tonight america faces a crisis, gases prices have increases 150%. >> unbelievable out of control. >> gasoline has soared 64 cents. >> gas prices shall out of hand, something has to be done. >> at least ten states are paying $4 a gallon. white house is making excuses. >> his overall goal. >> overall goal is decrease are dependency on oil. >> nobody knows it better than sarah palin whose state of alaska. tonight, together we'll explain how president obama is making the crisis worse. also reveal my secret plan to combat rising gasoline prices. i offered to show it to president. i offered to show him to secure his own reelection. >> i'll open this envelope for

you to drop gas prices immediately. >> but the phone never rang. as a result you are paying at the pump. >> plus, a applause good evening. i'm joined by the former governor of alaska, sarah palin. we're joined this evening by a studio audience because every single person in this room on camera and off have been impacted by increasing prices of gasoline. we're going to show you how we got into this mess. how the obama administration is failing to address it and share some of our ideas how to fix it. we want to start tonight from hearing from you in our audience. >> so glad you are here. i'm passionate about energy and that inherent link and energy and security. thank you for being participants in this. as eric explained in the intro, price of gasoline affecting

every aspect of our life. >> how many think obama, raise your hand. how many say not obama. so president obama not getting it done on the energy policy. >> so instead of throwing stones. instead of sitting on the sidelines griping about it we will propose to our president, ideas and solutions. a true all of the above approach. >> how has gasoline affected you affected your driving habits, your play or work. anybody have a story? right here. what junior s your name? >> grace. i drive 52 miles a day back and forth to work. i spend an average about $140 a week on gas. it has limited my social life completely. quite often i don't have lunch because i can't afford lunch because i have to put gas that my car to get to work. i know friends that have gone

down to one family car and they just drop each other off because they can't keep up with the gas prices. >> we had a couple students in the audience. what is your story? >> i'm a student at the university. many times i used to go to see my family in new jersey i would fill it up enough to get there. >> two states are agentleman jay sent. >> and one state you may pay 80 cents a gallon just by crossing the state lines. >> and to find college buddies. it doesn't happen that much more. it's definitely affecting us. >> what is your name? >> kristen. i go to school four days a week. it's the equivalent to the an increase in my tuition. i work two jobs and it's hard to pay for schools. >> what about any small business owners who have seen impacts on the price of goods?

>> nancy and i drive for a living. i have to go see customers every day of the week. this has totally impacted the way i do things. it stopped me for doing things for my son in college. it's affected how i do things for him. i can't afford to continue to do it this way. >> eric: who is a lot mad. is anybody okay to pay $4 a gallon? >> is anybody anticipating the price will only increase until we do do something about the problem? until answers are given to the white house and they receive those answers and finally implement some of the solutions we'll be talking about? you have to be aware that the prices will only increase, is that right? >> absolutely right. everybody is suffering from lower attendance, drivers can't get sponsors. every shop is squeezed since the

gas related recession from 1973 to 19812. >> eric: this is our panel of experts. we have a think tanning economist. we have a retail expert. we have another think tank economist and we have a producer and scientist. of oil and gas and american petroleum statute. they are going back up and we're going to work them in and out. one more story. go ahead, sir. >> i'm in the industry and i've seen an increase in the price of goods but people are spending less because there is less disposable income zblrk? your restaurant. >> so it cost more to future put the food on the plate? >> that is correct. >> eric: that is great segway. we're going to talk about the price of gasoline causing all those things oat table.

>> what you are going to find, too, is price of barrel of oil affects every part of our life. petroleum products is all around us. if you think it's only affecting you filling up your tank, you got another thing coming. >> eric: every time the big rigs fill up and secret plan to drive the price of gasoline down at the pump. we'll be back. [ applause ] ce morning, scott?

