exxon found the fields ahead of last year's b.p. oil disaster, but couldn't get to them until the ban on deepwater drilling was lifted. >> tom: here are the stories in tonight's n.b.r. newswheel: wall street marks another day to the downside. the dow lost almost 22 points, the nasdaq fell 26 and the s&p 500 was off five-- its sixth straight losing session. trading volume rose from yesterday's pace to just above one billion shares on the big board and two billion on the nasdaq. the federal reserve's beige book report on regional economies showed most of the 12 fed districts saw growth during the past two months, but higher food and gas prices are weighing on consumer spending. credit ratings agency fitch says it will put its rating on u.s. government debt on watch for downgrade in august if congress doesn't boost the federal debt limit by then. moody's and standard & poor's have already warned of rating trouble, if a debt deal isn't reached. china is taking a page out of uncle sam's playbook, launching a "cash for clunkers" program t

some interesting e-mails involving the oil giant exxon.ell us about it. >> reporter: yeah, a little different twist than what you might think about sarah palin and quote/unquote big e-mails. from the e-mails we find she's not afraid to fight big oil and she's tang them on many times as governor. in this e-mail she's talking about a $500 million settlement that exxon was still fighting. she said, please have one of your folks draft a short letter to exxon encouraging them to pay the $500 million. we need to be on the record telling them to pay up, end this thing, end this miss richl and then, deb, she said, we're doing a presser on it, kind of press it. she says to a staffer, please do a press owner it. the staffer says, i'm on it. and sarah palin says, thanks. can you believe they haven't agreed to end this thing? the staffer says, come on. it's e it it's exxon. that's july of 2008 iechlts showing the governor being a governor. also there's a little pettiness, sarah palin trying to send draft letters to the editor that she has somebody els

and people organized aggressively in their response to exxon valdez. they shutdown exxon stations and protested and demanded policy and got out of the bush administration a critical piece of legislation, the oil solution act. in 1969 off of the coast of santa barbara when an oil wells blew people were galvanized and ready. they saw imagery that captured their heart and soul. years later they got earth day. they got the clean water act and clean air act and the environmental protection agency and 11 years of organizing later, they got a moratorium on offshore drilling in some places. what happened here was those photographs particularly of the brown pelicans soaked in oil, state bird of louisiana captured people. captured our hea

resistance from chevron texaco exxon mobil.oth of which give their own lives to find ways to appeal to the u.s. government embassy played the role really. sort of were not the it's a silicate they were the ones who were sort of going pressure fishing government officials set up meetings through that sort of thing so they were really. central we. played the same. truck shop owners. these are. by and large some of them are haitian american. they're one of the principal ones isn't very. good really and the civilian opposition to president maris getting two thousand and four with heads of the queue doesn't work because i could be in the head these people who. like to think male or dems the minimum wage increase to five dollars from. about seventy five. and sensually the government was giving them. advise leadership. now how do you say if we really connect the dots who is the real bad guy here right because on one hand you can look at the us government and you can ask how it's possibly acceptable for our bastards to go in and add pr

tax reform eliminates the subsidies for exxon-mobil. that a tax increase. >> i am all for reform that removes subsidies. >> there is a big debate on tax subsitties. if you talk about ethanol or other tax breaks that may or may not include tax subsidies and every other corporation, but if you do that right now and the president decide last december not to raise taxes, don't do it right now. if you do taxes, you have two years. >> you consider that a tax increase. what about if you force a company like general income and they made $14 billion in profit and they paid zero in federal income tax. what if you came up with reform that required a mall amount for big corporations. is that a tax increase? >> it's tax fairness. >> sorry that a tax increase and something republicans -- >> they have to. do you guys want to live in a country where a janitor of exxon gets paid more? >> i am talking about subsidies and tax breaks. loopholes >> i'm all for getting the republicans. i'm all for that. >> you know who he is? >> he's an anti-tax crusader. he

you have to remember during exxon valdez the evening news and you had the newspaper, morning, evening and newspaper. now you have the internet and 24/7 sea and and so the branding was more complete this time. bp has contributed a lot of dollars to this and a federal government. we have to understand what synapsees are in the consumer's mind and message amount of that connection to where we can change it. we have to convince them, miss lucina's work at the university, what they saw is not just what is happening to seafood. that black streak on the back of a shrimp is not oil. it is not going to be easy. we have to get ted danson to get in front of people and say it 100 times. >> we worked together for many years. part of the problem is we have come out of an era where science -- without being partisan -- science really wasn't a leading the way. so then you have people whose self-interest, we are all full of our own self-interest and every industry wants their way. so science started to get downplayed. you lost trust. people would say something and it would be true. if we let science le

similar to exxon valdez?>> this audit panel was put together this time we have the technical expertise and working groups we pull from academia and the states and agencies as needed and along with the responsible parties as part of the technical working groups we do have experts in the field as we design the studies and long-term restoration projects connected to consider putting a panel together on exxon valdez? >> we've heard that input from some of or ngo partners. i think in as if memory serves me right in exxon valdez that group was set up after there were settlements to look at how many were being spent post settlement. as said in this case where the resettlement we do have a lot of technical expertise within these working groups and alone working with 75 some academics along with their support staff and we feel like we got a strong technical expertise within the working groups and we can speak candidly with some of the experts we are working with under confidentiality agreements >> thank you very much.

