'This Week' Transcript: Charles Schumer and Lindsey Graham

In the long run, we have to do many different things. And, you know, our colleagues forget, oil production is up. It's higher than it's been in eight years. We are producing more natural gas and oil here in America. But at the same time, we have to do alternatives. Our Republican colleagues, for instance, are blocking tax breaks for wind and solar power, which is not the whole answer, but part of the answer. We are looking to produce energy here in America in every way.

And one other thing that's happening, conservation is having a huge effect. The CAFE standards, the mileage standards on cars, are going to reduce the amount of imports we have to bring in by 1.1 million additional barrels. Right now, we only import 45 percent of our oil needs. It was 60 percent. So we're making progress...

STEPHANOPOULOS: Let me bring that...

SCHUMER: ... in the long run, but we've got to do something about the short run, too, and Saudi Arabia's one answer. An investigation into why the refineries are not at full production is a second short-term answer.

STEPHANOPOULOS: Let me bring that issue of Iran to Senator Graham, because, Senator Graham, you've written a congressional resolution saying that the U.S. must prevent Iran from getting a nuclear weapons capability, opposing any policy of so-called containment. Last Sunday, President Obama in his speech to the American Israel Public Affairs Committee seemed to agree. Take a look.

(BEGIN VIDEO CLIP)

OBAMA: Iran's leaders should understand that I do not have a policy of containment. I have a policy to prevent Iran from obtaining a nuclear weapon. And as I have made clear time and again during the course of my presidency, I will not hesitate to use force when it is necessary to defend the United States and its interests.

(END VIDEO CLIP)

STEPHANOPOULOS: Are you and the president now in sync? The Republican candidates have been quite critical of his policy on Iran.

GRAHAM: Well, I -- I am very glad to hear that from the president. Senator Schumer and I and others have a resolution from the Senate that says containment of a nuclear-armed Iran is unacceptable. So, yes, I was very glad to hear the president say that we would not have containment.

The problem is that during the three years in question, we've talked to Iran, they keep enriching. We've imposed sanctions, they keep enriching. They have enough low-grade uranium now to make one-and-a-half bombs, and our engagement with Iran is simply not working, and the Iranians have to believe that he will use force to stop them. Certainly, Israel is in a bad spot here.

But back to energy production, what this -- started this debate, President Obama has reduced energy production on publicly held lands, 14 percent oil, 17 percent for -- for natural gas. We're not producing oil on the lands that the -- and gas on lands that the United States owns. And all above is just a phrase.

So I'll try to help the president where I can when it comes to Iran. I'm glad to hear him say that containment is not a good strategy, because it'd be a disaster.

STEPHANOPOULOS: Senator Schumer, let me turn that to you. The Israeli prime minister, Benjamin Netanyahu, later this week said that it's -- possible strike against Iran is not a matter of days or weeks away, but it's not years, either. Are you worried that Israel might strike during an election year? And what must Iran do to prevent it?

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