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Time to Drill Baby Drill?

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    FBN's panel weighs in on gas prices and offshore drilling.

  • Duration 9:16
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Sure sure -- we get you don't -- your own gas but does that mean you can't help the rest of us.

We need to drill baby drill and we need to do it now.

-- net joining me now our chairman of the house natural resource committee congressman Doc Hastings along with.

Arizona congressman David Schweigert.

Get congressman Hastings please let's go to you first.

I'm watching oil prices tick up first of all we saw that release of the SPR the thirty million barrels or -- we knew wasn't gonna last long I think you and I may have spoken about it on TV and he didn't it lasted less in the week to lower prices.

Now there.

Five dollars a barrel per barrel higher than they were before we released the oil.

What's the answer here my for what we do what should we be doing.

Well first of all -- this was all predictable.

That we said that -- the boutique fuels take place you know going to affected some of the states it's gonna raise the price of gasoline at the pump and it's happening.

And once again this administration's rhetoric.

Is -- 180 degrees from their actions.

Their actions articles up the resources that we have in this country.

They're slow walk in the in the Gulf of Mexico -- -- pulls stuff fields CF symbol of the Atlantic and the Pacific coast.

And this administration is put up regulatory barriers.

In Alaska all of this stuff was predictable and what is -- us.

It's given us.

You know bad situation here because you're losing American jobs and we are becoming more dependent on foreign oil CommVault predictable.

-- -- like that you're you're.

In Arizona where are we must use probably what all of the highest amount of energy per capita of any state in the country -- -- because the air conditioning demand and whatnot.

What is -- you say what's going on that what -- what what does Arizona wanna see happening.

Both think of a state like ours were driving distances you know or our rather tremendous.

And one of our great frustrations is almost every day we will see members of the left.

Go to the floor and say where's the jobs bill.

This is the jobs bill.

Use our own energy resource is it employs Americans it creates economic growth and economic expansion.

This administration.

Is literally.

Regulating adds the higher unemployment whether peak oil or natural resource -- the -- be things like the Dodd-Frank bill on what they healthcare.

Open up and let us use our own resources.

And let -- go create those America.

-- let's talk about those jobs the congressman Hastings you and I were together again what we're talking about -- the slower the permit -- him that was going on.

In DC has the Obama administration started -- aggressively the way they promised they would -- Don't they they haven't again this is their rhetoric.

And and I've been down to the coast tonight seeing first hand I'd seen the ships that are -- -- and other places.

I've seen their rigs that are going to other places and probably not coming back.

And it's all because of this slow down of the regulatory burden that's been put on.

Those producers as Dave said and.

And they you don't wanna because amigos and mister Stryker how many jobs could we create if we -- given a free -- to drill I'm not talking about com.

Irresponsible throwing up talking about drilling with current regulations which seem to have gone far enough with the exception -- one accident.

They've kept our shores -- how many jobs we create.

Well.

In our understanding is the regulators to day.

Could start expanding those drilling permits it to date could be issuing them.

My understanding is also -- -- yesterday.

Another drilling -- got tied up and is heading -- away from our shores IC numbers that almost immediately.

You could create a quarter million jobs if we started opening up -- need to territories that we know have resource and -- exploiting that.

And think of it where that would take us over a few years would be tremendous.

My congressman Hastings I have to ask you seven oil I've been in the oil business for 23 years I don't know audiences.

It appears to me that they did it one of the proposals floating around DC is that.

Close a loophole raise taxes on the top five oil producers are American top five oil producers.

Would that mean.

Foreign producers who come into our gulf waters drilling the oil it's in our sovereign and the book area.

Would have a tax advantage to our own companies.

There's no question about it here we are taxing potentially.

At least talking about -- America job producers and American oil and gas company they keep in mind.

The tax that they're talking about the -- across the board to all energy production not just the oil and gas industry.

So it's and what they're essentially doing is taking out the oil and gas industry -- -- even those tax today just other forms there you listen.

I'm in favor of and all of the above energy plan.

But we should not ignore the big abundance and then in -- is that we have in this country.

And that's what the debate's all about frankly I think the American people understand that better and we think.

I just wanna clerical blows up I appreciate both you guys spending some time -- all the -- tonight congressman Doc Hastings.

In congressman David Schweigert thank you very much you -- thank you so much for doing the work you're doing there.

Keep keep their feet to the fire.

Thank you try to split up to the panel.

Fox News contributor Monica Crowley joining us -- right to Euro here's an opportunity not only create jobs bring the price of energy down but we're getting a push back from from -- sick.

This is the biggest no brainer happening right now in America we talk about the big economic issues right the debt crisis which is ongoing.

The huge overhang of debt and uncertainty because of the Obama economic policies that are suffocating growth killing job creation.

One aspect of this economy that we actually have control over right now.

Is the energy sector you put all of these people back to work quarter of a million people they were just talking about if you lift the moratorium on drilling.

Oil natural gas in this country.

You have Democrats.

In oil producing districts and states like Mary Landrieu in Louisiana Sheila Jackson we -- good -- on this program she represents Houston where a lot of these oil and natural gas companies -- They very diplomatically tell this White House in this administration.

You're so dead wrong on this issue the United States -- is sitting on more.

Boy will natural gas and coal than any other nation on the face of the art and still we don't extricate our own resources it's be -- Foolish and ridiculous and economically -- it and productive.

-- how might you heard from the congressman right there -- natural resource committee telling us that if we go ahead and do some of things we're talking about doing.

We're putting our own oil companies drillers job.

Creators.

At a competitive disadvantage to foreigners coming into our shores drilling our oil is this the policy that the left thinks is right.

You know I just think that's a crazy analysis I mean the fact is these oil companies and gas companies.

Have outrageous profits they are profiting greatly in this air even as we're talking about economic recession.

And then on top of their great profits they say oh no we want all regulatory.

Claims taken away in terms of environmental protections we've got what does family of everywhere want a country and we're going to be embedded in the New England just -- -- we're not talking about environmental Bob issues because that would apply to all -- as I'm talking about this tax.

Disadvantage that DC once the place on our own oil drillers giving advantage.

To Brazil to China to Russia to anyone else who wants to come over here instead stick to drill abated -- -- -- -- -- You know it's not about that in fact you said Eric you know what you're not sure about the the tax impact that would have on this that drillers that come from overseas just don't want you sit in the -- -- that we know about not only occasionally.

It doesn't have you -- applies to our drillers.

Well I think it -- I don't I don't know that answer I don't think you know the answer.

But the idea is that that tax in tax should be placed on all drillers across the board I don't think now we're gonna start dictating -- or the quality -- -- tax policy as well as foreign drill.

Policy to -- -- I know the answer when you have a set of facts that seemingly communities seems absurd that you wouldn't truly your own natural resource and you didn't fight foreign companies to do so you go back to Obama's own statement.

He's a boat redistribution of wealth.

But not just between classes in the United States it's a world -- desire that he has.

To take monies that might be our natural resource our jobs.

And if it -- other nations that need underdog nations that need it more.

That's where his heart is I'm telling you like if you read my god what is -- reads like a book isn't panning kansas' got to fill up for if her Ford F 154 dollar gallons of gasoline thinks when she hears.

Russia our door China Brazil drilling our our oil independent at a competitive tax advantage so I don't.

But him in Kansas is probably thinking when she's doing that Eric and it's wiping out all of heard discretionary income for the week right Oliver disposable income she's probably looking at this White House -- this administration going whose side are they on.

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