• With: Newt Gingrich, presidential candidate

    This is a rush transcript from "Your World," March 1, 2012. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST OF "YOUR WORLD": Well, apparently, we were not the only ones who noticed Energy Secretary Steven Chu did not seem all that worked up over those skyrocketing gas prices. So did Newt Gingrich when he specifically heard this.


    UNIDENTIFIED MALE: Is the overall goal to get our price...

    STEVEN CHU, U.S. ENERGY SECRETARY: No, the overall goal is to decrease our dependency on oil, to build and strengthen our economy and to decrease our dependency on oil.


    CAVUTO: The speaker heard that and said this is how the president should respond.


    NEWT GINGRICH (R), PRESIDENTIAL CANDIDATE: If he's really serious about helping the American people, having seen yesterday's testimony, he will fire Secretary Chu.


    CAVUTO: Well, the energy secretary isn't here, but Newt is, and he is not happy.

    Welcome, everyone. I'm Neil Cavuto.

    And Fox on top of an embattled Obama Cabinet official, not only being called out, but increasingly being told to just get out, and all of this in the face of gas prices that continue to ratchet up. Make it 23 days in a row now.

    Newt Gingrich says enough is enough; it's one thing for the administration to say no to more drilling in the face of these high prices, but to have an energy secretary of the United States all but welcoming these high prices?

    The former speaker now joining us from Macon, Georgia.

    Mr. Speaker, good to have you.

    GINGRICH: Well, it's great to be with you, Neil.

    And, frankly, the goal of the United States ought to be to have energy independence by developing federal lands and developing offshore and accelerating our access to energy. We’ve done it with natural gas, where we now have such a large production, that prices are crashing.

    There’s no reason we can’t do it with oil. The president’s just plain wrong about this. His speech today in New Hampshire is just plain flat-out wrong. But to have a secretary of anti-energy is, really, pretty absurd.

    Secretary Steven Chu ought to be fired. He said openly a couple of years ago his goal was to get us to a European price level. Someone in Nashville, Tennessee, told me that they now have figured out that Obama had a 9-9-9 plan, like Herman Cain, except Obama's was $9.99 a gallon.

    And if you look at what Chu has said and you look at his arrogance again yesterday, he's basically saying to the American people, I will punish you until you have to buy the kind of car I want you to be in, and I don't frankly care how much pain you're in.

    Now, I don't think you need a secretary of energy to do that. I think he can go back to being a scientist at Livermore, and let’s try to find somebody who actually wants to help the American people by getting us back to energy independence.

    CAVUTO: Speaker, the secretary gives himself an A-minus for his performance thus far in this gas run-up.

    What do you think?

    GINGRICH: Well, I think look what he's grading himself against. He wants to punish the American people with higher prices. He's succeeding. He wants to waste a lot money on things like Solyndra. He's succeeding.

    CAVUTO: All right, we’re losing that connection. But, hopefully, we will...

    GINGRICH: Can you hear me now?

    CAVUTO: Yes, I can. Go ahead, Newt.


    I was saying this is a guy who threw away a half a billion dollars on Solyndra. I think that he doesn't understand what we're doing. And he doesn't -- he doesn't share the values of the American people.

    CAVUTO: Do you get a sense, Speaker, that the administration up to now -- maybe things are changing because now the president is open to opening the southern part of lands affected in his Keystone plan. Some interpret that as him blinking. And others say it’s -- Speaker Boehner has said that he’s not going far enough -- but that he is getting alarmed now?

    GINGRICH: Oh, I think he is.

    Look, everywhere I have been -- I have been, in the last two weeks, in Oklahoma, California, Washington State, Tennessee, here in Georgia. Everywhere I go; people are being hurt directly by the price of gasoline. And what that threatens to do is start hurting the economy, both indirectly, because the price of everything goes up, because every truck that deliveries groceries has to pay more, and directly, because people simply give up all of their discretionary money to pay for gasoline.

    And I think that the president’s political advisers, I’m sure, are telling him that if he doesn’t find some way to dance around this, that it is going to eat away -- eat -- his reelection chances.

    I've got a plan for $2.50 a gallon. People can see it at Newt.org. There's a 30-minute speech that outlines it that we're putting on TV in different markets as rapidly as we can raise the money. And it’s based on very serious ideas. I wrote a book called Drill Here, Drill Now, Pay Less back in 2008. Callista and I made a movie called "We Have the Power" outlining all of our options. And the president’s just not being candid. He has this line where he says, I have approved pipelines to Canada.

    Sure, but he hasn’t approved the pipeline that matters. He suggested that drilling is up. Well, of course it is. It’s up on private land in North Dakota. It’s down everywhere that Barack Obama could get it down.

    And even in North Dakota, his U.S. attorney filed a law against the oil industry. So, this is a very anti-American-energy president, who has appointed a very anti-American-energy secretary.

    CAVUTO: Do you think -- in his latest budget plan, Speaker, that he wants to take all the tax breaks away for the oil companies, and swap a lot of them to promising -- what he calls promising green technologies. Would you be for just wiping them all out, all the tax breaks, all the subsidies?