( CNN ) -- With oil prices hitting a record high on Monday , the chairman and CEO of Chevron , David O'Reilly , and Robert F. Kennedy Jr. , senior attorney for the National Resource Defense Counsel , appeared on CNN 's `` Larry King Live '' to discuss America 's energy future . Chevron CEO David O'Reilly says his company 's profit is about 7 percent . Kennedy : The fastest way for us to solve our energy problems in this country is immediate conservation . If we improve fuel economy standards in our automobiles by one mile per gallon , we generate twice the oil that 's in the Arctic National Wildlife Refuge . If we raise fuel economy standards by 7.6 miles per gallon , we can yield more oil than we are currently importing from the Persian Gulf . O'Reilly : I agree , that first of all efficiency is the very first thing we ought to be working on . And there are new [ fuel efficiency ] standards in place that will obligate the automobile manufacturers to be more efficient and , in fact , you can see a shift already toward more efficient cars . Kennedy : I 'm involved with a company called Better Place , which made a proposal a couple years ago to Israel to get Israel completely off of gasoline cars within three years . And Israel is going to do that . Within three years , they will be off of gasoline automobiles . We can do that in this country , too , using shifting to electricity and electricity gives us a lot more versatility , it allows us to harness wind . We have -- the Midwest this is the Saudi Arabia of wind . We have enough harnessable wind energy in North Dakota , Kansas and Texas combined to supply all the electrical needs of our country , even if every American were driving an electric car . We have the Scientific American just published a report that shows in 19 percent of the most barren desert lands in the desert Southwest , we have enough solar energy to provide all the electrical needs of our country . ... What we need now is a national policy that says , OK , let 's go out and get those electrons and get them into the marketplace . O'Reilly : I encourage all these alternatives . I think there 's room for all of them . I 'm very concerned because the reality is today that these alternatives are a very small percentage . And just like it takes a long time to drill an offshore well , it takes a long time to find and develop and put in the sort of equipment that Mr. Kennedy is talking about . What bothers me about this is everyone portrays it as an either/or debate . It 's not and either/or debate . ... We need alternative and we need efficiency and we need conventional oil and gas . Watch O'Reilly discuss ballooning gas prices » . Kennedy : I really think that they talk windfall profit tax [ on oil companies ] , whether it 's good thing or it 's a bad thing , it 's not a long-term energy policy . What we need is really a long-term -- and drilling off the coast is not a long-term energy policy . What we need is an energy policy . Today , Larry , we are borrowing a billion dollars a day mainly from countries that do n't like us to import oil from countries that do n't like us . When I was a little boy , our country owned half the wealth on the face of the Earth . We are now transferring that wealth at a historic rate to other countries , again , mainly nations that do n't like us . We have solutions . Unfortunately , we have a Congress that 's really brain dead . I 'll tell you something that the Congress did today . First of all , they killed the investment tax credits for solar and wind which are absolutely vital to the growth of this burgeoning industry . Second of all , today , Congress and the White House declared a moratorium , a two-year moratorium on any solar plants being built on federal lands while they study supposedly the environmental impact . O'Reilly : In the first quarter , we made $ 5 billion , which is 7 percent of sales and exactly the median for all of the industry . ... The percentage has been about the same . You 've got to keep in mind that as the revenues are going up , the costs are also going up . So it 's not as if this is all going to the bottom line .
Robert Kennedy Jr. says immediate conservation measures needed . Chevron 's David O'Reilly : Oil alternatives to take long time to develop . Kennedy : Windfall profits taxes not an energy policy . O'Reilly : Chevron profits about 7 percent .