oil. there are phenomenal reserves and, of course, i'm not even talking about natural gas which is a whole different story. the future of russia will be natural gas, not oil. but let's stick with oil for the moment. there is plenty of oil left. but as you move out of that inherited comfort zone, you move to areas that are deeper, that are colder, that are sourer, that are more complex, that are more distant, that are offshore. in a word, you move to oil that is more costly if only because now you have to invest in it instead of just inheriting it. now, the result of that is that it's going to be less profitable. now, the reason that that matters is that the oil industry has a very important customer, and that's the russian state. and the russian state for the past two decades and, indeed, going back to soviet times, but particularly in the past 20 years the russian state has become extremely dependent on the revenues from oil and, indeed, the rents, the pure rents from the soviet legacy th

that's oil and gas revenues together. it's very largely oil. and to put that in perspective, you have to add that the russian budget itself is growing very rapidly. to support the -- some of the same obligations we find others -- a pension system and the like. in addition to that the budget has to support the growing ambitions of the putin leadership to increase funding for defense, funding for infrastructure, for the renewable of industry, and indeed shall we say for the support of many clans that provide the basis of support for the regime. this sets the stage. these two trends the increasing dependency of the russian state on oil and gas revenue to feed an expanding budget and the impending increase in cost of declining profit from oil and gas, this sets up a visualize it in your minds two contrary curves that are going to intersect somewhere. and result in crisis. the russian oil industry in the next generation is simply not going to be able to support the growing level of expenditure that is basic to the russian system to the russian state

we have other places where oil industries have grown up, where oil industries are run by national oil companies, but in almost every case -- in fact in every case -- these industries were first founded by foreigners and then were taken over. not so in the case of russia where from the 1920s on at any rate or for all practical purposes the oil industry was home grown and developed its own culture, its own civilization even as the soviet union did with its own language and its own culture. i sometimes like to tell my classes that the story of russia in the 20th century is very much that of a people who decided that capitalism didn't work, so it's as though they all piled into a space capsule and took off and landed on the planet mars and started a completely different civilization in which the market was thrown out and prices and profits and private ownership and built that civilization and actually made it run for nearly six, seven decades. not well, but it ran. and then they decided that it wasn't working particularly well, so they all piled back into their space capsule and came back

this is oil. and they don't want to hear about hydrogen for cars, what have you, and they also -- excellent point, as an energy reporter, how people mix the electricity side of energy production with -- right. i couldn't help think, there's places in the book where lee raymond talks into the ear of alan greenspan and alan greenspan is on the hill and saying lee raymond's speech. and itsen solyndra, the solar company that grabbed headlines and failed. if big oil was behind that, given that their animosity towards kind of renewables and the subsidies renewables require. evidence of that? not making making the bad loan t fanned the flames of the criticism? >> guest: the american petroleum institute, a trade group in washington, made their spunup communications machine that seizes every opportunity and they're political allies did the same thing. but i think that the underlying question about alternatives and exxonmobil is, they're a corporation, they can pursue whatever business strategy they want. t

the tar sands, the oil sands, their role in that in the global oil market. basically it is a continuation of will was described earlier. >> absolutely. the same thing. >> trying to attack the problem. even the environmentalists would admit, i'm sure, that if they could enact universal price on carbon is the basis for addressing climate change and the dangers of global warming it would. they fail to do that to miss another looking to keep their issue alive by looking for opportunities to call attention. they have chosen the oil sands because it is available, not because it is their preferred solution to global warming. but they made an example. and basically they're trying to leverage their own popularity a pipeline in general. not in my backyard politics and keep this issue moving. from canada's perspective i am sure it is aggravating. from the oil industry perspective is definitely a grinning because the pipeline that would otherwise make economic sense is being punished for campaigning reason, not because of some policy framework . the truth is that if key