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>>. >> eric: at some point or another everything you own spent time on truck. so it doesn't just affect you standing at the gas pump. you are paying every time a trucker does also. we sent our cameras out just how much it's even affecting truckers. take a look. >> very expensive. it has to end. it has to be lower. >> it's terrible. not enough work and expensive prices in fuel. >> i'm not making any money. i'm losing money. >> people don't want to drive anymore. >> sometimes it's not enough to cover expenses. it's wait it is. i bought the truck and work for somebody else.

>> i have a trucking company here in jersey city. the fuel prices are getting out of hand nowadays. it's hard to make ends meet. you have to pay $5,000 to $6,000 for fuel and o top of expenses. you can only really charge your customers a certain amount of fuel surcharge and it doesn't really add up. >> i'm going to be selling my truck pretty soon. we're not making any money. >> the end user that is paying the extra money for whatever services or products we're moving. it makes it harder but it's the customers the end user that is suffering. >> it affects you at the market, your clothing and every way possible you can imagine. any time you fuel you need fuel to keep you warm. it's just horrible. >> it's extra money they have to spend for products that normally

wouldn't cost as much. it adds up quick. >> we are spending too much money on the fuel. with the money get it back, it's not enough. >> you can't survive in this day and age. too much money. something has to be done. you're right something has to be done. until something is done things are going to get worse. you may not know exactly how much high fuel prices impact your life. it is dramatic. we'll show you some examples. >> eric: let's start down here. apparel. how much do you think. up 8.9% in two years. airline tickets, up 4%. >> everything here as pretty much been on truck in one way. >> if it's trucked up to new jersey area it's been on a truck

for a long time. >> 6.4% increase in eggs. potatoes 7.4. >> bacon, 8.2% increase. eric your ice cream. anyone eat ice cream? anyone have an ice cream story. did you know it had gone up? >> we buy stuff on sale but we didn't do that regularly until the recent price hikes. >> you will see. 9% increase, 9.2% increase in milk. those of us who want to feed our kids organic protein, 11.5% increase. price of fuel impacts our ability to hunt. we fuel up our four wheelers and

trucks to go out and hunt. >> eric: who thinks coffee went up 10%? more? how much? 19.3%. this is one that will get you. any moms out here? peanut butter. >> i've been making school lunches for 20 years. 27.2% increase. this was four bucks. a little jar of peanut butter, $4. >> eric: we're talking two years. anyone notice in the grocery aisle. >> they aren't making any more money. we're paying over five dollars for fuel. i'm a farmer but i am a farmer. our trucks are paying $5 for fuel a gallon, getting five to six miles a gallon because not only because of the fuel prices

our trucks are now environmentally safe. that is another problem. brought the gas miles down to ten miles a gallon to five miles a gallon. >> eric: why is this happening? >> one thing i can tell you for sure. my company had a fleet of trucks. at the current gas price today the increased costs all in to move those trucks is about 25% increase in costs. if your margins are not 25%, not many are, that means you are going to lose money. my concern is this problem going to start to perpetuate some of the truckers are going to quit hauling. >> eric: refiners, are you killing it? >> we are making our normal margin. the key is we got the environment sector, stop hurting america. we have to worry about getting more jobs in america, getting more production in america and

transfer instead of 9 million barrels buying it overseas. get the wealth back in america and stop all the nonsense. >> free markets work but we have been pushing treat when it comes to energy in more and more parts of the energy sector that tends to drive up costs. there is things they could do regulatory streamlining and get more governments are not trying to increase production because government is not as efficient. >> eric: who is really mad about cost of food going up or the price of gasoline? >> up next, what is the white house doing about all this? anything at all? we'll tell you. >> and i've got the solution, i'm not bluffing. my secret plan to bring the price of oil and gas and nightmare. the price of oil and gas to come

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>> from america's news headquarters, in new york, a severe storm system spawning its first tornado, in norman, oklahoma, causing damage on the

campus and minor injuries. the tornado is part of a powerful storm system which forecasters call, quote, life threatening. violent tornadoes are expected from texas to minnesota. the worst of it could hit oklahoma city and salinas, kansas, saturday afternoon. the general services administration under fire for lavish spending. it could become the focus of a criminal probe. the agent's -- agency's watchdog has asked to watch the activity of jeffrey neely, who is accused of accused of a lavish las vegas resort party. no comment from neely. now back to our special. >> eric: welcome back. for months we have been feeling the strain on our wallets. what is president obama doing about it anyway?

