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Consumers getting a big kick in the gas the national average rocketing nearly fifty cents higher in just past five weeks.
And now the pressure over the Keystone Pipeline is back on Republicans.
Calling and -- White House to pass it environmentalists taking to the streets to protest it.
So which side is -- at ease your pain at the pump.
-- -- that David has been welcome before thought -- let's go involves this witness heard Steve Forbes Rick -- rich Karl guard Elizabeth MacDonald Michael -- and build bobbled Steve.
-- the pipeline lower gas prices that'll certainly help.
David more supply -- help of course of stable dollar helped to our all the environmental concerns have been legitimately -- Private monies willing to do this a private money swimming to take the rest let them take the risk and will be the beneficiaries.
So -- we've been arguing about this for years is -- finally time particularly high gas prices to let this pipeline work.
But I think it's gonna happen that this is just one anticipates come along but I gotta say I wish I could be as hopeful.
In terms of the benefits -- I think Steve -- listen there are nineteen million.
Barrels pumped out of the world every day this will add -- best 850000.
A -- a roughly 1%.
A tiny bit of impact maybe but I just don't think it's gonna accomplish what everybody likes to believe it's going to you've got to weigh that against the damage it could do to a very important -- Iraq.
All right so markets are gonna be overnight -- gas prices have come down the keystone but it's certainly a long run what help now -- tiny tiny bit David because as Rick pointed out.
Oil is sold in the global marketplace but I think this type of investment the keystone project should be encouraged primarily because it's private money.
Chasing the profit motive which is what we should be encouraging instead of -- what the president likes.
Which is using taxpayer money to share his grand vision of some future future utopia.
Of solar power and all the stuff that nobody wants to body while rich specifically President Obama this week said that high gas prices -- result.
Of worldwide demand it has it doesn't have as much to do with supply as it does with the demand.
I jacking up their prices but if there's more supply wouldn't that bring down prices.
Yes as Stephen Johnson pointed out though and -- it's not that it's not gonna add that much.
I really like it because it adds to stability.
You know what I really don't like is buying oil from Venezuela and countries in the Middle East that are then turning around and finding terrorists to kill lives.
So to the degree that we moved from unstable sources are hostile sources to stable source -- that's good even if the price doesn't change depending.
And -- while we're talking about the price of -- -- -- also the jobs that are created on this -- there could be tens of thousands of new American jobs as a result of this -- let me get back to -- -- -- points which is there could be some environmental -- I think he's totally right to be concerned about that -- -- we rearranged.
This country's energy supply.
We could have something that is both cleaner and cheaper and step one and I think in this process would be to open the pipeline.
Step to -- the corn ethanol boondoggle and step three.
Frat more gas so that we can phase out of -- when you got -- -- have cleaner air and cheaper energy so -- -- back what bill just mentioned is all of the above the president claims he's for all of the above but but on the other hand you look what the EPA is doing stopping fracking.
Stopping a lot of the ways that we get oil and who knows he may listen to these protesters.
Yeah he may and you know what's really -- -- the environmental.
Part of it that is.
Every in the environment here here's a way to get around the water aquifers we know depressed isn't working harder of that.
And the thing is -- even if we don't take it here China's gonna take it -- no pollution controls over in China are parts of Asia.
And the other issue too is look there will be a psychological impact on the price of gas if you do take the oil tar sands oil tar sands upping Canada.
Are just about the I think third behind Venezuela and Saudi Arabia in terms of the amount of reserves and it's equal to two thirds that what Venezuela basically sells on the market there will be a psychological impact on the price of gas has sent his release.
We there's always a risk and a danger of getting these things but don't we do it better than anybody else.
Yes in this imperfect world you're not gonna happen perfection if you want perfection we'll go back to living in -- not have any pollution -- -- inside the cave that's not the way we wanna live and again this is private money willing to take the -- let them take the risk.
And how about -- easing restrictions owners arbitrary restrictions on federal lands have the supply people want to put up the money capital for.
Great will be the benefits.
-- and -- and these these environmentalists protesters -- date for going back to the past we're driving with horses and buggies on -- -- They are against any planted to get more oil to get more energy from carbon -- might be getting a bit carried away I had just a bit -- just -- -- -- but you know I didn't respond to a few things you know to Rich's point.
That this will create stability listen.
If we can be assured that this this oil that's gonna come in for refinement in the Gulf Coast is gonna stay in the US that he's well.
There's no reason to believe that's the case it's going to be sold to the highest -- Also the president is pursuing an all of all of the -- policy all the EPA is doing.
Is trying to make sure that fracking remains say they are not stopping -- rich.
While it is a worldwide economy we all recognize that that oil goes into the world -- but still if it slows down into the golf and there are refineries in the gulf and right now all along the Mississippi -- refineries are gearing up.
For the new thicker oil sands from from Canada so they're already preparing to it to convert that oil -- gasoline.
Yeah and again you know stability and volatility are important things we all assume you know when we talk about oil as a commodity and and goes to the highest bidder.
That we're operating in a free trade system but we know that free trade collapses every once in awhile.
And when it does you know we can really be vulnerable any witness -- OPEC oil embargo the 1970 so.
You know the more we move toward stable source is the better it is for our economy in the long run.
But you know living in -- -- -- -- -- as a point two is is about jobs unions in the United States want these the pipeline things that you AFL CIO members -- us and we want the jobs here there's an irony to what the protesters are all about.
They don't want the pipeline because they're saying it will unwind the benefits from auto efficiency standards at the same time we have electric cars.
Basically getting fired by energy from -- coal fired and I went out.
I don't quite believe Rick's -- stations that the Democrats want all -- but I think it's more of a none of the above.
Our governor here in New York State.
Doesn't like nuclear and he doesn't like -- needs -- he's not interested in turning down his air conditioner where you want -- well and there's a political point here which is that the president's gonna have to choose between two of his constituencies on the one hand the environmentalists were protesting very loudly.
On the other hand is GMAC said on the union guys who want the jobs which one is -- president gonna choose he should choose the union side but you were probably go with the environmentalists the reason is he believes that the oil and gas -- bad things Cole is a bad thing.
The money than hubble's that he -- rarity not only has he said that in the past but mr.
Chu is retiring senate energy secretary said exactly that what have they ever said oil as a bad thing Eric gets carbon energy Arne and I play -- -- silently again -- -- but I guess that's our kinda thought.
They -- it's a dinosaur attitude that that carbon is a thing of the past with fracking it's the thing of the future that's what free markets are about always expect the unexpected last word from mr.
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