they can tell oil producers the best place to drill in order to squeeze for crude out of the oil fields. where they show their clients how to maximize their return on the investment in a given oil field. in short, if you're an oil company anywhere on earth, you want core labs to get the most out of your assets. schlumberger and weatherford have started to compete in the space. now, core labs just reported after the close today, delivered a real good quarter. earnings coming in $1.17, 4 cent beat, better than expected revenues, upside guidance for 2013. this is a stock i've liked for ages. we spoke to the ceo one year ago. and since then, core labs is up 10%, good, not as good as s&p over the same period. longrd here is tremendous. the first time we had core labs on the show back on august of 2006, stocks given you a 228% gain with reinvested dividends. we've had him on the show seven times since "mad money" began, each time core labs was higher than the last. you're going to want to pay close attention now that we have david dempshire back. find out more about the quarter where his comp

nationwide all the money oil corporations pay to lease and extract oil on public lands birkin's equally to what i do down here what they do up there and once in two thousand and seven the us government collected nine billion dollars in royalty payments from big oil just on the drilling down in the gulf of mexico in reality we taxpayers should collect a lot more but the us ranks ninety third in the world and how much revenue collection oil and gas extraction compared to the profits these industries enjoy but still nine billion dollars in royalties from just the gulf of mexico that's a lot of change. and if we were to distribute that money equally to all americans like they do in alaska it works out to about thirty dollars a person which doesn't seem like a lot of money but when you throw in the leases and royalties paid everywhere else around the nation for oil gas coal east coast drilling platforms to the fracking wells coal mines in appalachia that oil direct derrick's of the midwest in texas we're starting to talk about serious money not only that think of how much money is put into o

do you ever have too much money or too much oil? money or too much oil? email marketing from constant contact reaches people in a place they're checking every day -- their inbox. and it gives you the tools to create custom emails that drive business. it's just one of the ways constant contact can help you grow your small business. sign up for your free trial today at constantcontact.com/try. melissa: turning to middle east oil now. whether the deadly attack at a natural gas plant in algeria will have any impact at all on the oil industry as a whole, joining me with their expertise is the founder and president of the american islamic forum and oil expert steven schork of the schork report. welcome back to the show. we have two interrelated issues i want to kind of tackle at the same time. you know, you hear about this report out of iraq. they have stumbled upon another billion barrels of oil, which we heard about iraq. there was all this oil and so much fighting going on top of it. if we could get there there is a treasure trove. you hear what is happening

the author of "the tyranny of oil."ng us. >> thank you. >> john: why should americans care about this particular story? >> well, the u.s. pentagon is leading the development of oil and gas in afghanistaned and what that has meant is an increase in violence. that's a problem for afghans certainly, and it's a problem for troops fighting in afghanistan, and it could be a cause to delay our leaving afghanistan, which i think something most americans want to see happen. >> john: indeed. now when we think about holy-producing nations afghanistan does not usually come up in the top ten. how much oil is underneath afghan soil. >> yeah, it doesn't have a lot. it doesn't have a lot of natural gas. it doesn't compare to iraq. afghanistan has 1.6 billion barrels compared to iraq's 116. that said, any oil and natural gas right now is oil and natural gas that somebody wants and is going to fight for. also afghanistan is very strategiccally located among other countries that do have oil and natural gas holdings. both have resources of

abroad to make sure the shipping lanes stay open the oil spigot keeps flowing big oil should contribute a small fee for the service which can also be added to our common permanent fund to be shared by all americans who are all making big oil pay for their pollution of the commons a cap and trade system which forces how much carbon they dump in the atmosphere is a great start and could raise even more money for our commons permanent fund to be shared by all of us the point is our commons belong to all of us and should be enriching all of us not just the billionaires who stuck a flag of it are out and so this is why and it shouldn't stop at just the oil. wall street relies heavily on the commons to our markers are regulated by common government enforced through common courts and fuelled by workers who are educated in our commons want to see the markets about a small financial track transaction tax a tax on every single trade just a fraction of a penny so that we the shareholders in this nation also see the gains from but we market or better yet as entrepreneur and defender of the commons

