tv Your World With Neil Cavuto FOX News December 27, 2013 1:00pm-2:01pm PST
rockette if the news thing hadn't worked out. what do you think? die have the legs for it? i'll see you right back here hee 7:00 p.m. this weekend with the fox report. >> brace for impact. the obamacare hits are coming whether you signed up or not. welcome. i'm in for neil cavuto. this is "your world." forget the ball dropping, get ready for you jaw to drop as taxes and fees prepare to kick in at the start of the new year. in fact it's now showing up as a separate line on some insurance bills. taxes totaling close to $280 a year on one bill, including a $2 fee to help identify wasteful spending, premium tax, a 3.5% user fee to sell insurance on the obamacare webs, and the list
goes on and on and on. betsy mckoy knows the healthcare law inside and out. the author of "beating obamacare." talk to me about the fees. did you know about them? >> of course, they're install the law. the tax man comeeth. this law costs $1.2 trillion. 700 billion out of medicare, reductions in future medicare expending, and the other 500 billion is new taxes and new fees, and slightly over 100 billion of that is technically fees and taxes on insurers, but of course they're passing them on to consumers, and the congressional budget office long ago reported that would mean $300 to $400 extra for each familiar live with a private plan. >> and one of the things we noted in that intro was 3.5% fee to sell. so the sellers are actually charged that fee. are we to assume that will be
passed along to us? >> absolutely. also i said, it's going to raise the costs of private health plans. one of the three reasons that premiums are so much higher, 41% higher this year than previously. >> so, one of the other things we talked about quite a bit is the insurer bailouts. the risk corridor's, where insurers did not expect to be hit by losses, they're going to be bailed out by the taxpayer. but -- >> in part. >> but -- my problem is the cbo scored that as neutral. how can it be neutral? >> there are -- so-called rische insurance fees in the the law. insurance companies have to pay into a pot and that is supposed to be distributerred, that money to the insurers who get clobbered with the sickest enrollees, but the trouble is, very recently, the obama administration illegally, against the letter of the law,
exempted some plans from paying that re-insurance fees which means a bigger fee on everybody else. and get ready to pay what is called the medicare unearned income or investment income tax. so, if you're -- you as an individual earn over 200,000 a year or as a couple $250,000 a year, and you sell something of value and make a profit, in addition to the cascade tax you already have to pay, you're going to have to pay a 3.8% tax on that gain. and don't think you're not in that income category because say you sold the house at the lake that's been in your family for years. you may get pushed into he higher income category and get clobbered with the fee. >> when she said it, former speaker nancy pelosi said we have to pass it. we keep finding out we're not liking it.
remember when democrats said this about the healthcare law? >> save families $2,500 in the coming years. $2,500. per family. >> this is about cost, taking down the costs of health care to the americans, too our economy. >> kaz kaz saving money. >> saving health care costs for families, business and which the government. >> everybody will have lower rates, better quality care and better access. >> be funny if it weren't so aggravating. they promised the health care law would bring down costs for everyone, but with more than six million americans losing their health plan, many of them are seeing double premiums. will democrats be playing a political price? michelle says, absolutely, and they know it, but steven says it's still too early to count democrats out. michelle, i'll start with you. this has to way heavy on the democrats. >> this is weighing down
democrats and obama's job approval rating is weighing down democrats. obama's own pollster sent out a memo to try to not speak about obamacare, and democrats up for re-election they're running away from obamacare. they're trying to distance themselves because they know this is a mess. >> steve, the democrats hold the senate by seven seats. these seven -- the republicans only need seven to jump and looks like the tide is going towards the g.o.p. >> no question if the election were held today it would be a disaster for democrats. democrats would probably lose the senate if the election were held today. i'm encouraged only by the fact we have 11 months between now and election day. i'm hoping 30 million folks who get health insurance for the first time will be democratic voters and the economy is improving. the unemployment raid in the low
six% -- six percent by the time of election comes along. i'm actually looking forward to 2014. >> you're very optimistic. >> i'm telling you -- >> michelle -- >> a big improvement. >> allow me to read this from the democratic congressional campaign committee, say, quote, the latest republican assault on obamacare has proven to be dangerously effective if we don't respond to republican smears with the facts right now, the damage to the affordable care act and our chances -- this is the important part -- our chances in 2014 could be irreversible. is this the democrats admitting they're in trouble? >> they are in trouble. they know they're in trouble. but people go out to vote when they feel like their lives are being affected, and americans, millions of them across the country, are having cancellations, premiums going up. they're being affected and they're the ones who are going to volt. and what is worse for democrats
