exxon ignored the alarm. the exxon manager said today they were reprogrammed no.he to set off any alarms. meantime, 700,000 gallons a day went into the ground water leaving those live hearing livid. today the attorney for the residents told eyewitness news he more his client 'coz talk about the trial. the exxon lawyer also confirmed the judge has thrown a gag order over the case prohibiting anybody from talking about the case. four months into the trial the judge has told exxon they need to wrap up their case by the end of june. mike schuh, tucson, back to you. >> 400 additional homeowners have lined up to sue exxon for damages relate ing to the spill. >>> for a quick look at stories in the baltimore sun. d. rupper berger was one who knew about the najibullah get osama bin laden. >>> meet this week's top atheletes and recipes for your cinco de mayo fiesta. for all of these stories and a lot more read tomorrow's baltimore sun and look for the updated forecast. >>> right now a maryland man may be dieing in a cuban jail part of an unfolding international trauma. the

why should exxon get tax breaks. >> they are not. there are some tax breaks that the oil and gas company get that i am in favor of getting rid of. but most tax breaks are lejet mate tax expenseness that every manufacturer gets and so i don't see those as give aways to the bill oil companies. look paul, for example in 2003, when we passings the expensing for manufacturing. that is something that brings the price of oil down, it doesn't bring the price of oil up. i think they are legitimate expenses for businesses. >> how about reducing the rates on all companies and in return for getting rid of subsidies. that's what i would prefer to do. i have to get the last word here, steve. >> when we come back. big labor clips boeing's wings . a federal labor board try to stop the aeropace giant from building airplanes in south carolina and will it succeed . find out next. >> gop hopefuls meet in the presidential debate. join bret bare. and juan williams. first republican presidential debate on america's electionn headquarters . the new blackber

ever seen before and with companies like exxon actually being made the most profitable company last year by fortune magazine at c.n.n. i'm hoping that i mean start putting pressure and it's going to come intolerable that it's any of this behavior where you would think yeah maybe it would become intolerable to continue this behavior but you know if we use the example wall street c.e.o.'s from goldman sachs and j.p. morgan they all came on the hill and were all but rated by members of congress we still haven't even seen a single one of them being prosecuted for the financial crash of two thousand and eight those people drive down the entire world economy i mean compared to that rising oil prices that's chump change. the one thing i think that we can count on is actually the oil companies i feel like right now they're on the run i mean they're desperate they don't have anywhere near the amount of clout that wall street does i mean we had the c.e.o. of conoco phillips saying that it was un-american to criticize their subsidies and obviously when you when you behave like that you're going to

an average american out there working hard you're paying higher much higher tax rate actually than exxon mobil which is the world's most powerful corporation right now so i think when we talk about what's american what's what's american soccer price if you're trying to make sure your countrymen are paying certainly. prices and also just getting back you know making sure you live in a great country not just be concerned totally with your prostate so instead what they're doing is we heard more threats today saying you know if you want to come out as they were you will just move elsewhere will go overseas that means fewer jobs created here at home and that means that you know the entire idea of trying to be less dependent on foreign oil you can kiss that goodbye but you know let's talk about the amount of money going on here each one of these big five oil companies spent at least you know nine to ten to twelve million dollars a lobbying congress so do you think that that's there's no way we can win you know i mean it's not only the lobby those are important but it's also important that they

exxon dropped 2.6%; chevron was off 2%. trading volume was heavy for both of them. since reporting earnings last week, both of these stocks are down about 6%. as we mentioned, the commodity weakness was not confined to energy. metal prices fell, hurting alcoa. shared were off 2.6%, matching exxon's fall as the biggest in the dow industrials. miners got hit with major selling. gold miners freeport mc-moran is at a two month low. newmont fell to a one month low. silver miners silver wheaton and pan american continued to come under pressure. some of the commodity selling can be explained by looking at the u.s. dollar. this is the past 90 sessions of the dollar index. it has been trending lower for quite some time. but today, it popped strong, and volume of the dollar index futures was strong as well. here's a longer range picture of the dollar-- since june of 2008, a few months before the worst of the financial crisis. the latest trend down in the dollar did not take the currency below the levels seen in the summer of '08. we saw bonds play a traditional role as invest