to get to this oil.o right now this is a learning process at this point. shell has invested 4, $5 billion into getting to this oil. they certainly are on the vanguard. they are running up against it with the weather. that is unfortunate but this is information, this is data being provided to the company, to the inindustry that will certainly make the endeavor much more secure going forward. melissa: yeah. what do you think would be the impact on prices if we gave up on drillinin the arctic? >> well, right now there will be no immediate impact because we are not industrialing or we are not getting oil offshore in the arctic at this point. the biggest fear from a long term standpoint is that washington, which does support this program, and this administration, as we all know is certainly no friend of this industry, they do back this but the fear now is that god forbid if we do get a spill washington does lose its political backbone and they back out on the potential. melissa: right. >> estimates there are

odds are little oil from the keystone x.l. pipeline is actually going to make it into american markets according to trans canada itself this product will not reduce the price of gas the united states according to trans canada itself this project project will actually increase gas prices in the american midwest it will not reduce our dependence on foreign oil. it will create only a few thousand temporary jobs and a few hundred permanent jobs and it's going to put our land and underground aquifers at risk of oil contamination while presenting to terrorists and we're all supposed to be afraid of terrorists sweet little thousand mile long target that they can take out with just a little bit of dynamite. and rodents flowing climate change this pipeline will take us over the tipping point. environmentalist like bill mckibben call it a ticking time bomb for the environment. and nasa scientists james hansen one of the most respected scientists on earth and one of the leading experts on the planet on global climate change calls complet

insatiable thirst for more oil more oil profits is leading the industry to search for oil in some of the riskiest places on the planet at a time when we should be reducing our dependence on oil to stop global climate change after all we're already seen the disastrous disastrous effects of climate change right here in the united states of america. the disastrous effects of climate change are wreaking havoc on the midwest as drug conditions continue to plague america's heartland as of this past thursday sixty one point eight percent of the contiguous united states was under moderate to severe levels of drought drug conditions are so bad that experts are warning that conditions similar to the great dust bowl of the one nine hundred thirty s. could be returning to the midwest so will the new year bring relief to the heart of america's agriculture industry or is two thousand and thirteen set to be another year of record setting drought conditions joining me now is don carr senior communications and policy advisor with the environmental working group don welcome . thanks tom pretty sure yo

melissa: turning to middle east oil now.er the deadly attack at a natural gas plant in algeria will have any impact at all on the oil industry as a whole, joining me with their expertise is the founder and president of the american islamic forum and oil expert steven schork of the schork report. welcome back to the show. we have two interrelated issues i want to kind of tackle at the same time. you know, you hear about this report out of iraq. they have stumbled upon another billion barrels of oil, which we heard about iraq. there was all this oil and so much fighting going on top of it. if we could get there there is a treasure trove. you hear what is happening in algeria and how dangerous it is reminds you to get oil out of the ground in this area. i wonder if it signals a new war on oil assets there? what do you think? >> well i do think the algerian situation should signal there is a vacuum in northern africa. the group that committed these atrocities were jihadists from libya, tunisia, from egypt and from all over the p

oil boom. ♪ . man: we are rolling. right, mama's gonna bring it home, mama's gonna bring it home. oh, no! man: oh, mom! aah! announcer: challenge your kids to be active and eat healthy. all right, let's see what you can do. let's go. announcer: search "we can" for ideas on how to get healthy together. cheryl: in today's inaugural address president obama addressed the need for sustainable energy, new energy technology to power job creation in his second term. let's take a look how energy did during the president's first four years. the s&p 500 energy sector is up about 50% since the president took office. most energy commodities are up two. rbob and crude oil are leading the way. those contracts we talk about them every day on this network. over the past four years crude oil has more than doubled. it is up 23% in that time frame. rbob soared even higher, up almost 1 % since january of 2009. s. one energy commodity, you know what i'm going to say, that dipped lower is natural gas. down 25% under the president. so much of