the fact that most people who vote in mid-term elections tend to be older, white, and tend to be conservative. typically not the people who vote for democrats. so republicans have the advantage out of the gate. >> this is what i would say to democrats. there are going to be problems unearthed with obamacare we don't know about right now. i talked about some of them. the strategy for democrats is to come together and put forward some bills that fix those issues, and say to the republicans, either comp together with us, help us fix the problems or vote against it -- >> you have to repeal the whole things. >> if you're not working together with does -- >> some of the things that are causing the slide in the dem creek polling, it's unfixable. pam, can you put back up the poll that shows the difference, the democrats and the -- cnn poll? steve, here's what happened. right after the government shutdown people blamed the
republicans. since then it went from 50-42% democrat skew, right enough it's 489-44, and it hasn't stopped. hasn't bottomed out yet. >> it's about a 15-20% swing. it's scary if you're a democrat but every problem i like to say is an opportunity. there's an opportunity here for democrats to prove we can fix this law. when medicare part d came out, push president bush put that forward, democrats worked with republicans to fix it. if republicans -- >> men americans see how bad their health insurance and is how limited their coverage is and their network, they're not going to be pleased and not going to vote for democrats, i can assure you that. >> good constitution, michelle and steve. the dow closing out a very strong week, and now on track for its best yearly performance since 1996. to lauren on what got us here. >> it's been an amazing week, an amazing month, and an amazing year for all three major --
today the dow industrial snapping six dives gains. failing to close their down just a pound. the down fractionally, and the nasdaq was down the most by a quarter of 1%. if you look at the stock market, for the month and for the week, you see nice gains in december. all the averages are up just about 2%. so it certainly was a strong market. december is traditionally good for mark. the six best performers of the dow and seven of these members hit new highs. boeing, the top performer, up 82%. american express, nike, 3m, disney, and visa, and look at the s&p, if you thought an 28% gain in one year was a lot, look up 300% this year. best buy also up substantially.
so the big question is why? is this rally going to last? no one has an answer for the second one, but we can for the first one. a lot of people say a lot of investors say there's not too many other places to park your money. we're seeing the fundamentals showing the economy is improving and we're see that in at the ten-year treasury before 3% yesterday and today. so hoping that 2014 two trading days left before we hit 2014. hoping it's a good year like this year. market up 29% this year, eric. back to you. >> strong market. thank you, lauren. a judge just ruling the nsa phone snooping is legal. does that mean there's more to come? >> the seats, i think, airlines are putting the squeeze on -- just wait to see what happened. you make a great team.
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whooping it up but most americans still not feeling up. a new poll out today finding nearly 70% think the economy is in poor shape, only 32% rated it as good. to larry on what is up. stocks are taking off no question, no doubt, making 50 something new highs this year. why aren't folks feeling up about this? they're not feeling great about the economy still. why? >> well, because we have the great recession. it was years and years of really bad news. and it takes people time to overcome that predisposition to believe that things are bad and going to stay that way. also, there's a disconnect. there often is, between the stock market and people's general views on the economy. even though a majority of americans actually have some investment directly or indirectly in the stock market. 10% of so have most of the investments in the stock market. they're feeling more bullish about the economy. >> so, going to be a bunch of
senate races that are important, some close races, republicans against democrats. what do they run on? the democrats will say look how great things are, stock markets with all-time highs. i'm guessing republicans say, what about obamacare? who wins that race? >> well, starting out the year, we're 11 months away from the election, obviously the republicans would because obamacare is unpopular, and if democrats are going to argue you've never had it so good, that's going to fall flat. that's not the way most people feel. they don't think they have it as good now as they did before president obama took office. so, it's obvious who would win that argument today. we'll see whether that continues during the election year. >> larry, a lot of the jobs under president obama, the number that the department of labor puts out, 1.8 million jobs created under the obama administration. somewhere around 72 to 75% of those are parttime jobs.
