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budget and create millions of jobs. >> president obama disagrees. >> you can bet that since it's an election year, they're already dusting off their three-point plan for $2 gas. and i'll save you the suspense. step one is to drill and step two is to drill and then step three is to keep drilling. >> so how much can the president, for that matter congress, really control? stephen moore is an editorial writer for the "wall street journal." kris ya freeland editor of thompson reuters digital. stephen, newt gingrich says $2.50 a gallon. president obama laughs it off as insincere election ...

lot more good for the economy. >> the energy issue is enormous. an enormous flow which would drive down prices to $2.50 a gallon would help us balance the budget and create millions of jobs. >> president obama disagrees. >> you can bet that since it's an election year, they're already dusting off their three-point plan for $2 gas. and i'll save you the suspense. step one is to drill and step two is to drill and then step three is to keep drilling. >> so how much can the president, for that matter congress, really control? stephen moore is an editorial writer for the "wall street jour...

>> excuse? >> tapping the strategic oil reserve is going to do nothing about prices. look, the prices in the u.k. are up to 8 or $9 a gallon now, most in taxes. if the president wanted to provide instant relief, as your he saying, jamie, he could cut the federal gas tax. i remember when those used to be posted on the pumps, but the politicians removed them so it wouldn't remind people how much of their $4 gas is going to the government. >> jamie: the president says he wants to give relief to the consumers. here is question, drill or don't drill. >> they are drilling and it's a myth to say we'r...

Something very bright we did in fiscal policy, it was not. we have oil development and ago cultural development in our state and we've done very well and that's good. jenna: do you think if you extended the tax cuts for the wealthist of your state they would hire some of the people that are unemployed. >> i think my state and people around the country want this deficit tamed. there are no surpluses. when president bush said, by the way the last budget surplus was under the last year of president clinton and when president bush came in he says look we're going to have surpluses for the next ten...

Unemployment rates out there. 3.6% of the population in north dakota is unemployed, a very, very low number. you also have a low number of millionaires, about 3.4% of your population is millionaires. they are about equal. why would you support the extension of jobless benefits for 3% of your population that are unemployed but not extend the tax cuts for the 3% that are wealthy. >> the people are con i can lee out of work and have been chronically out of work for a while. j. paul getty once said how would be successful, you go to school, get your degree, then you work hard, then you strike oil....