Sarah Palin on Obama's oil market crackdown

President wants Congress to strengthen federal supervision


This is a rush transcript from "The Five," April 17, 2012. This copy may not be in its final form and may be updated.

ERIC BOLLING, CO-HOST: Well, you are looking at President Obama making unscheduled remarks today regarding gasoline prices, suggesting Congress address oil speculation.

Funny, Governor Sarah Palin and I spent the weekend offering the president some of our expertise for lowering gasoline prices. Drill our own vast natural resources, embrace natural gas, fix the EPA and address oil speculation.

Do you think he was listening? Who knows? But let's ask Governor Palin herself who joins us via phone.

Governor, thanks for joining us. You know, how are you?

SARAH PALIN, FOX NEWS CONTRIBUTOR: I'm doing great. Thank you so much.

BOLLING: All right. So you heard him address oil speculation, but that was -- that was one part. Is that enough to solve our energy crisis, Governor? What did he miss?

PALIN: No. Not even close to solving if problem here.

The other night, we proposed an all of the above solution. And we challenged the president to apply common sense and pro-American industry principles. And, no, today's speech reflected a lack of awareness of what the problem really is, and that solution has to be part of, beyond a three- leg solution but multifaceted solution, and that is what we proposed.

Really, our president's naive assault on American energy is going to doom our economy. And, Eric, when you had explained in that special, "Pain at the Pump," your idea on the ratcheting in some of the speculation and what the CFTC needed to do to have some teeth to get a handle on speculation, well, that was -- as you pointed out -- just one leg of the stool.

BOLLING: Governor, I noticed that President Obama again cited that number. He keeps throwing out there that we have -- we use 20 percent of the world's oil, but we only have 2 percent of the world's natural resources. And, Governor, you and I broke it down in that special.

We don't know what we have, do we?

PALIN: No. The president, his, quote/unquote, "facts" and his numbers on the energy production -- they are skewed. And they are defective and they're Orwellian. And I implore Americans to do their homework and not take Barack Obama's face value, especially when we're talking about energy.

What we are asking for, too, is the authority, the allowance from the federal government to get out there and explore on more federal land, where more of our oil resources are.

But, no, the numbers he uses are, I believe, deceiving the public into some believing that we do only have 50 percent of the world's oil. But we explain that in the special also.

BOB BECKEL, CO-HOST: Governor, this is Bob Beckel.

Let me make sure I understand this. If you look at what all of the above, Barack Obama has called for more nuclear power and the plants and that has begun. He has looked to alternative energy.

Is the difference here now, the amount of drilling that takes place? That's difference between you and Eric's position and the president's? It gets down to drilling, doesn't it?

PALIN: It's not just drilling, though, Bob. Yes, unleashing domestic energy production, aka, "drill, baby, drill," and "frack, baby, frack," and allow pipelines to be built, all of that is very important and mining on minerals.

But when you look at what Barack Obama is actually doing, with killing the Keystone pipeline, the part that he has authority over, actually. And his mission of bankrupting coal companies which leads to less electricity in the U.S. The things that he's actually doing -- not just saying, but what he is actually doing are burdening our American energy opportunity and making us reliant on foreign sources.

BECKEL: Let me ask you about this, though. About alternative energy, if all of the above I assume includes alternative energy, what alternative energy sources outside of oil and gas do you think ought to be the priority in alternative energy?

PALIN: Natural gas is the clean, green source of energy. And natural gas is our future. We have hundreds of trillions of cubic feet waiting to be tapped, with that green force of energy.

But we do have hydro and we have wind. It's going to take quite a while, though, for those alternative sources of energy to become economic. And the bridge fuel that can fill the gap between where we are now and when Obama has his utopian idea of this alternative energy heating up our economy and running our cars and our businesses -- well, that bridge fuel still has to be conventional sources.

And we in America, with the highest standards of workers safety and environmental safety precautions, take much more than any foreign country that we rely on for energy production. It makes more sense to tap in those conventional fuels today, as we work toward (INAUDIBLE) alternative sources can take the place.

DANA PERINO, CO-HOST: Hi, Governor. It's Dana Perino.

I just wanted to build on one thing you said. Well, two things. One is on nuclear power. While true that everybody will say that they support it, these projects are struggling. There's only been one that has been approved down in Georgia.

The communities want it, it's that the capital is slow to get there.

And the regulation and the litigation make it very problematic. And we still have a problem that nobody is talking about anymore because of Nevada and maybe for good reason, and that is what do you do with the waste?

The second thing is on the EPA. Two weeks ago, very quietly, they announced something that will basically make it impossible and uneconomic to build a coal-fired power plant. In our lifetimes, if we want jobs so that we can grow the economy, so that we can build -- have more jobs as well as help other countries, because when our country is doing well, other countries are doing well, they have basically done something at EPA on regulations of the emissions that is going to make it very impossible to upgrade these coal-fired power plants and to make them cleaner.

So, I think that all of the above strategy is a nice talking point, but when you dig beneath the surface, it's not supported by the facts.

PALIN: You know, that's a great point.

