accomplishments under our belt. reducing our imports to the lowest point in 16 years. doubling our renewables, since the president took office. doubling fuel efficiency standards in cars. these are things the american people know have happened, they know the president is fighting to protect consumers at the pump. if you look at that compared to what is happening on the other side where at most it s drill, drill, drill. and at best it s really just blaming the president. where were they four years ago when gas prices were over $4? it wasn t george bush s fault. do you feel you re making strong enough case to the american people that wall street has a lot to do with the price? well, the president has put out a task force on oil speculators, it s something that the white house does watch. you know, it s something that we need to keep an eye on. it s something in fact dodd-frank does a lot about to insure that we re keeping in
under the last presidency everyone was upset with the oil speculators. gerri: this is interesting, from the commodities future trading commission, look at prices, how much they have gone up, this is what you can attribute to speculators, according to the federal government, the people that my network would say this is bunk. shepard: why? gerri: they say 80 percent of the price of oil is oil. 80 percent is gas. more of what you see in the northeast where prices have spiked so much refiners have pulled out. so high are prices there. and when you talk about speculators who are they? people what have retirement funds with pensions so the people who are managing the money they do not just buy stocks now they invest in the future of, what? oil prices. shepard: if look at the big picture and you say it looks
prices dip at the pump. you say it will not work, why not? it usually doesn t work. the main reason gas prices are high our counter in chief tim geithner is printing funny money. if you want to see the oil prices go down. there is a good analysis by michael pinto, make the short term interest rates. value of oil will go down 25 a barrel and gas prices will follow. ignore the quip and it was a quip that counterfeiting. but rick, what about releasing the oil reserves. it is more about the threat of releasing. mike makes a point about the dollar and i buy into that. if we could get the oil speculators under control because they are contributing $20 to the price of every
started marching north. guest: the strategic petroleum reserve is to opec, is to oil prices what krypton is to superman and the fear is switched, and consumers are not fear will of the price but the oil speculators, the iranians realize we will take the won t away from them, they better stop . neil: then they see, all right, there is a short life, and then you are out of weapons, right? guest: well, we have 700 million barrels. we can begin to deploy right now. this is about the nuclear weapons program in iran. that is the threat. if we want to be serious about it, we let the irans know they are not going to hold our economy hostage. neil: because of consternation over you not getting, and i blame republicans and democrats, getting a handle
that means $230 billion coming out of the american economy per year. kimberly: how do you get re-elected with the numbers, bob? how? bob: it s not the numbers, the numbers are jacked up due to international affairs and people like your former job, oil speculator. dana: oh, no. bob: drove up prices. the fact of the matter is that the expectations, i keep coming back to this. the first day the check went out, end of may, they have been over 2 million jobs created in this country. dana: 1.4 million less today than there were when he got started. we can go back and forth. bob: some is contributed to the previous dana: with all due respect. that means you don t respect it at all. bob: i do. dana: every administration since carter did an independent investigation of oil speculators and each investigation comes back and says it s a nice draw but we