all right thank you see it's even more.