exxon is over 1%. but investors are focusing on an economic report from the federal reserve that came out an hour ago. it showed high gases weakened considerably and right now the dow is down 6. the nasdaq is down 22. s&p is down 3. >>> president obama is promoting a new job training initiative today for 500,000 community college students. he spoke about the need to train new workers at a community college in virginia this morning. he said the company is recovering from a painful recession and the growth of the economy demends on -- depends on preparing workers for these jobs. >> we're gonna make it possible for 500,000 community college students to get industry- accepted credentials for manufacturing jobs for companies across america are looking to fill. >> white house officials say the $2 billion program called skills for america's future will be backed by the manufacturers. >>> just over an hour ago, we learned a 17-year-old accused of killing an infant boy will be charged as an adult. the suspect s

meanwhile, exxon mobil announced its purchase of two gas companies phillips resources and twp for about $1.7 billion. >>> corporate reports did little to reassure investors. retailer abercrombie & fitch fell more than 5% after warning its second quarter earnings will come in below expectations. network equipmentmaker sienna tumbled 16% after reporting a larger than expected quarterly loss. the senate dealt a blow to the nation's banks refusing to delay new rules aimed at slashing debit card transaction fees. >>> a correction on one story we reported yesterday. turns out the woman who claims to have had her facebook friends tattooed on her arms were a fraud. the tattoos were fake. >>> finally, one dating website hopes anthony weiner will quit his day job. the site, geared towards men with money seeking women, has offered the congressman $50,000 to be a spokesman. >>> prince hits two, the pirates walk-off winners and the sox stop the yanks again. >>> plus, on home ice, the red hot bruins tie up the stanley cup finals. your early morning sports headlines are just ahead. >>> in weather, the

summit of asian leaders an astronaut has exxon and. it was made during talks between the russian and a rain president on the sidelines of the shanghai cooperation organization meeting . and coming up next security for you as a headache for the rest will china's pressure push to see how the world views america's spreading military presence. beginning in the 1980's the belief is slowly taking over the world that new liberal globalization with its built in self-regulating mechanisms would finally do away with old institutions like the state and the military and would assure the planet into an era of relative peace and prosperity free trade will bring on the great depression nine eleven and the current economic crisis have shown that believed to be largely a myth. but many signs were already there markets have always relied on state power and military might. america's transformation from republic to economic superpower following world war two was accompanied by the creation of a global network of military bases unlike any other in history.

of exxon, that some $20 of the $100 per barrel oil price today is speculation. we can take a look at other markets where speculation is running rampant ands the commodity future trading commission specifically under dodd-frank required to rein in the excesses of the market to end the speculation to ultimately make a rational market out there for the futures market. i yield back my time. the chair: the gentleman yields back the plans of his time. for what purpose does the gentleman from florida rise? >> strike the last word, mr. chairman. the chair: the gentleman is recognized for five minutes. >> i yield to the gentleman, mr. kingston. mr. kingston: i thank the gentleman and wanted to point out to my friend from california, the number of people keep speaking about the delauro amendment. we accept the delauro amendment. i'm not sure the folks over there who are speaking for the delauro amendment have read the delauro amendment. if they would, they would know it does nothing to restore the funding. and i'll be glad to yield to my friend from california, i understa

similar to exxon valdez? >> this audit panel was put together this time we have the technical expertise and working groups we pull from academia and the states and agencies as needed and along with the responsible parties as part of the technical working groups we do have experts in the field as we design the studies and long-term restoration projects connected to consider putting a panel together on exxon valdez? >> we've heard that input from some of or ngo partners. i think in as if memory serves me right in exxon valdez that group was set up after there were settlements to look at how many were being spent post settlement. as said in this case where the resettlement we do have a lot of technical expertise within these working groups and alone working with 75 some academics along with their support staff and we feel like we got a strong technical expertise within the working groups and we can speak candidly with some of the experts we are working with under confidentiality agreements >> thank you very much

