preum at.peop at the pump right now, and on top of that, congress, up poi, a good idea to send billion more to the oil companies. it's not as if these con.ie last year the three biggest u.s. oil companies took home more an exxon pocketed nearly$4.7 million every hour, and when the price of oil goes up, the prices at the pump go do these companies' profits. in fact, one shows every time gas goes up by a penny, these companies usually pocket another $200 million in quarterly profits. meanwhile, these companies pay companies on their investments. partly because we're billions in tax giveaways every year. i want to make clear. we all know that drilling for oil has to be a key part of our we want u.s. oil companies to be doing well. we want them to succeed. that's in my administration we've opened up land to oil and quadrupled the number of operating rigs to a record high. we've added enough oil and gas d then some and just yesterday announcing add new step for oil and gas exploration in the atlantic. the fact is we're producing more oil right now than we have in eight years and importing l

there is a preum around iran. it's because fes getting more dangerous between the israeli and iranians, even though i think it is highly unlike theically they will go after the ieian ran nuclear capacity. >> what is the negative impact to the u.s. economy? >> i think we are gets close. i think once you get past 120, 125 people will make different choices in how they feel about the american economy. i'm not an economist. i'm a political scientist. i'm worried about the spike not the creeping. i'm worried if suddenly we have a real, a real belligerent impact that doesn't just hit israel and iran but starts to spill across the middle east. >> you are just back from asia, any other risks to the global economy? is china slowing down? >> no. china is doing well right now. the chininese government is ver much filling the gap that ests from the lack of export manufacturers for the chinese to the united states and in to europe. what i s see is the u.s./china relationship getting worse. the chinese had no problem vetoing th