wall street -- big oil will continue to enjoy inflated profits every year due to erratic and artificially swollen oil prices. the losers will be the american people who will pay more at the pump or even worse. at this funding level, the house majority sets up taxpayers to pay for yet another costly bailout of wall street. republican and democratic experts agree that the cftc needs to be fully funded. republican gene guilford, president and c.e.o. of the connecticut petroleum association, served in the commerce and energy departments under ronald reagan, he had said that the funding level for cftc is, quote, horribly counterproductive. it would, quote, weaken its ability to enforce the oversight laws necessary to protect the american people. according to the former chair of the cftc, the commission is, quote, desperately in need of additional funding. it would lead us vulnerable to future financial crises. the current chair of the cftc, the agency is only 10% larger than it was in the 1990's. even as the futures market has grown to approximately $37 trillion. and through the dodd-frank ref

leases from the secretary of the navy to his interior secretary albert fall who is a good buddy a big oil. and in one thousand two thousand and two within a year of being given the oil leases interior secretary fault turned around and gave them basically privatized them gave them to two big oil companies mammoth oil which is owned by oil baron henry sinclair and the pan american company which was owned by edward edward doe haney the koch brothers of their day these two guys these are secret no bid contracts and they were a great deal for the oil corporations so hard in hands off strategic oil leases to fall and fall immediately hands those leases off to big oil if all this sounds fishy because it was fishy a few years after the oil deal people started noticing that interior secretary albert hall was spending money all over the place which was strange because fall had been a pretty poor guy back he was known to consistently be broke and even unable to pay his local taxes but now he was spending like crazy buying land using lots and lots of fresh hundred dollar bills a senate investigative

so hard in hands off strategic oil leases to fall and fall immediately hands those leases off to big oil if all this sounds fishy it's because it was fishy a few years after the oil deal people started noticing that interior secretary albert hall was spending money all over the place which was strange his fall had been a pretty poor guy that he was known to consistently be broke and even unable to pay his local taxes but now he was spending like crazy and using lots and lots of fresh hundred dollar bills a senate investigative committee took an interest in falls new found riches launched an investigation into the interior secretary and what they found was the fall had received three hundred sixty thousand dollars in today's money would be well over thirty four million bucks way over that in so-called private loans and bonds from these two same these very same oil oligarchy to whom he had leased the military's oil just a few years back remember those oil fields in california and the teapot dome in wyoming henry sinclair with mammoth oil gave him two hundred sixty thousand dollars in what

is written by the chief justice of the supreme court mitt romney was there for it's god's work by big oil is by in the united states house of representatives on thursday the house voted on the domestic energy production act passed two hundred forty eight two hundred sixty three big well spent thirty eight point six million dollars as the center for responsive politics to get that bill passed get with it well that's that's the that's going to go on to bring up already the oil industry spent more in the house of representatives eighty eight percent their campaign contributions going to republicans. and in fact of the two hundred forty eight members who voted yes on this deal that would reduce the protections. communities of oil spills and things and that would open up national parks to drilling one hundred fifty thousand dollars was the average campaign contribution was two hundred forty people who voted yes from big oil on a good thirty six thousand to the average person who said no the average number the house of representatives this is no way to run a democracy is it se well i mean we ca

oil above all legislation. it really is nothing but a big giveaway to big oil. the only jobs it will create will be in the board rooms and the executive offices of the big oil companies because since 2005, even as exxon mobil, chevron, bp and shell have made over 650 billion in profits, need i repeat that, $650 billion, they eliminated more than 11,000 jobs, u.s. jobs, american jobs. and this is even while wind and solar were creating 50,000 jobs. yes, there is a mismatch here. the bill before us presented by the republicans says we'll study to see how much solar and wind energy might come from these lands in the future. instead of saying, let's get these energy sources of the 21st century rolling in these lands. not a plan of what we might get, the markey amendment would have set standards for what we would get. now, the republicans have a long record of protecting tax breaks for big oil while cutting clean energy initiatives. that's what we see here. but what i wanted to talk about is the damage that would be done under this legislation. health officials today

