McCarthy, Republicans torch Democrats over rising energy prices: 'We are the Saudi Arabia of natural gas'
GOP leader said his party would 'not ask OPEC to solve our problems'
Oil prices will decrease by end of 2022: Expert
Bulltick Capital Markets chief strategist Kathryn Rooney Vera discusses energy, inflation and shortages in the U.S.
House Minority Leader Kevin McCarthy, R-Calif., held a series of roundtables with his GOP colleagues this week to discuss the Democrats' proposed massive spending bill.
Fox News attended the Wednesday roundtable on surging energy prices across America, during which a reporter asked the top House Republican on if the GOP had a plan to drive down gas and power prices.
McCarthy said that Republicans have a "number of pieces of legislation" in the House to address the rising energy costs before turning the mic over to Rep. Yvette Herrell, R-N.M., who spoke on her proposed legislation, the POWER Act.
House Minority Leader Kevin McCarthy, R-Calif., stops for reporters seeking updates on crucial spending bills, at the Capitol in Washington, Wednesday, Sept. 29, 2021. (AP Photo/J. Scott Applewhite) (Associated Press)
FED'S INFLATION MEASURE HOLDS AT RECORD ANNUAL PACE FOR FOURTH STRAIGHT MONTH
"We have several sponsors, leadership sponsors, for the POWER Act, to make it illegal, basically, for an administration to come in and prohibit drilling on public land without the consent of Congress," Herrell said, noting that she submitted an "exemption" for New Mexico under President Biden’s executive order banning drilling on public lands.
"You gotta put the infrastructure in, the ability to move it. We can produce it, we’ve proven that we can," McCarthy chimed in. "... Just shutting down a pipeline, what the president started out with, set the wrong tone. It stopped a million jobs."
"We are the Saudi Arabia of natural gas," McCarthy added. "Our natural gas is cleaner than anywhere else in the world."
Rep. Garret Graves, R-La., called the rising energy prices an "unforced error," noting the current economic situation facing the U.S. is a "supply and demand" one.
"They’ve come in, they’re starting out with executive orders putting a ‘pause,’ using entities like even the Securities and Exchange Commission (SEC) to force this impact on capital markets to where the energy produces can’t even get access to funds in order to finance production," Graves said.
CLICK HERE TO READ MORE ON FOX BUSINESS
"This is supply and demand, and this experiment was conducted under the Obama administration, as well, where they tried to force a decrease in demand for energy by cutting off supply," he continued. "What happened was we saw a barrel-for-barrel transition of importing from Russia for every barrel we stopped producing domestically. So, again, we’ve been through this, we’ve seen this evidence."
President Joe Biden remarks on June's jobs report. (White House)
Graves added that he thinks Republicans have "a clear game-plan" to lower gas prices "with lower emissions, lower prices, and putting Americans back to work."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
McCarthy said that he "watched the president’s answer" and vowed that Republicans would "not ask OPEC to solve our problems" as the country "can solve them here in America."
"I think it’s very clear: we have a plan to bring the price down," McCarthy added. "We just need to have the majority to do it."