Bartiromo Talks with Sarah Palin

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Some people might say: "Look, even though opening up ANWR has been a symbolic issue for Republicans, the oil there may only have a marginal effect on reducing overseas dependence. Why is ANWR so important and how do we know that there's actually enough oil there to really make a difference?
Because just that swath of land in that refuge alone is estimated to hold about 11 billion barrels of oil and 9 trillion cubic feet of natural gas. And those are just the areas that have been explored. That's about a year and a half worth of U.S. oil consumption and many months of natural gas. It's about a trillion dollars worth of energy. And that's—again—just that sliver of ANWR. So when we hear, "Well, maybe there isn't enough," or "Well, it's too late to drill now anyway, we should have done this five, 10 years ago," hey, I can't argue that. I say yeah, we should have done that years ago. But better to start that drilling today than wait and continue relying on foreign sources of energy. We are a nation at war and in many [ways] the reasons for war are fights over energy sources, which is nonsensical when you consider that domestically we have the supplies ready to go.

How can the Republicans convince the country that four years from now our dependence on foreign oil will have been radically diminished?
Well, we have to prove that Alaska is ready, willing, and able to allow this opportunity for the lands to be unlocked by Congress, and also we have to protect Americans and protect Alaskans, who own the resources underground, from big-oil-industry interests that may have in the past taken advantage of a state like Alaska and been allowed to warehouse reserves. We've got a battle on two fronts—not only with an oil industry that is making mind-boggling, world-record profits…[but with a] Congress that has said no to unlocking Alaskan lands. So as soon as we can convince more Americans to put pressure on their congressmen, their congresswomen to allow the development and the mutually beneficial partnering with the oil industry…we'll become less dependent on foreign sources.

Your husband works up in the North Slope, correct?
He does. He works for BP (BP) as an oil production operator up in the oil fields. It's a great blue-collar, hourly-paid, union job up there. It's one of those jobs that Alaskans really like to have because it provides so well for a family, and Alaskans are very blessed to have the opportunities to work in the oil patch.

So what does he say? He's on the ground, he's right on the front line. What does he say about more drilling and more jobs?
He's very excited not only in his role as a father of five kids who are going to be needing jobs in Alaska but also as an Alaskan native. He and his family have lived here for generations, and they have such a connection with the lands and with the environment, and he wants to make sure that our environment, our lands, our wildlife are protected. That's just in his blood. But also, as Alaska's First Dude, he's very concerned, too, about our economy and about Alaska being able to finally be in a position to contribute more to the U.S. instead of taking from the federal government. Because in our 50 years as a state, we have been too reliant on the federal government to pay our bills. That's nonsense when you consider the wealth that we have in our natural resources. Let that land be unlocked, let that production begin, let Alaska contribute more to the U.S.

Middle-class Americans who pay their bills on time are seeing their credit-card rates jacked up, but the Democrats, like Democratic Vice-Presidential nominee Joe Biden, who has long had deep ties to that industry, don't seem to be reacting to that issue. Do you see an opportunity there for Republicans?
Yep. Here again, Republicans have got to be observant of what is going on in the Democratic Party, and if Republicans are going to finally reform our own party—and I am convinced we have to reform—we've got to not embrace the status quo and just be going along to get along. We have got to get out of the box, and we've got to start doing some really unconventional thinking here and grab hold of some of these issues that the Democrats are slacking off on. It's not only our responsibility to Americans, but it's our opportunity to show that this party is not going to be controlled by just special interests and the pork-barrel politics of the past, but we are going to reform and we are going to be serving for the right reasons.

The Republican Party has been beset by scandals during the Bush Administration—from former lobbyist Jack Abramoff to Alaska Senator Ted Stevens. And now Obama is not taking any campaign contributions from lobbyists. You came into office talking about clean government. How do Republicans match Obama on the anti-corruption issue?
Oh, he's very smart not to take any money from lobbyists. You know, what we have to do is really walk the walk and not just talk the talk. In my administration, lobbyists don't come into my office. And we even joked around about saying lobbyists need to wear a big L on their lapel so that everybody knows who they are, so if they're sitting there in the gallery [of the legislature] as our lawmakers are taking votes, we know some of that influence may be sitting there in the background.

There needs to be awareness that lobbyists have great influence, sometimes not good influence, on votes and on policy making, and in order to walk the walk, what I have done is just make that personal choice to not engage with the lobbyists. If a firm or a community wants to talk to me about an issue, they need to figure out how to do that themselves. If a city comes to my office and they need a new high school built or they need a water plant repaired, their mayor, their city council, whomever, need to come talk to me. Convince me. Don't send a lobbyist. And again, going back to Obama, he's been smart in trying to prove that he will not be unduly influenced, but I also believe McCain, who has been such a maverick, recognizes that Americans are sick and tired of politics as usual and of the corruption and of the undue influence. And McCain is not going to put up with it, either.

What will your role be at the upcoming convention?
I'm doing a pro-life speech. Four months ago, my fifth child was born with Down syndrome…so I value innocent life. It took many months for me to get my arms around the idea of, first, having a fifth child at my age, but also knowing that my child would have an extra chromosome. But I prayed the whole time, "God, just prepare me, prepare my heart and prepare my family." And talk about confirmation of that prayer, I mean, Trig is just—he is to me—absolutely perfect. And everybody's in love with him, and he's the sweetest little baby in the world.

Business Exchange related topics:
Economy and the Election
2008 Election
US Economy

Maria Bartiromo is the anchor of CNBC's Closing Bell.