Dan Burton: “We want to get the price of gasoline down and we want to go to new forms of energy. But it is going to take time. And…”

Each one of those drilling sites, if they drill and they find oil, it costs up to $2 billion to drill there. And if they're not going to make any money, they're sure not going to do that.

Well, Mr. Volcker, who is now back with this administration, he came in and started ratcheting up the interest rates to slow down the rate of inflation. Interest went up to 21.5 percent. And I had a business then. And we had to close our…

That is what is taking place already. There is a spike in inflation already, and people are starting to feel it. When you go to the supermarket and you buy a pound of something that you used to pay for a pound, now they're putting the same…

And when we start having inflation like that, the cost of doing business, the cost of buying products, everything goes up, goes right out the window. Now they're talking about putting trillions of dollars back into this economy, and it's…