>> gasoline and oil, the life blood of american economy. we rely on it to harvest our food. there is an oil and gasoline footprint on everything we do. oil and gasoline matter to us a lot. since president obama took office, gasoline is up over $2 per gallon, that translates to nearly half a trillion dollars stripped from mainstream americans and deposited into bank accounts of middle eastern sheiks and people like mahmoud ahmadinejad and putin in russia. why would the obama administration ignore a massive and unprecedented increase in gasoline prices? there is only one answer. it's because they have no answer. listen to the man in charge of our energy policy. energy secretary steven chu. >> so do you drive one? >> no. i don't own a car at the moment. >> and following the cost of

gasoline at the pump? >> i would say i would give myself a little higher. >> they would give themselves an "a"? prices are up and everything is skyrocketing yet they give themselves an "a". denial, delusional or both? it's an election year. you think they would be more concern. they would have study, some reach or some research. >> here is what they come up. >> there are things you can do individually to save energy. making sure your tires are properly inflated. getting regular tune-ups. you can save just as much. algae we can make energy out of that we will be doing all right. >> president obama and secretary chu and epa administrator and secretary of the interior and ken salazar, stop and listen to

the next few minutes. listen and learn, implement these ideas and you may save the middle-class hundreds of billions of dollars. you may bring prosperity back to america, ignore it, however, at your own political peril. >> transformation of america that we were promised to increase the price of energy in america now they bogus claims about america not having the resources available to us. >> eric: i've been listening. are they in the white house right now watching and listening taking notes, maybe? >> why are they not listening? we have experts here in this room. we have every day moms and dads and business owners with common sense ideas on how to provide solutions to the energy challenges in america. >> eric: we have experts here. >> you know what he would say, president obama stop destroying the war on united states.

>> anything that we have said that is wrong so far? >> as a matter of fact, we see a policy to tax the industry more. you don't need a study. we do have a study. congressional research service, if you bring the new taxes on, it will increase gasoline prices and reduce energy independence. so you can grow or tax base, grow the resource base and increase the jobs and increase that energy security. it's very clear and sharp choice. we have a lot of opportunities in this country to go for energy that we're not going for. we certainly have prices going high enough. the new information to look to our demand, what can we do to affect our change. it could have an impact not just on us but everybody that pays around the globe. if we have an opportunity to bring these resources to the market there is a lot there and

we would really like it. we have the manpower and resources and technology. when we hear the claims there isn't enough resource and we're not given any ahour answer to get out there and explore. what is the answer there? what do you propose that the president and white house do there? >> we have rigs leaving the gulf after the oil spill. western gulf shot off. atlantic parts shut off. montana shut off. alaska. the drilling and companies want to drill. the reserves are there. right now we're not being allowed to look for our own energy needs and regulations on top of that makes it more expensive. >> there is no oil in alaska. [ laughter ] >> don't get my started. next segment. just a little corner of our world what alaska has to provide. but we hear claims from the

president, heck, nothing to worry about. production is up. is it up? is it due to the white house policies. >> they have done everything they can stifle production on lands they control. where it's up on state and private lands. it will be ten years before it comes to market. the oil coming up is ten years ago. >> has anyone heard president obama said we use 20% of the world's oil but we only have 2% of the world's reserves. can we look at chart number three. this is from the department of energy. this is their study. there is that 2% that red dot. what is underneath it are recoverable barrels, barrels of oil shale and barrels of undiscovered resources. >> he plays a game of semantics and subsets, 2 percent of reserves and economic recovery.

