joining us now bloberg white housreporter kate andersen brower and peter morici, professor of economicsthe university of maryland. what is t white house saying about oil and gas pririces? last week, presint obama said there is not much he could doo about it because of all of the woworld events. this weeeek, takg a a stance of there are things we are going to doike stress intervention. >> it i is really interesting because i was s in toledo, ohio, with the vice president and lked to a union member whose job was saved because of the bailout and he said if g prices go up it will not matter. the administration does not have ailver bullet. tapping the reserve might notot do it and they have not come out and said tt is something they are going to do. >> reuters mistakenly reported there was a dl after the meeting david cameron -- >> oil is not like gold. gold prices can be kept up because itan be stored. you u have to take e delivery of l becaususe it spoils. the prpresident likes to blame everybody he confined. listen to the secretary. he said in 2008 we have to figure out how to get energy

. >> mayor bloberg entered into that discussion today. and he said quote, any candidate without says we can cut taxes and balance the budget is either delusional or dissembling. so which is it? >> well, we're lowering rates, and closing loopholes in a revenue neutral way so i don't know if that fits his description. >> but his point is that really w all the problems confronting the country, this is not a time to talk about cutting taxes, it's a time to start talking about how we're going pay for things. >> it's a time to talk about economic growth and jobs. and if we can have a simpler, fairer, flatter tax system, one that doesn't expire every year or two, i believe that we can get the kind of job growth and investment we need to get the country going again. >> one of the goals of your corporate tax reform will be to reduce the tax burden on companies from overseas investment. critics say look, that will encourage these companies to go overseas. you say that it will make our tax code more efficient. you can explain why? >> the u.s. is the