local stockbroker or go to fidelity or something on line and said i could buy a thousand shares of exxon exxon starting to see a penny of that money it's somebody else who just sold a thousand shares is going to get my money. that's right and any way you look at the stock market you'll notice that the initial public offerings when the new share is issued in the company actually gets the money that's a tiny percentage of the transactions in stocks that occur every day in the united states and so exxon doesn't see a penny of the money or you know our mythical company there is no benefit to the economy and yet if i can make money playing with that stock i pay a maximum fifteen percent income tax rate is this just seems not to eat the e.u. . the word you have used and associated with you and stephen resnick and others is this word marxian. i've heard of marxist what is marxian economics. well it's just a way of distinguishing the word when it's used as an adjective to describe something else from the time when infused there's a picture of a person so people are marxists but the approach they

exxon mobile ceo, rex came in at no. 18. compensation of $21.5 billion.ther executives were james hackett. and james of conoco phillips who just spoke he makes $18.8 million and 171 9 billion respectively. (music) >> jacqueline: is a bit breezy this afternoon but not too bad. , they're going to cool down a bit. still sunny skies and a mild afternoon. with clear skies and the fog is completely gone. perhaps you noticed it? that sunshine. temperatures a bit cooler tomorrow as we see clear skies. in the afternoon, the wind will pick up but temperatures on the mild side just a few degrees cooler depending on your location. temperatures in neighborhood by neighborhood 70 and santa rosa. 69 in vallejo, 61 in santa rosa. hello 67 degrees and san jose. denied degrees in half moon bay. and 60s 59-in half moon bay. your kron 4 7 day around the bay the rainfall is getting closer and more definitive as we go towards this weekend. late saturday and early sunday morning but it will impact the race than the cooler temperatures for sunday bayto breakers.ing.com into the

and exxon makes in profit 8 cents on the dollar. >> poor things! >> but here's the problem.sident is right, john, the overall problem is that all the oil producers in the country, many of them have peaked and started to diminish the supply, and coming on to the world demand is china and india and brazil, and these emerging countries. the pressure of demand on supply is going to grow. we're never going back. i think to $3 or $2 a gallon gasoline. or the oil prices is not going to 50 a barrel. >> why is china giving tax subsidies for the purchase of cars? >> well, the chinese are doing right now going around the world to venezuela, buying up in advance enormous amounts of oil and they're playing for the future in the united states should do the same. >> and not only doing in venezuela, they did in in iran. they have huge energy investments and holdings in iran. >> sudan. >> and one of reasons they're so close to iran, and they are developing a long-term plan. the problem we have, we don't have a long-term plan or a short-term plan. we have a tremendous amount of energy availab

running our way to exxon mobil to the largest petrochemical facility in the united states. petrochemical companies in the easy on him. killing more than one hundred thousand people. there's a lot of folks who are good neighbors but there is this percentage of folks that are really bad neighbors and it really ruins people's lives literally because they aren't obey him along. with. a chemical worker told me when he would come home with his clothes would smell he tells children that was a small money. yes it is jobs but we care about the workers to need to have a safe job. it is hard when people are worried you know where is my next paycheck and a column from my paycheck is coming from that company we are very a tune and try to help people who want to do something but they can only do so much and that and there's no judgment there i mean this is supposed to be about helping people and not not harming anybody. this is going to harm my job is going to harm my husband or wife struck or you know will my people in the community look at me differently or they think i'm a crazy envir

the fact of the matter is when one looks back at the exxon valdez the report that came out of to be part of the horizon that the national crisis and environmental catastrophe which caused so much damage is and one that created much change in the country. things continue much the same way without those lessons being learned. the president and his administration are committed to make sure that those same mistakes are not repeated in the way of the deepwater horizon spill and that's why there's been the robustness of the effort to move forward with the creation of the best standards and organizations to oversee in america and to help develop the same kind of calls around the world. in terms of the funding questions and what we are doing with respect to the oil spill response, we do need funding to be hilboldt to have an agency conduct responsibly the important missions that have been assigned to the bureau of ocean management so they did give additional resources to director bromwich's agency to move in that direction. they are not sufficient frankly. there are more resources needed for the

executives from exxon mobil, chevron, shell and b.p. are expected to attend the hearing. a 24-hour general strike in greece turned violent today, as workers protested the government's austerity plans. riot police used tear gas and stun grenades to break up mobs in central athens. workers are furious over planned wage cuts for public sector workers, and other spending reforms. greece's economy is in bad shape and will probably need a second bailout after burning through $158 billion in loans from the european union last year. an unusual turn today at the annual meeting of phillip morris-- the tobacco giant's c.e.o. said that while cigarettes are addictive and harmful, it's not that hard to quit smoking. louis camilleri's comments then were blasted by the campaign for tobacco free kids as an irresponsible form of corporate double-speak. after the meeting, the company repeated only camilleri's claim that "tobacco products are addictive and harmful." in tonight's "money file," separating fact from fiction when it comes to social security. here's eric schurenberg, editorial di