people who voted to pass the thing without keystone had received thirty six thousand or less from big oil it's just an at there's this big gap right there and you can see the numbers the correlation does not equal cars ation i mean so these are these are these are opinions that you have that's fine but the reality is that there's no you telling me that if you were a decision maker and and i gave you a million dollars that you would not feel any kind of obligation. then you have money coming from all over the place. i mean how do you explain like your market how do you explain all the pork barrel spending for small pet projects when these corporations get these small corporate these corporate subsidies from congress if you're saying there's no causation is always happy to accident accident we actually gave a tax cut to exxon mobil and chevron in the bill we actually did it we just a do about it we didn't think about it before we did it we just accidently that just happened you know all i'm saying is that you can't just lay the blame you know all of our problems on politics you know have to

big oil has a bad track record. i do think, i'm not his ideals in the sense he still wants green, but his timetable is a little too long term for my liking. he's trying to be too nice to the gop. in an ideal world we have some amount of kroms and things still get done but when it comes to climate, compromise getting nothing done. it's kind of sad that it's reached this stage. anything that gets passed is really watered down compromise. we need to have some limits. >> tonya. >> i agree with the other two speakers. i think we have so much power as the u.s. we can really lead the way and be more ambitious and really change things around. at the same time he doesn't have a lot of power. i'm understanding of that. >> let's have our first audience question. >> what can younger kids like under ten do to stop climate change? >> i work with students under the age of ten. they are very much involved. you, as little kid, can demand stuff from us. us that are in high school or older or adults. if you see something, you can tell

subsidies going to the big five oil companies are, quote, not providing the capital that is fueling america's march towards energy independence. i agree on that view. the reality is that the marketplace has dictate that had they will make more than enough money to continue to pursue their exploration whether here or abroad. doesn't seem to me that they need $24 billion our collective money as taxpayers when they will make $1 trillion in profits, not proceeds, over the next decade. i don't think they are going to deter their march towards oil exploration if they lose those $24 billion over the next decade. >> one, i don't think it's a subsidy. two, i think you -- they should be treated fairly, and, three, if you tax u.s. domiciled international companies punitively compared to other international companies, those other international companies will win in the leasing, the bidding, the competition is fierce all around the world, and you'll have less jobs, less jobs in the united states, and the u.s.-headquartered companies

they also call 199 a subsidy to big oil. hogwash. i was on the committee when we created section 199, a lower corporate rate for manufacturers. and some of you may remember, i was a manufacturer before coming to the senate with, but i argued against it, and i still think it's bad policy. i think you ought to have a uniform, so when you're reforming the tax code, have it be uniform corporate tax rate. not a lower rate for manufacturers versus service companies or other companies. it's very confusing, very difficult. and in past law with we said, well, all manufacturers get it except for oil. oh, we're not going to give them the full benefit of section 199, which is basically a three-point reduction in corporate rate. big oil only gets a couple of points of it. but it's bad policy. so i urge you to have a uniform corporate rate. and i might mention too, there are some companies that have both. they are manufacturers, there are financial companies, they're one in the same. they have both. so then they have all this accounting challenge,

even in concerned scientists is out with a new report exposing big oil strategy to pull the wool over our eyes when it comes to global climate change looking at twenty eight u.s. companies on the s. and p. five hundred that are publicly expressed concern over climate change and carbon emissions the you see as found at the same time these companies are behind the scenes funneling huge amounts of money into causes and organizations devoted to discrediting climate change one of the contributors to the report francesca grifo but the u.c.i. said the actions of many of these companies might come right from the tobacco industry playbook for the end goal is do lanes sensible regulations that protect our health and safety in two thousand and seven and two thousand and nine just as congress was debating crucial climate change legislation the energy sector increased their lobbying by ninety two percent just enough to get a minority of republicans in the senate to filibuster legislation that would have put in place a cap and trade system to reduce carbon emissions corporations using their ma

so they also call 199 a subsidy to big oil. hogwash. i was on the committee when we created section 199 and the lower corporate rate for manufacturers and some of you may remember i was a manufacturer before coming to the senate, but i argued against it and i still think it's bad policy, and i think it ought to have a uniform and there was a uniform corporate tax rate and not lower rate for manufacturers versus service companies or other companies. it's very confusing. very difficult and then in past law, all manufacturers get it except for oil, we're not going to give them the full benefit of the section 199 which is basically a three-point reduction in corporate rate. big oil and i guess a couple of points of it, but it's bad policy, so i urge you to you that there are some companies that have both and they're manufacturers and financial companies and they're one in the same and they have both. so then they have all of this cou accounting challenge trying to figure out what is what. when you're trying to come up with a more uniform, l

