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But to no oil markets and that surprised released.
Of oil sixty million barrels of it from emergency stockpiles half of that coming from our own strategic petroleum reserve.
And people affiliated with the administration saying that that talks about an oil released like this against sixty million barrels.
-- going on for some time even before.
The reason OPEC meeting and it's meant to offset the disruption from Libya and again give some stability to this economy.
Do my -- agree Jack Gerard is the CEO of the American Petroleum Institute the giant industry organization.
For oil companies and along with him Fox Business is very Eric -- Jack to you first justified.
Well I think what it's unclear at this point we just heard the news a few minutes ago just like you did.
And while it's important to look at the global energy markets because we're concerned about all the issues -- -- the unemployment rates.
The global supply and demand equation but I will say is very important here.
Is the thing they did not say.
Is we can bring you more domestic supply on line here in the United States so clearly from our vantage point.
That was the point that was overlooked in this announcement today about bringing more supply.
To help calm the global fears and concerns.
Eric justified or not consisting come out of nowhere the last time oil was released from Aaron as PR was -- Hurricane Katrina.
And it was even less than what we're releasing right now thirty million vs 21 million back then shortsighted and misguided but what would -- -- -- you expect from mr.
Obama who's done nothing but fumbled the energy policy straight troops starting by picking Steven Chu as his energy secretary.
These guys have no idea what's going on this is an energy supply that's meant to be in place.
In the event of massive disruption in oil.
That there is no massive disruption at all we're producing more oil today than we were before Libya started in forty million barrels day has come off the cause of Libya and didn't know what what what what vote timeouts.
Libya produced one point five million barrels -- The Saudi Arabia has already made up more than that one point five million barrels that Libya is off -- that did it -- had to be pulled off the market.
There's more oil being produced today -- prior to any conflict in Libya so don't tell me it's -- supply disruption.
Katrina was a supply disruption.
Gulf war could have been in in started to be a massive slick like Russia.
-- and why you have the SPR.
Not because mr.
Obama wants to bring.
And already falling price for oil a little bit lower during an election cycle Jack do you believe this was then politically motivated and it's a way to his clearly bringing down the price of crude oil if you want to look at we look at it right now.
It's bad -- one dollars a barrel on do you believe this was politically motivated to show up when people fill up their cars in the coming weeks.
Well I think the real challenge the issue here is it's clearly ill timed it doesn't make a lot of sense a price of crude has been coming down over time.
But more importantly as your other guests -- just mentioned.
We think this is a clear indication that there's even more concerned about the global economy and particularly the domestic economy.
Moving into this election cycle what we can't understand what continues to confuse us.
Is the president has yet to step forward and say you know what we can do more as a nation.
To bring supply on line just not releasing from -- -- strategic petroleum reserve.
Produce in our own domestic resource we create hundreds of thousands of new job look.
Jack -- billions of dollars a revenue in -- Houston has been grappling with would help we said it raises issues about the global economy but does it also raise issues about.
Those supply picture out there you didn't Libya clearly -- up problem area.
But we had -- -- croft from -- all last week you talked about potential supply disruptions from Yemen Syria and then worry about Sudan's -- does it say something.
About all these different hot spots around the world.
Well I think -- and again tell us it's confusing because what it says as we look at the different hot spots around the world.
What the president has failed to do.
Is to focus on US production he refuses.
To allow US production to go for -- He's been to Brazil he's encourage them to produce some promise to import and he's called on the saudis to produce more to help in this global context.
But he fails to look at the US opportunities which -- job creators.
And revenue craters -- the time we -- both that it doesn't make sense it's it's not an energy policy.
It's a reaction to current challenges.
Jet Jack thank you for being -- -- say thanks to you first CEO the American Petroleum Institute Eric don't you go anywhere because I wanna get your reaction.
Listen it we still got 700 million barrels in the strategic petroleum reserve even after this release and guess what else.
We still plenty of oil to be to be refined it's not a situation we have we we were having a problem.
Feeding our refineries with oil we have a lot of other problems there's EPA regulations -- refining kick it could capacity problems.
It's certainly not we need thirty more million barrels onto the world oil market and by the way I was on.
Fox News about an hour and a half ago.
It was 89 dollars a barrel I said this marked this price I guarantee it's going to be higher month -- all this does it puts a band aid on a hemorrhage.
We still have a problem with foreign oil we don't we want to get off foreign -- not all oil just foreign oil.
We still have that issue Yemen.
-- Libya -- those are problems but it shouldn't because we have enough oil -- -- here in America we don't righty I don't.
But the foreign US that all of that oil discussion about where we get our supplies from in the grand scheme of things -- world -- the world market is where oil is priced.
So does it -- the world market.
Well I was just like the world market a month from now when these thirty million barrels by the way without -- know any million barrels a day so -- -- gonna affect the world oil market it's it's not it.
Right it's clearly -- -- day and a half of what we're releasing here in the US is about a day and a half but what we use.
-- -- -- but on that short -- but I want.
Where do you think prices -- you think because opposite bank NY -- indicated there will be other all yeah all three times we've released the royal tour emergencies Katrina.
And Iraq -- gulf war.
And the third was still reduction Bill Clinton reduce it sold twenty million barrels to reduce the deficit all three times -- oil prices went down temporarily a week until.
Within a month they were higher than where they were prior oil doesn't work but the law doesn't stay down -- -- says the economy -- -- but -- it says that they all this administration has no idea how to handle.
The oil problem in America and they really need to start drilling drilling here it's not just a talking point on the right.
It's for real -- -- here we don't care what happens in.
Until we are squarely on our entire in the price of oil down itself so well that day absolutely well today -- you have a if -- -- -- they -- said guess what I'm a paid double.
Today but guess what tomorrow and then the week after I'm gonna take that money right back via.
In due in multiples I just say okay it's a public -- we'll follow it -- -- absolutely it's a it's a gas gasoline -- player right now.
-- Georgia at -- follow the money follow air Boeing Monday Tuesday Wednesday and Friday at 10-Q is there.
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