and exxon makes in profit 8 cents on the dollar. >> poor things! >> but here's the problem. president is right, john, the overall problem is that all the oil producers in the country, many of them have peaked and started to diminish the supply, and coming on to the world demand is china and india and brazil, and these emerging countries. the pressure of demand on supply is going to grow. we're never going back. i think to $3 or $2 a gallon gasoline. or the oil prices is not going to 50 a barrel. >> why is china giving tax subsidies for the purchase of cars? >> well, the chinese are doing right now going around the world to venezuela, buying up in advance enormous amounts of oil and they're playing for the future in the united states should do the same. >> and not only doing in venezuela, they did in in iran. they have huge energy investments and holdings in iran. >> sudan. >> and one of reasons they're so close to iran, and they are developing a long-term plan. the problem we have, we don't have a long-term plan or a short-term plan. we have a tremendous amount of energy ava

president, i passed an exxon station that's fairly near my home. there was a sign on the pump that said -- that gave the price of gas. almost $4.79 a gallon. $4.79 a gallon. and for people who have any distance to travel, this is painful. this is painful. this is part of the income that they can use for basic things that are needed. and what do we see? we see major gasoline companies, and we ask ourselves, who are our colleagues -- whose side are they on? it appears that they're on the side of the gasoline companies. i think we ought to be more conscientious about this and make sure that the public understands that we are there for them for the majority of the people in this country, who are sick and tired of seeing the price gouging that we have seen from the gasoline companies. and we ask the question, and there was a finance committee hearing today, and i saw much of it through the -- through television, and i saw how the heads of these companies, of the five big companies, big oil, big gas, what are they worried about? wwell, they're worried ab

exxon c.e.o. rex tillerson added raising taxes will do nothing to counter the pain at the pump. >> increasing these companies' taxes would only discriminate against certain u.s. workers, make our companies less competitive against others who are in the same business, and discourage future energy investment. >> reporter: democrats know their bill doesn't have enough votes to overcome republican opposition to raising taxes on oil companies, but analysts say pressure to repeal industry tax breaks worth $2 billion a year will grow if gas prices stay high. darren gersh, "nightly business report," washington. >> susie: still ahead, we continue our series "pumped up prices" with a look at how higher diesel prices are eating away at profits at mobile businesses. >> tom: here are the stories in tonight's "n.b.r. newswheel." oil prices rose in volatile trading today. light sweet crude settled at $98.97 in new york. trader anthony grisanti says crude prices could fall even lower in the months ahead. >> when

exxon was the most profitable company on the fortune list. >>> just in time for the prime home buyingeason, mortgage rates are at their lowest level on the year. the average rate for a 30-year fixed rate loan is 4.71%. that's the same as back in january. it's not as low as it was in november, which was the all-time low record. >>> usda says that americans spend half of their food budget in restaurants. among the factors, how much parents worked, their schedules. also, this surprised some of the researchers, how much dad eats out. fathers should be encouraged to eat healthier and also maybe eat at home. >>> here's proof, now, that elvis really has left the building. for the first time in more than half a century, elvis not among the 1,000 most popular baby names. jacob, actually, is the most popular boys name. isabella is for the girls. your little one's name. >> that's my little lady. i never considered elvis, though. maybe throwing that around for our little guy. >> and enjoying your first mother's day, as well. >> a happy mother's day to everybody on sunday. >> very cool.ng up next,

company as such so i believe that crossing over to turn to those companies and the first of all to exxon shell chevron to continue negotiations and try to push the project forward. let's take a look at the markets now oil prices are up slightly from tuesday those concerns continue over the uncertainty of the future of greece's economy like sweet is trading around ninety nine dollars a barrel range is around one hundred eleven dollars a barrel the time to that's take a look at how the stock markets are performing asian stocks are trading in the black on the way this day and saying it's helped by buchan bottom in energy and property starts that's after the market declined from the last of the previous fourteen sessions human impulse gratian of china is adding around one percent on stronger commodities energy stocks are also on the rise in japan with index corp up nearly three percent in the tech sector going to see its electronics is up more than four percent and it reports about its plans to restore chip making capacity after recovers from the earthquake. and here in russia both the r.t.s