be abundant and affordable supplies of energy from shale oil both natural gas and oil are driving job creation and economic growth clear across the country. .. producing more domestic energy provides opportunity for the u.s. to increase exports and serve new market. the recent new economic consulting study from the department of energy concludes an exporting is a net benefit in all scenarios evaluated and more exports increase those benefits. just a few years ago, as we all know, we were considering lmj terminals to import natural gas to the united states. what a difference a few short years make. by developing new technology to access potential new sources like oil shale, which often goes not talked about, we will be able to dramatically increase our energy potential and role as the global energy leader. oil shale in the western united today is estimated at 800 billion barrels, which is nearly three times the proven oil reserve of saudi arabia. as the numbers clearly show, we in the industry are investing in america's future. and we'll be sharing what that means through a new campaig

oil and natural gas industry. thousands of workers in almost every state are part of this vast network of u.s. companies supporting the development of canadian oil sands. a recent survey shows the keystone xl pipeline alone created employment and activity in 49 of our states. hawaii, we could not find activity. for those of you who would like to volunteer to help us pursue that further, please let us know after our commons today. the u.s. refining industry alone supports over 500,000 american jobs, with an average income of $95,000 per employee. it supports nearly 2% of our gross domestic product. in 2011, china surpassed the united states as the world's number 1 manufacturer. but we can reclaim that spot if we ensure our own energy resolution continues to gather strength. manufacturing is returning to the united states. shell, u.s. steel, represented today, and manyre others, are planning to expenses -- expansions for the first time in many years. these are driven by the availability of reliable and affordable en

it's got three years to go training oil and gas engineers.dents learn about the quality control. she wants to go work at an air force base in siberia. >> i plan to start working as a welder. and if i do really well, i could even end up as an oil tycoon. >> we don't have enough engineers and workers. that's why all the oil companies want us to produce more skilled people, especially technicians for the project that is on the way. >> japan has welcome to the new pipeline. russia is a promising alternative. faster delivery a key benefit. it can take more than 20 days for oil to reach japan from the gulf. the pipeline will cut this to three days. users could benefit it in the form of cheaper fuel. it's over 5 months percent. oh, it's stuck. >>> people in china's capital are trying to catch their breath. >> it's definitely right. people are having trouble breathing across the northern half of china. let's get straight into video to show you what it's like out there. beijing last week experienced the worst air quality on record. now shanghai is shr

of mexico oil spill in 2010. the deep water horizon rig which suffered a blowout, causing one of the biggest and terminal disasters in u.s. history. the settlement includes $1 billion in civil fines, $400 million in criminal penalties. a hearing against the former haitian president aristide has been delayed until next week. he is accused of exploiting street children for political gain. police used teargas to break up supporters -- break up scuffles between supporters and opposition. algae has a remarkable properties. french designers are hoping it will help them purify water in new buildings. you could call them slime- skrapers. >> these tiny organisms could soon be turning building's green. outside and in. he wants to breed algae in tubes on the roofs inside office blocks, starting with his own grid nourished on the impurities and taps and toilets, it will turn the waste back into pure water. his project was inspired by france's new regulations that expect buildings to recycle expect buildings to recycle their

petroleum company signed a deal of for the supply of fifteen million tonnes of crude oil a plant yeah but we're it offered twenty years and a backing generally two thousand and eleven rushes rossley up to. transit operator transplant started supplying these or crude me up to one of the new revealed to e.s.p. your group now yes we all yes it is it is to be rare pacific ocean pipeline that can actually use a beer in all fields or to the pacific port of cars which is located very close to the chinese border and currently the asian consumer receive somewhere around three hundred thousand barrels off good world per day so it would be about what exactly is in it for us nafta and already the largest exporter of oil to to china so what's the big deal. well there are unconfirmed reports now that russia now after years of thinking. about increasing the ax rudolfo crude oil to trying up by ten a million ton spare year from the current a fifteen million tons of that china receives annually and now the report was also quoting sources saying that ross nafta wants to ship additional crude oil of a v