god has created for us for man's use these untold trillions of cubic feet of natural gas and billions of barrels of oil for our use to secure our union here in america. we should be tapping in to them. we'll talk about that corner of the u.s., alaska and what we have to offer. >> eric: in the meantime, where is my driller. how much oil and gas. are we sure there is not a huge find waiting to be found somewhere. i don't know texas, kansas. >> five years ago, natural gas prices were off the charts. record highs. because they thought we were running out and we didn't have the reserves. they brought capital to market and drillers kicked in gear. fortunately a lot of the gas was in private lands and we didn't have to rely on federal lands. five years we're at a surplus. can we do the same thing with oil? yes. first thing we have to get the

government and people in this country to recognize that those minerals belong to the taxpayer. they don't belong to the white house or congress. they belong to the taxpayer and we should have a right to extract from it. >> you are talking supply economics and supply side we're going to talk more about that. yes, natural gas prices are down because finally we have the supply to meet demand. >> that is coming up next. we're going to break it all down. i offered president obama an answer but shockingly he never called. my secret plan to fix our oil problem. that is coming up after the governor breaks down the natural with the capital one cash rewards card you get a 50% annual bonus. and everyone likes 50% more cash -- well, except her. no! but, i'm about to change that. ♪ every little baby wants 50% more cash... ♪ phhht! fine, you try. [ strings breaking, wood splintering ] ha ha. [ male announcer ] the capital one cash rewards card.

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>>. welcome back. there is easier way to paying at the pump with our own domestic resources. the president has refused to explore even my very own state what he calls environmental concerns.

are those concerns really valid? it's sort of thing that may be tough to understand unless you see it for yourself. my husband and i talked to greta van susteren to the center of the controversy. >> in the 50s oil was discovered and navy set aside a petroleum reserve. it was set aside for development of oil and gas. that was back in the '50s and that land hasn't been touched. then in 1960 even more oil was discovered and anwr was discovered. it's 20 million acres that was set aside for wilderness a 1980 it was candidate for oil and gas development. so we have a huge swath of land, 20 million acres in one unit. 19 million acres in another unit that have been proven to hold oil and gas. >> it's amazing in terms it was

quite controversial going back to the vice president had to break the tie to get this pipeline. >> can you imagine the pipeline could not have been built. more than 40% of domestic energy. it went to 1.5 million gallons day down to 700,000 barrels day. we need more i'll in the pipeline, we need the oil companies to have allow in different areas like npa and anwr. a lot of naysayers they have never seen this. they believe these bogus extreme environmentalists of what anwr is all about. >> out of 20 million acres settle aside there is wilderness and refuge area. there is more beautiful more scenic landscapes to look at.

but the 1.5 million acres that have been set aside for oil and gas development including the 2,000 needed for the footprint. that is barren remoteness you are looking at. >> i'll tell you what, americans have been sold a bill of goods to what is actually up there in anwr and can supply the rest of the u.s. joining us is senior economic advisor at american petroleum institute. we're going to talk about supply. not just anwr and by the way the footprint we need to explore nor nor anwr. 2,000 issues out of 20 million acres. it's the size of lax. it's the size of an airport that we need to get and explore more. >> it's fantastic in terms of energy. it's 30 years worth of saudi arabia alone. you add that and what we have

offshore, 80 than of the acreage is off-limits to development. you take that what we have in anwr and you take what we have in alaska, add that also to the keystone pipeline. if we got that one built, 1700 mile pipeline to our refiners in port arthur, texas, that would give us 830,000 barrels a day what is half of what we import from the persian gulf. so you add that in and throw in the biofuels, about 10% will come from bio fumes. in a dozen years, you could if you want to plan a fairly self-sufficient in our oil needs. we'll be part of the global marketplace. but imagine if it had four or five million more barrels a day from this hemisphere. then add the jobs. a million new jobs. tax revenue would boggle your

mind. it's over 127 billion in new tax revenue. instead what is happening we're seeing this less production as we were talking about on federal lands, a lot less. just in the gulf of mexico, 230,000 barrels less production last year. that alone we could have $5 billion from the lost production we're having but instead. let's tax the industry more. we are heavily taxed industry. we don't have any subsidies. >> we're also hearing, let's rely more on brazil. we are so reliant on foreign regimes to supply energy for us. we talk about and mentioned in the clip there the trans alaska pipeline. it has bumped 15-18 billion