exxon has made over $10 billion in profit. with the skyrocketing debt and deficit, why is it fair for the american taxpayer to be subsidizing the most profitable companies in the world? that is where we should begin this debate today. ending those oil company subsidies to bring down the price of gas. tackling the outrageous profits that go to the oil companies while the consumer is paying through the nose at the pump. my republican friends are on the wrong track when it comes to energy policy. we've got to prohibit wall street speculators from artificially inflating prices. we've got to adopt the oil spill commission's recommendations to make drilling safe before we charge ahead and open up new areas to drill. there are millions of acres to drill. millions of acres. all we are asking is fairness and safety as they proceed in doing so-so the american taxpayer will not have to pay anymore. the speaker pro tempore: the gentleman's time has expired. the gentleman from utah. mr. bishop: pleased to recognize the gentleman from louis

the arctic shelf so i believe they're close and have to turn to those companies and first of all to exxon shell chevron to continue negotiations and. who should approach it forward. look at the markets or prices like the lower the sol though concerns continue that the debt crisis in greece will curb european growth he will start stop in midday trading dragged by tech giant hewitt packard h.p. stock fell more than nine percent stopped the world's largest ecology company revenue lowered its earnings outlook for the rest of the year expecting weaker sales and european stocks down on tuesday as investors digest weak german economic data german dax was the weakest of the main european orchids falling one point three percent shares of thyssen krupp dropped three and a half percent after says it has an integral downgraded the steelmaker to hold from buy shares in french conglomerated week fell four percent after reporting an eighty one is rock and eighty one percent drop in that fall but late monday but what if own shares are up in london after reporting the all records about markets that say sh

indian company is that so i believe they're close enough to turn to those companies first of all to exxon shell chevron to continue negotiations and to push the project forward. bella ruse may ask for a loan from the international monetary fund in order to so with mounting financial problems they can freeze prime minister also says russia has agreed to help bellerose with more than six billion dollars of loans half of that will be provided as a payment for the future sales of belorussian goods to russia the country is struggling to cope with the worst crisis in a decade it's not a quarter of its reserves this year trying to support weakening local currency the decline of the belarusian ruble has resulted in a significant decrease of the citizens by buying power and a shortage of foreign goods. let's take a look at the markets all prices are up slightly from tuesday those concerns continue over the uncertainty of the future of greece's economy flights which is trading at around ninety seven dollars a barrel of oil brant is around one hundred ten dollars a barrel let's have a look at how th

on the arctic shot so i believe that trust me have to turn to those companies and first of all to exxon shell chevron to continue negotiations and to push the project forward. to look at the markets oil prices a slightly lower the solve the concerns continue that the debt crisis in greece will curb european growth now european stocks down on tuesday as investors digest weak german economic data chosen french conglomerate weak from four percent after reporting an eighty one percent drop in net profit late monday an actual sector's getting go shares in societe generale and in paris in paris and b.n.p. part of god came one point four percent afterward it was upgraded soup overweight from equal weight at morgan stanley vodafone shares are up in london up through according revenue above market expectations. here in loss of coffee obviously the markets continue to trade in the red this hour the back of all the world's worldwide market trends now let's look at some individual share moves here on the rise ics precious metals not a point of metal is up more than three percent after reporting rec

an indian company has so i believe the crossing of to turn to those companies and first of all to exxon shell chevron to continue negotiations and to push the project forward. bella ruth may i ask for a loan from the international monetary fund in order to solve its mounting financial problems because greek prime minister also says russia has agreed to help us with more than six billion dollars in loans half of that will be provided as a payment for the future sales of beneficial goods to russia the country is struggling to cope with the worst crises in a decade its last quarter of its reserves this year trying to support the weakening local currency the decline of the validation ruble has resulted in a significant decrease of the citizens buying power and a shortage of foreign goods. look at the markets now will prices out on the rise as the weekly u.s. currency is encouraging investors divide in dollar price from oddities also investors are waiting on a key inventory report from the u.s. which is expected to show a decline in oil stockpiles light sweet is trading at around ninety eigh