people associate big oil with exxon and everybody in big oil is bad, and you think it is spread to other companies or in a case of apple being since grand and controlled in secretive and still be really hip and cool so people will like you? >> guest: it's really interesting. i looked back and look -- from 1949 to the present and exxon is always on the list. they are always in the top. u.s. steel didn't even exist anymore so you look today at apple and exxonmobil are one and two in 10 years ago was exxonmobil and walmart. microsoft has always been the next that you look out at a few years further which one do you think is more likely to still be around, exxonmobil or apple? i read the jobs biography by walter isaacson which is a terrific book and it is striking how completely different and similar apple is to exxonmobil. what a country. only the united states that is produced apple and exxonmobil because on the one hand, apple is a completely california bred, creative 60's -- and in the book i point out the steve jobs used to going to interviews and asked job candidates if they have edito

instead of approving this legislative love letter to big oil, the majority should be sending a thank you note to president obama for his actions to increase domestic energy production and decrease our dependence on foreign oil. the truth is that oil production from federal lands on shore today is higher than it was. -- than it was under president bush. and across the united states oil production from all public and private lands, oil production from all public and private lands is unbelievably now at an 18-year high. obama is drilling, baby. he's drilling. the obama administration's all-of-the-above strategy has also been successful in creating jobs. since 2008 14,000 new jobs have been created in oil and gas extraction. thank you, president obama. but 50,000 new jobs have also been created in wind and solar. but republicans don't want a real all-of-the-above energy strategy. at the rules committee i offered an amendment along with mr. welch that would have established a national renewable energy standard. that amendment would have created wind and solar all across our country as a st

with exxon and everybody in big oil is bad, and do you think it's spread to other companies, or in the case of apple, it seems to be kind of thin-skinned and control and secret i have and still be really hip and cool, people can like you? >> guest: yeah, it's really interesting. i went back and looked at the top five corporations in the united states from, say, 1945 to the present. and exxon's always on the list. the companies around them rise and fall. where the companies in the '50s were number one or two, u.s. steel, don't exist anymore. today apple and exxonmobil are one and two. ten years ago it was exxonmobil and walmart, microsoft is always in the mix. but you look out 50 years further, which one do you think is likely to still be around, exxonmobil or apple? that's one question. i read the jobs' biography by walter isaacson, terrific book, and it is striking how different and how similar they are to exxonmobil. only the united states could produce both apple and exxonmobil because on the one hand, you know, apple is a completely california-bred, creative, '60s -- >> host: b

is the land of big oil. they are interested in fossil fuels as long as there are fossil fuels. they are not really interested in a green economy and renewable energies, so they are always a big obstacle, a big stumbling block, and you have developing countries. they are still catching up to the industrialized nations, and they say it is their right to have growth to get to where the major countries are. last but not least, the european union and germany who are actually four -- for green economy, but at the moment, they are just too weak. they have their own financial crisis in europe. they do not have any political clout to reach a more ambitious document. >> it seems like things are a lot more complicated today than they were 20 years ago. thank you very much. one of those who is disappointed in the draft resolution is barbara, who attended the first estimate and would like to see more action. >> she still energized by the goal is saving the environment. 20 years later, she is still a true believer. >> she still believes it is possible to implement a global, environmental, and

big oil subsidies. i have an amendment on the floor today. a spending bill that cuts the subsidies for big oil and four green energy. -- and for green energy. we will see how that goes. i fear most of my republican friends will vote against that. this is an amendment to get rid of some of the subsidies for big oil. we're good at talking a good talk while on television. folks sometimes have a change of heart in the chamber. when the amendment comes up to you start looking at the details. there is always excuses in this town not to do something. sooner or later we'll have to do something. we have not talked about the cbo report that cannot yesterday. if we do not do anything, then we're heading for disaster. washington is much better at doing nothing then doing something. host: we will talk more about the cbo report. the projected fiscal scenario looking at what is to come. we could be looking at some numbers that surprised a lot of people. they included 70% federal death rate of gdp by the end of this year. guest: the yellow part of the craft