barrels of crude oil daily. people, to get the product for their daily use -- it is very embarrassing. >> it exposes the extent of the problems in the industry. >> a lot of money is being made up of the confusion and corruption. the people are also the contractors. >> stealing oil is a major problem in nigeria. the problem is reaching a crisis level. 250,000 barrels of crude oil have been stolen every day. the oil industry is an opaque mix of numbers. nobody knows which are correct. official records show that nigeria produces more than 2.5 million barrels of oil a day. but the figure could be much higher. >> we could produce a million barrels of crude oil today. it is possible. nobody knows. >> however, some are optimistic that the crisis in nigeria's oil sector can be resolved >> if the government is ready, it could be solved within three weeks. >> it will require an overhaul of a notoriously corrupt and inefficient industry, which funnels millions of dollars to government officials. >> a nepalese army officer

for oil prices happening in. the middle east conflict. decreased. china. china soft landing seems to have happened. growth still seven percent or so i don't complain that some some percent some in the lower forms and restructured to do this various bones in them which they need to do is but again in the short term they seem to be tackling all those problems bullish. trying to growth accelerating my future and doing really well courses reforms but it's on the what's on the way here is old. still tons of issues to work through kicking the can down the road kicking the can down the road as in other two years i think and so we come back to the crisis we have to do with what we should have dealt with last year and i think the worst the world's going to pull yours on a problem slightly slightly better so political stability in the european union. i think cameron forgot what representative democracy is all about. it doesn't change this is compromise if the compromise don't take radical actions so that's stable to the nature of the european union and i think nothi

oil up today. lori: so let's go ahead and tell you what drove the markets today with our data download. stocks pushing higher on strong economic data out of the u.s. and from china. the dow, s&p and nasdaq posting gains for the second day in a row, all ten s&p sectors in the green led by financials and energy as ashley just told you. rates meantime, here's a look at the 30-year fixed rate mortgage rising to its highest level in eight weeks. freddie mac reporting 3.4% from 3.34%. the 15-year rate rose to 2.66%. and the number of americans filing new applications for unemployment benefits rising by 4,000 to a total of 371,000. prior week's total was revised lower by 5,,000, splitting hairs quite a bit on the weekly readings, but the bottom line we're still trending toward improvement. ashley: we are hoe humming along. we've got john brady in the pits of the cme, david flyer and jack ablin, chief investment officer of bmo o private bank. let's begin with john at the cme. i guess the story has been chi

they're not right no the oil sand operation. what is i think important to say, if you look at our most polluted site, which is about 15 miles let's say approximately from the major operation, if you look at that, that current levels would find in a city. what is different in many cities and many areas, these pollutants, specific ones we're looking at here, hydrocarbons are decreasing. what we're seeing they're increasing and if you look at predictions just from the oil sand development people themselves, they're estimating in the next 50 years they will increase 2.5 times or 150%. if you do back of the envelope calculation if nothing else changes very soon we'll be reaching levels that are quite more serious. that is when the real problems start. we have early warning indicator. it is not natural. they are increasing. i think we can link it specifically to the oil sands because different phs, some are natural but different phs can be linked lick fingerprinting to the oil sand operation. melissa: you also point out the contaminat

years we tells me there's going to collapse this year yeah right ok so but oil the oil price is always going to be the biggest threat for russia because that's two thirds of exports that whole federal budget revenues but we're in a world in which saudi is committed to one hundred dollars and is to support that oil price one hundred dollars is comfortable for russia and at a moment you know we seem to be above that or complacent for russia i mean this is the discussion you and i have been having for eight years or so this is the big problem here is there any way out of that it's a vicious circle. well look i think that i think that the great opportunity for russia this year is i would say kind of represents it for me kelly may make a success of turning roles there into an internationally competitive oil company that works in partnership with the i.o.c. and if they can make that sort of work in rosneft much as we've seen the transformation in spare bank some extent in russian railways if you can take some of these giants of the russian economy inject a little bit of international experti

