stick around because what we return will talk about oil and energy with chris martenson the founder of peak prosperity dot com bust alex behala bitch and i discuss those steel and aluminum tariffs in anticipation of president trump announcement about the specifics later this week and as we go to break here are the numbers at the closing bell oil is down slightly sixty two forty eight and brant at sixty five seventy one your those numbers. this baby and. this one much eighteenth vote with your remote to zante for special coverage of the russian presidential election exit polls opinions real time results monitoring and much more. your column say that. something is good in kosovo all but. all but fall

for. a whatever. either the principle is good or the principle is but has to be apply equally and that is. both the united states and russia have announced their nuclear weapons posture both countries are in tree a new age of war the age of hypersonic weapons are we now in the new arms race. under-performing the stock market oh my god blackstone one of the charts up until you brought a minister selves i suggest. so you short your selves up borrow money into you

eviscerate your own corporate balance sheet and then blow your brains out on live t.v. they give us a kind of fun experience for the financial predatory class. welcome back fifty seven percent of americans have less than one thousand dollars in their personal bank account according to a report by go banking rates a personal finance website the site polled one thousand us adults in february and found that thirty nine percent say they have no savings at all that number is up from thirty four percent last year when asked why they weren't saving more retirement for emergencies a full forty percent of respondents say they simply don't have enough money the second most common response with twenty five percent was i'm struggling to pay

bills the survey found that the problem of low or no savings was worse for millennial burdened by low wages and the cost of higher education. this is a big energy week and many industry executives and others are gathering in houston for the largest global energy summit of the year i'm no industry exact but i'm headed there to and report to you boom busters on some of what's going on there in the coming days the conference is called sarah week which stands for cambridge energy research associates which is headed by the conference organizer the pulitzer prize winning author daniel yergin who wrote the prize the epic quest for oil money and power it's a classic for those interested in oil among the key headlines leading into sarah week saudi aramco c.e.o. amine nasser says that the refinery in port arthur texas may see an expansion investment of thirty billion dollars through twenty twenty three and create as many as twelve thousand new jobs there's also reports that russia and saudi arabia may

be close to a cooperative relationship but mr nasser wouldn't comment on the speculation and another edgy news gregory meyer of the financial times reports that the plumbing of u.s. oil pipelines is pivoting instead of oil tankers going into the port of houston to offload oil from the middle east and other areas around the world and that oil being piped to refineries along the coast and inland now u.s. oil produced here in the states is going into the pipelines and being shipped out to be exported the report makes sense given the new news release yesterday by the u.s. energy information agency that says the united states will produce over ten point six million barrels of oil per day this year a forty seven year high and roughly what saudi arabia produces plus the report says the u.s. is expected to surpass russia as the number one oil producing nation by twenty twenty three russia currently produces around eleven million barrels of oil per day

. and to talk about all of that and more we're joined by chris martenson the founder of peak prosperity dot com chris thanks for joining us again saudi aramco says that with the growing demand for oil i guess the paez getting bigger and we can all get along with strong demand and growth around the world are we really all going to live happily ever after or for the next decade or so what's your take well this is really a story of producers and consumers in this story very strong demand of course the growing economies require more oil we're seeing really strong demand coming out of asia china india particularly and yes there's a good amount of supply for right now looking for the international energy agency says that somewhere in the next three or four years we might actually be looking

into a supply crunch then the story changes a lot oh absolutely absolutely let me ask you with the western sanctions on russia and if you caught the story recently that exxon is getting out of their deal or at least some of their deal with the largest oil producer in russia rosneft and they're not going to go exploring i think up in the arctic circle with rosneft do you think the saudis might be filling the void left by the united states or perhaps other partners that who are currently doing business with russia and may not do so in the future. absolutely in china as well so we've seen a big geo political realignment with riad putting a big delegation over to moscow first time in history last october as well seeing trips to and new pipelines being built between china and russia so that seems to be the next big realignment around all of that russia seems to have no no shortage of markets to sell into in asia but china in particular china is the biggest part of

the story by far and chris the saudis are very strategic it's not just what they're doing with russia they're right here in the united states they are building out thirty billion dollars worth that refinery in port arthur texas right and if you look forward in this story the shale oil has been disruptive of the american shale oil it's unclear how much that story is going to continue in other parts of the world it really depends on the shale basin the capital markets a lot of complexities but as well we have to understand that oil isn't oil you know the stuff that's coming out of the shale play it's very light it's super light in fact it's too light for some of the refineries we've got here that's the stuff we're exporting it's practically gasoline coming straight out of the ground and there's a hunger for that worldwide but u.s. refiners in particular the want to port arthur those are two and for heavier more sour grades those are the kinds that saudi arabia sells as well what we get from venezuela so once you begin to understand the complexity of the oil market there's

different grades and the a.p.i. the gravity of it the lightness of it that's what really matters in the story so there the it really looks like what saudi arabia is doing is understanding that we're about to shift away from those heavier grades over time and it's the lighter grades that are coming in now to fill in the void really great insight let's let's talk trade a little bit you know all these steel and aluminum tariffs that are the topic of the sure in the last week but there are certainly some ramifications to energy production and nafta because we really have an integrated energy system between canada and somewhat mexico but how do you see this playing out. well if it gets very complex when we start getting into the energy side mexico big part of the story their own oil production is falling pretty dramatically their consumption is flat but it still means their exports are going down that's had a huge impact on the peso it's actually driven it down because the balance of trade