of exxon mobil. mr. watson, why d't you begin? you probably know our customary procedure here is have your statements included in the record. if you could summarize, around five minutes. thank you very much. mr. watson? >> mr. chairman, ranking member hatch and -- half and members of the committee. i am john watson, chairman and chief executive officer of chevron corporation. fortunately, our nation is endowed with adunn ant supplies of energy including oil and national gas. each time we come to capitol hill we advocate for measures that would better helm develop our oil supplies. it's one of the most effective ways to counter rising energy prices and stimulate economic growth. tax increases on the oil and gas industry, which wi result if you change long-standing privesings in the tax code, will hinder energy supplies and it will also mean fewer dollars to state and federal treasuries and fewer jobs all at a time when our economic recovery remains fragile. becae my time is limited i'll make three points. first, the oil and gas bus

of exxon mobil. mr. watson, why don't you begin? you probably know our customary procedure here is have your statements included in the record. if you could summarize, around five minutes. thank you very much. mr. watson? >> mr. chairman, ranking member hatch and -- half and members of the committee. i am john watson, chairman and chief executive officer of chevron corporation. fortunately, our nation is endowed with adunn ant supplies of energy including oil and national gas. each time we come to capitol hill we advocate for measures that would better helm develop our oil supplies. it's one of the most effective ways to counter rising energy prices and stimulate economic growth. tax increases on the oil and gas industry, which will result if you change long-standing privesings in the tax code, will hinder energy supplies and it will also mean fewer dollars to state and federal treasuries and fewer jobs all at a time when our economic recovery remains fragile. because my time is limited i'll make three points. first, the oil and gas

. >> exxon reported almost $11 billion in profits in the first four months of this year. barbara boxer slammed oil speculators blaming them for the inflated cost of gas at the pump. >> speculation adds to between $21 a barrel. that is the fifth of the cost. >> she says the rules need to change. >> so by cracking down on speculators, you can't just put down, $35 on a hundred dollars, you got to put down 50% in order to make this bet. >> he is vice president of the california gop and he says blaming speculators is wrong. >> speculators exist in all markets. it's itself obama's failed policies that is the problem here, not the market. >> she says she doesn't know anything at all about the political gun play? >> i don't know the direct cause. i just thought it was related to all the chaos around the world. >> republicans blame oh obama's policies. >> it's double the price because obama shut down gulf oil and his policies at the epa are driving up the price. >> analysts say high gas prices are affecting the country's economic growth and his approval ratings. republicans say th

>>pam: democrats have their own show with the exxon mobile is the most fortunate profitable-fortune 500mber three making 90 billion >> of the americans are paying it that americans oil profit. >>pam: the subsidy is saying that it will save the tax measures going towards reducing the deficit. the idea has no chance for approval by the republican controlled house. that did not stop the senate finance committee from calling in an executive of the top five oil companies. >> is it wise to continue these tax breaks the largest companies every year? >>pam: the unanimous answer was good for big oil is good for america. >> raising taxes will lead to less investment, less production and most likely higher costs per gallon. and less employment. >>pam: for one thing is cutting the subsidy will not reduce prices at the pump. >>catherine: new york city mayor says that they have thwarted an attempt on the senate cuts. they arrested two men in a sting operation. if with attacking-synagogues. if the rising mississippi is still causing problems federal engineers are moving closer to making a top decision

today the powerful senate finance committee called the heads including chevron and exxon mobil to testify about their gas prices and profits, the highest ever. they want the companies to give up billions of dollars in special tax breaks and use the new tax revenue to pay down the national deficit. >> businesses should, of course, make a profit. that is the american way, that drives our economy, but to these very profitable companies actually need tax pair subsidies. >> oil companies say the subsidies are critical and claim the business taxes are higher than ever. they pay more in u.s. taxes than any other company in the nation. they say tax breaks will help them stay competitive. >> overseas companies with lower tax obligations can outbid us. unfortunately this impact u.s. jobs. >> today's hearing is not expected to change anything at the gas pump and in the end, senator orrin hatch even says if they are revoked he doubts the new revenue will be used to pay down the deficit. >> if they raise these taxes congress will spend every dime of it. it won't go down to pay down the deficit. >> if

