'This Week' Transcript: Newt Gingrich and David Axelrod

STEPHANOPOULOS: You mentioned your promise of $2.50 gallon of gas if you are elected. President Obama seemed to have you in mind when he called that a phony election-year promise. And many of our viewers want to know if you can back it up. We had a question from Tony Times on Facebook. "How can Newt say he will bring the price of gas down when prices of oil are set in world markets? When something bad happens in the Middle East, that will spike the price of oil. Even if we are able to drill for all our oil, it is not supply setting the price right now, it is world events." Your response?

GINGRICH: Well, sure. If he gets a chance, Tony ought to go to newt.org and look at the 30-minute speech in which I outlined exactly how to do this.

Let me point out that when I was speaker, gas was $1.13 a gallon. When Barack Obama was swore in, gas was $1.89 a gallon. We've seen an explosion of opportunity in natural gas through drilling. The result is the price of natural gas has dropped from $8 per 1,000 cubic feet to under $3 per 1,000 cubic feet. I don't understand why the president does not recognize -- because he himself admitted in his speech in New Hampshire this week that on natural gas terms, we have had an explosion of new discoveries. We're going to create 600,000 new jobs in this decade. That's the president's number, and it all came from drilling. And it has lowered the price dramatically from $8 to $3.

You apply that same principle to oil-- you would actually lower the price of gasoline below $2.50. I would be very cautious at $2.50. It would be down in the $1.20 range. So I think the historic example sitting all around us is what's happening with natural gas right now.

This president and his secretary of anti-energy, Dr. Chu, have as a goal getting us to pay European-level prices of $8 or $9. Dr. Chu was clear about that before he became secretary. He wants us to get to be a European-level price structure of $8 or $9 a gallon. He said this week, in testifying in the House, he has no intention of trying to lower the price of oil or the price of gasoline. The American people on the other hand would much rather pay $2.50 and be independent of Saudi Arabia than be where we are today.

STEPHANOPOULOS: And I'm going to ask David Axelrod about Secretary Chu in just a moment.

But also, Rush Limbaugh created quite a stir this week with his attack on the Georgetown student Sandra Fluke who testified in support of President Obama's policy that insurance plans should provide coverage for contraception. Let's show what Rush said right here.

(BEGIN VIDEO CLIP)

LIMBAUGH: She goes before a congressional committee and essentially says that she must be paid to have sex. What does that make her? It makes her a slut, right? Makes her a prostitute? She wants to be paid to have sex.

(END VIDEO CLIP)

STEPHANOPOULOS: The Democrats pounced. President Obama called the student. Under pressure, Mr. Limbaugh did apologize yesterday. I know you disagree with the framing on this issue. You believe this is an issue of religious liberty. The Democrats have called this part of a war on women. Do you worry that Rush Limbaugh helped reinforce that Democratic message?

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