host: we are back with frank pallone. president obama announcing yesterday that he is going after them. what did you make of that? guest: it is important because all the gas prices have been based on speculation. basically, he is talking about one official and higher penalties. and some other things, but those of the key. host: it says here at the "the washington post" that either obama or any aid pointed at any example that the speculators were responsible for prices. guest: the bottom line is to suggest that the president or the government can absolutely impact gas prices in a particular situation or any particular week is a false presumptions. a lot of it has to do, with what you just said, what is going on in the markets. it would be trying to make sure there is a speculation in the marketplace. host: if it is not the direct cause, why go forward? on the surface, it looks like politics. guest: i think it is. i brought with me today, all i want to read it to you, a lot of indications the speculation is the major cause

representative frank pallone, democrat of new jersey, talks about efforts to oversee oil markets. then more on the issue with representative phil gingrey, republican of georgia. later, james mamford of "wired" magazine talks about the building of the $2 billion nsa data center. "washington journal" live every morning starting at 7:00 a.m. eastern on c-span. >>> this weekend on "book tv" on c-span 2, live coverage from the "los angeles times" festival of books. coverage starts at 2:00 p.m. eastern saturday and sunday. saturday at 3:30 p.m. biographers john farrell, jim newton, and richard reeves on clarence darrow, dwight d. eisenhower, and jfk. and at 7:30, call in with your questions for steven ross, author of "hollywood left and right," how movie stars shaped american politics. sunday at 2:00 eastern walk for eric alterman and his take on liberals in "the cause." and at 5:00, a panel on surveillance and secrets-w laurie arntds, annie jacobsen, and michael shurmur. the entire schedule for the weekend is online at booktv.org. >>> the group citizens against government waste has rel

now most of that, of course, and frank pallone was on earlier, my friend from the energy and commerce committee, a democrat, he pointed out that oil comes from a lot of different sources, domestic, would increase the production, got a lot of oil, most of our imports come from canada, mexico may be number two. the opec nations in venezuela combined is probably 20% of our imports. so the more we produce domestically, the less dependent we are on others and the less money, quite honestly, that's transferred from our people to china or to these other countries that are players in the market, even though they're not big producers of oil, we don't get a lot of imports from iran, but clearly, they're a player. you know, we need to have increased domestic production and that, more than anything else, will bring down the price. the speaker pro tempore: "washington post" this morning with this headline, panel faults panel for inaction. host: here's the quote, two years have passed and congress is yet to enact one piece of legislation to make drilling safer. guest: quite hopsly, the deepwater dr

." >> we are back with congressman frank pallone, democrat of new jersey. serves on the energy and commerce committee. president obama making the announcement yesterday about going after oil and gas speculators with new penalties. what did you make of that? >> i think it's very important because all the evidence is that the rise in gas prices have been primarily due to speculation. and that's the only way we are going to get them down again is by going after the speculators. and basically i guess he's talking about more enforcement officials and also higher penalties. and some other things. those are the key. >> it says here in the "washington post" that neither obama nord his aids pointed to any examples of illegal activity or to any evidence that oil speculators had in fact been responsible for raising prices recently. the senior official said that oil prices have been rising mainly because of growing global demand and political uncertainty in the persian gulf. >> i think -- bottom line is to suggest that the president or the government can absolutely imp

frank pallone talks about efforts to oversee oil markets. more on the issue with the republican from georgia. later, james bamford on the building of the and as a data center. >> jury selection began on the retrial of roger clemens. >> let me read to you what his wife said in her affidavit. i do depose and state in 1999 or 2000, and he told me he had had a conversation with roger in which roger admitted to him using human growth hormones. once again i remind you you are under oath. he have said your conversation never happened it. if that were true, why would he remember and the telling her about the conversation? >> once again, i think he really -- does not remember about the conversation we had. if he was knowingly knowing that i had taken hgh, who would have talked about this subject. >> watch the 2008 testimony online at the c-span video library with over one quarter century of american politics and foreign affairs and your computer. >> you are watching are watching2 with politics and foreign affairs. on week nights what's key policy eve