barrels into our market. look at president obama's vice president, joe biden, few senators he voted against that pipeline. nothing has changed since. they still don't understand the supply that we have under foot. the potential that we have to tap that is being wroud today, warehoused today but we're asking foreign countries to produce for us. >> with the new technology today we can turn a corner. we already have natural gas and some of that natural gas development. low priced fuel, low priced oil prices it permeates the entire society. we could look to a future that will draw businesses back to united states. it will make us very competitive with other countries around the world that have lower labor costs for example because we can use this technology to access

resources we couldn't get to. >> when we talk about the environmental concerns. when we hear the president talk about that. er say it's hypocritical because we are now reliant on foreign countries that don't have the worker safety standards and do not have the environmental concerns that america has. we have the highest standards in the world. >> right. this isn't either or. you have to have responsible development. there is nothing else in there. but this is saying we have a lot of potential. let's go for that potential. >> and real jobs plan. here it is. multitrillion jobs plan. thank you very much. we appreciate your expertise. up next, eric is going to tell his plan to drive gas prices down. can greetings from the windy city of chicago. people here sure are friendly but some have had a hard time understanding my accent.

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>>. >> eric: the obama administration hasn't done anything to fix the rising price of gasoline. i talked about a solution. let's talk about this a little bit. the global oil dilemma. they use 83 million barrels a day. usage. this is amount of oil that is traded 4 billion barrels. the problem is it's not the saudis or the middle east who are trading the barrels. it's not exxon or mobile or shell trading but the biggest traders in the world are the wall street banks it's goldman sachs, morgan and some of the hedge funds dwarf these other people in trading. this is where the trading is coming from. let me explain a little bit. governor, if this were each one of these pennies is million barrels. this is the total amount of oil the globe uses per day. >> this is consumption.

>> here is trading. >> how much do we 6. four billion, this is amount of oil that is traded. >> we're trading billions of barrels. because the wall street banks, they want to trade it. the reason is, they don't have to pay a lot of money to trade. every one of these barrels at hundred dollars a barrel is hundred thousand dollars per contract futures contract. they are able to trade very cheaply. >> you know a little bit about this, don't you. >> 20 years experience in the trading world. so we bring from the secret. >> we have a top secret silver bullet here. we are criticized, i know i am for preaching all the time, drill baby, drill. this goes beyond that. >> if i could ask you open the reveal the envelope so i can step away and put this thing

around. >> in addition to drill baby drill. >> it doesn't replace drill baby drill. it's in in addition. raise energy trading margin requirements. it has to be trade order an exchange. bear with me. it's a little technical. the reason why so many billions of barrels are traded is because the banks can trade it. people are allowed to trade it for little or no money down. at some point, goldman sachs decided they want to buy oil barrels it pushes the price up. if they sell them in the same day, they don't have to put a penny up to do that trade. it's a free trade for them. if they want to hold it overnight, sometimes they will pay $2,000, $3,000 on a contract that is worth $100,000. so governor, this we need to make this more even. we need to bring this bowl down

to something more reasonable. >> how do we do it? how long will it take to affect positive change to really affect the price of a gallon of gas, a barrel of oil? >>. >> eric: let me bring a good friend of mine. >> good to be with you. >> eric: goo good to see you. is there anything that i have said that is wrong. >> i can't see the chalkboard but i have listened to you. we've talked about this before, eric. increasing margins is definitely a way that would limit speculation. it's an idea that has merit. now, it would be the government telling a private business that is the exchanges what they have to do specifically. there are some people concerned about that. the other concern would be, i'm not dismissing the idea certainly and i appreciate all your history as a trader -- but if you did increase margins who

are the people that are going stay in the markets? it's the largest traders that have the money for the margins, not the smaller guys. it's important to have everybody in the markets. >> fair enough. let's talk about you did a study yourself, did you not, based on the amount of long speculation in the market what is costing the average americans on fill-up >> you wouldn't want me to do it but goldman sacks did a research papered and we did extrapolation. the excessive speculation in markets equates to, if you are filling up a civic over seven dollars extra that customers shall paying. explorer or an suv you are paying $10 extra as a wall street speculative premise preemium. and pickup truck it's $14 extra. so this is in addition to what normal supply and demand would level out prices at.