with that we think oil prices slide.wo things supporting price today are the fed which has really aggressive easing policy. and political tensions. real issues in the middle east people are afraid of. david: folks. so you just don't think he is speaking his mind based on nothing, this guy is paid a lot of money by companies all over the world to consult with them to give them idea how much they will pay for gasoline in the future and i'm wondering if companies like airlines and fedex, all the transport companies are going to benefit tremendously? their stock might benefit from this 2013? >> look, people really heavy fuel users, airlines as you said, transportation companies, delivery companies they will certainly benefit. they certainly hedged a portion of their consumption going forward out so they wouldn't benefit completely from this but they will take some benefit from it. really our clients are focused on the natural gas markets, electricity markets, oil markets themselves. there are large manufacturers and retailer

oil and natural gas industry. and thousands of workers in almost every state are part of this vast network of u.s. companies supporting the development of canadian oil sands. a recent survey shows the keystone xl pipeline alone created employment and activity in 49 of our 50 states. hawaii, unfortunately, could not find activity. for those of you would like to volunteer to help us pursue that further, please let us know after our comments today. the u.s. refining industry alone supports more than 500,000 american jobs, with an average income of $95,000 per employee, and supports nearly 2% of our gross domestic product. in 2011, china unfortunately surpassed the united states as the world's number one manufacturer, but we can reclaim that spot if we enjoy our own energy revolution continues to gather strength. manufacturing can and is returning to the united states. shale, dow chemical as represented by cal, u.s. steel as represented by tom, and many others, have announced or are considering moving manufacturing ba

world with potentially much more oil in the future, which means that venezuelas role in terms of oilishing energy alliances and that america had been published latin america have been phenomenal. taking those reserves and implementing social programs. granted the opposition will claim the money is being misspent, but the reality is for venezuelans on the ground, it has improved their lifestyle. there has been food programs, health programs, aid for pregnant mothers, pension plans. there has been a new housing program responsible for 20% growth in construction, which is giving venezuela 5.5 growth during 2012. we have seen a dramatic change and that is what gives the hugo chÁvez movement support, and continues to fuel much of the chÁvez movement and process. >> michael shifter, you have been critical of some of this economic growth and have raised the issue in some of your writings that it has been -- that chÁvez fail to diversify the economy. there is the reality venezuela has the lowest income inequality in latin america. could you expand on some of your concerns about the economic

even though this oil tanker was empty, it's a big deal when an oil tanker hits anything. i mean, it's a career ender for almost all the people involved. >> it could be a huge event if the oil tanker had been loaded and had spilled. so, therefore, are we looking now at some safety issues and reconsidering safety issues that haven't been discussed before? do we need to just put more teeth in the ones that are there? >> after every disaster, there are some more reforms put in place. a number of reforms were put in place five years ago after the last time a big ship hit the bridge. in that case, the buson, not an oil tanker, a cargo ship, its fuel tanks ripped open and spilled bunker fuel, 59 miles of shoreline. we put in place a number of reforms to make the area safer. one of those was to say we're going to name nine areas that are risky areas in the bay. bridges like the san rafael bridge or the oakland inner harbor. when the fog is such when you have less than half a mile visibility, sailors are not allowed to sail. now, the coast guard and other maritime officials who wr

danger remains for oil prices i see it happening in the. summer likewise i hate to be boring but range trade i think the middle east conflict potential is as has decreased it's ok gentlemen this isn't crosstalk you can agree china. china soft landing seems to have happened. still seven percent or so i don't complain that some percent. get a lot of reforms and restructure to do this various bones in which they need to do is but again in the short term they seem to be tackling all those problems bullish you know trying to growth accelerating my friend and really well of course reforms but it's on the one it's on the way. still tons of. the work throw the can down the road kicking the can down the road is another two years i think until we come back to the crisis and we have to do with what we should have dealt with. think the worst the world's going to pull yours on a problem slightly slightly better so political stability in the european union. i think cameron forgot what representative democracy is all about. it doesn't change this is compr