that has to add to some of the frustrations of the american public. right? >> parttime jobs and relatively life-paying, and that's one of the reasons why people think they are worse off than they were a few years ago. it's tough to turn that around. it takes a lot of good news over a long period of time to turn it around. >> you know what? we apologize. we lost larry's satellite. we'll try again toe get in touch again later, if not, we'll say goodbye. a federal judge ruling the nsa snooping is legal, that the government can collect millions of americans' phone records. u.s. district judge william pauley saying, it, quote, represents the government's counterpunch connecting fragmented and fleeting communications to reconstruct and eliminate al qaeda's terror network, adding, this only works because it collects everything. thank you for joining us.
let's talk about judge pauley's decision there what do you see wrong with that one? >> the most interesting thing is judge pauley admitted this program, which he gave the green light to, if left unchecked imperils the civil liberties from every american. he was relying on a weird legal technicality to give the greenlight to the government sucking up every bit of information about who we're calling, when we're calling and how long we're talking to them. it goes back to a 1979 case called smith v. merchandize, where the court said if you give up any information to a third party, like the fact the phone company is aware of who you call, there's no fourth amendment right to have that protected. so he is basically saying anything, and in the digital age, you need to understand that's everything that you do, every purchase you make, every call you make, every e-mail you send this. judge said, that's all fair game for the government to search and analyze, and i think that is a very dangerous opinion, and a
couple of weeks ago, a different federal judge came to a completely different opinion on it. so i think we're going to see the supreme court have to decide this pretty soon. >> that's federal judge leon. here's what he said a couple weeks ago: i cannot imagine a more indiscriminate and or temporary invasion than the systemic and high-tech collection and retention of personal data on virtually every single citizen for purposes of querying and analyzing it without prior judicial approval. i. here's the question. one federal judge in d.c. saying, it's illegal what the nsa is doing. then another federal judge in new york, saying it's legal. what are we supposed to do? which one takes precedent? which one do we turn to as the final arbiter of the nsa? >> no our system the supreme court now has the issue in its lap. they have not taken up either of these cases or any case about the nsa surveillance, but it's a pretty certain enough that these two differing opinions are out
there that the supreme court will. unfortunately, the judge pauley in today's case has given them, if they want to do it, sort of read ya -- ready excuse to watch their hands, saying in 1979, we save if you gave this info to someone else, forget it. the government can take it in the digital age -- >> i carry this pocket constitution all the time and people are crazy when i wave it around. the bottom line is the fourth amendment states clearly insuring order to get information from me, to search and seize information from me, you must have probable cause and in or to get it you have to go to a federal judge, fisa court to get that information. they're circumventing all of that. are they not violating the fourth amendment? >> i thick they are. i think judge leon's opinion made it clear. it's like the general warrants the british do which is why we have the fourth amendment. this, we're going to get
everything we want. we don't have a suspect, don't know what the crime is. we're just going to take information and look into it, and there's -- you might think, hey, so, it's just who i called. they're not really listening it to. there's all sorts of things you can learn by analyzing who people are calling. calling an alcoholic support group or a gist or a journalist or the aclu. so many things you can learn about people just by knowing who they call. it's not harmless. >> a couple of issues here. those in favor of the nsa doing what they do, say in order to find the needle you have to take the whole hay stack. the problem is what do you do with the haystack if you find or don't fiend a needle? >> a couple of levels. even some nsa analysts have been complaining we're getting too much data. we don't have the time or the knowledge to do intelligent things with it, and most importantly to the extent that people, like clapper and alexander, have been before congressional hearings and asked to actually explain and defend
