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Up calls to end taxpayer subsidies. they say that oil and gas companies simply do not need. let's talk to doug mckelway live in washington. good morning, doug. what are the chances of this legislation passing and what are we expecting to happen on this other side today? >> well, the chances of this legislation, which would cut $21 billion in oil subsidies to the -- and tax subsidies to the oil companies, the chances of pass arnlings basically slim and none. at least that's the view of most complains. now, we saw this happen once before, the last time that oil prices spiked towards $4 a gallon ...

Million barrels. fit spreads anywhere else. long term of just the oil we are talking about right here. prices will continue to soar. there are other things going on. geopolitics, weak dollar. things are driving prices higher. all of them are a perfect storm. food, clothing, everything is on its way up. megyn: we'll continue to watch. eric bolling you can check out on fbn. today's fashion average is $3.38 a gallon according to triple aaa. that's up 20 cents since just last week. it is up nearly 75 cents from where we were at this time last year. though still short of record average which was $4...

Here in iowa. i'm for all of the above and i'm for american energy independence, not dependence on opec. >> okay. bachmann wants to drill, baby, drill in america. coop -- keep using coal and frac for natural gas. folks, those are the same policies president george w. bush used to push gas prices to a record $4.16 a gallon back in july of 2008. bachmann says she wants an all of the above energy policy that includes wind and solar. but check it out. bachmann voted against the energy and job creation act of 2008. the bill included a sick-year extension of the investment tax credit for solar energ...