republicans using austerity to sabotage america why does mitt romney hate the american worker and his big oil bought out washington all that and more in tonight's big picture rumble and what does a two thousand and eight by dick morris have to do with our politics and economy today i'll tell you it tonight's deleted. for tonight's conversations in great minds i'm joined by susan jacoby susan is an author an independent scholar who focuses primarily on american intellectual history susan has received numerous awards and grants the guggenheim rockefeller and ford foundations as well as the national endowment for the humanities she started her writing career as a reporter for the washington post and has been a regular contributor for over twenty five years to publicly publications like the new york times magazine newsday the nation and alter net her most recent piece on alter net is entitled the ungodly constitution of the founders ensured america would not be a christian nation she's also the author of many critically acclaimed books including freethinkers history of american secularism and nev

as energy prices fall, concerns about big oil producers cutting back. that would impact those companies working in the energy fields. such as cameron international, it's 7.6% drop today was the biggest among s&p energy stocks. it takes shares down almost 30% from their high in february. the oil giants of the dow industrial index weren't immune. both chevron and exxon mobil shed about 3.5%. a software maker, and semiconductor company hurt the tech sector. first the chip maker, micron. shares sank 7.8%. the company reported another quarterly loss as it battles weak pricing for its flash memory devices. volume was heavy in today's selling. business software maker red hat saw red, down more than 6%. while the company had a better than expected quarter, it saw a drop in the amount of money it hasn't collected yet from customers. that may seem like good news, but analysts say that deferred revenue helps provide a cushion against possible sales slowdowns. one of the drags on the market was the slowdown of existing home sales in may. sales fell 1.5% from april

he defends subsidies to big oil, denies the threat posed by global warming. wants more money for the military and less for our schools. this guy is building a summer home with elevators for his cars and he says obama is out of touch. he paid a tax rate of about 15% on an income in one year of $20 million, a lower rate than his chauffeur. but that's the tax return he showed us. imagine the ones he kept secret. no matter talking about equality is the politics of envy. it should only be done in, quote, quiet rooms. are you kidding me? we're not going to let the brazen billionaires elect this guy president. [ applause ] he's not offering a remedy, he's offering possessionions that are poison. we're going to twork elect the president and take back the house, but that is not enough. we have a bigger battle for america's future. conservative columnist david druff says that republicans are extreme because they are fearful that the welfare state is unaffordable and that it now threatens our future. we agree, we can't go back to the old path. but they've got the victim

to me it felt like if big oil was to have a big wish list, the republicans just played santa claus. and i don't think that's right. i think what we should do is recognize the fact that petroleum will be a part of our energy portfolio, but we should minimize it, we should promote other sources, green sources of energy, wind, solar, biomass, conservation. we should be investing in innovative approaches, not just subsidizing the fossil fuel industry as we do to the tune of about 110, -- $110 billion every 10 years. so as i said, mr. speaker this week republicans brought an energy bill to the floor that simply checks off from big oil's wish list. it weakens public health prottions, it forces arbitrary giveaways of public land, as i already mentioned. it puts energy drilling ahead of all other uses of federal land. the oil, gas and coal industries are already getting billions in corporate welfare. they will receive at least 110 -- $110 billion in subsidies over the next 10 years. these subsidies have been won by decades of lobbying. lobbying. these subsidies have not been won because wha

energy but considering republicans in congress are hell bent on austerity and behold the interests of big oil and investing create jobs is pretty hopeless instead the high new industry for jobs in the future might be domestic drones that's right drones for jobs still on the jobs more than a dozen states are scrambling right now to get approval from the f.a.a. the federal aviation administration to run one of six drone test sites around the country in hopes that the burgeoning drone industry might bring new jobs with these test sites were mandated by congress this year to prove how easily and safely domestic drones can be integrated into the u.s. air space states like florida ohio and colorado are all trying to get into the domestic drone game but what are the consequences of this show american citizens be concerned about the proliferation of domestic drones in our skies jeff morally joins me now he is a staff writer at salon and the op. through the forthcoming book snow storm in august washington city francis scott key in the forgotten race right at eighteen thirty five jeff welcome i am look