these programs by saying, yes, we have actually specially foiled threats that there was no other way to foil through this phone program. they've not been able to do it, which judge leon pointed out. >> one of the other issues here is it's the nsa that's data mining this. but they're very -- in very close contact with the fbi, who may or may not be doing more things with that. quick thought on that. >> yeah. that's the. the nsa people can sort of create probable cause for an fbi investigation, which is another dangerous aspect. >> i have to leave it there up against a hard break. >> this ups mess wrapping things up. should this senator be butting in? thought it was just the hackers --
>> i also want to know if the federal trade commission has the teeth to hold retailers who fail to protect their customers' permanent -- personal information to account. >> bob menendez suggest new regulations may be needed to protect consumers but dan mitchell says that will do the opposite. dan, the teeth, the good senator, my senator, from new jersey, says give the fcc more teeth. do we want to give government more teeth? >> we want government to fulfill its proper role which is to help track down the thieves, and then we want the court system, which is part of government to handle any liability issues that arise against target because people lost money. that is the proper role of government. for senator menendez to do a bit of grand-standing here and get himself on tv, which i guess he succeeded with, what does that actually do? we start adding fines on top of the cost that target is already going to suffer? who does that help? doesn't help workers at target.
it doesn't help consumers. we'll pay higher prices and dent help target shareholders. so let's just keep government within its proper confines of dealing with this mess. let's not politicize it. >> didn't target happen this the right way? showing the free market can handle their own mess? target said there were a lot of pin numbers stolen but they're safe. they've been very transparent through this whole process. >> certainly hope they have, and it's obviously in the long-term interests of target's bottom line to deal with this thing honestly and, as you say, transparently. they want to show they're going to make their system stronger and safer, and of course the same is true of enough other business. we're not here to pick on target. we're pointing out there are bad people in the world, just like there are bad people who rob banks, and there are bad people who try to hack into our financial system. the clearest thing we have to get across is that having politicians come and add additional costs on to the
system is not in anyone's interests unless you're looking to boost your pole numbers and have been beset with scandals which is a good scripps of -- description of senator men anyone des. >> and the pentagon has walked. so you pet are make sure your -- another one, obamacare. what if people start hacking into obamacare, the web site? >> there are huge security issues with obamacare and all these state metworks. it was bad enough the systems don't work. then you have to imagine that identity thieves and hackers are just salivating at the taught of this site that the government is going to force us to use. that doesn't mean the obama people are being negligent, butt least with the private sector, target has a bottom line incentive to solve this system as quickly as possible, and with obamacare, what if the
government -- what is the government's incentive? they just want to get the money from us. >> we'll leave it there. thank you very much, davern mitchell -- dan mitchell. >> why a new trend has airlines pinching nerves. mine was earned orbiting the moon in 1971. afghanistan in 2009. on the u.s.s. saratoga in 1982. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation because it offers a superior level of protection and because usaa's commitment to serve current and former military members and their families is without equal. begin your legacy. get an auto insurance quote. usaa. we know what it means to serve.
delta honoring extra cheap fairs after a big snafu. jolene? >> this was too good to be true. i wish i could take advantage of the deal. delta having to honor fair -- fares because of commuter glitch. >> mistakes are happening quite a bit so we have be careful about. but sometimes it's to your benefit. >> good for the people who got those deals. >> those deals were excellent, and like you said, seven dollars to hawai'i. 132 from houston to san francisco, first class. delta confirming there was a glitch on the web site for a couple of hours yesterday, and it has been fixed. delta not confirming any of the low-price deals about if you do the math, seven dollars to hawaii. that flight is usually a couple of thousand dollars so flyers having a late christmas.
