This is a RUSH transcript from "The O'Reilly Factor," February 17, 2012. This copy may not be in its final form and may be updated.
Watch "The O'Reilly Factor" weeknights at 8 p.m. and 11 p.m. ET!
O'REILLY: Thanks for staying with us. I'm Bill O'Reilly.
In the "Lou's the Boss" segment tonight, gas prices hurting working Americans big time. Since President Obama took office in 2009, the price of a gallon of regular gas, up 92 percent. And just in the past month, gas prices have risen more than 4 percent.
Here now, FOX business anchor Lou Dobbs.
This is what I don't get. Very warm winter here in the northeast and most other parts of the country. Very warm. Not a lot of home heating oil being used. So you figure in America a lot of oil reserves going way, way, way, way up. We have a lot of oil. But no gas prices.
LOU DOBBS, FOX NEWS BUSINESS ANCHOR: That supply and demand thing. This year it's not working. And the reason is demand for gasoline is down. Demand for heating oil is down.
O'REILLY: So it's even driving gasoline?
O'REILLY: So our demand is down but our supply must be up, right?
DOBBS: Well, if we were just in a domestic market, but here goes globalization again.
O'REILLY: Let's stay in the United States. We have all of this oil brought in here in anticipation of a cold winter.
DOBBS: That's right.
O'REILLY: But we don't use it, so it's here. It's here.
DOBBS: Well, now, see this is where I've got to take you out of here. And stay with me.
O'REILLY: Not here?
DOBBS: Not here.
O'REILLY: But it got refined here.
DOBBS: It got refined here.
O'REILLY: And then where did it go?
DOBBS: It got exported. And by the way, these fuels are now our No. 1 export. No. 1 export.
O'REILLY: So they brought the oil in here.
DOBBS: Refined it.
O'REILLY: They refined it, and they sent it out to where?
DOBBS: Jet fuel, primarily to Asia, to China. Primarily jet fuels, diesel and gasoline, which normally would be in abundance right now is being shipped overseas.
O'REILLY: So the oil companies are making all their money now but still had to allot a certain amount of oil for the United States domestic use. Hasn't been used.
DOBBS: Hasn't been used. Because demand fell.
DOBBS: And that oil, that -- and those derivative fuels were exported. And that's what no one is talking about.
O'REILLY: They figured out it wasn't going to be a cold winter.
DOBBS: These oil companies are not as dumb as the folks in Washington.
O'REILLY: Why? And you correct me if I'm wrong. That the oil companies told the refineries to stop refining.
DOBBS: No, they told them to start refining.
O'REILLY: That's not true?
DOBBS: It's absolutely not true.
O'REILLY: They didn't slow the refining down?
DOBBS: There are all sorts of myths around this.
O'REILLY: All right. Go.
DOBBS: The fact is we're exporting it and it's good news.