more opinions from the heart of the big oil in a few minutes.of the london olympics or start to start next month we investigate why a firm link to allegations of human rights abuses has been selected to provide security. but first internet users in india and members of the hacktivist group anonymous took to the streets of cities across the country there angered by laws banning file sharing websites and brought down more than fifteen major websites before the rallies and protests what they call internet censorship in delhi based activists believes there isn't much difference between hackers and peaceful demonstrators. we are trying to reach out to the government of india and to tell them actively that this. ship that they have put up on the whole country is unacceptable because millions and millions of people are getting affected by it sides being banned that is used daily by design to make goods to upload david do it and get in touch with their clients and everything it has become almost impossible for them to conduct their daily business losing

the big. oil industry claims the process is perfectly. safe season's craig says that brings nothing but. the environment knows better and the industry isn't telling the whole story. to. thank. you. live from moscow this is our duty at the protest a mood in egypt doesn't seem to be subsiding despite the long anticipated announcement of the presidential vote results that was last weekend people again plan to take the go to the tourist square this friday in order to demand a complete handover of power from the military to the country's newly elected leader but amid the never ending swarm of political demands that psychological stress ordinary egyptians are constantly under fire is often ignored as artist paula slayer explores the pain as raw as it was the day it happened to her was just twenty one years old when he was killed in the square the bullet that shattered his heart tore apart his family even his mother and able to carry on his only thing that i talk about him a lot i don't like to say that he's dead i see him in my dreams i'm waiti

the also called 199 the subsidy to big oil hogwash. i was on the committee when we created this section a lower corporate rate for manufacturers and some of you may remember i was the manufacturer before coming to the senate, but i argued against and i still think it's bad policy. you ought to have a uniform so when you are reforming the tax code have the uniform tax rate not a lower rate for manufacturers versus the service companies or other companies. it's very confusing, very difficult and that in the past law we settlement factors get it except for oil. we are not going to give them the full benefit of the section 199 which is basically a three-point reduction in the corporate rate, big oil and gets a couple of points of it, but it's bad policy so we urge you to have a uniform corporate rate and i might mention there are some companies that have both, their manufacturers, financial companies one in the same. and then they have all of this accounting challenge trying to figure out what is what. so where he were trying to come up wi

[laughter] libby is a big oil-producing state. we would have gotten their oil. there would have had plenty for themselves. i don't want to take it all. and all you had to take it -- anybody in this room could have done it could just say we will help you, but we won 50% of your oil. hear,. they would have signed. now, by the way, it was suggested that they pay is that the money that we spent, which was peanuts, and they said how dare you ask us for that? we are sovereign nation. how dare you, and they throw them out of the room. by the way, this is the duty of all duties. beauties.auty of all dutie in iraq, they said we have destroyed their country and we want retribution and we want you to pay us back for the damage you have done in iraq. do you believe this? our leaders, they don't have it -- i wouldn't be surprised if the media. it is hard to even talk about. so you look at what is going on. you look at two cases -- i just use them as examples, iraq and libya. now, iraq was a very powerful nation. it took us three days in terms of wiping out their army. but we

to take us to wake up and see that paul ryan and mitt romney are just shows for billionaires and big oil and realize that if we follow their siren song of austerity it will destroy our nation the same way it destroyed south america and europe. for more on the situation in europe in the rest of this week's big talking points the time to turn things over to our monday political panel on our panel tonight sam sex progressive commentator and george landreth president of frontiers of freedom thank you both for joining me tonight thanks so. greece elected conservatives but it's likely the bailout deal will have to be negotiated in order for a new democracy to form a coalition government france elected socialist brits are rethinking austerity merkel's party in germany just got slammed in rhine-westphalia the largest state in germany how long until the united states wakes up to georgia well i don't know i mean the i think i guess i disagree the premise because i'm not sure that europe has been trying austerity they've been talking about it but it seems like they've mostly been pushing off and pu

fighting and dying to protect oil supply lines coming from the middle east into the united states, big oil wants to export oil produced here in america to china. to other countries around the world. that is truly frightening. and it's wrong, ladies and gentlemen. wrong in terms of our relationship with the young men and women who fight for us, who defend us around the world. big oil is beholden to shareholder interests only. they do not care about american national security and they certainly don't like americans to enjoy low energy prices which is what's happening right now with natural gas. they want a bigger cut. they want to create a global, national gas market and a global price just like they have for oil. that's the plan. . and companies are lining up at the department of energy right now to get permits to export american natural gas. 15 applications seeking to export 28% of our current natural gas, american natural gas. natural gas here in the united states, all around the world. and why do they want to do that? well, they want to do that even though the energy department says it c