We talked also about the job-killing burdensome regulations in the EPA and even in our individual state's DECs. And you know, somewhat, the burden via the IRS rules that are coming down the pipe. These all create burdens and uncertainty in the marketplace. They all contribute to the problem we face today.

And here is the deal, guys -- Barack Obama is not understanding that the problem is. The problem is that we are still too reliant on foreign sources of energy. He still does not understand that America has the potential here to be energy secure. We can get this done within the decade if he would understand that common sense, doable things that have been laid out in that all of the above approach.

And yet look at today. He didn't mention any of the other legs of the stool. He mentioned just the bureaucratic, very, very expensive proposal of his to put some teeth in to, I assume he is going to talk about the CFTC, but the bureaucratic way of dealing with energy crisis is what it's going to become -- he just, he is still not understanding what the problem is.

ANDREA TANTAROS, CO-HOST: Hey, Governor, it's Andrea Tantaros.

You said that the president doesn't understand. Do you really believe that he is that naive to energy policy? Or really is he just a liberal at heart? And he's bound by the environmental lobby, he's bound by other lobbyists? Is it politics or is he just ignorant on this issue?

PALIN: I think he is ignorant on the issue, Andrea. I believe that those who he has surrounded himself with, do not understand the geology and the geography that we talk about. We talk about what the potential is for American energy independence.

He doesn't understand free market principles.

There are so many things that contribute to his terrifyingly naive and purposeful assault on our energy production that it puts us in a pretty scary place.

BOLLING: Governor, we want to get to another topic here. Everybody wants to jump in on this. But we definitely want to get to this.

The RNC put out a web ad today that we found very, very interesting. Guys, can we roll that web ad?

Governor, take a listen.


PRESIDENT BARACK OBAMA: I'm not going to make any excuses.

I'm not going to make any excuses.

I will be held accountable.

UNIDENTIFIED MALE: You're going to know quickly how people feel what's happened.

OBAMA: That's exactly right.


OBAMA: Well, we're not there because the recession turned out to be a lot deeper than any of us realized.

I'm not going to make any excuses.

I came in, in the midst of the worst recession since the Great Depression.

I'm not going to make any excuses.


BOLLING: Governor, a lot of excuses, huh?

PALIN: A lot of excuses. And the electorate, I believe, is beyond impatient with the excuses. We do want action taken. And, you know, I believe that we need to replace the nation's CEO. We have to replace Barack Obama with someone who understands what it's going to take to get the economy back on the right track.

BECKEL: Governor, this is Bob again. I obviously don't agree with you on that.

But Greg Gutfeld has been waiting here to ask you a question. So, I got to turn this over to you.

GREG GUTFELD, CO-HOST: Yes, I think -- well, America really has been waiting for this question. When are you doing "RED EYE"? Let's pick a date.


PALIN: What did -- what did I tell you about "RED EYE," Greg? You're the one who said it. Man, if she ever comes on "RED EYE," her career is over. Her political potential is over. So --


PERINO: Governor, it's Dana. I used to think that, but I'm still OK.

GUTFELD: Well, not really. Your career has gone downhill.

BECKEL: Well, can you guys, let me --

PALIN: Well, so is mine.

BECKEL: I think you should go on "RED EYE." But let me get serious here for a second. You and Eric, I assume you are willing to congratulate the president on what he did today, is that correct, since he took one of your legs?

BOLLING: Well, I'll jump in real quick, Governor. I think it's one of the legs, but as the governor pointed out, it's only one. There are a lot of other things.

The EPA, Dana mentions the EPA, that's hugely important. Drilling is hugely important to natural gas.

Governor, at least we give him credit for at least maybe watching the special, no?

TANTAROS: Can I ask you and governor a question, though? With the president's regulation of the financial markets, now he is saying he wants to regulate oil markets, right? We know -- I don't have to tell you, both.

You and the governor are oil experts, that there is no other competitive alternative to crude. So, the best way to get oil prices down is more oil.

Aren't you a little nervous about the president meddling in the oil markets?

BECKEL: It's speculators he's talking about.

TANTAROS: Yes, and speculators. And what's a speculator? People who have mutual funds? Aren't we all sort of speculators? Doesn't it make anyone a little nervous?

BECKEL: No, no.

Governor Palin, Eric had this point about making sure that people couldn't speculate with virtually no money and drive up the price of oil, people like Eric.

TANTAROS: Right. But does that make you nervous of him getting involved?

BOLLING: Governor, let's make a point. Go ahead, if you drill, if you have enough oil here and if you drill enough oil, there's no reason to speculate the price up; isn't that right?

PALIN: Right. We're talking about supply side economics. The principles that are time tested, truthful. They work.

And, you know, none of this should come as a surprise to anybody, though. Again, look at what Obama said as a candidate and what Joe Biden has said as candidate for their offices that they hold today. They talked about bankrupting coal companies. They talked about necessarily increasing, skyrocketing energy prices. All those things that they had promise to do are coming to fruition today.

BOLLING: All, Governor, we're going to have to leave it there. But we really appreciate your time.

PALIN: Yes, thank you. Thank you so much.

BOLLING: All right. We'll see you soon.

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