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Drilling off our coasts between now and the rest of the time they are in office if they get a second term. and $5 gasoline, i think is going to go in the face of them getting a second term because they haven t done anything about it in the meantime. what do you think it s going to take getting gasoline prices up to $5 a gallon for something to happen, and what could happen when the prices reach that high? americans are not going to be very eager to embrace that price. i think they will be frustrated and they will be angry. the fact that it s an election year, the american people could say, you know, the people in office haven t done their job. they haven t deliver affordable energy. i said to candidate obama in 2007, to him directly, if you don t provide more hydrocarbons in the period of 2009 to 2012, you will not like the gas price which you will be running against when you go up for re-election in 2012. john, you have been a big proponent of increasing hydrocarbon capacity. ....
Proponent of increasing hydrocarbon capacity. but you also believe that we re supportive of the cap in trade and imposing some sort of taxation on carbon production. why is that? the rare executive who embraced that rare oil executive who embraced that. explain that and where do we go now in that department? i think if you are going to be producing hydrocarbons, you need to be responsible for the total cost, which is not just the economic cost but the social cost as well. i believe that there is technology available to dramatically capture the carbon emissions that come from coal, gas and oil. let s use that technology to create wealth. a cap in trade system can create wealth for this nation. it s not just cap and tax. the cap and tax people are looking at waxman markey which was basically a cap in tax bill because they missed they did not follow the pattern that the united states climate action partnership put together. they ve now ruined the reputation of cap and trade. i want ....