horizontal fracking in other developments that have made it possible to live a much -- leave a much smaller footprint on the surface and reach much larger troves of fuel than in the past. the most valuable part of the global environment is the surface of the year. parcel along the surface of the earth. you have solar cells and then mills, biofuels all the systems waste which is -- which was important which is the surface of the earth will ignoring almost infinite to have an open intros of energy below the surface of the earth that can be reached with a very small footprint on the earth's of usable land. >> what is altruism and have is that fit into capitalism? >> altruism is an orientation toward the needs of others. i believe capitalism is intrinsically altruistic. capitalism is based on making investments without any assurance that others will respond to them. capital investments only work if they're respond imaginatively to the needs of others, and that's why i think capitalism is intrinsically altruistic. socialism, believe, is intensively based on greed. as by an invisible hand to an e

fracking was such a big deal. we have a huge amount of natural gas. horizontal drilling and fracking, natural gas has great potential benefits. much cleaner than coal. it is $1.75 per gallon equivalent to less-expensive. it keeps jobs here and does not send billions of dollars to a dictatorship. there is fear about what happens and we sat down with halliburton and the oil and gas services companies. we understand they have trade secrets. we showed what the ingredients are and it took a six months but we got the environmental defense fund to claim victory and have halliburton claim victory. here is a transparency, set of regulations that will protect the public and settle down all the hysteria and kirk -- furor about fracking. i did it when i was a kid diyala this. how do we get past that fear and uncertainty and create some sort of predictability to business needs? that became a symbol for our issues. to find the appropriate compromise so we can get on to the next problem. >> would you like to bring us up-to-date on california? maybe give us a sneak preview of t

you know, with the horizontal drilling, with the fracking. but the keystone pipeline is part and parcel of that. it doesn't do any good unless we can refine it. mitt romney is going to finally allow us to use american resources. >> a lot of jobs there. a lot of blue collar jobs there. >> absolutely. >> high-paying blue collar jobs. gentlemen, thank you very much. i'm going to have to boogey. now let's turn to today's other big story. hurricane isaac. hello, todd. >> thanks, larry, as you can see from the radar, hurricane isaac is approaching land. the eye expected to hit land around 9:00 eastern time. but it's already starting to skirt the louisiana coast at this hour. you can see a little piece of louisiana sticks out and that's where the eye is approaching right at this hour, believe it or not. the storm surge expected to reach six to 12 feet in parts of louisiana and mississippi. power outages,ed flooi iflood' n rains, slow pace of the storm. very few storms serve up that kind of rain. so flooding becomes a big issue as well. now let's tur

no, and i know what i got from that was, who could have predicted it was going to be horizontal drilling and fracking are going to go to energy independence with renewables, it's going to be solar and it's going to be wind and it's going to be all this stuff that we, and batteries in the future, and meanwhile, that's the state. the state decides this is what our bet is going to be placed. suddenly the private sector, money flows downhill and suddenly you have $2 gas which makes all of the other things totally economically unfeasible. the state tries one thing and meanwhile we ha huge almost a boom in domestic energy because of something that had no, the government wasn't greasing the wheels. >> there can be a time for keynesianism too. >> there's one thing to do, and that's get out of the way of entrepreneurs. if you want to be a keynesian, and you're president of the united states you should say every day before my feet hit the floor in the morning i'm going to say, what am i going to do for entrepreneurs today? why? because that would have anticipated the fracking thing, not even knowing what it wa

>> right, ye, fracking, the development of fracking combined in the case of many of these resources with horizontal drilling that allows for them to develop resources where they previously hadn't thought that they economically could do so. what those two technologies involved mean together is significant amounts of water usage, significant generation of waste waters, generation of air pollution, lots of traditional pollution, significant amount of water involved in fracking translate into hundreds of truck trips for every well pad. those in turn turn into not only air quality impacts but impacts to quality of life, the kinds of things that we saw in a clip from one of the segments earlier this week. we're grappling with some really serious issues now, issues the industry itself is acknowledging present real problems, waste water being a key example. the wurt that-- waste water generated through the extraction of gas using the fracking process is heavily contaminated, both with chemicals used as part of the fracking process itself as well as with natural occurring contaminants which include heavy me

technological advances with horizontal drilling with fracture stimulation one of the key elements to finding and getting the resource out of very tight sand or hard rock is a fracking process fracking is just a short word for fracturing hydraulic fracturing or fracking as it's commonly called is a drilling technique first commercialised by how the burden in one thousand nine hundred forty nine comes in with very high powered water and sand and a slightly soapy mixture and all it does is it goes down and it just fractures little tiny fractures in the rock and then sand goes into those fractures and allows that gas to escape. and then the gas flows in to the pipe up to the surface in the people's homes. hydraulic fracturing is largely responsible for the domestic drilling boom because of its high cost it was not widely used until recently in the one nine hundred ninety s. when the price of natural gas shot up high enough to make it affordable this is here in the reserve pits here don't you see oh colborne is one of the world's leading authorities on endor korean disrupting chemicals in the environment and their impact on humans down and here the trucks are coming all