. >> tom: finally both fund does have exxon mobile as their top holding but they clearly differ from there the index fund has an el and chevron and of course the fundamental fund at&t and general electric. does this go to explain entirely the performance difference? >> yes, that has that is a big difference there in. the case of, for instance, having apple as your number two most heavily weighted stock in the traditional market cap weighted index, if apple goes, you know, if a lightning bolt hits steve jobs tonight or tomorrow, so goes that entire index and there goes everybody who has invested in it as well. >> we have to leave it there. we appreciate the insights. nice article it is seth lobove with bloomberg market magazine. >> thank you. >> tom: here's what we're watching for next week: our friday "market monitor" guest is bernie schaeffer, chairman of schaeffer's investment research. we'll see may's reports on retail sales, housing starts, and both producer and consumer prices. lots of inflation numbers. monday, advice for baby boomers who are supporting their adult children and

that's the national oil companies, audi arabia, not the investor owned companies like she have rhonest, exxon, bp. >> the price stays relatively flat. so when the price of oil change, propertieses can enormous or much smaller, but the cost of getting it out of the ground stays stable. >> i love it when the reports come out and they say everybody is making too much money. of course they make a lot of oil, gasoline, jet fuel about. so what gets reported is that. about but when you step back for everybody who looks at earning, it's always net income versus revenue sales.t but when you st everybody who looks at earning, it's always net income versus revenue sales. but when you ste everybody who looks at earning, it's always net income versus revenue sales.but when you step everybody who looks at earning, it's always net income versus revenue sales. but when you look at cents on the dollar, our companies are flat in the middle. so we make 6 to 7 cents on the dollar depends. u.s. average, all other industry, 6 to 7 cents on the dollar. so there's just as many people who make more than the oil compa

the drop brings exxon stock back to january price levels. the prospect of lower fuel costs helped lift airline stocks. american airline's, a.m.r., united continental, delta and southwest all gained at least 3.5%. looks like we could have a bidding war in the utility industry. late today, williams companies offered $39 per share for southern union. southern union already has a deal at $33 per share from energy transfer equity. here's what williams and energy transfer are fighting over. southern union jumped last week when the first deal was announced. after the close today, shares shot up to over $39 per share when williams announced its offer. the two would-be buyers, williams and energy transfer, each lost a fraction during the regular session. both were about 4% lower than these closing prices after williams released its bid. it's a different kind of fight between viacom and cablevision. viacom sued the cable company, accusing it of streaming viacom television channels on mobile devices such as apple's ipad running a cablevision applicatio

today we're joined by mr of exxon there he is the deputy chairman of the management committee of russian oil company gas promise well as the director general of the company's export arm i thank you very much sir for joining us today the rest of the theory now the german germany's decision to a bad the nuclear power altogether and switch to natural gas this is quite a big decision to say the least now is gasp from looking to fill fill the gap in that market and how significant all that participation be really appreciated the new series of the german government because it opens for a solution but you. know at the usual european market. everything we do. of those politicians which were developing was a new project. nor. did you or the. german. proposal but also the market. for the across the board is the most important. for europe as europe. would need. all the other talk about south stream of the presentation in brussels it considered a success so every be a huge energy commissioner he did say that the south stream is not their top priority and he did have a lot of questions although he sa

khadafi privatized three hundred six companies and libyan oil was handed over to the major oil companies exxon shell the immobile but the uprising was the occasion for the intervention and demonizing could die off because they had saddam hussein in previously as a cover and pretext saddam was their man in baghdad for twenty seven years he had worked hand in glove with the cia and with congolese arise in the ninety's but they demonize him now to give them cover for engender out of season the oil subjugating the population the population does not benefit from their natural resources because they had the disposal of foreign corporations on behalf of the united states in the western powers the resources go outward to the foreign corporations that control them the population is a mystery aided that countries with great wealth but they don't enjoy the benefit of it because of the class character of the regime and the nature of imperial power that controls and installs these regimes and maintains them. you without see and still to come in the program there's another fuel feud brewing in the middle ea

exxon mobile for example and the coal companies.hey were told by their own scientists back in 1995 that the science for this was solid. and they just sensorred that from their reported. these company make their money from understanding science. they know the science is good. they are being selfish. >> somebody say this to bp? >> sure, sure. >> and then other people in the case of the republican party which has the majority in the house of representatives and voted on a vote not a single republican voted about a month ago to admit that climate science is real. they all think it's fake. they all think -- for them it's an ideological position. they understand quite correctly that if we do something serious about science change it will mean nor government intervention in the economy whether it's raising prices of fossil fuels or more regulations. they hate that. so they start from that ideological position and they work backwards and cherry pick the science and it's not real. it's a political hoax. >> at the end of your book you have th

