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Continental Resources CEO Harold Hamm on the steps to lowering gas prices in the U.S.
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Very narrow and itself among.
Mitt Romney's advises is becoming a resource is chairman and CEO.
And you know this comes at a time when as you know -- gas prices will present been rocketing status -- -- the polls some holes having.
-- Europe -- actually leading present Obama.
Has the whole gas -- changed the complexion of this debate was.
Well no doubt everybody's interested in what's happened with gasoline prices that are.
Then there are than normal this time a year -- so everybody's at risk to that there's several things -- could be done.
OK let's we talk about -- I misspoke by the way it's 54 delegates at stake in element but.
-- your sense that this call now this -- -- this -- senate's turn to take.
Business opportunities secretary -- -- Republicans as you know have been saying that maybe he did you know it was a good professor and a very.
The kind academic -- mind and all that but cities in over his head and should be fired are you in that camp.
Well I was concerned back in 2000 night when he said that power prices in America issued.
Represented what they have in Europe and now I understand -- retracted that.
For good reason you know American people.
-- don't want our -- gasoline prices and what we have today and you know -- -- we take for instance.
How the Bok and compared -- pipeline vs right -- Having that's up ten dollars a barrel more than -- cost the consumer.
Which have pulled down about 25 cents a gallon so locks are a lot they can be done.
And certainly nobody wants our gasoline prices.
And -- doesn't and residents say there's nothing he can do nine always going to be going to for energy states including.
Oklahoma where you are of course -- is gonna make the argument.
That Downey's doing all -- -- is supporting the southern part of the keystone oil pipeline which is a moot point as you and I know that if you dig of the northern -- going.
You know you could support all the rest of you wanted to -- that connection from Canada now having said that.
How's this trip gonna register you think tomorrow.
Well I I think a lot of people can -- through quite quite a bit this remain.
You know nobody needs his support for this southern pace and I.
He -- cross then they've mapped at the borders an international borders so that can be bill moves and -- work for.
Something -- last couple years you don't.
Bob and I was here just a little while ago say he thinks by the ended June the president.
Will cave on this and support that the Keystone Pipeline -- he's getting nervous.
Well thank you should I think certainly that pipeline now.
Should be supported should have been done long time ago that delight right yourself you know oxide is one of substance for a gallon to the consumers so.
You know here we go on my.
Opinion leader -- they've they've given us why -- it is because those who.
Possible over the president -- -- keystone withholding say is drill baby drill -- and sir we'd be off to the races that another words it doesn't.
Really make any sense or read in an economic sense the president said he's expanded drilling.
Wouldn't you know obviously quibble over these numbers and he's just basing it on concerts that were already awarded.
When when bush left office be that -- -- met.
That this idea that you could drill your way out of it is just a misnomer when he's.
Well that's that certainly wrong.
Obviously you we have made in energy Renaissance going this country.
And we can he did -- our way out of that the -- and Preston's point four billion barrels.
Resource that they're in all the natural gas resources -- country.
We would certainly ten.
Drill our way out of it and then you know I think revised catch one -- that.
So when the president says we can't do that are saying that look.
Where we have only 2% of the reserves do you tapped a mall.
-- obviously he's not addressing all the potential reserves that are available through fracking and some sort of stuff -- period.
-- you think he's just misleading the people.
Well I don't know -- -- purposely misleading the people they certainly you.
Not correct in that assumption.
Yeah -- the SEC reserves remain.
Lives -- -- quite essential and we can't even address what's going on with the resource plays a factor available to us today.
-- What is your sense of world this is headed than a barrel amid my -- and you're the expert here but as you know Arnold -- play one on TV.
And I think it's no longer this drags on the more worrisome it is because when gas prices stay -- at the pump.
There comes a point at which even when they eventually come down.
The higher prices from before builds into the system the cost of goods that make it to store shelves and then it's hard sit on stick.
Are we near or at that point -- what are your thoughts.
Well we've seen high gasoline have -- before when all shot up 247 dollars barrel on.
Mainly came back down when this inflation when -- right and you so it has corrected in.
Not -- supply and demand thing when when sterling went what is your -- -- when you think it will.
-- I think it can correct pretty quickly.
You know within the next here.
I'm not I'm not point in the next few weeks or months -- Well that's lift after -- something like this you know if I could have come out momentum in the pocket trained on them.
As attractive can you stop it.
What about speculators the president has been fingering them but they've been doing something to -- I think Chuck Schumer.
Who is taking credit for getting the saudis to increase production.
Sensitive that there may be a -- a lot of this is the speculators -- this when you sign.
Well we've seen speculators before have we have -- -- spread.
You know when it shot up on 47 dollars for about -- five five minutes and then fell back down there's certainly.
That was people suspected there was a case at that time that.
You know I don't know where we're dealing with the global market where -- -- dealing with global prices.
And you know respect letters I don't know anybody that big.
On -- -- -- looking at the next energy secretary the united states of Mitt Romney.
Becomes president are you.
I guess are used to.
Well I'm not certainly don't have my shingles hung out to do that.
I don't need to do that you know -- -- run oil company and that's what I want to do burden.
-- black and -- feel give my advice to lose some.
I haven't been in a political solution before -- -- he.
Probably greater -- the that I would like to know if you do.
If you'd stop here for your first interview just a thought.
-- -- I don't think and -- on there if you know I really don't.
Are well Karl you're great guests thank you for your insights and as -- -- COP.
Romney of.
