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Talk about I'd jump at dot com gas prices back on the rise at the oil keeps on surging.
This coming with continuing unrest in Egypt and Keystone Pipeline protests here.
Is all this creating a pain in that gas for American drivers and the economy.
Hi everyone I'm Brenda but this is Bulls and Bears let's get right she -- here they are -- Bulls and Bears this week Gary v.s net.
Jonas Max Ferris John Layfield Tracy Byrnes along with Steve Murphy welcome to everybody.
Okay John just how bad is this gonna get at the -- Boy it certainly got to get a lot worse before it gets better like when there were only four people on our according to Genesis in the Middle East one killed another one and it -- Middle East has been screwed up ever since it's always going to be screwed up.
That -- -- prizes here at home we are doing nothing to help the tree hugging left.
Things -- -- also feels the flat -- right.
Things all we gotta do is drill we have no national energy policy we don't know or pipelines fitting -- solar -- did nuclear we're screwing up our own -- coming costing ourselves jobs because we don't have a national energy.
Policy OK Steve you agree with that more pain at the pump.
Well there's more pain at the pump like there is every summer this is that every almost everybody on this panel -- -- You know the guiding hand the invisible hand I think it's called and that's what causes the prices to go up in this summer.
These share prices go up in this summer so of course we need energy independence but this is just simple supply and demand.
Well Gary B.
Steve makes a point that July is is it peak demand months.
But last week we saw overnight gas prices go up three cents -- unprecedented.
Do you expect and -- keep going higher.
Well I'm going to be going to the church of the guiding hand Augusta that I got to -- -- -- app after app at this.
Yeah I do I look I think Steve has it partly right we normally do see more demand and of course if you believe in supply and demand that -- drive.
The prices higher but what what is going on in Egypt the unrest they are for tripling not so much that.
It should be in a huge supplier of oil although it is the biggest there -- one of the biggest nonopec suppliers but really got control thereof the S Suez Canal.
Which ships a lot of oil through it that's one problem into.
You got is as -- John mentioned our lack of energy policy doesn't -- a lack of energy policy.
It's the lack that works we want to do the things that are so obvious like the pipeline like drill and and more things are proven to have.
Minimal if no environmental impact that could increase our oil supply cheapest form of energy and yet we want to tire -- hands that's the that's what's causing these -- prices it to.
The jump up because they're more open and and here in the US.
If we don't see any move toward getting those lower prices by doing the.
Smart things OK Tracy oil and gas prices going up do you think that's gonna hurt the economy and are they can get -- continued surging gas because.
-- you and I both know wages aren't going up right so gas prices even if they interrupt just a little bit -- we don't start to -- -- wage increase that's taken a bigger check the teens out of my pocket.
And I disagree that it's you know typical supply and demand global demand is going to continue.
Wayne -- then supply if we're not gonna do the right thing in the United States that oil is their why can't we go get it.
It's the uncertainty in this market and we follow it every day one little -- can send gas prices moving.
Because of the uncertainty to John's point there's no plan nobody knows -- the futures now -- -- you don't quite agree on the.
On the pat down -- you don't quite agree on the Keystone Pipeline -- -- well -- like pipelines over like -- -- to -- oil like we solve the problems with that in -- -- just recently but that doesn't deal with the issue that we're already doing basically all we can to keep our gas pump prices as -- as we can so they might go higher with the global disruption like.
Like in Egypt but the proof this is.
There is no country with cheaper gas prices that isn't an OPEC nation -- America.
From compared to our reserves which are like a tenth of Saudi Arabia's.
We produced -- about to produce more than Saudi Arabia so there's no country that produces more oil relative to their reserves in the American has been like that for a long time is getting more like that all the other countries produce less oil than we do and they have more to produce so we're doing a good stop not well okay John take cannot.
A lot of -- you my friend but he's completely wrong on this look the moderation all along not be as big as a big portion of Saudi Arabia.
In California that takes away the California -- were not sticking one drill into that the -- -- -- -- New York what are races they -- deficits we're not -- drilling -- I think of one drill bit in that either we have oil all over this country we're not fracking anywhere because we don't have an EPA that will stand up and say -- we need to do this are doing this to make it safe.
And it's it's an all the above answer we don't have that because we have no plan there's been for environmental studies on the Keystone Pipeline.
All have come clean on this said it's fine we're not doing it for what reason who knows.
Okay Steve may be you know.
Hey I'd be for an warrant -- for the Keystone Pipeline but with fracking causing.
Earthquakes to increased threefold.
I'd be careful about the one that a lot in California.
-- -- And -- got have you ever -- I think one -- remiss in terrorist state taxes.
This these -- -- gasoline price is not going away batted going to continue to go up as well also coupled that.
With uncertainty overseas states that are going broke by the second gasoline prices are going up higher than our wages at the bottom line.
And Gary -- that will have an impact on the economy -- thank.
-- absolutely and and I wanna get back to two.
The point that Jonas was making a while word you know doing relatively better than in other countries look I want to compare ourselves.
To other countries because we can do a lot better right here we've shown that with.
-- the combination with coal natural gas.
Oil shale oil that we have we could be we do not need to import one more barrel oil for the next 500 years.
Why we're not going down -- not -- -- we can lower prices even more be energy independent and by the way to create a ton more jobs is just baffling to me.
Okay am 50500.
Years -- this week I hope you got yours what was your rally.
What I hope you got your scuba gear ready how come I'm not -- get -- I want to ask you know the oil market is going up but so is the stock market that doesn't often happen do you think that's because.
The head of the Fed said that easy money is not that any ease up any time soon.
Well hi Brenda I misspoke I'm not going on Sunday the church of the invisible hand I'm going to the church or Ben Bernanke Henry Hudson yeah.
Is -- I don't look.
Older thing is so I think.
-- -- Bernanke speaks about you noted that does -- NBA taper we're gonna continue to flood the money see what happens in the market this is a fed.
Market we're ignoring news that we heard on Friday from UPS about a slowing economy.
And news same news we heard from FedEx and said the market keeps going up like -- has rocket propellant behind it I think it's a silly right I'm not far.
Why do you bit -- -- believe me I'm loving it but I think it's on fumes okay what do you think John.
I think Jerry's drive of the US is only place that as a safe harbor for your money the US markets are probably actually undervalued right now but calls the what Gary -- saying.
The Fred that bad -- crack cocaine to look to the markets right now if interest rates go up just a hair gets to -- in emerging markets around the world -- the US team with a -- if they go up.
It's still the best place for your money.
-- and you -- I can -- would she want about it you it's that's why it's the most heated rally like in history because no one likes to what's going up.
But it is going up and people just need to take advantage of it because even when they start to taper.
It's going to be so slow and you're not gonna feel it immediately and let at least your borrowing -- Practice went okay John just got about thirty seconds wears -- market headed but no country better position for rising oil prices then America because our pump prices are lower than weaker countries in Europe -- dependent than we have.
And we produce so much well we actually make a lot of money from my original prices are we are sitting pretty with -- hundred dollar oil.
And to have the best stock market in the world for the next year.
Okay that's got to be the last -- -- --
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