it won't be his cabinet of big oil, big banks, and billionaires >> letting big oil and hedge funds make their own rules. i decided i could not empower big oil to overcome the successes in this bill. >> they would give billions of taxpayer dollars to big oil companies that are already successful. liz: what do you think of those comments in light of the big tax hits that these big oil companies are taking, ben? ben: well, the big tax hits are basically about one thing and one thing only which is the return of money these companies have stashed overseas and bringing them back to the u.s.. there's a one-time charge on that and that's basically what the problem is for goldman sachs or the oil companies. it's a blip for the companies as rich as the u.s. companies and i think we're going to see this tiny little blip, a mean a billion is a lot to you and me, at least to me but not to the big giant companies and then it's going to grow grow grow cutting the corporate tax rate is one of the greatest achievements of any president economically since the end of the great depression and we should be

big oil big corn oil refiners on the east coast have had to rely on more costly crude imports from foreign sources and they continue to drop in the price of black gold due to the pipelines from canada being built across the u.s. however the reason behind one of the east coast largest independent refineries philadelphia energy solutions recent filing for bankruptcy may have more to do with big corn than big oil seed turns out in order to meet its regulatory demands they would have to quote purchase credits with an aggregate market value of about three hundred fifty million dollars this year that's twice the cost of their payroll before march thirty first to settle its compliance obligations the reason is a george w. bush two thousand and five renewable fuel standard that requires refiners to either blend ethanol with their gasoline or buy credits from companies like exxon and chevron who are that one of the few companies that actually out of the necessary blending facilities those in the industry say the regulations are putting independent energy producers at a disadvantage while lining the

so big oil big corn big bucks and big problems for the rest of us. there are so many layers to this and i carry out again because on one hand i'm not a big fan of big oil not a big fan new i mean the more i learn about like the you know the let's call it the big corn market or read everyone call that because i'm not a fan of that either just because of this very thing they're just they just following the money in the washington and now we're at a point in history we don't need this you know and this was the thing is that you know initially in two thousand and five this is pretty progressive for george w. bush actually do i'm shocked you know we are all so agree but i don't get it so what he did was put this stuff into place the idea was that we would slowly get off of you know the whole point was to lower our dependence on foreign oil which in two thousand i was a major issue because of nine eleven and the war on terror and all of that so the idea was reduce greenhouse gas emissions get off foreign oil so that i mean it's not doing so there is there

big oil is this week's "swamp watch." e american petroleum institute is a trade association representing the interests of the oil and gas industry. it was found that during world war i when the domestic and federal oil companies worked together to help the war effort. the ipa represents exxonmobil, chevron and bp america, many of those companies donate millions to the api to fund a massive lobbying effort. since 2013 just this one organization spent $140 million lobbying congress alone, not just lobbying, there is campaign cash, too. api donated $2 billion to cabinets and parties in 2016 slightly more than exxonmobil itself. of course, the swampiness goes beyond money, connections too, the revolving door between the api and the federal government is unbelievable, to regular viewers of "swamp watch," exactly what you expect. in 2016 out of 40 lobbyists, 25 had previously held government jobs. so what does big oil get in exchange? well, for starters, they get their very own federal body. they literally buy a piece of our gov

a business for big oil. -- big business for big oil. let's take you to wall street. jens, as we look back on the year of donald trump, his first decision about drilling, was it exactly what the oil industry was waiting for? jens: well, i mean, first of all, rex tillerson, secretary of state, when it comes to the decision to open up the cause on the pacific and on the atlantic side, this is not the final decision yet. we have to wait and see. but there is no question about it that this government is doing everything what seems to be good for the industry, and this year, actually, u.s. might pump more oil than saudi arabia. it could be a push for the oil industry over here in the united states. >> please stand by. we're looking at other business friendly activities of donald trump, the trump administration. also on trump's team, steve mnuchin, the treasury secretary emma used to work for goldman sachs. his former employer and other wall street banks celebrated early on when president trump these regulations on investment banks. but they had to take major write-offs rec

terms of what we can do again i reiterate take the five point three trillion dollars of subsidies to big oil and big fossil fuels away and let's have add at you know as a boy growing up in new england i remember frogs and toads long time no see and your book the incomparable honey bee the economics of pollination talks about another critter endangered by a measurable changes which other species are imperiled and how will their peril impact man. yeah well in a nutshell everything is imperiled the two i would like to bring to the audience's attention i would say number one our beautiful friends the whales the beilein filtered feeding whales of the ocean they're the farmers of the sea haul in their flocculus fecal plumes are rich in both iron and nitrogen that fertilize the fight and by the way the ocean and the phytoplankton the base of the food chain and a blue green bacteria called chloral caucus provide almost two of every three bras of oxygen all in now the harsh reality of an overheated. fossil fueled world is that the oceans have been absorbing a ments amounts of heat and as such the. ug

