• This is a rush transcript from "Your World With Neil Cavuto," August 4, 2008. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST: OK. So, if this report is right, Nancy Pelosi knows more drilling is politically popular, but she won't allow it. Why won't she allow it?

    With us now, Democratic Congressman Eliot Engel of New York.

    Congressman, good to have you.

    Do you believe there's something to this?

    REP. ELIOT ENGEL (D), NEW YORK: No.

    Video: Watch part 1 of Neil's interivew with Eliot Engel | Part 2

    I believe that the American people are tired of all the political fighting. The American people want something to be done. We're it an election year. Both parties are hunkering down, trying to get a position that benefits them politically. And I think the American people want us to work together. That's what I have tried to do over the past several years.

    CAVUTO: But a majority of the American people, Congressman, are saying, drill — not exclusively, but drilling should be an option. And she's saying no.

    ENGEL: Well, it's not a matter of drilling or not drilling. I mean, the Republicans controlled the White House, the Senate and the House of Representatives for six straight years. I didn't see them expand drilling or have any kind of sensible energy policy during those six years.

    They have done polling now, and polling shows that the American people want drilling.

    (CROSSTALK)

    CAVUTO: Do you — do you want drilling?

    ENGEL: Well, I think we need a balanced energy policy. I don't think...

    (CROSSTALK)

    CAVUTO: Well, Barack Obama says part of that balance is drilling. Do you agree with that?

    ENGEL: No. No. Well, I do, but it's not the only thing.

    Let me tell you, we cannot drill our way out of this crisis. The fact of the matter is that in our country every time the noose was loosened a little bit, we went back to our old gas-guzzling ways. It can't be anymore.

    We have got to find a way to become energy independent, and it's not by drilling for more oil.

    Now, if we have to drill for more oil as part of a balanced package, so that we can pass something and help the American people, then I would be for it. But I'm not for drilling at the expense of going to renewables.

    (CROSSTALK)

    CAVUTO: I understand, sir. Very important distinction. Now, you just said, you would be open to more drilling. Barack Obama is open to more drilling. Nancy Pelosi is not open to more drilling. She won't even allow you guys the opportunity to vote on that.

    ENGEL: Well, tell me why, when Denny Hastert was the speaker and Republicans controlled everything...

    CAVUTO: I'm not here to do the blame game, Congressman.

    ENGEL: Well, but you are.

    (CROSSTALK)

    ENGEL: But you are.

    (CROSSTALK)

    CAVUTO: No, no. I'm not. You can argue — on this show, I criticize both — Republicans who want to give tax credits to the oil industry — they don't need it. I criticize you guys for wanting to protect the caribou over our Caravans.

    ENGEL: Well, but...

    CAVUTO: I am just saying to you, Congressman, can't we drop the talking points here? You expressed a willingness, as did Barack Obama, to look at exploring for other options, to look at drilling, to look at all of the above. Yet, your leadership in Congress is cherry-picking what it wants to do.

    ENGEL: Well, but, my leadership in Congress has put forward bills to increase CAFE standards to make us have more energy-efficient cars. Most Republicans voted no. My leadership has put forth a plan to get at the oil speculators that are driving up prices. The Republicans say no.

    And now that we're saying, Democrats are saying...

    CAVUTO: So, that's a given, oil speculators are driving up prices?

    ENGEL: Well, I think they are driving up prices. I think there are a lot of things driving up prices. We are also...

    CAVUTO: Well, your leadership also went after oil companies to tap their profits.

    ENGEL: Well...

    CAVUTO: And are you for that as well?

    ENGEL: Well, I think that big oil is making unbelievable profits, and it wouldn't be so bad if they took some of those profits and pumped them back into alternatives to help the American people.

    CAVUTO: How long have you been in Congress? How long have you been...