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Romney, Obama Have Heated Debate Over Oil Drilling

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  • Description

    FBN's Liz MacDonald breaks down oil production facts.

  • Duration 1:48
  • Date

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This transcript is automatically generated

It was one of the highlights and last night's debate the drilling for oil controversy turned into a heated exchange -- who's right.

Elizabeth McDonald.

Next bottom line -- Yeah that's right -- debate moderator.

Candy Crowley basically asked the president.

Isn't the stated intent of the Department of Energy secretary to keep gas prices high in order to encourage.

Green energy alternatives we see gas prices right now trending in about.

Three dollars and 75 cents a gallon that's up from a -- 84 in January 2009.

And this is where the debate got pretty intense and heated.

Here is governor Romney and the president.

We have.

Increased oil production to the highest levels in sixteen years and production at private and government last question is down -- -- -- projection on government land of oil is down fourteen government.

OK so here's -- the facts are and this is from the government the government's own data.

Yes oil production is up about 15% over the past five years biggest -- this oil permits have been slashed under the administration.

-- down around 42% some 2007.

Down about 33%.

Since since 2009.

Yes oil and gas.

Production are up but -- -- permits issue that's at issue.

In other words permits to explore on federal land the president's response was use it or lose it is the issue oil companies.

Do have these permits they're not using them and now the debate in the oil industry sector is well what do you call and how do you define an active because it takes anywhere from five to ten years to get an oil well up and running are you pulling these leases and permits.

And how under what definition back to Cheryl.

All right so governor Romney made his point is what is correct the facts are shown on at all right now -- -- --

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