Fox News Channel Interview - Transcript

Interview

MS. BANDERAS: Now, a bipartisan group called the "Gang of Ten" unveiling a new compromise. And this new compromise in this new plan is supposedly going to be lowering our gas prices even further below that under $4 mark. This is as Americans are paying $3.89 on average for a gallon of regular.

Now, that is good because it is under $4, but we want it lower, right? We want $3 gas back. Is it possible? South Dakota Senator John Thune, one of the Gang of Ten, joins us now live from Capitol Hill.

Senator, thank you very much --

SEN. THUNE: Hi Julie.

MS. BANDERAS: -- for talking to us.

SEN. THUNE: You bet.

MS. BANDERAS: You know, the soaring fuel prices, obviously, have made energy a very top priority this campaign, so this plan of yours, it almost sounds too good to be true. How is it going to lower gas prices?

SEN. THUNE: Well, if you look at what sets gas prices, gas prices in many cases -- current prices are based upon future availability. And what we're saying is that we've got to get serious about addressing not only our country's dangerous dependence upon foreign energy, but the fact that we don't have enough domestic production in this country, the fact that we use too much.

So what our proposal does is addresses that, addresses the need for more production and the need for less demand, for less consumption in this country. So there are lots of incentives for conservation, there is a -- there's an emphasis on domestic production, both traditional sources -- oil and gas -- as well as renewables. And we think we can use this opportunity to break the gridlock around here.

The problem right now is there's -- Congress is paralyzed; nothing's getting done, both sides have dug -- or drawn a line in the sand, and it's -- we've got to break out of that. And we're hoping that this proposal will give us an opportunity, when we return in September, to actually pass something that would have a meaningful impact on reducing energy prices and gas prices for people across this country.

MS. BANDERAS: The plan is called "New Era." And let's hope you bring us into a new era.

But let ask you. Of course, you're hoping to save us, the taxpayers and the gas buyers, money. But what is going to ultimately cost in order to pull this off?

SEN. THUNE: Well, the total cost on the bill is about $80 billion. We have -- we pay for that, of course. And one of the offsets is we would take away some of the incentives, tax provisions that oil companies currently have in place for exploration. We think with the current price of oil, that's not something that they need. And so, you know, obviously, there -- everybody gives and takes a little bit in this, but in the end, we think that a balanced, comprehensive approach that increases our domestic production, increases our supply and reduces our demand --

MS. BANDERAS: Right.

SEN. THUNE: -- is the way to get gas prices down for American consumers.

MS. BANDERAS: Okay. So you need a balanced compromise, and that's, I would imagine, going to be an uphill battle for your group on Capitol Hill because Democrats, as you know, generally favor more conservation and using more emergency oil reserves, and you're talking about more drilling. Well, that's what Republicans want. Democrats don't necessarily want that. So how are you going to get this to become, I suppose, a bipartisan issue so that you can get both sides to agree so that we can finally save some money at the pump?

SEN. THUNE: Well, it started out with five Democrats and five Republicans, so it was very bipartisan; this represents a consensus position. But our goal is -- one of our goals was to find a bill that we could get the 60 votes that are necessary, comprised of both Democrats and Republicans in the Senate, to actually pass something.

We think this represents that best hope because, right now, nothing is happening, and the American people are demanding a solution. This is a -- a real crisis. And I think when you've got a big problem like this, you need some serious leadership here in Washington, and right now, both sides are sort of playing political games with this. We think that this represents an opportunity to actually, in a meaningful way, address the issue of high gas prices.

And I hope when we get back in September, that we can get the leadership on both sides to at least look at giving us an opportunity to debate this and get it voted on in the Senate.

MS. BANDERAS: I sure hope you guys can come to some sort of solution as well. We'd sure appreciate it -- at least the --

SEN. THUNE: We do too.

MS. BANDERAS: -- car drivers. (Chuckles.) All right, Senator John Thune of South Dakota. Thank you very much, Senator.

SEN. THUNE: Thanks, Julie.

END.

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