in the veldt was all usual was vacillation ironic and you portrayed this in the film that we owe big oil company it's a little bit out of me i wouldn't say all of that as how ambivalent the character was which is the reason why in france unlike in america or maybe in other countries of the world to in france is. it is still attacked for his ecological actions in the in the fifty's compromises he needed the money to being in the numbers of everything from and simply to to move the boat and so he got his contract with british are tolerant to help them find oil wells near abu dhabi and so he contributed to the destruction of the environment in the in that part of the world but he spent the rest of his life. making this major. mayor cool. and so i think it's very unfair that he should be criticized on his attitude in the fifty's you know he refused to have the famous film the world of silence for which you want to go as i was saying he refused to have it altered he could have removed a few images to give himself a better image no he took full responsibility to show the world that this was th

and he started with the australian prime minister and then went he was irritated in washington the big oil companies are telling our elected leaders and the general public that they're doing what they can what would be saying about so-called green washing and corporate law here ok i think that was clever so he made he wanted things to be possible he wanted accomplishments to be made so presumably in the c o p twenty one he would've agreed on the. the compromises the arrangements that were made. thank god we have in france at the moment the equivalent of a cousteau who has does not have such an international profile but we have nicola you know that has just been hired by. as. minister of the transition towards ecology which is interesting as a terminology which proves that france intends to really shift its policy as far as you don't think a macro government would bomb a green peace rainbow warrior ship protesting nuclear testing that sort of that's a tricky question i think that france france still has a tendency to protect national interests. particularly as far as nuclear activity and gr

seen had common point is we subsidize big oil to the tune of millions of dollars an hour we then d. incentivize clean energy like solar panels this is the continued strangulation of our society by neal liberal corporate rule you can see it happening right now in puerto rico as many had predicted last was the governor of puerto rico announced the privatization of the power supply this is exactly in line with naomi klein's shock doctrine in which corporations wait for a disaster and then pounce like a like a like a kid kitten on a confused mouse you know unfortunately corporations are just like the cat they don't realize the mouse will die soon and then their playtime will be over. you know just bad around a corpse at that point to get to that corporate health insurance companies are draining the life out of americans and this week bernie sanders hell of a medicare for all online town hall the drool. over the million lies you sure he did it this way to circumvent the mainstream media which refused to basically have any discussions about medicare for all well let me rephrase that they'

while i firmly believe that it is the retirement board's fiduciary duty to [inaudible] big oil investments it is apparent that an extraordinary amount of pressure is required to get them to even have the conversation. i want to continue to hang this charter amendment over the retirement board like the sword of democles to ensure that progress is made and, for that reason, i want to make a motion to send this back to committee for amendment to be placed on the november ballot after which i hope you will join me in supporting this ongoing cause. so, with that, i move to send this to the rules committee where we'll amend it for a november measure. >> supervisor peskin has made a motion to send this item to rule. seconded by supervisor cohen. supervisor cohen? >> thank you. thank you very much. so, supervisor peskin is absolutely right. it has been an uphill battle, ladies and gentlemen, to get the retirement board to do a divestment and, quite frankly, our lives and our future of our planet is contingent on this. so we'll continue to fight in this endeavour. i've been at the table for five or

high america has or this is the kaiser report only one day to go before the ninth birthday of big oil and just think about that in nine years it went from absolutely unknown piece of software to world shaking wall street transforming society busting mega important thing oh yes max it was january third two thousand and nine where bitcoin was first mined genesis block happened january third two thousand and nine so it's its ninth birthday tomorrow and we will be celebrating with seamus the often a whole bunch of people out on durham north carolina party in durham on big nights birthday sensed the genesis block is going through a lot of biblical drama you think about it the big going jesus became big going judas the old testament of the original gangsters really gave way to the new testament of the clash of the plan c. and b. c. c. a b. c. fast money types and it's been attempted to be crucified several times as well and it's been reborn several times so it's kind of like the bible on steroids well the money changers didn't they get kicked out of the temple or something like that all the

to show that the many other standing rocks around the world that we are not afraid to stand up to big oil and to divest. the assault on mother earth is real. the climate crisis is real. and all who are living in those yet to be born need clean air, clean water and clean soil. and we need to remember that. we all need clean air, clean water and clean soil to live a healthy and sufficient life here on mother earth. and i want to thank the san francisco board for hearing us out and responding to the frontline call to divest from fossil fuel projects and the investments. and last, i want you all to know that my generation, the next seven generations and all our non human relatives, we thank you for this and we will be completely relived of any hardships and i send my best regards to the vote in favor for us to divest completely of fossil fuel projects and infrastructure, expansions and any investments because we all know we need to keep it in the ground. keep the oil in the ground, keep fossil fuels in the ground and divest. thank you. (applause) >> thank you for those profound words. before

