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Oil Price Information Service’s Ben Brockwell and American Fuel & Petrochemical Manufacturing’s Charles Drevna on what is needed to bring down...
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-- -- Charles -- and I don't wanna start review the president says there's no silver bullet there's no magic solution.
I he's -- -- throwing up his hands and then saying it's again the Republicans fault.
What is the deal here.
He's in New York bring -- over we've -- we can offer couples and suggestions the biggest point is raising a little monitors -- this there.
There's two things I think he could do that would calm the markets don't -- first of all this summer gasoline slid in the US is very complicated the blends that are Latin players are different -- being used in Saint Louis and Atlanta than in Newark and in.
We've been into more and Iowa.
And what do we do what we have to do disciples are likely to have an executive order that mix knowing town guests and acceptable so you mean -- gosh after this man has said there's no.
Silver bullet no simple solution no magic solution you can get that and I think that would debt definite the second thing -- -- do -- -- -- have some kind of policy.
That reduces speculation we've talked about a lot but nothing has been done about it but Commodity Futures Trading Commission can move those margins down.
Nymex can move those margins margins opera.
And and squeeze.
It's roughly some argue as much as 30% of the prices being influenced by speculation and a -- -- -- about.
What do you think -- I think adding it to go back to that -- he showed the beginning is so let's do that and of that map out.
And and and look at the best resources this country it passed right and look at we're not exploiting and look at were not as early on coast to coast -- we're looking there at the the outer shelf.
I mean this is minutes the richest energy reserves and oil and gas shale coal natural gas crude oil in the -- world.
So what if we would be serious about developing those reserves.
And paying the royalties and fees to the federal government.
That we're talk we're gonna talk about but.
The you know we we the brow beaten as -- a believer energy Portland as trustees who -- and he rich.
We need to develop those resources send a message to the to the global markets in America is is is sincere about energy security and national security -- -- -- -- by -- George W.
Bush.
Wrote an executive order did it was an even.
Franklin material to the result.
-- and lifting the executive bought a ban on our -- -- and what did we see almost 150 dollar barrel oil.
Started collapsing in price within days.
That this president can do the same thing with an executive order this -- we're going forward as you described -- -- that the market is this is this like -- has -- psychology you said paid the money to the federal government we've.
-- -- -- -- Billions and billions of dollars to they -- to the to the federal one billion dollars a year in taxes if federal taxes in just in taxes and and the fact of the matter is.
Why not get that money away from the federal government I propose that we create a trust -- citizens' trust in which that money moves not to the federal government.
Because it's every -- and that has been spent it's gone and then some.
-- -- to the American people.
Make those payments.
-- do like a permanent fund in Alaska.
Every single American citizen participates received.
Money from that the earnings from that bond and it would amount to.
I have to believe within short order at least a generation a trillion dollars don't you.
Yeah I would be it would be very if we're serious about building up about developing advanced now and again the you know the -- The negative as we have to be worked that is that something worth exploring but the product.
The what do you think have a bad blood I love the idea I think it it -- if you create some of that fund from lands that.
He's not.
Let him to be at least to for exploration admitting it's a federal land it it is able -- plan it would give public support -- if if I knew for example -- doesn't get.
Be getting back it dividend for the government to allow them to do that's it would solve two problems that would make me happy it would drive the price of oil down so I'd love the idea.
And it would drive the price of gasoline down to because there consumer in this country the American citizen who's driving and using heating or whatever they.
The distillate is.
Would be getting royalties on the product itself -- and that may makes everybody apart.
They thought it's our resource especially -- when you look at today's figures.
Where 88 cents out of every -- He is either it for -- for different -- Is because of the price -- crude.
Instance this state federal tax every 676 cents recruit twelve cents for tax 6%.
Redistribute distribution and 6% for us to pay employees keep the refineries running.
And and make their profitability has talked about -- in a lot of IA and our -- -- it's an amazing number.
That the idea we've got to come to an idea in both within the oil industry.
That it doesn't have to defend itself and the longer it's got to step up and Reid and do so on apologetically.
And our politicians have got to understand we we.
Have got to seize her own future.
I don't you agree that we've got to have national leadership that enunciated national policy just like we did in the six -- for the man on the moon.
-- we all can work together on multiple forms of energy and and and yet continue to use.
Petroleum no matter what anyway you cut it moved for the next thirty years patrol it was gonna still be the dominant fuel -- that that that that fuels transportation so we travel to.
Poll we've got to -- is.
Well all the above picture I mean if it's all of all the above I kept why not because and by the way -- that we can create a great Green energy.
By working in investing and spending money in R&D on technologies to keep poll.
And every other fossil fuel clean.
As long as an exciting proposition to me and I understand where -- -- -- hold them back because what happens is when the price of guessing goes back down as it tends to do cyclically.
We forget about this politicians forget about it the public forgets about it.
We sort of buckle -- and Paper -- and all of a sudden we haven't exactly run -- and look at the last word end what and what and then -- absolutely right.
-- and the one thing we didn't do as a nation.
We go we go back to our hibernation on this issue in those lands there on the -- we got -- industrial stayed locked up yet they may stay locked up for a short time.
But I'm thinking of perhaps -- January.
February of next year might start seeing some movement.
Gentlemen it's great to have it is -- thank you for being you event happened if you come back soon and and by the way you know hibernating on the trust fund.
Well -- -- the American people deserve it and you'll need.
You don't -- new partner industries federal government things have worked so tell me about how Rebecca about at a -- Thank you very much.
