daniel yergin, author of "the quest."ssume you are a guest in very high demand because of all of this drama that demands your expertise. thank you so much for spending a few minutes with us. we have breaking news on initial jobless claims just coming out and about 20 seconds. for that, we are going to scarlet fu. we are going to get a look at those numbers. what are we expecting? ofwe will have a read 295,000 people filing for unemployment claims. from 315,000 down from the previous month. we have just gotten them. -- slightly higher than what economists were looking for, but pretty much in line. this sets it's up -- sets us up for the big jobs report tomorrow. we are looking for an increase of 230,000 jobs for the month of november. what kind of at impact this is having a financial markets, not much move in the s&p 500. or dow futures. signalsthe number that that the labor market is improving steadily. in a way that indicates that firings are coming down and we are still looking to get a pop in wage growth. that is the n

joining me now from washington, daniel yergin is a leading energy scholar and author of "the quest: energy, security, and the remaking of the modern world." dan, thank you for doing this. what is going on? >> what is going on is a redefinition of the world oil market, where the most important thing that is happening has been this extraordinary growth in u.s. oil production and output, combined with what you just described, which is a weakening of the world economy, which has become apparent in the last few months. out of the blue, libya was suddenly putting quadruple the amount on the market. all those things together finally toppled oil from this lofty price of $100 a barrel. >> where is it going? >> that is a probably $64 trillion question. we are in a whole new price range now. with the amount of supply coming into the market. the ranges could be quite wide as people are estimating. a lot depends on what is happening in the global economy. we are in a different world in terms of oil prices now. that will be evident at the gas pump. >> beyond the price they will pay for a gallon of gasol

regards to the navy and its power, and from what i have read, like there's a book "the prize" by daniel yergin and he wrote about how world war i was the beginning of the conversion from coal over to oil and the impact of oil had on the strategy of the war, and there are some revisionists who would like to claim that if the united states had just basically kept out of world war i, that the european war would have ground down to a stalemate, and i was wondering if that were possible because of the dependence on oil. how much dependence was u.s. navy. how much dependence was the british and the germans on oil, and where were they getting their oil from? how much of the oil came from the united states? >> mr. craig? >> well, actually oil played a very important role in daniels' life. mexico at the time was an eñ the ships were being converted from coal to fuel oil, daniels was responsible for overseeing the invasion of mexico. now, it turns out that invasion was not related directly to oil production, but it was related to the germans running guns into the mexican government is ultimately in addi

. >> daniel yergin, thank you. we will be right back. ♪ >> the national football league is plagued by controversy. charges of team sanction, painkiller abuse, and severe brain injuries resulting from the game's violence. here to discuss this is demaurice smith, head of the players association. >> you met with commissioner roger goodell earlier this week about the whole question of personal conduct. how did the meeting go? >> i think it would be fair to say the players are losing patience. it has been several months as the commissioner said that everything is on the table. at the same time, it has been nearly all my, and they have not responded to a proposal from the players on how to address the issue in a fair and constructive way. ina meeting where you come hoping that everything is on the table and you get there and find out that virtually nothing is on the table should be frustrating to the players, and it is. >> so what did you do? >> the first question to the owners was, are they prepared to collectively barg