TYLER - The price of oil swelled to another record high Monday morning - before dropping back. It almost hit $140 a barrel - but then fell 25 cents. It appears - a recent increase in oil output from Saudi Arabia -- is not driving down crude prices. Former Speaker of the House, Newt Gingrich, who started a bipartisan group called "American Solutions for Winning the Future" held little back at the Texas Republican Convention. He wants to use American solutions to change to the U.S. energy policy.
Simply put - he's fed up with Congress: "The problem is not big oil or the foreigners," said Speaker Gingrich. "The problem is not the Saudis. The problem is getting Congress to do it's job." And that job, he says, is to start using the energy we have. "Congress outlaws every conceivable energy source," said Speaker Gingrich. Gingrich is making his case for domestic drilling by launching a campaign with Actor Chuck Norris, with the slogan: "Drill here, Drill now, Pay less." The campaign is urging Congress to do something now to bring down gas prices. Speaker Gingrich also has thoughts on speculators. "It's people who are betting the U.S. is too dumb to produce (its own oil)."
He sides with East Texas Congressman Louie Gohmert -- when it comes to speculators and drilling. "If you began selling off two million barrels a day...we can pump out of the Strategic Petroleum Reserve. It would immediately bring down the price of oil." Speaker Gingrich proposes selling off half of the reserve - now. "Do it suddenly..without telling anybody in advance and punish every speculator."The very speculators, he says, that are betting against America."
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