what's happening here in north dakota where advances in fracking have unlocked crude oil in the bakken shale formation in the western part of the state. north dakota is now producing more than a million barrels of oil a day. ten years ago there were fewer than 200 oil-producing wells in the bakken. now there are more than 8,000. >> they call it boomtown usa this is where all the money is. it's crazy the amount of money you can make here. >> this rapid pace of development and the flood of workers coming here,

what's happening here in north dakota where advances in fracking have unlocked crude oil in the bakken shaletion in the western part of the state. north dakota is now producing more than a million barrels of oil a day. ten years ago there were fewer than 200 oil-producing wells in the bakken. now there are more than 8,000. >> they call it boomtown usa this is where all the money is. it's crazy the amount of money you can make here. >> this rapid pace of development and the flood of workers coming here, has given north dakota the lowest unemp

what's happening here in north dakota where advances in fracking have unlocked crude oil in the bakken shale formation in the western part of the state. north dakota is now producing more than a million barrels of oil a day. ten years ago there were fewer than 200 oil-producing wells in the bakken. now there are more than 8,000. >> they call it boomtown usa this is where all the money is. it's crazy the amount of money you can make here. >> this rapid pace of development and the flood of workers coming here, has given north dakota the lowest unemployment rate in the us. but it's also raised questions over the dangers of working in the oil fields. >> the more jobs you complete, the more money you make. the faster you complete them the faster you can get to the next job. let's say i mean you take your time. if you be safe you are not i bet you could cut your pay in half. >> fault lines spent six months investigating some of the risks in north dakota's oil fields and uncovered a dark side to the boom. >> a lot of these workers come to north dakota, get chewed up and go home to recover. i get ca

what's happening here in north dakota where advances in fracking have unlocked crude oil in the bakken shale formation in the western part of the state. north dakota is now producing more than a million barrels of oil a day. ten years ago there were fewer than 200 oil-producing wells in the bakken. now there are more than 8,000. >> they call it boomtown usa this is where all the money is. it's crazy the amount of money you can make here. >> this rapid pace of development and the flood

glenville sits on the edge of the bakken shale, a top oil production site, and near the route of theproposed keystone xl pipeline. president obama has vowed to veto a republican-backed measure to ban abortions after 20 weeks of pregnancy, calling it a direct challenge to rulings by the supreme court. the house plans to vote on the ban thursday, on the 42nd anniversary of roe v. wade, the supreme court's decision establishing the legal right to abortion. a new report finds at least 50 u.s. law enforcement agencies have quietly obtained radar devices which effectively allow them to see inside homes. according to usa today, the radars can detect human breathing at a distance of over 50 feet, and penetrate walls to locate someone inside a home and determine if they are moving. dozens of agencies including the fbi and u.s. marshals have been deploying the radars with little scrutiny by courts or the public. france has announced a wave of "exceptional measures" to combat terrorism in the wake of the attacks earlier this month on charlie hebdo magazine and a kosher supermarket. prime minist

all drilling new oil wells into north dakota's bakken shale. six months ago, there were a lot more. oil prices have dropped since then, so companies are cutting back on expenses. that means drilling fewer wells. north dakota is already an expensive place to drill for oil. transportation costs are higher here than in places closer to gulf coast refineries, $10 per barrel or more. so the drop in prices makes things even harder for companies drilling in the bakken. with oil prices in free-fall, companies like emerald oil are suddenly cautious. it's a small company based in denver with just 50 wells, not much by oilfield standards. ceo mcandrew rudisill says he's drilling fewer wells next year. >> no one wants to lose money drilling an oil well. so everyone is going to pull back because of where oil prices are right now. >> reporter: niles hushka is the ceo of a large engineering firm based in bismarck, north dakota. he says companies of all sizes are starting to feel the slowdown. >> almost on a weekly basis there's some new announcement of companies cutting back on the number of rigs

seen no change despite plunging oil prices in crude by rail activity coming out of north dakota's bakken shale formation. >> we think they can compete down in the 30 to $35 range in the short and intermediate term. so we expect no impact on crude shipment. >> also seeing that falling fuel costs have no impact on the company's bottom line. that despite the two-month lag in fuel surcharges, those savings ultimately push out to customers. there is certainly another interesting comment to take into account. now shares of csx as i mentioned trading higher in after hours. looking at csx over the past 12 months, the shares are up 19%. back to you. >> morgan brennan, thanks for that. we should note that csx's conference call is tomorrow morning. we'll get a lot more color in terms of the impact of energy. i would take issue with that. because 20% of the revenues actually come from coal. so when we're talking about declining energy prices, not just oil, it's natural gas, and whether utilities will switch to natural gas which would hurt their coal shipments. >> i wouldn't look at csx necessarily as the