are the winners and now they dominate global trade in global market action so the same thing with big oil they'll probably you know in another huge drop as we will probably see the survivors will come up and be world beating companies in world beating applications and points i don't know if we've had any more gifts this year but i'm sure there will be many more forks in twenty eighteen so it might be good to hold your be a coin and hopefully they're also be clarity because you know i think a lot of people were holding three twenty seventeen and the americans in the bitcoin space because of the lack of clarity from the i.r.s. is it an asset is it a commodity as a property as you know is that income do you pay capital gains whether so i know that's why i haven't like really sold any because i don't know what what i would what the tax implications are but i want to you know talk to mr law we will be with him on the birthday of bitcoin on the ninth birthday and first i want to say because of course we've had a volatile christmas a past few weeks that has been very volatile over. it just kept

oil. when you look at that scenario, you understand more why saudi arabia; why prince mohammed has made this very big announcement: "we're shifting away from oil." - [narrator] to many, improving alternative energy development is vital to long term global stability. but oil is likely to continue to play a leading role on the geopolitical stage for the foreseeable future. - [narrator] great decisions is america's largest discussion program on global affairs. discussion groups meet in community centers; libraries; places of worship and homes across the country to discuss global issues with their community. participants read the eight topic briefing book, meet to discuss each topic, and complete a ballot which shares their views with congress. to start or join a discussion group in your community, visit greatdecisions.org or call 1-800-477-5836 great decisions is produced by the foreign policy association, in association with thomson reuters. funding for great decisions is provided by pricewaterhouse coopers, llp. - [narrator] next time on great decisions: once known for economic and political turmoil,

. >>> still ahead, the return of big oil.ow exxonmobil plans to spend tens of billions over the next five years. five years. stars. and, with his vintage-inspired collection at kay jewelers, he designs them for the star in your life. the inspiration for this ring goes back almost 100 years. it's based on an art deco design. neil lane bridal. get her ring today with zero down special financing on in-store bridal purchases with the kay jewelers credit card. at kay... the number-one jewelry store for... (with love and joy) yes. ♪ psoriatic arthritis tries to get in my way? ♪ watch me. ♪ i've tried lots of things for my joint pain. now? watch me. ♪ think i'd give up showing these guys how it's done? please. real people with active psoriatic arthritis are changing the way they fight it... they're moving forward with cosentyx®. it's a different kind of targeted biologic. it's proven to help people find less joint pain and clearer skin. don't use if you are allergic to cosentyx. before starting cosentyx you should be checked for tub

he describes it as a wonderful toy for big oil and rich kids but he's by no means wealthy so we'll just play a little more. s.u.v.s are certainly very popular these days and they're making car makers a pile of money renault launched its first s.u.v. in two thousand and fifteen they kind of jar the models roots however go back to the year two thousand and six. dead in on thanks to the alliance with his son explains our car man under my window was able to build on the tried and tested qashqai as its side to enter the compact s.u.v. market but there were no kind of chart is not a clone of the car sky for one thing it is seven centimeters longer and four centimeters wider and inside the dashboard is very different and much nicer torn from kashyap. it's not always the case that the cabins of models that share a platform are significantly different from one another the drive technology is from the cash guy. we tested the one point six leader d.c.i. one thirty the only version that offers all wheel drive. s.u.v.s are rarely driven off road these days so all wheel drive is no longer a given thi

we're goi >> the mayor of the big apple going after big oil. new york city mayor bill deblasio announcing his administration is suing major oil companies because he says, quote, if oil companies are finally held accountable for what they've done, it will affect their bottom line and their choices going forward. now, he also announced plans to divest $5 billion from fossil fuel stocks. rich, before i ask what you make of this, we should mention other cities in your neck of the woods, san francisco, oakland, santa cruz, doing the same thing. what do you think of it? >> well, santa cruz is a california hippy beach town so that the mayor, one of the great cities of the world is taking his cue from santa cruz so there's a lot about where his head is. in effect, what he's doing when he's suing the oil companies, is suing us. we vote with our pocketbook and we choose to drive gas driven cars by the multi-millions so he would raise prices on all of us. >> what he's trying to do is drive down the value of these oil companies. the oil companies didn't bl