. ♪ exxon needed tells after man's body is discovered in a jessup home, his son alive by his side. 26ear-old najib abdullah was last seen with his son tuesday night after a domestic dispute at a relative's home. abdullah and his son were found in a closet. >> he had been in the dark. when he came out, his hands were gripping like this like he had been holding onto his father. >> police say there is no trauma to of doulas body, but drugs were found on his body. the child tonight is back home with his mother. two people are recovering after they were stabbed at a carnival outside a mall. the fight was caught on cell phone video about 10:00 saturday night. a third person was injured because of the assault. four people were arrested for disorderly conduct. police are investigating a shooting at the windsor in in woodlawn. police said the man was shot around 12:30 p.m. yesterday and was taken to the hospital. no word on any possible motive. >> baltimore county police have identified a couple involved in a domestic dispute in randallstown. police say neil eigen brown shot himself after shoo

. >> reporter: the president pointed to the fact that exxon had $11 billion in profit for the first three months of the year. senator bosh bra boxer blamed oil speculators for the cost of gas at the pump. >> speculation add between 21 and $26 a barrel. that's a fifth of the cost. >> she says speculators should be forced to play with high ever odds. >> by cracking down and saying, you can't just put down $5 on $100, you got to put down 50's in order to make this bet. >> reporter: republicans say it's a smoke screen and claim the obama administration is to plame for the high price of goil and gas. he is the vice-president of the california g.o.p. >> i'm not beg to fall into this trap that oil subsidies is a problem. it's a complete utter failure of their policies that are bringing this, and we should think of ways to make it easier to drill for oil, not raise taxes on oil companies. >> the senator boxer is also calling for oil out of the u.s. soil and the refined gasoline to stay in the u.s. as opposed to being sent overseas for higher profits. republicans say then more oil fields so be ope

today the powerful senate finance committee called the heads including chevron and exxon mobil to testify about their gas prices and profits, the highest ever. they want the companies to give up billions of dollars in special tax breaks and use the new tax revenue to pay down the national deficit. >> businesses should, of course, make a profit. that is the american way, that drives our economy, but to these very profitable companies actually need tax pair subsidies. >> oil companies say the subsidies are critical and claim the business taxes are higher than ever. they pay more in u.s. taxes than any other company in the nation. they say tax breaks will help them stay competitive. >> overseas companies with lower tax obligations can outbid us. unfortunately this impact u.s. jobs. >> today's hearing is not expected to change anything at the gas pump and in the end, senator orrin hatch even says if they are revoked he doubts the new revenue will be used to pay down the deficit. >> if they raise these taxes congress will spend every dime of it. it won't go down to pay down the deficit. >> if

energy giants exxon, chevron and slumburger all fell 2%.hat nose dive indicated relief at the pump could arrive in time for memorial day. a big spike in weekly jobless claims caught investigators off guard and raised a red flag ahead of today's monthly jobs report. even an upbeat report from general motors was unable to offset the day's woes. the nasdaq got help from gamemaker electronic arts, which shot up 9% on its strong earnings. after the bell, bailed out insurer aig reported first quarter losses after paying back $2.4 billion it borrowed more than two years ago. after hours, visa jumped a healthy profit with increased card use at home and abroad. kraft reported better than expected first quarter profit and lowered its full year forecast. finally, how about giving moment a piece of movie history for mother's day. the chicago area where macaulay culkin made movie history in "home alone" is now on the market for $274 million. >>> a big nba playoff suspension, vancouver is on the verge and a pitcher goes nuts when he hits a home run even

exxon paid a 17% effective tax rate over the past three years. 17%. while the average individual in my state and the presiding officer's state paid an effective rate of 20%. now, is that class warfare? is that got ' cha or is that about fairness, about people doing something to help their country when the country is almost on its knees? the effective rate, to explain, is the amount of tax that you're actually paying on income earned when factoring in deductions and credits. it is a vast understatement to say that west virginia, like many others all across the nation, are not having an easy time during this period of record oil company profits, and they -- those five -- understand perfectly well that there is no longer any justification for maintaining generous subsidies for this highly profitable industry. the public appears to feel that way. the poll numbers are just stunning. 70-30, it's not right, we should take away the subsidies. it varies according to poll, but it's always high up. including 2-1 republicans across the country who believe they sh

it's all in the hands of shell and exxon and the private owned companies. how do they get the oil? purchase the land outright and the mineral rights? was there any taxpayer money involved in subsidizing the purchase of that land? also, i'd like to know are these really american companies. do they have any obligation to act in the interest of the american people in terms of not just taking advantage of us at the pump? >> guest: so in terms of ownership of oil resources and gas resources, this varies significantly around the world. in many countries, there are what's called national oil companies which are government -- closely government-related entities which control all of the oil and gas resources. that's in contrast to what's called international oil companies, which would include companies like exxon and bp and shell who are private sector companies, traded on stock exchanges and so on. in the united states, we have a history of private sector development of oil and gas resources, this is in particular to the oil industry. it's quite generic in the united states system, the pri

