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$11.7 billion that go to these oil companies to other things such as deficit reduction and clean energy development. what's wrong with that argument? >> first of all you are taking await subsidies from the oil and gas companies. once that's taken away gas prices will go higher. it's like taking a tax and adding a it onto the company. if i'm getting charged more to produce. >> good or service and now i am going to pass that along to my customers. alisyn: senator menendez who was the sponsor of this bill said last year the big five oil companies made $137 billion in profits. why do they need a g...

"wall street journal" says the president cannot be blamed for the recent spike in gas prices. let me quote them. it says, u.s. gasoline prices like prices throughout the advanced economies, are determined by global market forces is hard to see how mr. obama's policies can be blamed. and then you contrast that with the fact that in 2011, big oil profits were at a record high. yet the gop continues to cater to them, whose side are you on? $137 billion, setting an all-time record for profits and they are catering to them while doing this fear mongering and blame game on the president. >> the oil ...

Record profit of $137 billion and they do not need subsidies. we have to look to save money where we need to save it and this is where we can start. >>neil: if you want to taking away their subsidy and a lot of people would grow -- agree but do not compound it by taking those breaks and doubling them for an industry that is yet to bear were fruit. >>guest: well, i don't disagree with that. i think we have to pick and choose. it is very good --. >>neil: wait, wait, wait, why do we have to peck and choose? >>guest: because the figure policy in this country, i have always said we need to have a b...

This. no matter what the president, does he would do better. normal he he wouldn't and i think the president is exactly right on this, talking about take something -- considering taking oil out of the strategic petroleum reserve, closing these tax breaks. standing up using -- stopping the speculators on wall street. that should be part of this. across the board, we know how to do this. and the president is doing the right thing. >> now when you look at the fact that when you were discussing these subsidies as the president did, the oil industry, the oil profits had a huge year, setting an all-...

Prices. we're already producing at historic levels. u.s. oil production is at an eight-year high. drilling rigs have quadrupled since the president took office. and we now actually export more oil than we import. today the president went after oil companies who are making billions while taking $4 billion a year in taxpayer subsidies. >> it's outrageous. it's inexcusable. and every politician who has been fighting to keep those subsidies in place should explain to the american people why the oil industry needs more of their money. especially at a time like this. >> last year, the top five oil c...