country that has an abysmal human rights record and no one likes to talk about it because they are the big oil producer but that's changing. saudi arabia had a free right for a long time but it's coming to an end, and i think, that is created real tension in the relationship and i think, it is the cause of some disorientation in riyadh because it's happening very quickly. (soft music) - [narrator] both saudi arabia and the us realized that their special relationship is in transition. analysts say both powers agree on the key points of promoting regional stability and containing iran but washington has openly criticized riyadh for focusing too much on beating regional rivals and too little on combating extremists. - on virtually every major issue in the region, the us and riyadh have been on different sides so the united states wanted to see the spread of democracy in the arab spring and saudi arabia was the leader of the regional coalition to prevent any kind of democratic change and you saw that most clearly in 2013 when saudi arabia sponsored and then supported the coup in egypt. on the iran

>> a big driver is china. oil obviously is a big driver. gas is increasing as ase china is emerging big buyer of liquefied natural gas. but it is not only china. if you look at the data for the manufacturing pmi, the global economy is entering 2018 at a very strong phase. when you are considering manufacturing is doing very well, commodities are doing very well. that is what is happening at the moment. a lot of factors underpinning each commodity from a micro level. economy ase global today is doing very well. francine: james, what is your take on commodities? would you invest in them? james: i think it is tricky at this level. --do see it kind of capped javier made the very good point that opec has done a very good job, but will we see the shale production come back on? our guess is probably yes. if you are an investor in oil what happens to oil and gas demand in the longer term? we've got the rise of electric vehicles. we think that starts to impact oil demand. the u.k. published figures yesterday saying that more than half of electricity

downsides so well what about the the stupid question futures are there big coin futures the effects of big oil has topped over the wall street divide they've got big question answers. you know jamie diamond has come out you know as a fraud you're taking the same position as jamie dimon which i know you must love that. say it's a fraud a ponzi and a mania all the same time but the futures contracts. what is the time walk us through that and if the wall street hates because some of it does i think so does the wall street likes something that makes money and the futures make my you see the big corn crowd when they saw that the skyward options exchange and c.m.e. were listed because futures they see this validates a bubble but that's not true they're out to make money but is it off a feeling prophecy in other words it's own it's own prophesied it starts trading because futures people in are now paying their employees and decline in others and so it's becoming a unit of account it's becoming a currency in this way and doesn't it you're in analytics and data meister don't use do you see in your work

all germans use and germany is europe's biggest economy then there are other fees involved in using big oil which leave out the middleman the banks so why the out of costs one cryptocurrency start up based in berlin has come up with an alternative report of my own hutto went to meet the company's founder. it's been you're not my father and i'm still using cash and i use paper like this in shops but as a business reporter i'm really interested in what's going on with cryptocurrency is right now they want to get rid of this stuff. and meeting those visions nary a takeaway or port in berlin his digital currency might one day take off. dominic she never. liked the twenty two year old is already a startup entrepreneur palli with everyone you know that was really busy and munden . she never sees himself. as a rebel fighting against the old financial system. if we aren't doing business the old school way we're taking a more disruptive approach. you can say that again. he wants to put an end to my way of paying for things apparently cash isn't safe enough. and bank transfers are too slow. the digit

the oil market has surprised on the upside, creating a big rotation in energy stocks, which now we see downside of to because oil prices have sold off a little bit and energy stocks have sold off more, particularly relative to the s&p 500. that has in -- it has a significant impact on stocks and it is coming from come in the fall, we were surprised by the limited supply and now we are seeing may be there is some supply coming in the markets. there is a rational response to supply, which may be results and ultimately stuck in the range again. what equity investors have to consider, these companies are creating much more better earnings outlook and better progress on top and bottom line that in the last few years. if oil prices cannot sustain the upward direction, energy stocks cannot outperform the s&p 500. alix: back on what she talked wti versus brent spread, the difference between oil in the u.s. and european oil. at one point it was $4.50 and wti has rallied more than brent prices. that is confusing. anything oversupply will be coming from the u.s. how do you understand this market

there's a big spike in oil. what would concern you? spike in oil prices, inflation, headline inflation will come back into play. i think that will mean oil prices are probably $80 per barrel. the markets will set the prices, as long as oil prices trend up very quickly. even if oil prices are five dollars per barrel and above, markets will get nervous. tracy: how much is the worlds eagled outlook contingent on that u.s. dollar weakness that we have been discussing? >> the u.s. dollar weakness, not overly contingent. if oil prices remain where they are, we think there will be $10 per barrel, and we will be fine. necessarily see it demised in the u.s. dollar. in any case, the correlation between emf and the u.s. dollar is in play. here, whichgions are now rutledge -- less reliant on this growth and are more on the bond markets. this is all they talked about for the last 3-4 years area if that's the case, this is far more reliant on the u.s. dollar now. tracy: when you look broadly at emerging markets, it is good. you brought the global ro