is starting to really erode for mexico and they import a lot of finished product from the united states and natural gas as well canada huge import export partner there taking some of our lighter oils that's coming up it's getting mixed with the tar sands output the bitumen and then being piped back down so with nafta if you if that just sort of gets crumpled up and tossed to the side it's really going to have some impacts on the energy side of the story i don't think it should be done lightly absolutely and we have to remember that you know they they use steel and pipelines and drilling machinery and we just have a little bit left here chris but you know texas is the largest oil producing state and rick perry the former governor of texas is now the secretary of energy when you think he might be counseling the president on. well i think that you know texas is just this wonderful example of american go get it you know get it done and boom bust psychology so they've been up and down this rollercoaster a few times i think you know rick sort of if he comes from that understood really

what what that's all about he knows the good times are here and they're followed by harder times in that story is certainly going to be one that we're going to have to watch carefully here so he's an interesting pick for the energy department i still am wondering what he's really going to wear his his head really is on this whole story because my view we need to manage the energy assets of the country very very carefully they're not infinite but they're certainly abundant so with that you know i can't wait to see what he's going to do next he's certainly been mom on this thing chris martenson the founder of peak prosperity dot com thanks for sharing your expertise as always we appreciate it my pleasure. the c.e.o. of the japanese based coby steel ltd is stepping down a mist to scandal that is brewing for several months over cooking the company books related to quality standards coby provide steel for car and aircraft manufacturers and nuclear plants in october the company admitted to falsifying quality

specifications on products shipped to hundreds of customers prompting a u.s. department of justice investigation the company has admitted that some of the data falsification went back fifty years. when resigning as c.e.o. the president claimed i have to admit that we face deeply rooted issues that go beyond our compliance structure to our corporate culture and the mentality of our executives and employees. and now we move to see those steel and aluminum import tariffs which were generally announced by president trump last thursday we've all seen the sort of fireworks surrounding the announcement as we have reported here and boom bust today treasury secretary steve i'm a new chian said that the administration is not trying to start a trade war for more on this we turn to our resident trade expert r t correspondent alex mahela bitch in toronto alex administrations they don't says they don't want to start a trade war but they're doing

a pretty good job of faking it and they certainly took it seriously in your country what's your take. president trump says that he's standing firm when it comes to these tariffs twenty five percent on steel ten percent on aluminum but then in the same breath he says well you know what canada and mexico may be exempt from these tariffs if we can strike a better nafta deal you know nafta the worst deal ever so. he's talking out of both sides of his mouth and this is rather typical when it comes to donald trump we've seen this type of thing before and we mentioned it last week as well what he says one day can change dramatically the next day so right now nobody really knows where he stands but if you talk to the speaker of the house paul ryan and some congressional republicans they're worried they don't want a trade war they know what trade wars can do and trump one of the things he said is that this is a a matter of national security while they agree but on the opposite end of the spectrum they believe a trade war is actually bad for u.s.

security since what you're doing is really in aiding some of your tightest allies like canada mexico and of course the european union and when it comes to the european union some interesting facts here they're talking about striking back hitting three of my favorite things jeans bourbon and harley davidson motorcycle so they're saying they've put my put tariffs up on that as well as hits g.o.p. states specifically in the united states of america and if you can say interference that sounds like interference to me but that's the way the game is played and with the game is played that way i think everybody loses in the end yeah those like you say those are it is interference because the bourbon most of it kentucky bourbon is in. mitch mcconnell the senate majority leader member of president party republicans all all in kentucky the bourbon and then the harley davidsons made they're made a couple places but their headquarters and their one of the big factories in wisconsin that's

a speaker of the house also republican paul ryan so you're absolutely right but even just internally alex. you know there may be some short term gain for some of the steel and aluminum companies but if you look at the downstream products like cars trucks cans drilling equipment and pipelines that we are speaking about a little bit ago with chris martenson those could be impacted also right well absolutely and i think what we've talked about this many it's just they degraded system that we have especially when it comes to automobile manufacturing between canada and the states but beyond that you know what's interesting there is a c.e.o. from canada who built steel pipes he has about fourteen different operations mostly on state side but also the canadian side this guy saying i love what donald trump is doing he wants to see these tariffs come into steel at twenty five percent then he's willing to give each one of his employees a thousand dollar a year bonus when this happens down there's a flip side to this of course he's aiming at china if you look at the breakdown of which country imports to the states with the most steel of course is canada that

sixty percent number one we have brazil at thirteen percent china is number ten at three percent so that's really not that big of an impact on china but what this guys say that china's been sneaking behind the door bringing in lockers bringing in other steel products like mailboxes and that's the way they get away with not having tariffs but this guy also says that he believes that this will not happen so those thousand bucks in employee will most likely never happen r t correspondent and trade expert alex mahela bitch thank you thank you. and before we go in cryptocurrency news rapper young dirty son of the late wood tang klan member who will call be for now says his celebrity crypto coin will exist on the t.l. block j network and trade on the market exchange when it launches later this year in what he calls.