Why Can't We Fix Gas Prices? — Bill O'Reilly & Dr. Judy Shelton

Added: 2026-05-17

[00:00:00]You were an economic advisor to Donald Trump. I get hundreds of letters saying, "Look, America is self-sufficient in energy oil. We got plenty of it here.

[00:00:13]Why why are gasoline prices going up a buck and a half at the at the pump if we have all this oil here in the boundaries of our country, why are they going up so much?

[00:00:26]How do you answer that?"

[00:00:29]Well, it's It is a global market. Yes, we're the largest supplier, but but the price is pretty much governed by global demand. And so, even our biggest producers are in competition with the other major producers in the world. And um and they even respond when the price goes up, then they tend to produce more.

[00:00:52]It's not like we're like OPEC, but our own producers do respond to price signals that are generated by by demand.

[00:01:01]>> have any oil shortages here, but we have higher prices, and we shouldn't have higher prices if we have enough oil to service our population, whereas places like China don't. They have to import all their oil. We don't have to import any of our oil. So, people are starting to say, "You know, the American oil company's taking advantage of the situation." And I'm kind of in that group.