people are used to hearing about oil spills from the "exxon valdez" or about the recent spill in the gulf of mexico that british petrolm in illing provoked. you're talking about a whole different set of problems. how do they compare with those big spills? micah: it's a great question. i think we all get our attention awn to the big dramatic moment. explosion of an oil rig, the sinking of a giant oil tanker. but in fact, over time, if you look at the total cumulative effect of that, it's only about 20% of the oil that goes into the ocean from human sources. the much larger component is this relar, everyday, intentional dumping overboard, getting rid of oil, waste products, sludge. ships--commercial ships tend to burn very low-grade oil, and that produces this messy sludge. and the question is, what do you do with that? well, by law, you're supposed to bring it to port, you're supposed to offload it. it takes time, it takes money, it takes energy to properly dispose of this stuff. or, if you're not trying to obey the law,ou can just dump it overboard, which the shippers believe save th

you' barrels of crude oil, which much are exactly where they would go, monumental rivalling "exxon valdez" and other of the major spills we've had in the country. > a killkda says the include sandridge, chesapeake and range resources. another factor has experts concerned. .t struck 25 miles from curb other tank farm and pipeline operators report n $64 million barrels of cruel oil, the worry is an earthquake doing damage there would have f implicatio this not the first. it is one of many and the biggest in several years and people are getting shook up about it in a big way. for the first time, you've seen a response from the government there geps the industry. >> manmade seismic activity, the usgs say anchor anchor are not at much risk as california. >> exporter, saudi arabia and russia, said they would work together to stabilize the global energy market, but traders expressed skepticism. opec and non opec producers will hold talks at the end of the month. domestic crude settled higher to ore than $44 a b ba r market, but the nasdaq was the real winner today closing in an an all time high

- came not on the alaska pipeline - but from the eleven million gallons that flowed out of the exxon valdez . ." i don't think they're the worst disasters, in fact they're probably less damaging than oil spills, they're just an explosion. "iowa sierra club attorney wally taylor is on the front lines - of the bakken protest. protest." yelling screaming " he organized resistance and knows club members who went to jail - trying to make sure nose club members who went to jail trying to make sure the dakota access client never crosses iowa where he says half 1,000,000 gallons a day could endanger i was rivers, lakes and aquifers. >> every pipeline that has been >> wally points to this rupture in michigan as to what could happen here. the leak went unnoticed for 18 hours allowing 11,000,000 gallons of toxic crew to flow into the kalamazoo river.>> this is a 30 inch diameter pipeline. we have never had a pipeline with this kind of material going through it and this kind of volume and this type of risk. >> share that concern after seeing natural gas pipelines explode due to corrosion or tiling acci

third news announcer: more than 11 million gallons of crude oil poured into the sea when tanker "exxon valdez," bound for... joanna: most peoeople, when they think about the environment, they worry about the big accidents and forget that anywhere from a third to half of the oil that's in the ocean didn't come from these accidents. it came from the intentional release of oil by ships. john: oil is toxic to organisms and it can be toxic in several ways. this is a gross image. you know, when you coat something wit oil like that, it's going to die. that's not what we're cononcerned w with. we are concerned with what happens with those lesser concentrations that you can't see may have very y big effects on developing organisms. that's ththe concern n that we e faced with. this is a picturure of pink saln embryos, and it was exposed to a high concentraration of oil. and you can see the expansion of this area around the yolk sack. the toxins in oil,l, as you see here, can cause many of the same kinds of defects in ororganisms as are caused by oftentimes considered to be more seserious chemicals like

disaster came not from the alaska pipeline but from the 11,000,000 gallons that flowed out of the exxon valdez. >> i don't think it's the worst disaster. it's just more dramatic because of the explosion. >> wally taylor is on the front lines of the he organized resistance and nose club members who went to jail trying to make sure that decoder access line never crosses iowa. he says half 1 million he says half 1,000,000 gallons of -- a day could endanger i was rivers, lakes and aquifers. >> every pipeline that has been built has leaked. >> he points to this rupture in michigan as to what could happen here. the leak went unnoticed for 18 into the kalamazoo river. >> we have never had a pipeline with this kind of material going through it and this kind of volume and this type of risk. >> some people in the corridor share that concern after seeing natural gas pipelines explode due to corrosion or tiling accidents. the indust rare.>> that's a scary type of think that you tell little kids. >> elmer says nearby pipelines come within two blocks of the school and run right next to houses and apartments

that risk is never been it occurred, no trading has ever n been sued for environmental-- exxon valdezdid not end up in the commodities trade gettingg sued, bp oil spill did not get sued, so there has actually been that occurrence. >> broadly prohibited commodities trading. is focused on activities where there are significant in barbell hazards. >> the fact of the matter is you are trying to regulate a risk 1 that has never actually in the real world been occurred. >> we have had huge environmenth of accidents that have created enormous liability and we do have a couple of banking organizations that congress has grandfathered broad rights to engage in commodity storage and distribution and those risks certainly exist. >> you could make the argument that there are other risks that they think her that are morecey tangible and perhaps more likels than on environmental disaster leading to a claim against them based upon commodity trading.ed it is risky for banks to be in new york. it's a target for terrorism and they have incurred that the tick of the wrist in the past. did the federal res

no trading in the commodities markets has been sued for environmental -- exxon valdez didn't end up commodities trader getting sued? bp oil spill did not end up commodities trader being sued.s there has never been risk of occurrence occurred? >> it doesn't broadly prohibit commodities trading. it is focused on activities where there are significant environmental hazards. >> we can save for another day 1200% ratios prohibit, but the fact. matter you're trying to regulate a risk that has never actually in the real world been incurred by a commodities trader is that correct?o >> well, we have had huge environmental accidents that have created enormous liability and we do have a couple of banking organizations thatt congress has grandfathered broad right to engage commodities storage and distribution and those risks certainly exist. >> you could make the argument that there are other risks that banks incur that are actually more tangible and perhaps more likely than an environmental disaster leading to a claim against them based on commodities trading. it is and no offense intended ta any of my col