WHEN: Friday, October 26 at 7:00PM ET
WHERE: "Kudlow & Company"

The following is the unofficial transcript of a CNBC interview with Vice President Dick Cheney on CNBC's "Kudlow & Company" today. All references must be sourced to CNBC.

In the interview with CNBC's Larry Kudlow, Vice President Cheney will discuss the state of the economy, the war on terror, oil prices, the feds response to the California fires, and the GOP prospects in the 2008 election, among other topics.

LARRY KUDLOW, host: Mr. Vice President, welcome back to KUDLOW & COMPANY, sir.

Vice President DICK CHENEY: It's good to be back, Larry.

KUDLOW: Let me begin with the latest, the administration really turned the heat up on Iran, freezing all the banking assets for the Revolutionary Guard and the Kudz@. At the same time, as you know, oil prices have jumped to $92 a barrel. Let me just ask you this, what is the issue here regarding oil? Would you use the strategic petroleum reserve, knowing that there may be additional actions in the Middle East?

Mr. CHENEY: Well, the strategic petroleum reserve there is primarily, obviously, to deal with an interruption of supply. Lots of times there have been discussion. In fact, back in the Clinton administration, it was used to try to manage prices. That's not what it's for and we recommended expanding the petroleum reserve, strategic petroleum reserve. I think it's important to do that, but it's a classic case that we're faced with right now, to the extent that you do get unrest and potential problems in the Middle East. Our reliance on foreign sources of energy creates a certain vulnerability. The best short-term response we have to do is the strategic petroleum reserve.

KUDLOW: Would these financial sanctions wind up, in some sense, preventing Iran from exporting oil? I think they're still selling like three million barrels a day there.

Mr. CHENEY: Yeah.

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