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Removing the moratorium on off-shore drilling and the price went from $147 that week down to $33 a barrel the first week of president obama's term. >> that's right. >> and that's what we use now. >> go ahead, sorry. >> i was just going to say, eric, that's really what we need now. the president says there's no silver bullets, there's nothing we can do. we can absolutely do a lot in this country. we have vast domestic resources. vast resources of oil and natural gas and the president has placed off-limits 87% of our outer continental shelf and will not allow us to even explore for these assets,...

On the saudis to produce more. others who have called on other sources such as the brazilians and yet others who recognize supply matters by calling for release from the strategic petroleum reserves. >> and jack gerardy is the man in that clip and the ceo of the american petroleum institute and joins us live from houston. thanks for getting up early for us, sir. should the saudis produce or? should the brazilians produce oregon should we just produce more right here in america? >> it would be great if we got serious about energy and produced more right here in america. what occurred yesterday ...

Of every gallon, all 130 billion gallons a day that we use over to the saudis or to at least a portion of that to foreign oil producers. isn't it time to bring that $2.50 right back here to domestic drillers, refiners and mom and pops on the corner selling gas? >> absolutely. there are a lot of factors that determine the price of crude oil. unrest in the middle east, the value of the dollar, the demand from china. but the one factor we have complete control over is how much supply we put into the marketplace. with modern technologies, we have the ability to produce hundreds of thousands of bar...