Glick Report
  • June 19, 2008 11:53 AM EDT by Alexis Glick

    The Future of Oil Drilling

    This morning on Money for Breakfast in any exclusive interview I talked to the Secretary of the U.S. Department of The Interior, Dirk Kempthorne about the future of drilling for oil on the continental shelf. We talked about the responsibilities of the Department of Interior and why he believes drilling for more oil is safe, a necessity and can help raise funds for the government.

    After my interview with Secretary Kempthorne, I talked to Rayola Dougher, a senior economic adviser at the American Petroleum Institute who explained how drilling works and the merits of the leases oil companies purchase and Richard Charter of Defenders of the Wildlife Action Fund who does not support the plan and our own Eric Bolling. All three of them made excellent points. This is an issue we be talking about especially considering the record high levels in ALL commodities. Year to date oil is up 42%, natural gas is up 78% and prices at the pump are up 36%. The question now is if all the talk will really turn into action and then results.

stephenlee

Eric makes sense! We need more supply. We are held hostage by the environmentalists who are against everything and offer no solutions of their own. Government seems unable to act and neither party can agree on any solutions. How about a compromise, lets conserve, drill, and look for alternatives? I can dream cant I?

June 19, 2008 at 4:30 pm

chuck

Now this one just broke over the Ed Schultz Talk show. According to the Pressident of the Petroluem Marketers Asscociation,local gas stations aren't going to accept credit cards. For one thing the fees have climbed to high. Now this one story Alexis u should look into. Even get GoGo Gomez and Cody on this one. It just broke over the talk show and the Petroluem Marketers Association is trying to get the public involved on the controling speculation end. The anger is shifting all over the place but do a story on this. See which gas retailers are affected becouse the word shutdown was used.

June 19, 2008 at 3:21 pm

chuck

Here's a follow up story that broke on the Associated Press Wire. Buried in the back of today's Vicksburg Post. Gov. Haley Barbour of Missisissippi has agreed with the proposal to drill of the Gulf coast--that does include the Ms Gulf Coast. He's joined up with the other state govenors who are in favor drilling. California Govenor Schwarnager has endorsed John McCain but the aeticle didn't the California govenor was in favor in drilling off the California coast. It the chorus of govenors continues to grow on the drilling issue this could shape up into a state rights vs Congress rights case. Where the govenors could easily win over the anti-drilling libs who make public exscuses. It appearsa that govenors are smarter than thier Washington Counterparts.

June 19, 2008 at 2:11 pm

chuck

More the barrel price of oil climbs, the more the tide is going to turn in favor. High gas prices are shocking the ecoonomy everywhere. From food and others. Now what could happen to businesses in a non-competive market like Vicksburg Ms? Real simple. With a monopoly and lack of competition,but that's changing with Kroger putting thier own gas pumps. But on drilling and local high retail gas prices,the Warings have been real quiet on this issue. Now why aren't they helping thier own community in dire times like this? It's an old money rule of Vicksburg just being greedy,selfish and narrow minded. Now with high prices all around like a Twilight Zone episode this non-competive market is getting rocked in one form of an another. Already one longtime small business has closed. Rasies the question who is going to be the next victim. Over a year ago a small business in Pemberton Mall closed due to high rent and yes,it couldn't pay the high gas bill. Despite a new gambling boat coming in the fall,gamblers have scaled back to going to the boats. This market has now sent some mix signals in which two are in federal bankrupt ruptcy court. Coould several more gaming boats in this market be trouble too? In retail shopping has moved onto the Jacksno metro area and rumors are flying if Pemberton Mall is going closed. So far CBL Associates hasn't said a word. But those in the local chamber of commerce should take a real hard look and see how the high gaa prices is rocking thier marketplace. Could large number of small business close here before the year is out? But non-competive marketplaces like Vicksburg Ms should open thier doors for more competion and strengthen thier foundations. Local leaders should see a larger economic picture which is now at play.

June 19, 2008 at 12:14 pm

about this blog

  • Alexis Glick is an anchor for FOX Business Network. Prior to joining FOX, Glick served as a correspondent for the Today Show and co-anchored the third hour of that program. Before her stint at NBC News, she was the senior trading correspondent for CNBC and reported from the floor of the New York Stock Exchange.

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