By REBECCA TORRELLAS, Online Editor

I was watching a video from Fox News that is causing a lot of controversy. According to Media Matters for America, Fox & Friends and their guest, Fox Business host Stuart Varney, are “falsely suggesting” that offshore drilling could keep gas prices down.

According to Varney, “Wikileaks has revealed cables, diplomatic cables, between Riyadh, Saudi Arabia and Washington, and in it, American diplomats say they believe a Saudi oil official who said Saudi Arabia has 40% less oil than was thought. 300 billion barrels less. So there's two points to be made here. How much oil does Saudi Arabia have? The American diplomats think they've got less than they say. And secondly, can Saudi Arabia ramp up production quickly in the event of a supply crisis? The answer, according to the American diplomats, is no, they can't.”

Co-host Steve Doocy later says that with the current information available, if there is a possibility that Saudi Arabia cannot ramp up production than Americans could see $5 per gallon of gas “in no time.”

“Yes, if the Egyptian situation had blown up in some way, it hasn't so far but if it had, it would be a supply interruption,” Varney said. “Could the Saudis ramp up their production, according to Wikileaks and some of these revelations? No, they could not.”

Watch the whole video.