February 22, 2011 Beck: Will Chaos in Libya Cause Pain at the Gas Pump? | Glenn
| February 22, 2011 Special Guests | Eric Bolling, Charles Payne This is a rush transcript from "Glenn Beck," February 22, 2011. This copy may not be in its final form and may be updated.
GLENN BECK, HOST: The price of oil climbed over $95 today, the highest it's been in two and a half years, and driven by the latest wave of violence in Libya. So, what does this mean for your freedom? Here is Charles Payne, CEO of WallStreet.com and Fox Business Network contributor; and Eric Bolling. He is the host of "Follow the Money" on the Fox Business Network every night. All right, guys, first all you, were in the oil trading business for a while. I said to my company today, I have to find out what the number is, but a sustained -- I'm thinking $115, $120 is going to make things -- price of oil per barrel is going to make things really, really soft and dangerous, and a spike up above that could collapse us. Sustained $120 per barrel, three or four months and then a really hard spike. Do you think that's reasonable? ERIC BOLLING, FBN HOST: Sure. You know, Glenn, we did this a year and a half ago, two years ago. We traded up to $147 a barrel. But as you point out, it was very quickly -- it fell off -- off the end of the table from $147. BECK: We weren't as weak as we are though. BOLLING: It wasn't sustained. Well, it was a drilling issue and there are things going on. You're right, though. You put $120 barrel on the market for any period of time. That means somewhere around $4, $4.25 gallon of gasoline. American consumers, that's a lot of money out of American consumer's pocket. That's hundreds of billions of dollars annually that go directly from the consumer shipped overseas to people who hate us. BECK: Show this chart over here. BOLLING: Sure. BECK: Yes, go ahead. Show us what this is. Bring the lights up so we can be -- BOLLING: OK. So, here we are -- here we are today, $3.17 on the pump, average pump price, OK? Problem is the prices that are being discovered right now haven't hit the pump. They're on their way up. I think today, I think we're already in a $4 gallon of gasoline. I think the -- (CROSSTALK) BECK: What we bought already at a higher price. BOLLING: This price -- Glenn, this price that you see on the national average, it doesn't take into account what's going on in Egypt. Doesn't take into account what's going in Libya over the last two days where 15 cents a gallon higher in -- just on the Libyan unrest. So, add that on its way clearly to a $4 gallon of gasoline. That would cost the American consumer $138 billion. We use $138 billion gallons of gasoline per year in America alone. BECK: OK. BOLLING: Do it again, go one step further, Venezuela. Chavez says, hey, AAA (ph), you want come over here, you want to come hang with us, if they get involved. Put Venezuela on the map, $5 gallon of gasoline. BECK: Do you know anything about Venezuela? I hear that there are contracts with China. Ours are up in like two years and they're getting -- we're getting a lower grade of oil to refine, or our contracts are up. BOLLING: Let me just throw in here. I know -- Hugo Chavez has done something absolutely atrocious to America. He said, yes, we have contracts with America, but you know what I'm going to do, I'm breaking the contracts. I'm shipping oil to China at an expense, at a higher cost to Venezuela just to give the Chinese those barrels of oil rather than America. BECK: Right. When does that start? BOLLING: He's doing it right now. He's already said, I'm shipping them over there. Any additional barrels that we wanted to buy here, because we need it, we demand it, he sends it over there. China is very smart though. China makes its bet bed with many different countries. BECK: OK. I want to talk about China and I want to talk about Russia here in just a second. OK. So, next one. BOLLING: Next one. BECK: Iran. BOLLING: Iran gets involved all bets are off. You could see $7 gallon gasoline. By the way, you put $7 on the pump, $550 billion of American consumer's income, money, pocket money going overseas, going to the Middle East, going to OPEC. BECK: OK. BOLLING: And this one, here's the "Mac Daddy" of them all, Saudi Arabia. If Saudi Arabia, were to get involved, if this violence were to spread, we've already seen it go from Tunisia to Libya -- if it ever spread to Saudi Arabia -- BECK: Bring that -- bring that chart up for me. BOLLING: Trillion dollars. BECK: Trillion dollars. Bring the chart up for me please up here on the big screen, the chart of in trade that is looking at which dictator. Do you see this? BOLLING: Yes. Who is the next one to go? BECK: Yes. Who is the next one to go? I'm telling you, if you just look at the map -- well, here it is -- you look at the map here, you look at the map here, right here. Here's Libya. Here's Egypt, Algeria, here is Saudi Arabia. This one is on fire right now. The United Arab Emirates, which is -- I think it's about here. Not the UAE, but the BOLLING: Bahrain. BECK: Bahrain is right here. So, you have this on fire and this on fire. This is on fire. This is on fire. This is on fire. Then you have Iran right up here. You have Jordan also on fire. Saudi Arabia is not going to be able to withstand that pressure. BOLLING: They're getting it all from sides right now. BECK: They are getting it from all sides. CHARLES PAYNE, FBN CONTRIBUTOR: What's really interesting if you look at all the OPEC members, Libya -- there are only four countries where the per capita GDP is higher than Libya. Now, this thing that spark could have been economic, food inflation, those types of things, but Libyans make three times more Egyptians. So, this is going beyond just an economic struggle. BECK: OK. PAYNE: Next