but the price of the fracking frenzy a wild. in just a few years drilling rigs have sprouted up through the texas suburbs like towering hills horses across from shopping centers close to schools otherwise residential neighborhoods have become industrials. when the fracking staats trucks gather round the world. the sand water and chemical mixes pushed deep underground at extremely high pressure. escaping vital drifts in the week. three dangers the sea a lot of injuries have seen since somebody actually get blown all the way back from a blowout c. one got a blow out. dangerous even deadly but lucrative. fracking is now underway in thirty four states in the u.s. . and urban cowboy tyler is just one of those cashing in on the new energy good one of four with three. right place . it's great money like i said it is a lot of stuff once you decide to do it once you get in full force with it you go to an all around you know not when i was younger i always that never have been able to get taste that money. tyler he is working on a drillin

when the fracking staats trucks gather around the world. the sand water and chemical mixes pushed deep underground at extremely high pressure. escaping vital drifts in the we. three dangers the sea a lot of injuries i've seen since somebody actually get blown all the way back from a blowout c. one got a blow out. dangerous even deadly but lucrative. fracking is now underway in thirty four states in the us. and urban cowboy tyler is just one of those cashing in on the new energy good one a fool with three. plays. it's great money like i said it is a lot of stuff once you decide to do it once you get in full force with it you go all around you know no one else don't always that never have been able to get taste that money. tyler he is working on a drilling rig just a few miles from the dallas fort worth if. and just a stone's throw from new housing to go it's. any kind of leaks and like that or a big has expressed you know if. there was a problem on location say somebody like sparked a lot or in the wrong place or you know a spark was was dis

melissa: fracking for natural gas?ed >> natural gas in general.e the shale place, which, of course, predicated to fracking, but the opportunities forrtun natural gas, you want to talk abt response to climate change and reducing co2 emissions, thio is the golden key to open the door more than mostenewables will ever be because you move needle withnatural gas, and a five to ten year feared, --deal period, you can solve emissionts issues in the country.eel melissa: is the hammer coming down from a regulatory point ofo view on natural gas? especially when you talk about shale or fracking, and are you e concerned about that and america's energy independence as a result? >>nc well, i'm concerned about regulation in general. we have over regulation, particularly at the federal level. now, everybody in his right mind wants to see anything that'sth done in the business be done in the safe environmentally respectful way, but i'mll confident and pipeline terminal company, not an upstream oil anl gas company, but i think i know en

well but they were taking waste water from fracking operations and rejecting them into an older well they had headed to the highest pressure in a well known high on the ignored by logical data showing that earthquakes started to erupt in that area and they continued to allow the pressure of this well to increase until finally the governor had to step in and shut it down last january and so this this injection well of wastewater is actually allowing the waste water seep into a precambrian preexisting ball because the earthquake and we do know that just to put that some perspective like that these earthquakes are all relatively small there between two point two and three point eight on the rector scale many of them are not even felt on the earth's surface and no damage has been caused to this point so why should people be worried. well there was some mental damage actually caused in arkansas and ohio and risk rates that were eventually linked to fracking after a lot of review and a lot of kind of going back and forth among state scientists and geologists there has been some minor damag

we have a the environmental thast that is big defender of fracking.s why it is a key to the energy independence. thanks for coming back on the show. >> thank you for having me back. melissa: what do you think about fracking is evil? are you convinced? >> no. they're making two different claims. one is energy independence essentially we're more robust against disruptions from our supply. there are two ways to think about it. if you're worried about disruptions, go to coal that is not what anyone is suggesting. instead we should go for cheap gas. even then if you get disruptions it will be much less disruptive to your economy. melissa: they're saying it is a false claim to say that we have a 100 years worth of natural gas stored away if we only unleash it through fracking. number one they're saying overestimation of the actual deposits. in truth it is usually underestimation. regardless, they think it is overestimation. if we really going for it the way we are going to that means it is only 50 years. >> yeah. we've been making these kinds of studies for

we have to have it if you are talking about fracking. at that same time, the government has to be a supporter and in every way possible have to limit the burden of red tape or excessive regulation. that is -- that is the message. we are in every community, we have certain tribal leadership. many do give back and recognize it is not all about their narrow self-interest. what are those ways that we can accelerate this international job and make sure our grandkids and their grandkids have the same type of tauruses we have? >> if you want to check on the governor's history of innovation, you should google his name and the running of the pigs. [laughter] >> we had the pig farmers and give them the spent grain. they would bring the little oinkers. we would have them run around the block. with all the tv and media. >> google, it is something we have in california. >> i have heard about it. >> governor brown, how did working toward innovation change when you do? >> innovation is no problem. it tried to do something that is not conventional and y

