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All right -- turned to my next guest is a wanna get their reaction take a look at this map according to the White House eighteen billion barrels of oil.
-- -- -- not outer continental shelf which stretches as far as 200 miles off the -- Sorry oh there we got there's -- The green section -- wouldn't take a look at that.
That's -- 91 and a half million acre area water and land that is all ready available for production.
This is where the Democrats are getting getting up in arms because they say 68 of those acres.
Have not been tapped in Q but this is an opportunity of course to utilized or see if they can produce more oil and gas so let's expand further on whether or not we need to drill.
Here to help us do that debate the issue is Richards Carter who is part of the Defenders of Wildlife action fund -- the Fox Business contributor mr.
Eric -- because I was with us.
And wait -- -- -- -- -- senior economic advisor for the American Petroleum Institute good morning -- three of you.
I haven't I'm sure we just heard it -- the secretary's comments let's get started with few real why -- President Bush's proposal.
A good idea why is it makes sense now more than any time in particular.
I think it makes great sense now especially as the secretary just noted the technology is in place to do this.
And environmentally sound manner it could make a big difference in our lives it could be as much as a million to two million barrels a day.
We're importing eleven million barrels a day that could be ten to 20%.
Of our import bill.
This is good this would be good for America and and I I can't see any good reason not to go ahead with it.
We'll just respond though to the Democrat to say that an S and 68 of sixty million of those acres that they currently have leases to.
Have not been tapped into what the fuel oil and gas companies are suggesting.
We don't really know the answer to that.
Those are areas not worth investing.
Well I think they may not understand the process here first -- do the bidding for the area.
Then you have to pay rent to the government and this is very expensive and then you have to.
We turn at least -- the government if you don't explore and develop on it so these companies on the business of doing just that.
Many leases will not have economically recoverable reserves they just won't.
But at today's prices there's no one out there not breaking their next to bring product to market.
And to get that production up and running so it is a process she cast a wide net you never know it's a high risk the very expensive business.
And they are doing everything they can to bring that product market.
Expanding -- -- -- opportunities out there would be terrific all right Richard let me turn to you you don't feel so good about this you're concerned about the technology.
And the risks -- -- that.
You just reiterated the mission statement of the department of -- carrier -- a core part of that is to protect America's natural treasures her future generations.
This goes back to the founders of our nation.
We have satisfied places like Yosemite Yellowstone Acadia national park the outer -- -- North Carolina.
And we decided not to industrialized and -- those areas if we are in fact.
At the end of the Bush Administration going to reverse that policy do -- -- on the beginning of this country in terms of protecting special places.
These -- the beaches these are the places where Americans go for recreation.
And four inspiration.
We're talking about a major change in the fundamental public policies of this country and I think there needs to be -- healthy debate about it rather than just a lot of industry publicity.
About how safe they are in states where we have had this activity we have not found it to be a clean activity at all.
Okay let me turn to Eric Eric you know better than anybody how the oil -- out of the ground.
And you tell me you you listened to President Bush yesterday you've listened to Senator John McCain -- -- Obama what you make of it should we didn't.
I'm I'm applauding Senator McCain for jumping out first and four dollar gasoline at the -- is an issue he's got to get out there Obama probably will follow up -- he figures out what he wants to say.
Problem if there is no real short term solution to this here is another issue if we drop ever to see all goes back to 85 dollars a barrel -- 75.
We golf we're through with that.
The next oil shock is -- 300 dollar barrel was it before 500 dollar -- barrel.
We -- we believe it is something they have to start now we have to drill we have to drill in the outer continental shelf that's 200 miles away it's not gonna affect the Florida beaches you can't see 200 miles -- to -- As the secretary of the interior said.
The system works the system works environmentally so.
Those are -- issues I think -- that jump out right now they have to get some drills into the into the outer continental shelf and Omar would be great.
-- President Bush yesterday said you know we're not looking for all of -- we're looking for somewhere around a small piece -- and -- -- a a piece that was set aside to tell.
When they established and more -- Richard let me turn back to you and you know look it's it's a decent argument right now Richard that look at -- the fact is we're sitting here at a record high levels.
And if in fact we did have another shock at some point what do we do about it mean at some point we do have natural resource is here.
How we tap into them and do it in a safe way.
If we open everything right now that's protected.
We're looking at ten years before that any product that might be found makes it to market we're looking at.
Lowering gas prices at the -- by about two cents a gallon at the most.
We want to know why -- sixty billion acres that you mentioned earlier.
That the oil industry's been stockpiling.
Has not been produced and developed we think that the due diligence that -- all due respect to the secretary.
That was actually.
Removed by his predecessor James slot in the early eighties.
Where companies -- to lose -- -- after five years and no longer do.
We have company speculating in oil futures waiting for the price to go up even more and we think that those companies should be induced to produce now.
From what they are -- you have instead of going after our natural treasures.
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