on the list is Saudi Arabia. GLENN BECK, HOST: The price of oil climbed over $95 today, the highest it's been in two and a half years, and driven by the latest wave of violence in Libya. So, what does this mean for your freedom? Here is Charles Payne, CEO of WallStreet.com and Fox Business Network contributor; and Eric Bolling. He is the host of "Follow the Money" on the Fox Business Network every night. All right, guys, first all you, were in the oil trading business for a while. I said to my company today, I have to find out what the number is, but a sustained -- I'm thinking $115, $120 is going to make things -- price of oil per barrel is going to make things really, really soft and dangerous, and a spike up above that could collapse us. Sustained $120 per barrel, three or four months and then a really hard spike. Do you think that's reasonable? ERIC BOLLING, FBN HOST: Sure. You know, Glenn, we did this a year and a half ago, two years ago. We traded up to $147 a barrel. But as you point out, it was very quickly -- it fell off -- off the end of the table from $147. BECK: We weren't as weak as we are though. BOLLING: It wasn't sustained. Well, it was a drilling issue and there are things going on. You're right, though. You put $120 barrel on the market for any period of time. That means somewhere around $4, $4.25 gallon of gasoline. American consumers, that's a lot of money out of American consumer's pocket. That's hundreds of billions of dollars annually that go directly from the consumer shipped overseas to people who hate us. BECK: Show this chart over here. BOLLING: Sure. BECK: Yes, go ahead. Show us what this is. Bring the lights up so we can be -- BOLLING: OK. So, here we are -- here we are today, $3.17 on the pump, average pump price, OK? Problem is the prices that are being discovered right now haven't hit the pump. They're on their way up. I think today, I think we're already in a $4 gallon of gasoline. I think the -- (CROSSTALK) BECK: What we bought already at a higher price. BOLLING: This price -- Glenn, this price that you see on the national average, it doesn't take into account what's going on in Egypt. Doesn't take into account what's going in Libya over the last two days where 15 cents a gallon higher in -- just on the Libyan unrest. So, add that on its way clearly to a $4 gallon of gasoline. That would cost the American consumer $138 billion. We use $138 billion gallons of gasoline per year in America alone. BECK: OK. BOLLING: Do it again, go one step further, Venezuela. Chavez says, hey, AAA (ph), you want come over here, you want to come hang with us, if they get involved. Put Venezuela on the map, $5 gallon of gasoline. BECK: Do you know anything about Venezuela? I hear that there are contracts with China. Ours are up in like two years and they're getting -- we're getting a lower grade of oil to refine, or our contracts are up. BOLLING: Let me just throw in here. I know -- Hugo Chavez has done something absolutely atrocious to America. He said, yes, we have contracts with America, but you know what I'm going to do, I'm breaking the contracts. I'm shipping oil to China at an expense, at a higher cost to Venezuela just to give the Chinese those barrels of oil rather than America. BECK: Right. When does that start? BOLLING: He's doing it right now. He's already said, I'm shipping them over there. Any additional barrels that we wanted to buy here, because we need it, we demand it, he sends it over there. China is very smart though. China makes its bet bed with many different countries. BECK: OK. I want to talk about China and I want to talk about Russia here in just a second. OK. So, next one. BOLLING: Next one. BECK: Iran. BOLLING: Iran gets involved all bets are off. You could see $7 gallon gasoline. By the way, you put $7 on the pump, $550 billion of American consumer's income, money, pocket money going overseas, going to the Middle East, going to OPEC. BECK: OK. BOLLING: And this one, here's the "Mac Daddy" of them all, Saudi Arabia. If Saudi Arabia, were to get involved, if this violence were to spread, we've already seen it go from Tunisia to Libya -- if it ever spread to Saudi Arabia -- BECK: Bring that -- bring that chart up for me. BOLLING: Trillion dollars. BECK: Trillion dollars. Bring the chart up for me please up here on the big screen, the chart of in trade that is looking at which dictator. Do you see this? BOLLING: Yes. Who is the next one to go? BECK: Yes. Who is the next one to go? I'm telling you, if you just look at the map -- well, here it is -- you look at the map here, you look at the map here, right here. Here's Libya. Here's Egypt, Algeria, here is Saudi Arabia. This one is on fire right now. The United Arab Emirates, which is -- I think it's about here. Not the UAE, but the BOLLING: Bahrain. BECK: Bahrain is right here. So, you have this on fire and this on fire. This is on fire. This is on fire. This is on fire. Then you have Iran right up here. You have Jordan also on fire. Saudi Arabia is not going to be able to withstand that pressure. BOLLING: They're getting it all from sides right now. BECK: They are getting it from all sides. CHARLES PAYNE, FBN CONTRIBUTOR: What's really interesting if you look at all the OPEC members, Libya -- there are only four countries where the per capita GDP is higher than Libya. Now, this thing that spark could have been economic, food inflation, those types of things, but Libyans make three times more Egyptians. So, this is going beyond just an economic struggle. BECK: OK. PAYNE: Next on the list is Saudi Arabia. Content and Programming Copyright 2011 Fox News Network, LLC. ALL RIGHTS RESERVED. Copyright 2011 CQ-Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. 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