the deal includes debt and gets canned or morgan foothold in the bakken shale.ve to dominate shipping of north american oil and natural gas. microsoft reveals the latest incarnation of windows operating system and starts over on the web browser. the copies windows 10 unveiled in washington will include spartan, the heir apparent to internet explorer. built to be faster than the predecessor. north korean leader kim jong-un off his controversial for trail in "interview" could return to the big screen in a new document three -- documentary. the film chronicled the x nba player premieres at sundance the rent concurrently with the sundance film festival. those are your top headlines. let's get back to tom inv. >> thank you. there are panels in davos in real panels hedge fund manager lawrence summers can always controversial in davos facility named lagarde. she had the panel this morning. let's start with madame lagarde. >> europe versus u.s.. talking about banks. christine lagarde stuck up for europe. i know she is done so in the past, but i asked her, who does she t

among the headlines this morning, kinder morgan is entering the bakken shale.ouncing a line founded by continental resources head. barclays ceo firing back at an interview here in davos. says his bank is cooperating with an investigation into so-called dark pools. >> it's an ongoing case. as you know there's very little i can say about it but our position is always to cooperate with the agencies. we believe we having cooperating. as you know we've robustly responded to the allegations that were made against us. that's going through the courts and this is the next pace. >> for more on the interview, go to davos.cnbc.com. that is the right address. >> that is the correct address. >> all right. >>> up next breaking news from the european central bank. the decision on interest rates and instant reaction is next. as we head to break -- it's sunny now. i'm squinting. i have my sunglasses but i don't know that -- can we wear those? >> no. you're not allowed to. >> here's jpmorgan ceo jamie dimon on how draghi is doing. "squawk box" will be right back. >> i think mario

it is going to move oil from north dakota light sweet bakken shale oil. so it is going to move both domestic crude swrls canadian crude. -- as well canadian crude. that's not true. that would be like somebody saying it is only a u.s. project because it is moving u.s. oil. so you know, for beginners it's important that people understand that it's not just canadian oil. it is oil that we produce in our country that needs to get to refineries. it is costas cost effectively and as safely as possible. because we're getting blocked from having these kind of pipelines blocked the oil that we're producing in this country as well as other parts of the country is all having to move by rail. so for example my state produces is.2 million barrels of oil a -- produces 1.2 million barrels of oil a day second only to texas. that number has been growing. that growth will slow down right now because of i think price of oil coming down so much. but the point is, we're having having to move 700,000 barrels of oil a day by rail. 700,000 barrels of oil a day by rail because we

crude alaska north slope crude as we call it is now finding itself in competition from the shale place out of the bakken. so what you're seeing is without a keystone x.l. pipeline, oil -- that -- the oil that is being produced out of the bakken, it's finding a home somewhere. it's not just sitting there. it's not just sitting there. it is being moved. so where is it being moved to? it's being moved to homes that it can find, refineries that have that capacity. and so it's going west. and it's going west to those west coast refineries that are used to getting that alaska crude. so -- and keep in mind, as it moves west, if you don't have that pipeline, how is it moving there? how are we moving it? we're moving it by rail predominantly. and again we'll have that discussion about the environmental impacts of rail or truck versus a pipeline. the safety issues, the emissions issues. you want cleaner -- you want a cleaner way to transport it's going to be in a pipeline. you want a safer way to transport, it's going to be in a pipeline. so we have -- we have this discussion and again for alaskans to understand,

we're producing more and more oil and gas in our country from the shale place in places like the bakken and north dakota and montana. the eagleford in texas. natural gas from places like the barnett and the marcellus in new york pennsylvania and ohio. and what we're working towards is -- some people refer to it as energy independence, but really energy security for our country. energy security for our country. what does that mean? that means we produce more energy than we consume. obviously, energy is a global market. the market for energy is a global market. we know that. the market for oil and gas global market. but the point is working together with our closest friend and ally, canada, we can have north american energy security where we produce more energy than we consume. why is that important? that's important because it's about creating jobs, it's important because it's about economic growth. it's important because it's a national security issue. why do we continue to rely on oil from the middle east? why are we continuing to send dollars to the middle east where you've got -- loo