investing a small sum from his grandmother just a few years ago and the man who is said to be behind big oil he reportedly held something like seventeen billion dollars worth not bad but it's not been plain sailing for everybody in fact there are quite a few sob stories too we can have a look at some of them a man threw away thousands have been calling when his hard drive. broke back in two thousand and thirteen thinking they were worthless a very costly mistake then there was a man who paid ten thousand big korean for two pieces a few years ago another costly purchase and then this man was jailed for money laundering after he sold his big calling to a person involved in illegal drugs well for more now on the pros and cons neil harvey was joined by two heavy hitters in the field. i am sure that it all in fact is probably the biggest bubble i've ever seen in my career as an investor and i've seen quite a few bubbles and i'm familiar with the psychology that surrounds them you know big quiet it took a rocket ship up and it's going to come down even faster because it is not a bubble bricklin ac

the mainstream media to finally turn their attention to what was really a historic stand off with big oil in america standing rock is not a stand alone case this is happened over and over again in tribal community here in the united states and around the world so is it going to take bottom up voices all the time to tell these environmental justice issues or is it now the onus on journalists to talk about climate justice and. covering climate change means communicating urgency without. looking beyond belief politics to a grassroots movements are already taking action. identifying the actors and the system but got is here in the first place but to represent climate justice requires one more crucial step to identify and give voice to the victims who are feeling climate impacts not in the future but here and now treating climate change as a question of environmental justice means starting from its impact on people rather than from an abstract modeling or doomsday scenario as the best of environmental journalism takes what often private experiences of deprivation of injustice and enable people

we had a busy week ahead in the region including a big oil meeting taking place and oman and we willre for the start of the trading week in the gulf sunday morning on bloomberg television. you join me then. this is bloomberg. ♪ ♪ by"brilliant ideas, powered hyundai motors. ♪ ♪ ♪ narrator: im heung-soon is a south korean automaker -- filmmaker. his films are complex and dark and unsettling. often marginalized and overlooked, and his video work

big oil mine here every year again better because like mine a hundred talk to profiteer said this was their year toy strategy to go to all kinds of crazy eyes and yeah it sure did our experiencing a bit of a fall back. on the stand here from us and. move on what. are no good armor on our show but the rather tough it out before for america is that. i'm going to let compared to my next question then you can man keep an eye on what i did flew to china for the truffle that it is living. below the world then now mind my michelle the times i know it does. me only in mind the. numbers set up around the hey fun of doing. good for tofu but choice the i knew where you're from and pay off big time in syria says. he she ought to have a. model for the africa will fuck around with mr hates it for jim and then boil the whole thing is our family for. the money. i've played for many clubs over the years so i know the game inside out it's. football isn't only about what happens on the pitch pull the funnel school it's about the passion from the fans it's the age of the super manager billionaire owners

were big oil mine here year ago better because one nine hundred talk to profiteer said this was their year toy seventy to go to all kinds of crazy eyes and yeah it sure does our experiencing a bit of a fall back. measure the sand had a. problem with a small. amount of good armor on our show but the rather rough it was the fourth down because of that. i'm going to let combat of my next question then you can man kick and. i didn't lose a child for a trophy all that and it is living. below the line monisha little subtle and. in their own mind the. m.s.f. around the hey how do you want to do it. told. you that you're going. to i'm going to tell you this is. a. model for other folks around us to have to jim and then i hope that our. welcome back to cross talk we're all things are considered i'm peter little to remind you we're discussing washington's new defense strategy. ok let me go back to philip and percival right before we went to the red cross who is talking about our alliance as well you know alliances are a transmission belt for war and we've seen this historically and i'm thinking

the united states you know the north dakota bock and the texas eagle ford are really what's pasing big oil. production in the united states and i think that's going to continue tyson slocum director of public citizen's energy program thank you again for being here always helpful to have you my pleasure great thanks for watching be sure to catch boom bust on you tube at you tube dot com slash boom bust marty have a great weekend catch you next time. because there's a survival guide book stacie you want to start simply getting all these are. you sure you don't see them. back to. public no. repatriations to look at the rest in seven years. philippa said you guys are. it's the cradle of jazz. this is the america is the america we are. the knows this jazz feel. a city of climatic contest a phase of alligators on the loose of poverty and crime of the years by the least twelve members of my family close not heard of street racing in the heat of the night this is new orleans saw from the best place in the world. hey everybody i'm stephen bob. taft hollywood guy you know suspects every proud americ