the problem is that we need to put some sort of limit on that speculation. your idea is one way to do it. >> eric: we don't have a lot of time. but the governor has an important question, how quickly can it be implemented and if it didn't work how quickly could you take it off? >> the exchanges could do margins right now. they could take this idea and implement it tomorrow. what i think we need to do and what congress told us to do is put caps on speculation. to limit the speculation to 10% of the market. who needs to control more than 10% of a market? unfortunately the wall street banks have taken to us court, tried to stop us, meanwhile, consumers and businesses alike are paying more than they should at the pump. >> eric: thank you for joining us. up next we'll talk to our studio audience and see where the audience and see where the gasoline crisis is hitting us in america, we believe in a future

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>>. [ applause ] >> eric: welcome back. there is not a single person in america who isn't feeling the pinch from this gas and o ed why

oil prices affect everything in our life including where we send our sons and daughters in war. bottom line we need to drill more here where god dumped a safe energy supply. developing resources grows our economy and decreases trade imbalance. it creates hundreds of thousands good paying jobs and secures our union by eliminating dependence on dangerous foreign regimes. access to foreign and it's key to america's security. another thing. with america's unsustainable 16 plus trillion dollar debt there is now talk about dumping the u.s. dollar as reserve currency and that the international currency that is used to buy oil. if that happens, folks, we're going feel the wages of inflation everywhere especially at the pump. that trickles down to everything

in our economy. it's one reason to get our debt under control that doesn't try to inflate away with currency manipulation like quaint taillight i have easing. so we did present a solution. it's not subject to the whims of foreign dictators that uses our energy insecurity to fund a lot of evil activities against us. we are asking the president if he is listening. we know the audience is listening. again with their input we have solutions to present. >> eric: great thoughts, governor. sir, tell us a story. >> i was during the surge in 2008 and i worked with the kuwaiti oil minister. when the oil prices spiked up they talked about inflation and wall street. when the president talked about leadership and talked about our resources, my kuwaiti counterparts, we'll bring the price of oil down to $30 that

went down lower but america has resources and we're not using them. >> eric: what does anybody want to tell president obama? do you want to have your moment. go ahead, sir. >> i would like to tell the president my car doesn't run on hope and change. i don't know about his. [ applause ] >> and i'm from west virginia and we've got a lot of coal. it can be converted to liquid fuel but it seems like obama wants to keep it in the ground. we've got a lot of it in west virginia. >> there was another promise in the campaign we wouldn't see coal development. joe biden says there is nothing as clean coal and ultimately he would bankrupt the coal companies. we talked about the regulation. >> eric: that is exactly right. if the epa making rules to make it more expensive for the oil and resources we have. what the epa needs to do is let

people know the cost they are adding to the price of a barrel of oil. if you have a review process, congress have oversight you are going to stop these regulations from strangling our economy. prices go up and down so getting into the fuel which no one needed to keep air quality under control. >> and i had someone else raise their hand. what are you holding up there? >> these are stickers on the gas pump.

and when obama was sworn in gas prices were $1.83 a gallon. so is that how much we use every year in america? anyone know? $139 billion? >> so what is that? >> we cannot afford more of this we cannot afford more. >> the average family is paying $1500 more per year than they were a few years ago. >> we're out of time and this is great stuff. and we're going to say thank you to the governor for -- . >> thank you. >> you're welcome. >> and please hop on twitter and send us tweets using the hash tag pain at the pump. thanks for watching everybody. good night. >> hello, i'm dana perino, along