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What we have here. >> so consumption really seems to be slowing down yet we're still seeing the prices high. >> it comes back to the issue that it is not a supply issue. it is really up to all of us to drive more fuel efficient vehicles, to take public transportation, but right now we are not looking at a lack of supply in this market for driving these prices higher. we may if we had more upheaval in the middle east but right now it is not really a consumption issue at all. i think that's hard for people to swallow and you started out with a great point, can we do anything about it. no, we can...

Argue that's a misconception, carol. we get about 1.6 million barrels from the gulf, we present 88 million worldwide. right now, we have an oversupply of oil even in america right now. the issue with gas prices so high, i'll prices above $100, it's not a supply issue. this is about speculation, concerns about the middle east and tension and what that might do to future supply, but there is big concern that prices could go higher because of what could happen in the future. right now, carol, we have an oversupply of crude. what shell told me is, look, if we could get the permits from washington,...

And erin burnett says this everyday, it's not a supply issue. >> no. >> it's a trader issue. >> if you look at our production over the last 30 years, domestic production, it goes like this. then you put -- overlay it, put the price at the gas pump has nothing to do with it. purely based on international markets. so if you're thinking it's okay to have offshore oil drills and the possible potential for an accident, which will happen statistically, in your backyard, you think, well,at least the price at the pump will come down, which is really hurting me, you are being lied to and people are out...

There is this sort of panic that besets the entire political atmosphere and then you start talking about really stupid solutions so you need to start making the case now for an explanation of this so you can get to a sensible solution. >> this is not a supply issue. i mean, there's been reports out there. >> exactly. >> that we are at an 18-year high when it comes to the supply of petroleum. shouldn't this be the fight the democrats want? shouldn't this be absolutely right up their alley? >> that is exactly the point. if you say, well, the republicans will stone wall our nominee if we put forw...

Talking about really stupid solutions so you need to start making the case now for an explanation of this so you can get to a sensible solution. >> this is not a supply issue. i mean, there's been reports out there. >> exactly. >> that we are at an 18-year high when it comes to the supply of petroleum. shouldn't this be the fight the democrats want? shouldn't this be absolutely right up their alley? >> that is exactly the point. if you say, well, the republicans will stone wall our nominee if we put forward the nominee who is aggressive on this issue. the fact is you want to kind of draw atten...