you can see the chart right there. delta's spokesperson saying it is fixed and they don't anticipate that's happening again anytime soon. but very lucky for the passengers who were able to snap if the flights, buying them for families. we talked to people in l.a. who snapped up flight follows the entire family to hawaii for aing we, and not just one about multiple branches of the family. so interesting developments there. this happened to united earlier in the year, and lest you think del tase being nice about this and just saying, okay, we'll givous those cheap fares they're actually mandated to do it by the department of transportation. >> i have a hunch they'd have to do itny anyway just for p. r. reasoning. flying home for the holidays? get ready to feel the squeeze, and i don't mean your wallet. airlines are tooking the smoosh factor trying to stick more people in the cabin.
what's happening? trier to cram more people into the same cabins. >> just trying to make more ," so they're making the seats skinnier and making them lighter and so they don't recline so they can cram more sardines in. >> so as americans get heftier, they're making the seats thinner. >> funny how that works. >> at some point you have a weight limit, you put more people on the plane, more luggage, has to be more and more dangerous. >> it's kind of a -- it's a tough p.r. thing. you have overweight people, do you make them buy two seats? >> do you? >> it's a tough one. i sat next to a really obese person and i was was very open about it. he had to pay for two seats and you feel terrible for the guy, and he has to get a seat belt extension. but you can't others -- ooze of the estate. >> who is cramming people into their planes tight's. >> the biggest culprit is spirit
and southwest. those are the two that are noted for making smaller seats and trying to get as many people as they possibly can on the plane. >> discount carriers. >> yes. >> anyone doing a good job keeping people comfortable? >> it's interesting. i think that some of the major u.s. carriers, like unitees and delta, they've introduced an economy plus area, so if you have status you can get upgraded or pay extra but u.s. earls cannot measure up to foreign airlines. they're so much better. >> so delta or unitees, where you pay 50 bucks and get a little more leg room. >> they call it economy plus. if you don't have status you can pay a little extra money, even on jetblue, you can pay for even more room seat. if you have status, you get that for real. doesn't help with the decline. >> we talk about the fees, baggage fees and everything you want to do an on airplane you're getting charged for. at some point they make a lot of money, right?
>> yes. >> aren't they going to say enough is enough, let's make this a comfortable ride afterall? >> it's going to take a coup buy the customers. >> there is that much demand for air travel they can do this? >> can't walk to california from new york. >> no but i remember when things were tough and people weren't flying, they were roll ought the red carpet, because of demand? >> and less flights and less supply, more demand, and people are doing more business around the country. >> we'll leave it there, lee. thank you. >> thank you. >> on the retail front. it looks like the wait is over, we think. fox news correspondent mike tobin with the latest. >> the brown trucks were on the road. a spokesman for ups says all of the packages were delivered were delivered. they cannot guarantee all the
packages have made it over the river and to the -- through the woods to grandma's house. a spokesman says we're making every effort to deliver to our custom ares. ups stated guarantees will be honored and the guarantee only applies to overseasseasseas andr shipment. i if you shipped through a third party like amazon you need to check it up through they part. if you ship through ups or a ups store, then you take it up to ups store, but don't go to the store. the clerk will refer you to the web site or the ups 800 number, 800-pick ups. >> senator richard bloomen that who demand that ups make things right issue eat a statement. customers who had to travel to will-call windows are not too pleased with efforts from the big brown trucks. >> they said the quickest way to
get this package is take it off, put it on will call so we did that, and it hadn't been scanned since the 20th and i've been up here -- this is my fourth time. >> telling me, you can get it tonight. i called at 8:00 and they said cutoff is 5:00. you won't get that until 26th. so have a seven-year-old who thinks santa didn't brick him his present. >> being with family is the best part but it's sad they had nothing open up on christmas morning. >> shippers got hit by higher than expected shopping, higher than expects last-minute shopping and the icing on the cake was bas weather. fedex got caught up as well and only issue another a boilerplate p.-statement but offered no specifics. >> should the senator have stepped into this mess or is it up to the free market to handle it? democratic strategist says the senator should be involved. why in the world do we want more
