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Did Obama Create an Environment for Skyrocketing Oil Prices?

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  • Description

    The Schork Report editor Stephen Schork weighs in on oil prices.

  • Duration 3:06
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-- we back we're back to be ironed out all the king's it Stephen shark editor of the short report who's joining us via Skype and now he won't sound like he's in a -- again although he is still a -- dark -- But -- with -- OK so if they do release oil from the strategic petroleum reserve it would be.

So at this point I mean there -- there is we don't have a shortage of oil.

We don't necessarily have the refining capacity take care -- and then we just started drilling -- just started drilling yesterday in the chat she's CE.

Which they paid about three billion dollars or four years ago they just started yesterday after all the complaints -- there's no shortage of oil right.

No absolutely not -- the -- we're dealing with surpluses but all right now.

But the problem is in a couple of weeks Obama and Romney are gonna face off in the first debate.

In Romney has an awfully big stick it's not Obama -- when you cut gasoline prices which we will act four dollars a gallon.

Now -- Obama was.

The need for his first term gasoline prices will close to two dollars and fifty cents rather than four dollars now given these demonstrations less then.

The wonderful embrace of the oil industry it's really going to be easy for right or wrong -- it's legitimate or not it doesn't know this is how.

That's out for writer for wrong because -- can you really blame the president for the fact yes prices are up about a 100% more than a 100% at the pump.

Can you blame the president about it is there anything he -- do right now that would bring down prices -- -- -- No there's nothing he can do you right now and certainly the environment that he's created the last three years I think you can make a legitimate.

Argument that in the long term it is supported by higher prices like want to go ahead and parking now four dollars a gallon gasoline it's really not not not there is yeah.

-- -- -- Reward 2008 with the economic downturn and we are following even major bubble implosion a commodity prices so.

Without -- -- -- could make the point that he's created an environment that in the long run raises the prices of oil how how do you make that argument.

Well look it is.

Department about who's running his Department of Energy well on record saying his -- goal his first year in office.

Was -- gasoline prices as high as you can -- in Europe.

-- -- time in Europe they were -- five dollars a gallon for their gasoline today European to pay seven dollars and fifty cents.

We look at just the rhetoric coming out from anywhere between the White House secretary of state the secretary -- chartered.

Yeah well documented well handwritten -- towards the industry and that politics of all all we have to do was look at the decision on keystone.

To delay got a -- guy -- dollar wrote that decision to get -- will cheap oil from.

Candidate got to the US Gulf Coast was it -- -- no brainer deeply -- politics.

Not yet you're talking about -- you as the head of Department of Energy has won his said that our economy should be run on -- -- -- sick ethanol which is you know plant fuel as opposed to oil he's a theoretical physicist you know as far as being from the oil industry.

Which is -- market ten dollars a gallon any -- -- -- -- in our -- -- -- -- Stephen -- thank you so much for coming on.

Thank you Melissa.

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