americans feel when they learn that some of the largest corporations in this country when they learn that exxon mobil they learn the bank of america and they're not really paying their fair share of the time that's what we're so upset about is the whole notion that the government doesn't create a level playing field as governor of new mexico those vetoes i vetoed a whole bunch of legislation that in my opinion. gave advantage to well connected individuals groups corporations as opposed to legislation that would have created a level playing field where everybody could have had access to the american dream and i think the american dream is in this country is that you can go from having nothing to having everything if you're willing to work hard and innovate but the deck it stacked against all of us government passes legislation that unfairly gives corporations groups individuals unfair advantage it's the obvious you want to get rid of all the loopholes you want to get rid of the loopholes that get rid of the loopholes get rid of the subsidies a little need to strong arm congress into doing that t

often privatized three hundred six companies and the libyan oil was handed over to the major companies exxon shell the immobile but grazing was the occasion for the intervention and demonizing khadafi as they had saddam hussein in previously as a cover and pretexts saddam was their man in baghdad for twenty seven years khadafi had worked hand in glove with the cia and with congolese arise in the ninety's so on but they demonize him now to give them cover for are completely. vicious and predatory agenda of seizing the oil subjugating of population and aborting a worker and popular uprising against the gadhafi regime the population does not benefit from their natural resources because they had to disposal of foreign corporations on behalf of the united states and the western powers it was a colonial engendered an interior one today resource rich countries are constantly having to sovereignty breached in countries selling regimes installed resources go outwards into foreign corporations that control them the population is a missile rated countries with great wealth but they don't enjoy the bene

groups the american petroleum institute which is made up of all the big wigs of the oil industry like exxon mobil b.p. chevron they're up to something in iowa where a handful of republican candidates for president are campaigning right now as investigative reporter relief fund in progress has uncovered it merican petroleum institute has created an astroturf group to get average people to support gave oil without realizing the group known as the iowa energy forum has been hitting up republican presidential candidates and events across iowa to raise support for a variety of big oil concerns from new pipelines to keeping intact taxpayer subsidies while the group may at first look like it's made up of average concerned citizens it's not it's merely a p.r. gimmick paid for by the american petroleum institute for more on what's going on behind the scenes here i'm joined by lee fung reporter and blogger for think progress we welcome back to the show in town nice to see you thank you another day another front group is this just becoming business as usual on the right. you know i think that would be

be privatized three hundred six companies and libyan order was handed all rejuvenate your companies exxon show. but the uprising was the occasion for the intervention and demonizing khadafi as they had saddam hussein and previously as a cover and pretext so dumb was their man in baghdad for twenty seven years khadafi had worked hand in glove with the cia and with connally's arise from the ninety so on. but they demonize him now to give them cover or engender she's from the oil subjugating the population a population does not benefit from their natural resources because of the disposal of foreign corporations on behalf of the united states and the western powers the resources go out and the foreign corporations that control them the population is a missing rated the great world but they don't enjoy the benefit of it because of the class character the regime and the nature of imperial power that controls and installs these regimes and maintains. israel's long established sanity agreements with could soon go up in flames the original gas deal was set up by president mubarak but now post revo

well there is also exxon as well i think was no fool be very keen to get the deal done with b.p. because. everything that's been going on over the last year or so are in a fairly weak position and it's unlikely that any other company out there any other or company is likely to offer a shares for people that are offering is also i think. would be good for both parties b.p. needs the exploration in the arctic circle it's got interest in brazil and in the middle east and around the u.k. but the arctic circle could be massive for it and it would be a fantastic overalls and if there's well but given the situation that we see now what lessons do you think that b.p. and have learned from this saga. well. listen the. lever policies are potentially interesting. for the for a. strong learning lesson i think especially for b.p. legal so much especially b.p. and the chairman and the c.e.o. got to bring the policies into the deal otherwise the company continues its weakened position and if you carries on like this then it could be some changes to the top level of management and the company to

the morgan report if want to send me an e-mail place this at kaiser report at r t t v are you at all exxon this is backscatter saying buy off.

health care system and all these other externalities were not capturing any of those extra calories exxon mobil and all these other companies they're not paying for the cost of climate change there are plenty of pain for the cause of the cancers in the out as well as in everything else. we're how do we generate the political will in the united states to to have to attach to that the cost of those extra calories to the cost of fossil fuels the biggest one of those indirect cost or extra now at least is climate change by far. and. what i think is going to happen is that rising prices is going to drive this to address this issue and recognize that we've got to get out of fossil fuels in a hurry and the simplest way to do it is simply to lower income taxes and raise the tax on carbon so we don't change the amount of tax from pay on april fifteenth the total is the same but we we make labor cheaper which means we can create jobs more easily and we make carbon more expensive which makes it profitable both to invest in energy efficiency and also it will accelerate the shift into wind power solar