Gas Prices Drop: Is GOP Losing Election Issue?

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This is a rush transcript from "Your World With Neil Cavuto," August 11, 2008. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: Meanwhile, to the gas pump. Prices there are falling, despite all of this, 25 days in a row. The national average for a gallon of regular now going for $3.81. That is down 30 cents from its all-time high, hit back on July 17.

The big drop not causing the GOP to drop its demand for vacationing lawmakers to come back and vote on drilling, but could this issue in Georgia and this issue of maybe our supply getting hiccupped a bit change all of that?

Congressman Tom Price says that this is something they have got to do now. He's still on Capitol Hill now — the Georgia Republican one of the leaders of the GOP's energy revolt.

Congressman, first off, on this Russian development in Georgia, what do you make of that?

REP. TOM PRICE, R-GA.: Hey, Neil. Great to be with you.

Well, I — what I see is that something as potentially minor for the United States as that in Russia and Georgia across the sea could have significant effects on the price of oil. And what we're saying is that, in order to make it so that those kinds of things don't have an effect on the cost of American energy, is to make certain that we increase domestic supply.

American energy for Americans, that's what we're asking for. We're asking the speaker, again, to call Congress back and have a vote.

CAVUTO: Well, she's not. So, what — what do you do?

PRICE: Well, we continue to be the voice of the American people. You may not hear about it much in the — in the — the major media markets, but across this nation what we're hearing from our constituents — and all across this nation, congressmen are hearing it — is that they appreciate somebody finally standing up and speaking on their behalf.

They know, as we go back to school now and in the fall across this nation, that it's going to cost more to run those school buses. They know that it's costing more to put food on their plates at — at home because of the cost of fuel.

They also know that not utilizing American resources for Americans doesn't make any sense at all. And, so, they're demanding that Congress act. We will just keep being the voice of the American people.

CAVUTO: But are they demanding it — I'm sorry, sir, but are they demanding it a little less when — when oil keeps dropping?

In other words, the wind that was kind of at your back for this was — was oil prices going higher, and higher, and higher. Then they stopped going higher. Then they started going lower. And they continue to go lower, even in the face of all-out war between Russia and Georgia. So, is the oomph being taken away here?

PRICE: I — I don't think so. We haven't seen a decrease in the amount of communication to our office. And I know that's true for congressional offices all across the Hill.

And that — I don't think that Americans are content with paying $3.80 a gallon, instead of $4. I think what they want to see is their Congress acting — and acting positively — to increase American energy for Americans. And that's all we're asking for, is a vote to increase domestic supply.

CAVUTO: Do you think, Congressman, then, this Russian situation, apparently taking this key port Georgian city of Poti that produces 100,000 barrels of oil a day, a lot of that we use, strengthens your argument?

PRICE: Well, absolutely, because, if we are so reliant — again, we're 70 percent reliant on foreign oil. T. Boone Pickens has kind of brought that into focus. We send $700 billion a year to foreign nations to fuel our economy, in terms of oil.

The American people appreciate that it's imperative that we increase our own supply. That's not the only thing. We need to continue to conserve. We need to have that bridge to the future for alternative fuel and alternative resources. But, in the short term, in the near term, we have got to simply increase domestic supply, American supply of energy.

CAVUTO: All right, Congressman, thank you very much. We will keep an eye on this.

PRICE: Thank you, Neil.

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