this give away to big oil. the government accountability office projects that all this free drilling will cost us as much as $53 billion over the life of these leases. my amendment would recover those revenues because they belong to the american people. these oil giants already receive $4 billion a year in tax subsidies. they don't need an additional billion or more per year in free drilling. the amendment would offer oil companies a choice. they can choose to either -- either to continue to produce royalty-free oil in the gulf, but not be able to receive new leases. or they can agree to pay their fair share and be able to bid on new leases under this bill. and this amendment would not force companies to give up their leases. it would just simply impose a condition on future leases. the congressional research service has agreed repeatedly that this amendment would not be an abrogation of contracts, would not constitute a takings as some of my colleagues have suggested it might. c.r.s. has stated, as a general m

bing spent $50 million topping the california watch list of individual voters for a measure to pass big oil to fund alternative energy and he lost. still the campaign elite they almost got their way with the top hundred donors giving five times as much to winning candidates as they did to the losers. 55 cents ever dollar went to initiatives that won. some were contributing to both candidates in the same race but different parties. >> to hedge their bet. regardless of who wins they have the influence. >> the one thing you do have is a vote. that is important to xu are a ballot in every election. in sacramento, nannette miranda, "abc 7 news." >>> now, she messaged the burlingame teachers association found to be the biggest donor, second and third largest is former ceo of univision and a wealthy stanford scientist. we have the full report at abc7news.com. >> late today the justice department announced it is sending monitors to alameda county to look out for possible voter discrimination. it's not clear why but it may have something to do with the new rules in its elections, rules that are now

everything from the independent natural gas companies to the mastive limited partnerships to the big oilervice places to the major integrated oils and gas companies to spike. i'm putting that rally right at the feet of the apparent save of the euro, which then got stronger versus the dollar. fourth, on a day of greek righting or spanish bankrupt do we carry that oracles signed with two of the largest financial institutions? oracle's view of things are better than we think caused sap, the huge german consulting and software firm to go higher. we believed in oracle, the skepticism for a day dissolved because of the growth hope and the jackboot being removed from the jugular of growth in europe. we really want to believe in aerospace. honeywell which has a dominant aerospace component business talks about slowing in europe. dow stocks are knocked off the trajectories. honeywell seems like old news, which all three of the stocks rallied. we know that the auto market is on fire here. you call in on the lightning round, i have to say the same thing stay away because the auto makers have tremen

republican governor in your state in michigan who support a clean energy future, it's because the big oilican party in washington and because the republican political operatives think they are going to rile up the crazy right-wing tea party about talking about hippie environmentalists, not because the country is headed in the direction they want. >> donnie cassandra, we will be back later, but up next, a man who has been around a few little extra nights. dan rather enters the war room and he is bringing all 60 years of his experience as a journalist. >> that's next and it's only on current tv. don't miss this week's "the gavin newsom show" with special guest: hollywood icon oliver stone. >> i'm not an activist, i'm outspoken. i'm a dramatist. o ?ñ right by those who gave their lives to for this country nearly 70 years ago. [ ♪ theme music ♪ ] >> get your hands off of me unless you intend to arrest me. don't push me please. i know you won't but don't push me. take your hands off of me unless you plan to arrest me. wait a minute. wait a minute. walter, as you can see, i don't know what's go

what has happened, however, corporate polluters, big oil and gas, incinerator operators, refineries, petrochemical companies. and we go into this in the book. they have bankrolled the tea party to the tune of scores of millions of dollars paid for buses for rallies, venues for town hall meetings, speakers, other kinds of materials. they have enabled the tea party to delphi's as a national movement. they have been hijacked the tea party agenda because, when at tea party member in ohio or pennsylvania or michigan stands up and says, we want smaller government, they mean something very different than when a petrochemicals operator stands up and says we want smaller government. and so what has happened, i believe, is that the tea party movement has been largely hijacked by corporate polluters to give a populist veneer to a smokestack agenda that i don't think most tea party years actually embrace. it has translated in this city into a situation in which you have hundreds of lobbyists funded by hundreds of millions of dollars every year going up, patting backs, twisting arms on capitol hi