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Looking presidential candidate Newt Gingrich today trying to jumpstart his campaign.
He came out with a new energy proposal.
If you would like to have national energy and American energy policy.
Never again -- to a Saudi king and pay two dollars and fifty cents a gallon Newt Gingrich will be your candidate.
Gingrich maintains that through innovative drilling methods the United States right now have more accessible oil than we've actually -- since 1870.
Gingrich says if we were to open up federal lands we would bring in over eighteen trillion dollars and oil royalties.
Which -- -- pay down the federal debt.
Joining us now to talk about this nation's energy policy and what needs to be done to resolve it.
Robert -- senior fellow with the center for energy policy and the environment at the Manhattan institute.
Robert is also the author of the book power hungry the myths of Green energy.
And real fuels of the future great to have you thanks for having -- what do you think of the Gingrich for -- Well speaking bluntly -- you know it's about what we do and I don't know -- it's a gimmick I mean.
How does how does he know what he's going to do would bring prices down to two dollars and fifty cents he doesn't.
I'm not a fan of Gingrich is in general and I think he's been a fan of corn ethanol for years and so -- you're gonna wait awhile for me that -- proponent of what news talking about but.
Mean he is right in that -- we do need to produce more energy in the US and and over the last couple of years US energy fortunes have really done an about face -- From -- record amounts of natural gas last fire 2.3 trillion cubic feet and that and the reduction in natural gas prices is.
-- now under three dollars one of the best news -- and -- best pieces of news in the commodity markets in the United States it's happened recently.
Them from being of course that no one is still -- natural advance into the transportation.
-- market with any seriousness and until that is done some say that the real impact of natural gas won't be felt.
-- -- -- -- -- -- -- -- If you look natural -- is -- -- as it is excellent fuel and and if you look at pre shale revolution the six year period from 2003 through 2008.
Natural gas pricing it in that country averaged over seven dollars.
Now there under three at that savings is to -- 64 million dollars a day to the US economy -- misunderstand me whenever I want natural gas everyone I I want you all everywhere I want definitely -- fossil fuel chair imaginable it's gonna take a while for natural gas to make an impact in the transportation sector because of distribution and -- -- Jacob strongly could do it right away well Boone Pickens you know as we're gonna give him credit he got this thing going.
Fair attitude you got there to talk I'm gonna say anything bad goes from almost all my bet.
But Boone is also you have to realize there's talk in his own book.
I can't believe that now don't pick and it's no it's not the first well -- -- that they only one with a book the well -- -- -- -- me let me turn to this this president his energy polish your.
We didn't take known fact that there were now -- you're talking about the successes of energy in this country right now we are.
A for the first time in sixty years in net exporter of -- fields check.
Jet fuel -- -- diesels gasoline.
Triple what we were just two years ago -- this is pretty impressive stock it is it's really remarkable and it is it's.
A reflection of the fact that the US refining industry is that has some of the best refineries in the world so.
We last year we exported about a billion barrels of refined products rough value -- hundred billion dollars.
I think that's a positive thing that we -- importing unfinished goods crude oil from overseas finishing it in an exporting its good for balance of trade differed for jobs.
Balance of trade it's good for just about everything that ails us whether it be -- an economy that right now is.
Always it seems over the course of the past few years teetering near moribund.
In terms of prospects for your continued growth and prosperity hopefully we're getting there.
I think we are.
But the -- I -- I expressed an -- last week shares of let's create.
It on for citizens in this country were actually own that federal land right and then of those offshore.
The product or taken out of offshore.
Lands if you will -- and build upon much like -- Alaska permanent spot -- all American citizens participate that money instead of going to the federal government and being lost forever.
I would actually have a purpose of the investment in the future of your succeeding generations of Americans.
-- -- -- You know as -- -- just told me about a little while ago before we came on the air -- idea I think that.
It makes some sense and it makes some sense is as royalty owners that we would get that revenue.
That's what happens when private landowners they allow drilling on their property if they own the mineral rights they get the royalty so.
I'm not gonna dismiss -- out of hand I think Advance America well you know what I appreciate FR expect -- to be an absolute.
-- Be absolutely evangelistic about it at all but not -- The dismiss that out of yeah.
The other part of that is why is it gonna take for people understand we gotta get moving with fossil fuels that.
The idea relying on quote -- Green energy is some sort of substantial replacement for fossil heroes in the -- near term is is falling well.
It is your right -- and this is one of the things and give it to the environmental left an agreement they've been very effective at the marketing wind energy and solar.
The wind energy lobby is very strong and they've been very effective at at selling this idea that wind energy is Green.
But with -- the president yes last week in his in his speech on energy.
-- he mentions oil thirty times doesn't mention keystone XL wants that one pipeline here's an example of scale.
If that pipeline were built at 700000 barrels of oil per day delivered in the US.
Would deliver 46%.
More energy to the US that all the solar panels and wind turbines in the US combined.
And that is a great way to our put it in two.
Stark relief for us what this president is pushing and it's it's about scale and it's about cost and it always is and yet.
We don't here at look at the president and and at the Republicans were serious their their energy policies would be very simple.
Cheap abundant reliable in that order chief.
Abundant reliable and then talk about how to get there but the first goal should be cheap.
Particularly now given the state of the economy which of these Republican candidates is making the most sense in your judgment on -- Well none of them are overly compelling let's be serious but I think Romney has I've looked at his energy policy today.
And he has a pretty good overview on on the situation.
Santorum's policies are also I think pretty good.
Again I'm not a fan or Gingrich but I think that what what Romney has put forward is is fairly comprehensive and I think he is a pretty good approach.
Barbara -- -- you've got a pretty good approached her for being here thanks millions of Robert Bryce is the author of -- power Hungary the myths of Green energy and the real fuels of the future.
Thanks for being here as always for -- you.
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