government intrusion into the free market? seems to be working just fine. >> first of all, it's not working just fine. we just -- you just had a story about how it hasn't worked, and there's no free market when it comes to shipping across the country. you have two big carriers. a wink and a nod. they all do the same thing, all the time. look, in this case, the invisible hand has got us all by the you know whats. >> i know -- >> exactly. >> i have no idea what you're talking about. they made a mistake, refunded some of the people's -- the customers' money, and the stock -- their stocks weren't affected. everybody seems to be okay a couple of days after. >> the stock has nothing to do with the of culpers and consumers who had their christmases ruined. you're taking the side of the grinch here. i'm not basketballing you. just disagree with what i'm saying. look, you have your -- you're an exhibiter on the constitution --
expert on the constitution. the constitution grants congress the power to regulate commerce, and this is congress' job to do so, and richard blumenthal is only doing what he was elected do which is stand up for his constituents. if you lied and said it's going to be there by the 24th and i wasn't, you should have to pay that money back. >> they didn't lie. they said they were going to get -- try to get the packages there. clearly they would rather have had -- no they said the packages would be delivered on time. >> they've did right thing and said we're refunding the customers' money, we tried, we're sorry. you know the alternative? go to u.s. postal service. would it be there on time? >> i think it would be. the u.s. postal service can handle the volume. you know, their volume has dropped off. what these companies did was take on more work than they could handle, and they lied about it. and they should be held
accountable. >> steve, they immediately issued these refunds before the senator got involved. these senators -- that's like the third center that took too the podium and started attack thing -- attacking the free market. >> you're a proponent of the free market. you're an opponent of free speech. i you support the free market but you're opposed to a united states senator saying -- >> they used any opportunity you can to kind of promote your own little agenda but the reality is, in all these cases it fixes itself. if you've screw up, customers are not coming back. next year they'll go somewhere else. >> how does the free market fix this? christmas is ruined. >> like i just said, next year -- your five-year-old doesn't get the ball you ordered from am sewn? next year you won't do it the same way. you'll either order earlier or -- >> oh, it's the customers fault. i get it.
they have no responsibility. >> i didn't say that. absolutely am i not saying it's not ups or fedex's fault. but they're going to eat it. with customers saying i'm not going to do it again, or i'm certainly not going to pay the same price for it. >> they should be held accountable. >> they are. by the free market. >> they should be held accountable. she custom sheer hold them accountable and they will. >> how can the customer hold them accountable? >> they have been refunding -- >> they can go to dhl to another carrier. >> these by far are the two biggest and most extensive carriers. they have us by -- as i said -- >> no, they don't. that's the beauty of the free market. they don't have you've by the you know whats and if they're not holding up their ends of the bargain, someone else will come
in. that's competition. that's the free market. another company will offer to do and it do it at a cheaper price. >> who? who is going to cover the country like those two. >> i belt you there's 20 shippers that would love to have the business that ups and fedex have. i have to go i'm running out of time. merry christmas. >> same to you. >> forget the super bowl, try a super bill. football fans facing major price hikes. is it legal?
ready, set, hike. forget football. i'm talking about hotel rates. some fans heading to the super bowl are going to pay linebacker size prices. try $1,000 for a room at a budget hotel. price gouging didn't fly when sandy hit but attorney general nell says in this case it's perfectly fine. attorney rebecca begs to disagree. i'll start with you, janell. it's okay to jack up hotel rates
tenfold? >> absolutely. happens time and time again. it's not illegal to do that. we see it with the airlines. from polled crazy state to warm weather state. the new year's 2,000, 500% new york city was jacking up prices. the principle of supply and demand. >> free market? >> a free mark. >> you just convinced me. rebecca, what about it? free market. is there a limit? >> i think there's a limit. i think that the super bowl is just a greatest thing on earth, everybody loves the super bowl. the nfl is lowering the tickets to a price of $500. and you have 400,000 people that are descending upon new jersey which affects commerce. what happens when all these people need a place to stay? sleeping in a hotel is a necessity. they cannot sleep in cars. that's against the law. there isn't going to be
tailgating where they can seep in their car -- >> the difference is it's not a necessity to go to the super bowl. it's a luxury. >> when you -- there's usury laws and the states control that. >> the states -- >> violate that -- >> doesn't violate that. >> hold on. go ahead. usry laws in place. >> most laws are not specific to special events. they are when narl disasters and if you can make the argument without smiling that it's a necessity, it's not hurricane sandy. and you have to also remember, with the nfl, when these cities bid on this -- to get the super bowl, the hotels have to submit their prices and there's a certain range they can go in, and that is for the nfl. so many hotels don't get to sell a lot of their rooms to just anybody. >> so rebecca, usry laws usually protect people who are vulnerable.
