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Congressman and the white house obviously is supporting this effort to hold in speculation. because they are the reason they have risen. what do you think? guest: everything the president has done is on everything other than oil. all he has done in oil is what has been doing on private lands. so, he doesn t have the credibility to say he has done everything he can and the prices have risen but he has done everything he could to show america would not make the investments in oil self sufficiency. neil: but i get a sense, congressman, he just don t like the oil industry and this speech we monitoring he is ripping them a new one, and there are tax subsidies, benefits, whatever, and that could be fair game they are making money hand over fist but he is rapping them a through one saying they are growedy ....
Oil. up or down. but you have a problem when they did it with stock as few years ago. you draw a distinction. guest: why want folks to game, the system. neil: but that is what traders do. so when you argue that gaming the system . guest: they playing with the system in ways that hurt the economic recovery. i care about that. neil: in a generous sense say they give you half the spike they have, is it fair to say you and congress are responsible for the other half of this by being opposed to drilling or dragging your feet in support of possible fuels and the i m industry. do you take all i m asking, assume that oil speculators are greety and nasty s.o.b. s. guest: your words. neil: are you any less to ....
Problem. guest: that is right. it is a political issue. in question. if we recognize it is inflation problem it puts pressure on the fell reserve to revisit the policies which are designed to supplement and subjects disease interest rate dozen keep the housing market going but it is killing the consume on main street. what we saw in the 1970 s the dark difficulties of the carter administration. we saw gerald ford whipping out the nation. we are headed in that direction if we do not address the real root of the problem. neil: which is? guest: the power of the dollar. that is the source of the issue. neil: the dollar has been tanking, and that is the big issue with gas because gas and oil is priced in dollars and when the hard is cheap, it costs more dollars to buy it. but that is a beg issue we do not address. that is why i have to apologize ....
If i was overly rude, but the problem is not speculators, but it is a free market, though, but the real problem pause speculators have been around forever, these guys have been chasing prices for stocks and everything for bonds and commodities, and oil and speak and you name it, forever, up and down, what is the more current constant and worrisome variable is washington s lack of resolve when it comes to dealing with the budget. we have not had one if three years. and controlling the spending. it is controllable. it has cheapened the dollar. that makes a mockery of the process. and dollars are getting more expensive so they are pointing fingers at any source but themselves. it comes down to the debt with $15 trillion debt, it will weigh on the dollar. you fix the debt, you fix the dollar, you improve the ....
Gunning the direction become then. guest: you are asking a nonsense 8:00 question. do i mind if the price of gasoline goes down? absolutely not. neil, no, no, no, you knew what i was saying. you like it when it goes down and that is fine. but speculators chase moment up. wait, wait, wait, wait, wait, wait, wait, there are many c.e.o. s would hate those who speculate against their stock and short the company stock and drive the price of the stock down and there are many who trade oil who resent when these gives come in and then gun the price down which happens a lot. that is not forgiving what they are doing, you can argue they gun on the way up and they gun, on the way down so you complain of prices going up, as you should, but you are pointing the finger at the wrong guys. guest: i am not pointing the ....