. >>> america's energy independence and the environmentalist who says fracking is here to stay. but just how do we make it safe? we'll drill down to get some answers. >>> and then the man who many in the technology world call the next steve jobs. you're probably already using something this quiet genius already invented. "the wall street journal report" begins right now. >> this is america's number-one financial news program. "the wall street journal report." now, maria bartiromo. >> here's a look what's making news as we head into a new week on wall street. corporate america had a strong message for president obama this week. ceos from more than a dozen of america's largest companies met with the president and warned that washington must reach a deal to avoid the fiscal cliff. the president also sat down with congressional leaders and officially began negotiations. if congress doesn't act, taxes on income, capital gains, dividends and estates will all go up. and automatic spending cuts will kick in, beginning on january 1st. this week, i spoke with alan simpson and erskine bowl

. >>> america's energy independence and the environmentalist that says fracking is here to say. how do we make it safe? we will drill down to get answers. >>> and many call him the next steve jobs. you are probably already using something this quiet genius already invented. the "wall street journal report" begins right now. >> this is america's number 1:00 one financial news program, "wall street journal report." now maria bartiromo. >>> here's a look at what is making news as we head to a new week on wall street. corporate america had a strong message for president obama this week. ceos of a dozen of america's largest companies met with the president and warned that washington must reach a deal to avoid the fiscal cliff. the president also sat down with congressional leaders and officially began negotiations. if congress doesn't act taxes on income, dividends and estates will go up and spending cuts will kick in january 1st. this week, i spoke to allen simpson ander skis bowl subpoeimpson anders skin bowls. >> you can't spend or grow your way out of. this grab hold it will be a

because fracking -- services fracking is part of your business. >> i certainly hope that we will come up with federal guidelines that will be consistent throughout the u.s. fracking has been in place for a long, long time. it's been very successful in cana canada. certainly it's been successful here in the u.s. the real concern, obviously, is not just the water side but also the emissions side, particularly that flowback water that's coming after the initial fracking. and i feel very confident that if we can get some consistent regulationings and guidelines, then we'll be able to find more services around those sites and provide that environmental service that they're looking for. i really do believe that either administration recognizes the low value of natural gas to our economy and i hope we continue that way. >> i'm glad we got to talk about safety cleans last time you were on. we didn't get to it last time because there's so much going on with sandy. congratulations on a fabulous quarter. i knew you would deliver. chairman and ceo of clean harbors. >> thanks so much, jim. >> guys

finding is that they can use very similar techniques to fracking or or identical techniques to fracking to bust up and pull out or oil as well it's a heavier oils like the oil that is going to be coming down that pipeline shale oil coming down the pipeline from canada if that's the case but the problem is making us energy independent doesn't mean that it's making its carbon independent these are all carbon fossil fuels fossil based carbon based fossil fuels bad for global warming bad for the environment we have to we have to move to a renewable form of energy james in philly james thanks for calling thanks for watching the program what's on your mind then. no you don't what's up. did make a big issue of but you know we're born with. yeah i think. i agree with you and i think this is you know hey it's sex and power and opera levels of government i think is so so you know i appreciate perspective in your concern and in fact i share i really have learned far more about general petraeus his sex life and that of several people around him than i really need to know or want to know frankly but

fracking has consequences.t is aquifer consequences environmental consequences property right consequences. i think it needs a much more thorough independent oversight. you know. states want it because it creates revenue. but there is a consequence at the end of it and i -- i really believe that if we let the e.p.a. do its job let them present the information, that would be best for the american people. >> eliot: one of the things about fracking is that the consequences do not respect or own or know what state lines are. if they're seismic as you pointed out. should be a federal set of rules that would be done properly then we would see where it takes us. congressman raul grijalva, thank you for your time and have a great thanksgiving. >> thank you eliot. >> eliot: bad news for news corp. robbery charges last land dangerously close to rupert murdoch. that's ahead on "viewpoint." enbrel can help relieve pain, stiffness, and stop joint damage. because enbrel, etanercept suppresses your immune system, it may lower

