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For more on the energy production debate in this country energy futures analyst at Citigroup Tim Evans Tim good to have you here.
Thank Tom Pyle president of institute for energy research and in great to have you as well Tom.
Well let's let's turn the first to the president's silver bullet.
It would tell -- your -- not a silver bullet no magic solution.
Well these are figures of speech and we all fall in -- habits of of speech like that.
But -- yes there -- range of things that could be done it in order to bring gasoline prices down.
-- I think I can think of one that's at hand for this president or any other.
President George W.
Bush July 2008 signs an executive order lifting a moratorium only on the executive branch.
Which by the way had no effect whatsoever in terms of opening up offshore drilling.
They're still remains a legislative moratorium.
Up but we -- or crude oil prices dropped from 100 almost a 150.
Dollars a barrel -- in short order to just almost half that.
It's if it right now Tom -- I'm like right although.
That -- recession that we entered was a part of that equation.
We got prices up to look what you -- that choked off demand.
And the -- -- -- yourself the -- correct then they're choking off demand today by the way with US.
For weekly average petroleum demand running about five point 8%.
Lower than a year ago -- will be big drop in gasoline use is as a part of that.
And there that.
Fifteen year our demand right now for gasoline is -- a fifteen year low Tom let me let me turn -- you on this issue.
The president saying no silver bullet -- it's getting pretty clear.
The more the American public understands -- we're gonna -- tonight we're going to take time to go through some numbers that I think the American public.
First of all doesn't know and that and shame on the national media for them not knowing it.
But the fact is this is a president -- he's on the wrong side of history here when it comes to energy policy.
And he's on the wrong side of demographics he's on the wrong side of just about every aspect of this argument isn't it.
Well president's not talking about silver bullets -- -- anymore but he's telling the whole heap of fish tales.
I was amazed today -- how he created -- I'm calling the the keystone to step on the one hand he's.
He has delayed this pipeline for as long as humanly possible all of the facts and figures are on the table two years ago.
And he's saying now congress is rushing this through.
-- goes down to the bottom part of the pipeline.
Not necessarily where we want to bring the oil the new oil and he's saying he's gonna cut red tape and expedite permits.
This things are -- going to have already -- reports that said what he didn't said today it was absolutely unnecessary.
And and and irrelevant so.
We he -- he's trying to do is he's trying to cover up the fact that he has been hostile.
To oil and gas and coal production in this country for three years woman in the how we're getting into.
Yeah part of this campaign.
-- and I can -- areas marketing options are on his head you know I mean -- in none of us know what's going through his mind.
What we do know or the facts and -- -- -- we are they each they each of us if any and all three of us at this -- Are in Paris -- the facts are that this present.
Is saying that we have 2% of the world's oil reserves and we're consuming 20% of that that supply.
It's as we demonstrate that we're last night that it is absolutely.
-- -- bull.
Let's put it I'm going to be very kind here.
The president is not being very honest is not completely honest right any better than they have -- I'm sorry Tom let me just finish -- -- -- And -- -- the market reacting here.
First of all I wouldn't be shocked to find that politicians are being political when.
I'm not -- and I and that and I -- you how the markets are react well what are you doing well in terms of market reaction I think markets reacting -- -- called -- then.
The end the we did have some reaction to the trans Canada announcement.
Some weeks ago that they were.
Planning to move ahead with the southern portion of this pipeline.
Even without the approval on the new -- -- section.
Where -- more of an issue in terms of the -- for that runs under Nebraska.
And protecting that so.
The market reacted a few we.
To go to trance can't time looking at futures I'm -- -- the foreign markets we got prices.
So high that we're going to see these these numbers -- into.
The the -- by market in this country we're going to go higher from here if that's a reaction to the southern part of this deal -- -- wealthy well let's let's be let's be clear that the year are a whole lot of things that drive will probably do it this way I thought I was real -- -- -- really got to get one we -- get real here.
What would that the price of gasoline be in this country if the southern part of this pipeline one approved debt.
I mean yourself -- all I ask price in history right now well well -- At present the price would be identical to what it is today because on this -- that I can't -- this pipeline won't be completed per year.
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