oil in the arctic or not. shell is only the first of several companies that have leases out there, and they're kind out out in front. behind them is conocophillips, statoil and other companies. they're talking about real offshore industry which has really existed up there. that's an issue that will be a big one in the next few years. >> it's going to be continually a big one in the next few days has this situation continues to not get resolved in alaska. we hope that it will. will you come back and talk to us about this more? >> sure. there is some reason to think if kulik will be pulled off where it was grounded in the next few years. that isn't confirmed, but that's what they're hoping to do. jerry beilinson spent four days aboard the kulik in october. appreciate your time. >> thank you. >>> lots ahead tonight, including an end to the show tonight that is slightly epic. hold on. waking the baby. [ coughs ] [ baby crying ] ♪ [ male announcer ] robitussin® liquid formula soothes your throat on contact and the

because the infrastructure that is used for oil, what we use oil for, driving, heating and so on, issarily what we use for natural gas. so it is going to take years to get the infrastructure in place. think of the u.s. even though i know you're talking about china, there are 180,000 gas stations here in the u.s. only a thousand of them have any form of natural gas. it will take a long time to build that infrastructure. within china it is the same way. if you're going to use natural gas as a resource you have to have that infrastructure in place. not even the u.s. has the infrastructure in place. forget about china. david: fascinating ideas. john laforge, ned davis research analyst. good to see you, john. thanks for coming in. >> good to see you too, thank you. liz: do you ever go online and find something negative or false about you or your business? it is so difficult to get rid of. that's where reputation.com comes in. coming up its ceo tells you how they protect clients, continue to expand as demand for the service grows. imagine somebody spreading lies about you? he will talk abo

saying trying to convince people that this economy isn't over determined by oil prices and oil exports i mean how is that being dealt with because he was saying and take a look at food exports look at technology and things like this this is also driving the economy and consumption says how you divide it up i mean in oil accounts for about fourteen percent of g.d.p. whereas retail accounts for over fifty so in that sense please repeat that because you know you don't come across that so you know retail is so much more important is for eyes g.d.p. right you know manufacturing wealth in the country but you look at government revenues i mean oil and gas account for around forty percent i mean they're still very heavily dependent however you know slowly slowly the rest of the economy the real economy is developing and it's moving rusher away. from from the dependence on oil and gas but it's still very significant i mean it will prices beautiful to tens of us tomorrow there would be chaos and the game is always been to try and move it away but it's not like it was you know ten years ago where

could it be an oil boom in california? it could happen, they have to go get the oil.den state could make to bring it golden all over again. more on mental health and guns and so is a police chief, who is pro gun control for a very personal reason. stay right there, please. [ male announcer ] how can power conmption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in thu.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. twe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus ac

expensive extra virgin olive oil diluted with cheaper vegetable oils.on is widespread. brands diminished. spices cut with stems and cheaper spices. tea bags filled with fern leaves and common lawn grass. pure lemon juice reduced by sugar and water. the national consumers league did their own test in may of 2012. >> we tested four bottles of lemon juice. one had 10% lemon juice. it it had 100%. another had 15%. another had 25. and the last one had 35% lemon juice and they were all labeled 100% lemon juice. >> reporter: they can really make a lot of money that way. >> if you think about it, 20 lemons costs a lot of money. five lemons costs a lot less. >> reporter: we went shopping with consumer advocate sally greenberg, who showed us there is really very little for consumers to go on when looking on the shelves for fake food. here's extra virgin olive oil. we're not going to show the brand. but this extra virgin olive oil is $5.50. that's pretty cheap for extra virgin olive oil. >> and something that should raise some eyebrows for consumers. >> reporter:

venezuela is very wasteful in terms of oil.xide there is the beginning consciousness about the environment, of a legacy of 100 years in the oil industry that has really damaged the environment. there's a lot to be done in terms of the country. but what was said previously, the venezuelan deficit is not out of line with the rest of latin america. public debt is less than the last fiscal that is less than 7.8% from a public that is about 45%, wait in line with latin america. latin america is more united than ever before. it 12 years ago you did not have the union of the line unions. you did not have latin americans resolving own internal affairs as was the case in bolivia and part of bolivia's right wing attempt to separate from bolivia and to the president of chile creating or calling for a meeting of presidents and making a declaration about the integrity of bolivia. i think it speaks to the fact latin america is confident in ways we have never seen before. i think venezuela has played in a court ruling that as an advocate to r