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Achieving a Balanced Approach to Energy Policy

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  • Description

    Oppenheimer & Co.’s Fadel Gheit on the steps needed to reduce energy prices.

  • Duration 3:59
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And moments ago I talked with the delegate to the managing director senior analyst of Oppenheimer and company covering -- oil and gasoline sector about what it'll take to get energy prices under control.

He would leave it balanced approach we need -- We are numbers so order image -- problem by focusing on now wind and solar.

But we cannot ignore we're -- afford to ignore.

We're gonna sort of because -- -- economy and energy mix.

If there's gonna grow faster than any other -- but we need both now.

-- you know as we look at what is happening right now.

The president's emphasis this administration's emphasis on wind and solar.

In particular.

-- these renewable Searle.

Are actually about 1% of our total energy sources -- meanwhile we have the world's greatest richest energy reserves.

And were not exploding in producing to the point that we can actually turn these into exports and -- benefit the American people on this great nation -- What in the world can we do to change that.

We needed balanced approach we are not saying that warm you would be exclusive of the -- I think bourse should go -- we should Foster as much as we can look at what technology did to natural gas.

Or leave five or six years ago people were predicting -- have natural gas shortages in this country -- let's go have a lot not we don't know what to do is that.

Now natural gas prices of the most centimeters right because they can.

Colleges so our problem -- look at what technology is doing and crew are.

We can sit there and and can go in and bring all of these crude oil reserves.

Into the market right now we only have the will to do so not so -- because as you say -- technology.

Meanwhile -- -- what is the next president whether that next president is also Barack Obama are somebody minimum governor Mitt Romney.

What should they do.

Should you worry -- realistic.

I should capitalize on what we have this -- she has an enormous resources.

We are scratching that -- by -- I do believe technology.

-- enable us to bring crude oil prices significantly more.

I still believe oil prices are inflicted and we're gonna -- inflicted as long as we -- we stop speculation.

-- stop speculation all but impossible as you know you and -- been doing this for awhile.

We.

The EU -- speculation in the market place.

I this time a year ago we saw on gasoline prices of four dollars we saw that nine minutes to raise its margin requirements we've seen it's not do that this year -- we've seen the president looked utterly befuddled I think.

And on the issue of energy.

-- like a year ago when he was talking rather emphatically.

Should we see certain nymex raise margin requirements charge -- C limits -- within the the Commodity Futures Trading Commission voted to.

To constrict the size of those positions.

Last October correct nothing happen.

AEA a unit where we really need as speculation as healthy -- mix producer guarantee.

Minimum amount of cash -- to sustain their business.

But you don't want financial speculators.

Who have -- -- business a real well exactly I mean.

I have no problem was airline to speculate who tried to hedge just yet I have no problems that.

That's what efficient capital markets are supposed to be that's -- three caps on March the supposed to be but I don't want.

I want to depress speculators.

To the deluge consumer led into the day because -- -- -- bring us -- four -- gas are exactly.

-- and you figure the Goldman Sachs puts the cost of speculation and about 58 cents a gallon do you think that's about right.

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