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Rep. Fred Upton, (R-Mich.), on why it is supply and demand, not speculators, that is driving up the price of oil and what is needed to reduce oil pric...
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Our next guest says the cause of high gasoline prices is not speculation.
In instead of president Obama's 52 million dollar proposal targeting oil market.
Manipulation.
We need real long term solutions joining us is congressman -- up.
He's the chairman of the house committee on energy and commerce -- mister chairman is great to have you here.
And I am shocked that you do not find the president's proposals compelling.
And warranted.
What what are we gonna do about these high gasoline prices.
Well first of all those studies done.
There have been plenty of studies on speculation that -- that idea.
It is we the supply and demand.
Last year as you know production fell on federal lands by a hundred million -- sorry about -- this -- behind.
Are we don't hear you and we hope it's not to distract do you.
An odd -- a -- and binding but that but it really is it is supply and demand.
What we did today in the subcommittee on energy and power was to move to build.
One to say that if the president is gonna take oil -- -- of -- strategic but who fell in reserve.
At the same time he's got to open up an equal percentage of federal -- -- the second thing work that we do is say.
We're not -- to bring up about all these new regulations that we finally something will only increase the price of gas down on the road for the war.
And you try to cap potential the potential for increases but.
The bottom line is it is supply and demand that's why we why we need keystone.
We're gonna have a vote tomorrow in the house again as part of the -- it's part of the highway bill to bring the Keystone Pipeline back.
-- the XL pipeline I think well obviously polls most Americans want that pipeline in place.
Secondly this president is he talks about the production of crude oil in this country and we've just put up the graphic showing the number of permits.
On federal lands that have declined under this administration not increase.
Eight and in this in and the possibility.
I'll be energy independent if we exploit and produce all of our energy result reserves all fossil fuels.
All right in that we're -- -- hearing that discussion.
Of it's not even an acknowledgment from this administration.
You're exactly right.
We I do believe that our nation our content can be energy independent next ten years.
We need to look at these vast resources of natural gas.
We needed to look it particularly these oil sands that we have and we.
In the Dakotas and Montana take advantage of Canada as -- what they'd like to.
Frankly export to us the bottom line is if we don't take it or -- -- say no to it.
It's going to China.
-- China has folks on the ground already in Alberta that they're trying to develop these.
-- -- -- -- -- -- they -- they want to propose.
Pipeline want to the last.
All the way to China in through Vancouver.
And will lose -- all we'll lose that opportunity.
And governor Romney is moving up in the polls by five points in the latest Gallup had a -- tracking poll.
His energy policy is it going to go far enough to suit you.
-- a re going to hear more specifics from him.
As far as you know.
I'll governor Romney's on the same page here with a Republican certainly in the congress he's talked about the Keystone Pipeline.
He knows the impact positive impact on jobs.
As well as working with a willing partner here -- part.
-- hard on the all of the above he he supports drilling.
Again I was on a deep sea rig.
This last summer.
Hundred miles off the coast of Louisiana.
That they they pumped a 1101000.
Barrels of oil couple miles off you can see another drilling -- And they -- The company was actually spending millions of dollars to keep that idol rather than having it fleet off to Brazil where they -- there -- parts.
As we know that in resources there are being sent -- -- China.
-- -- -- -- For the US congress we appreciate your being with us and endure and all that is happening -- around here somewhere we -- know coming after me after I -- Congressman Fred Upton chairman of the house energy accomplishment -- great to have you with us.
