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Why are gas prices spiking?

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    Demand or green energy push to blame?

  • Duration 7:46
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Just seventeen days left until Election Day gas prices are at an all time high for this time -- year.

More than double where they were when President Obama took office it's a hot issue -- the latest debate.

When the president took office the price of gasoline here at NASA caddie was about a buck 86 ago.

Now it's four bucks a gallon.

He survived took office the president's -- was 18186.

-- that.

Because -- economy was on the verge of collapse.

Because we're about to go through the worst recession since the Great Depression.

Now the president went on to say the gas prices are going back up because demand is back up a governor Ronnie says prices are spiking.

Because of the president's green energy push so who's right.

Hi everybody I'm David has been welcome to Forbes dot box let's go -- focus is Elizabeth MacDonald.

Mike goes Iranian Rick -- bill ball when Victoria Barret and John Tammy a full house today might.

There's a president right.

-- he's actually wrong in fact he showed how close he was about our energy policy.

Look he's blaming the stronger economy on higher gasoline prices.

Misses the whole point of the Reagan recovery where the economy boomed in gasoline prices fell on the Clinton recovery.

Where gasoline prices fell.

The president meanwhile blocked the pipeline coming down from Canada which cost us a tremendous amount of jobs meanwhile he keeps confiscating more taxpayer dollars to putting companies that go bankrupt like Solyndra and they want to three systems well -- -- attract a lot of conservative critics abroad they were disappointed that we didn't hear that word Solyndra at the debate -- -- has been a lot of government money wasted on these projects now.

Yeah it's it's interesting because Mike made some very compelling arguments -- the problem is absolutely none of them have anything to do with the price of -- only.

Look you can argue if you like that the president's energy policies.

Could have an impact going down the road I would tell you you're wrong but that's an argument we can happen -- the reality is is that we see production up there's no disputing -- and you can give President Bush credit for it if you like.

None of that impacts on the current price of gasoline talk to me and for years if you don't like the prices that would be the kind of -- -- -- But I just I -- -- may be the fact is is that the president President Obama is taking credit.

For the fact that we're pumping -- -- even though a lot of people say he doesn't deserve -- because on federal lands.

Oil production is going down -- there is going down on federal as productions up on -- public lands and the private sector.

And permeating is down 32%.

Let's say that they argument to has been made that the market set prices I get that yes some markets and prices people who make an argument -- tend to forget that the Middle East OPEC cartel controls 40% of the oil supply.

My point is the president needs to focus on supply issues and -- -- back during the Great Recession 070 wait.

Guess was still sticking at three dollars and four dollars a gallon and until George W.

Bush lifted the moratorium on drilling in the gulf.

That's when guess sort of plunging by thirty cents and that's when the president set right now present Obama said.

You know what I agree with that I grudgingly agree with that in August -- -- -- -- she should.

About supply bill is our -- gas prices go out because of the the the president's policies or not.

-- because of the president's policies but the question is are they going up because of his green policies let's focus on one big cause -- driver act which which is the ethanol mandate that the jobs created by that particular boondoggle are not green jobs they're -- jobs at -- all he destroys the environment.

And being an environmentalist I'm groping -- looking for president Kennedy.

Who opposes this particular blue dot -- found one yet are right well job.

-- the fact is I know Rick would disputed the president would disputed but the fact is according.

To a totally.

Nonpartisan group called the US Energy Information Administration total oil gas and coal production.

In public areas has plunged.

From eighteen quadrillion BTUs -- -- for me to be for 21 billion BTU's down that down to eighteen.

That's a big drop that's about a 15% drop so we have seen less oil coal and gas production on public -- Well maybe so but I would also say I think that's irrelevant and I think the problem of those discussions were talking about a national energy policy.

We don't have a national she you call Sierra national computer -- -- Our national Paulson for breakfast cereal but -- get all three with east.

The simple truth is that -- what were awash in oil around the world.

The -- expensive -- is the dollar's chief.

And even if every OPEC nation in the world and every oil producing nation in the world and -- -- we would still consume their oil as though bubbled up in west Texas.

Let's get out of national -- just let markets work.

Victoria what if we let markets work what we see gas prices come down.

Well -- problem is that we're completely dependent on the Middle East for oil and President Obama is the president of the United States not the president of OPEC so in that case.

He he doesn't have much control over oil prices and I have to sort of grudgingly agree with Rick on this one yes his his green -- -- -- have -- added frankly Erica.

I don't know who you're uncomfortable but -- -- you know his -- policies may be affecting oil prices 510 years from now.

But right now.

They're simply not it's it's about supply and demand and oil and gas prices go up and down accordingly to what we should reduce our dependence on the Middle East and alcohol and -- -- -- -- should ideally should tax it got -- and.

It is not only the price I think victorious.

Right on the mark on this it's also about our dependence on foreign oil.

And when you look at what's happening in North Dakota wood -- huge deposits of gas and while they're finding down there.

You see the -- were able to get oil from shale now threw for production methods we didn't know existed twenty years ago we could become energy sufficient right now.

Import more from Canada than any other country and they're not certainly not an enemy of ours by any measure.

But I -- to get back to what John said David which is you know there is a huge difference between what President Obama is doing and what governor Romney proposes.

President Obama wants to dictate energy policy from the White House which he's been a huge failure at doing given the -- -- and so forth.

Romney wants to put the control back into the private marketplace and that's where it belongs Rick.

I think it would be more interest in discussions talk about that national breakfast cereal.

I have high highlights and our moderator I was -- and I had to talk about right because -- and then on the go ahead and get there.

But yeah it is what it is and I don't know why.

Why we have to try and change the message I realize that discussing reality in this case is not satisfying.

In an election year to certain sides but the reality is.

The green policy of the Obama administration media like it may -- you don't I happen to think it's forward thinking and necessary.

But -- -- there's -- good in that it's too early to know if it's worked OK won all I know hold -- to -- we want would have.

What he -- a little bit of reality the president spent four billion dollars on 36 win forms the government claimed it.

To have 7200.

Jobs that resulted from this the Wall Street Journal went to these wind farms and found only 300.

Fart so the government is overstating the amount of jobs are huge -- -- -- Obama.

-- I -- unite we will we're talking about -- David to David's point we've been trying green energy since before the Carter administration.

And it's not delivering the energy power that this country.

Needs to live and thrive and basically grow.

And what we're talking about is so again and again it's supply issue the fact is when we signal to the markets that we are going to increase our oil supply time and again.

You see gasoline prices dropping that is the issue you know supply and demand you can ignore it thank.

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