You're watching...
FNC’s Bill O’Reilly sounds off on oil speculation and whether the government should limit commodities speculation.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
You buy gasoline let's wait to get ripped off.
How would you know.
Well one guy -- sure he's getting ripped off as my colleague bill -- Reilly.
He's right about a lot -- on this he is just how to launch he says your local gas station collude with other gas stations to fix the price.
He says America should put limits on oil price speculation.
And that America should impose a fat tax -- any business the dearest ship our oil overseas.
I -- lots of Americans agree with -- he does have the most popular cable show anywhere but.
In this case he's just wrong about all of that I went to his studio to try to convince.
Are you got a lot of stuff right but you get this wrong three things he say oil speculators are bad and they.
Drive the price up -- put some limits on correct.
They have to do admire my solution to the speculation problem in oil is too.
Require 50%.
So if you buys and content are down you've got to pay a 50% for -- -- when I buy stock I don't -- -- I gotta pay the stock broker for the stock.
Why -- speculators have to pay 10% of 5% of what they do.
Explain it to me.
Because that's how futures markets don't work got -- the metal -- that's not the way it did because that's how it works that shouldn't be how it works it works well together crooks out product and get to serious people in I don't -- speculate -- -- crooks that.
Because they've basically -- trading -- basically did her want the oil rose in Vegas alright if they wanna go to Vegas go.
All right if they want to go to Mohegan Sun -- But we'll need oil -- live and I don't wanna commodity that I need my family needs to live.
To be the subject of speculators who are gambling like -- would be in Naples and I have a commodity for you -- I don't need it.
Well this is the one product that the government said we're gonna stop speculation in the 1958.
The USA -- Agriculture Department.
Was so upset that the price of onions went off.
Speculative activity I don't care about onions or any -- -- -- hear me out -- my show speculative activity causes severe and unwarranted fluctuations.
In the price or -- it since then what's happened.
The price is going up and down more -- an audience went up more than oil is not a free market onion growing is an oil to be in -- -- -- no it's not.
Because you have to you get government approval.
To look for it to -- did.
Right that's not a free market that's controlled by -- government.
You Stossel can't -- start this docile oil company like remember when you have that little lemonade stand out there I couldn't even start -- -- Well I guess what are the stuff the -- doesn't want you wouldn't even middle plot.
All right Carl good you don't all right abuse you know I'm right that's why you're moving I'm not -- and you're also drawing -- -- plan to lower the price of oil by taxing companies that send it out of the country's export and I don't expect that to lower the price of well I just want economic justice.
Kind of like the Communists that are run around and Occupy Wall Street movements -- to win -- lifeline -- who owns the land in the United States though.
Privately singers aren't you gentlemen let's have everybody out there watching sing his song this land -- you'll in my.
This land is mine and -- that song you'll bit of you probably wrote it all right yeah.
-- -- it's our daughter -- the -- and is our land which isn't welcome from under those and therefore we the people all the oil.
Okay so then you have ExxonMobil common write ins -- well drillers for you bill because I can't really myself and I said OK guys just give me a fair cut when you find it all right.
-- sure bill.
Boom they -- Very followed -- is gold alright great stuff yet and then they won't let out of tanker incentive to China.
I don't want mile oil go to China when oil prices here are so high.
You want to punch a lot of airports companies that are good at refinement yes keep me he'll find it funny thing marrying big companies drug trade is what I'm still get -- -- -- fifty gallon here you wanna keep everything we -- -- -- -- -- -- -- -- -- -- -- coordinated.
All right.
No included a mile oil -- you're oil and I don't want it shipped over to China which is -- eases my price on the oil.
Why don't you see this because they would retaliate this would make already -- pollution -- -- free trade is good this is a bad idea.
Few last point.
You say they gas stations collude -- yes yes we had a bad about that let's let's play that clip of that.
I go to golf -- go to shall I go to Texaco I go to get a business -- price I don't believe your that is not the exact same price summit.
Thousand dollars side that I want a thousand and can I get a thousand -- -- I'm gonna hold mobilize ankles and -- money drop out of right there.
-- -- so we made the thousand dollar gas and I paid off the dead even know I didn't lose it.
You were right because we had different did lose a lot there is ten stats Northern Boulevard.
Between great -- Manhasset they have forced stations for all right they always have the price either identical or one penny off always.
-- -- -- -- -- Web sites now that list -- -- the -- you can check every day every day the prices are different and we checked gulf candy shell Mobil they all had different per night and might not and that location they don't and they look.
I these people came to speak English -- I can't speak well because they are little color to -- here that's a good question the first when you vast.
They get a little facts a little taxed this is what you will be charging today and that -- -- -- that thing idiocy do.
You're wrong about that but yet again further -- -- -- -- -- -- your standup guy you pay you not just paid the thousand dollar bet.
You paid 5000 dollars to south -- classroom I assume it was a mistake not -- -- -- western wanted to.
-- -- -- -- -- -- I am I have absolutely fuel by get punched Howland 1000 -- I felt sorry feud that's why didn't I wanna -- because it is a good charity.
But I'll tell you this and everybody should know this the oil companies are not your friend.
We are getting hosed at the pump and for all of the things that we discussed tonight.
Thank you bill -- -- act.