we're producing more and more oil and gas in our country from the shale place in places like the bakken and north dakota and montana. the eagleford in texas. natural gas from places like the barnett and the marcellus in new york pennsylvania and ohio. and what we're working towards is -- some people refer to it as energy independence, but really energy security for our country. energy security for our country. what does that mean? that means we produce more energy than we consume. obviously, energy is a global market. the market for energy is a global market. we know that. the market for oil and gas global market. but the point is working together with our closest friend and ally, canada, we can have north american energy security where we produce more energy than we consume. why is that important? that's important because it's about creating jobs, it's important because it's about economic growth. it's important because it's a national security issue. why do we continue to rely on oil from the middle east? why are we continuing to send dollars to the middle east where you've got -- loo

shale play is teetering on the border where it makes no sense to drill at all. just not worth it. get aload of these figures. right now the bakken in north dakota had 1% return on investment when last october it had a 39% return on investment. they're breaking versus a 37% return on investment a few months ago. permian is giving you 3% down from 40% and eagle ford is 0% versus 40% in the fall of 2014. natural gas is even more perilous. they're giving you a minus 8% and minus 11% return on investment for dry gas using a generous 3 million per -- $3 per million british thermal units price compared to plus 15% and 16% when natural gas was at $3.75 back in october. notice by the way you aren't even getting a spike from today's storm of the century. a fuel is used to heat about 65% of our homes. these crashes in price, and you have to admit that's exactly what they are can only be described as breathtaking and they happen so quickly that i don't know a single company that was ready for that. hence the chaos and dreary stock prices. it has nothing to do with return. those are incredibly profitable and cannot be shut in. they generate

crude alaska north slope crude as we call it is now finding itself in competition from the shale place out of the bakken. so what you're seeing is without a keystone x.l. pipeline, oil -- that -- the oil that is being produced out of the bakken, it's finding a home somewhere. it's not just sitting there. it's not just sitting there. it is being moved. so where is it being moved to? it's being moved to homes that it can find, refineries that have that capacity. and so it's going west. and it's going west to those west coast refineries that are used to getting that alaska crude. so -- and keep in mind, as it moves west, if you don't have that pipeline, how is it moving there? how are we moving it? we're moving it by rail predominantly. and again we'll have that discussion about the environmental impacts of rail or truck versus a pipeline. the safety issues, the emissions issues. you want cleaner -- you want a cleaner way to transport it's going to be in a pipeline. you want a safer way to transport, it's going to be in a pipeline. so we have -- we have this discussion and again for alaskans to understand,

shale? if so should we be concerned about that? >> i'm not sure what the price spoint for break even for drilling in the bakken. i do know one thing congress can do is try to lesson the regulation and the regulatory environment to make it easier. as i talked about earlier, the price of a barrel of oil is higher. cost of a production of a barrel of oil in this country is higher than anything else. that's one thing we can do. if you think about the bakken, the gentleman mentioned earlier, where this activity is happening is on state and private land. the federal government hadn't been involved in it. that is attributable to past presidents who basically said we're not going to regulate state and private land and that enabled it. i want so-to-see more of that. maybe less of the federal government's involvement in it as a whole will help folks be incentivized. when the federal government gets involved in something, the price usually goes up. >> i would add it's important to get the policy right now. even if that doesn't incentivize necessarily more drilling at this point when that price point gets to a point where

country in places like north dakota and texas and the bakken and the eagle ford, we're producing more natural gas in places like the marcella and the shale across our country and because we're getting more oil from canada because we have more supply -- that's bringing the price down. more supply puts downward pressure on prices. so every consumer is benefiting at the pump. like you say a 60-cent drop is a tax cut equivalent for the people of our country sponsor the small businesses, for all the industry sectors that rely on energy. that's most of it right? so that that's the benefit we're creating by working together with dan to produce more energy. -- with canada to produce more energy. the it's more energy, lower prices for our energy, making it us more competitive in a global economy, jobs for our people, it's economic growth, and it is a national security issue. it truly is a national security issue. but back to this point about oh it's all going to be exported. first of all it's not just canadian oil. it is canadian-u.s. oil. on this issue of oh, well it's going to be export. see, as evidence that it's going to be exported, they say