>>catherine: i am not surprised with exxon or wal- mart what else did surprise you?ob: people forget berkshire hathaway, it is a holding company. they hold other companies. inside of it you have of warren buffett knowledge of acquisitions and i think that is a great company with a long term, a patient investor. and you can error on the side of caution. you can air-the side of caution, a dairy queen makes tiny little perhaps yogurt. >>catherine: the it and around forever! they have been around forever, the fortune 500 and generated 10.8 trillion dollars. and that is up 10% what does that tell us? >> rob: from the investment standpoint is were i look at it from. with companies bin or run since you and i were children. they will probably be around since you and i were a little children. they will probably a round when we are told it. with manufacturing, and other companies on that list. >>catherine: thank you. more news coming up. rob@robblack.com [ jerry ] look at this! you got a state-of-the-art man-cave, but the savings account of a cave-man! hey sports fans check th

. >> exxon reported $11 billion in profit for the first four months of the year. senator barbara boxer blamed oil speculators for the cost of gas at the pump. >> speculation adds between 21 and $26 a barrel. that's a fifth of the cost. >> reporter: she rules need to change. >> by tracking down and saying to speculators, you can't just put down $5 on $100. you got to put down 50% in order to make this bet. >> reporter: tom is the vice-president of the california g.o.p. and says blaming speculators is wrong. >> speculators exist in all markets. it is obama's failed policies that is the problem here. not the market. >> reporter: boxerman says she opportunities know anything at all about this political gun play. >> i don't know the direct cause. i guess i just thought it was related to all the chaos in the middle east. >> reporter: republicans plame obama's economic chaos. >> the price of gasoline has doubled under obama because he shut down the gulf oil, and his policies at the epa are driving up the price. >> reporter: analysts say high gas prices are affecting the

of exxon mobil. mr. watson, why don't you begin? you probably know our customary procedure here is haveour statements included in the record. if you could summarize, around five minutes. thank you very much. mr. watson? >> mr. chairman, ranking member hatch and -- half and members of the committee. i am john watson, chairman and chief executive offir of chevron corporation. fortunately, our nation is endowed with adunn ant supplies of energy including oil and national gas. each time we come to capitol hill we advocate for measures that would better helm develop our oil supplies. it's one of the most effective ways to counter rising energy prices and stimulate economic growth. tax increases on the oil and gas industry, which will result if you change long-standing privesings in the tax code, will hinder energy supplies and it will also mean fewer dollars to state and federal treasuries and fewer jobs all at a time when our economic recovery remains fragile. because my time is limited i'll make three points. first, the oil and gas bus

calling for an end of billions of dollars in tax breaks for oil companies, executives from shell, exxon mobil and conoco phillips are scheduled to testify. they say they pay more in u.s. taxes than people realize. objection on says it's paying, property, state and state and gasoline taxes and that adds up. the company estimates it only makes 9 cents of every dollar of sales where pharmaceuticals and computers make twice as much. they are calling an end for the tax breaks but oil companies say it could discourage investment and led to higher gas prices. gop leaders agree that it would increase dependence on foreign competitors. the average right now is 3.98. here in california it's 4:25. >> it's 4:36. >> a.c. transit riders will see fare increases. yesterday they voted to raise regular fares by a dime. in addition senior and disabled fares will increase by five cents. district officials say the increase is a small portion of what it needs to reduce the projected $20 million deficit in the next fiscal year. so another round of service cuts will likely be seen. >> and weather forecast time

the fact of the matter i think is when one looks back at the exxon valdez report, the national crisis and environment a.m. catastrophe which caused so much dam was not one that caused much change in this country. much continued the same way without those lessons being learned. the president and his administration are committed to make sure those mistakes are not made again. that's why there has been the robustness of the effort to try to move forward with the best standards and organization to oversee drilling in america's oceans and actually to help develop same kinds of protocols around the world. in terms over the funding question and what we're doing with respect to oil spill response, we do need funding to be able to have an agency conduct responsibly the important missions that have been assigned to the bureau of energy management and regulation. additional resources so direct the agency to move forward in that direction. they are not sufficient. frankly, there are more resources that are needed for the director to be able to hire the kind of personnel that will have the experti