it's tough to make the case that people coming from houston who want to see the super bowl are vulnerable. >> that's true. however, we just heard from counsel there's an acceptable rate, and $1,000 for a one-star hotel is not acceptable by the states and they are not going to allow it. >> i don't agree. >> in fact there was a case that was in new york, that had nothing to do with the storm, holiday express. they charged $400 a room, and it was not the big sandy storm. it did not fly. the -- >> particularly for special events -- >> we got to go. but a great discussion, great topic. america making history this year as its pumps out oil. time too keep the party going in 2014 with the pipeline? ick with innovation.
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u.s. daily oil production is surging. not on track for the biggest one-year jump ever. and john hoffmiester says bring on the pipeline. and you're talking about the keystone pipeline. >> the keystone xl. we've been waiting five years for a decision. i would think in one or two years you could understand, but five years for a decision from the president who has to make the decision and the person who wants to build infrastructure. we've been hearing about infrastructure buildout for years, why can't we make a decision on the keystone xl pipeline except it is tied up in politics. >> i spent 18 years in the oil business.
and we are producing more oil than we ever have before and we are on our way to gas independence thanks to fracking, but will it do a darn thing for the price of gasoline. >> no. because oil is sold globally. it is sold to the bigger world out there and that sets the price. except that the more you have energy independence regionally, the more you can take advantage of off-sets on price. to opec might try to set a global price but there are regional differences, for example west texas intermediate is $10, $11 cheaper than crude oil. and so the more local we can produce the natural resources, the more affordable they are over time. >> and john, i'm trying to be balanced.
and so this canadian oil will come through and it will end up in houston where a lot of the refivery -- refinery sits and is there enough room if that area and are we gust going to -- just going to end up with an oil glut with the inability to refine it. >> no. when i was shell oil president, i signed doubling the capacity for example a refinery in port arthur texas to go from 300,000 barrels a day to over 600,000 barrels aday. and valoro and others have anticipated the pipeline. you are not hearing about it because they were done five years ago to take up the proposed xl pipeline at that time. so the capacity is still there. >> is that accurate, if there is refining capacity and we'll have
more and more oil available, why are we still paying $325, $338 for gas. >> the reason is we have this opec kbas price ceiling set and everything is gauged off of that. it is a good question, but as long as we are solely dependent upon oil and don't have substitute fuels, for example natural gas as a transportation fuel, if we could have other than oil to enter the blend of fuels that we choose from, you could see a dramatic decrease in the price of oil. >> john hoffmiester, always great to talk to you. and that will do it for here. catch the cost of freedom block tomorrow, the fantastic show starts at 11:30 eastern and we'll talk about a taxpayer bailout of obamacare coming next year. we know they are coming and we'll have a big frothy discussion. and facebook and twitter helped
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hello, i'm kimberly guilfoyle, along with bob beckel, eric bolling, dana perino, and andrea tantaros. and this is "the five." is religion making a comeback in america? people are hungry beyond what is offered in the sexually charged culture of what dominates our lives. pope francis was named time magazine 2013 of the year. bill o'reilly's killing jesus is a best seller and duck dynasty has captured the hearts of tens of millions of americans. and the history