>> andrea: fracking fluid. >> bob: that is not fracking fluid.. bob? >> bob: my friend denny from west virginia, fracking man. i said that and he said it's coming and it would be smart. >> andrea: very safe. >> bob: i'm not against it for the rest of you liberals. my one more thing, dan ab sent me a nice card for my birthda birthday. bob's birthday hiku. you are a wise man, the co-host and forever friends. it couldn't agree more on the forever friends. thank you all very much for everything you are going to send to say what a jerk i am.

it's a win-win for everybody- > > give me a fracking break.ttom line is- > > they didn't want to invest the time and the money, but they got the tax credits, so they said, "okay, let's keep doing it." > > round 3: what is the new normal for unemployment? will the rate ever drop below 6% again? > > i did a little research on ageism, because i wanted to talk to you, and what we're seeing is that the rates right now of participation have declined from 68 million down to 64 million in the last decade or so, mainly because people are retiring and leaving the workforce. so that is going to help out the unemployment numbers. but i know people are concerned, and right now we have seen 30 straight months of private-sector employment growth. > > i agree with alan but for a totally different reason. the bottom line is, when you get into a situation where unemployment is high- and people used to tell us in the '70s that 10% was the norm, that we'd never get- > > don't go there. now you're going to use 6%? which number are you going to use? is it 7.8% or n

what you see now, nobody is making money fracking.ay see profits on the bottom line -- >> but natural gas prices have plummeted. >> natural gas prices have plummeted, but even in the oil area, the oil shale formation, you have these cotton energy resources producing great earnings. but once you take out the cost of those rigs, guess what, negative, negative cash. they have to continue to borrow because the depletion rate on these wells are so great. so it's basically a short-term fix. i mean, definitely i think oil production will continue to go up maybe for another year, maybe for two years. i don't think the iea will be right. but it will allow us to buy time to really develop other kinds of energy sources. and, you know, i'm not a green guy or anything else, i'm a resource scarce guy. >> it makes you seem green, but you want it for the same reasons. you want to say let's have resources for energy production that are renewable and always going to be there. >> right. i'll give somebody the argument that we don't understand what's goi

and where does the obama administration stand on fracking.erica becoming an entitlement society? and the fiscal cliff coming up the end of the year, i think there will be a deal to avoid it. what will be in that deal, that will be my take for today. tuesday morning, seven early movers, here we go. positive test results for oxy gene's treatment. the cornerstone on demand took in more than expected. it's up. and oil service, the outlook disappointing down it goes. host hotels and resorts cut the full year profit outlook, down it goes. o'reilly automotive buying back more shares, up a little. two big names you know, xerox plans to raise its dividend next year and it's up 6.51 for xerox and better than expected profit at home depot up $2. nice moves. dow is down 29. didn't go down the 80 or 90 expected looking into the futures, we're down 30 points as of right now, but puts us back at 12-7. apple stock is down more than 20%, is apple's run over? some say yes, it is. [ male announcer ] atcottrade, you won't just find us online, you'll also find us

and it is not, it doesn't spill the way they do fracking.he process is such, really only spillage water they're using, some steam to clean it up. of course it is not environmentally perfect and i'm not saying it is but we have to save the american way. i think that is way more important. melissa: we need energy, we do, but when we look at pictures it is always tough. oscar, thanks for coming on. have a great weekened. >> thank you so much. melissa: time for today's fuel gauge report. intensifying violence between israel and hamas sent oil prices climbing. crude rose nearly 1 1/2% settling at $86.67 a barrel. the epa shooting down a waiver request for ethanol fuel production requirements. 10 governors made the request, 10 governors! they say because of lack of corn from the drought. epa says they found no evidence, no evidence to support the claims. >>> the long island power authority is facing $800 million in damages from super storm sandy. the utility is eligible however to get a 75% reimbursement from fema. the remaining 25% will likely be

other thing what we've seen with natural gas practicing -- fracking everybody rt of wentfter it at oneime. all of sudden there was explosion of the natural gas on the market and price fell below two bucks and a lot of people backed off their drilling bause the price went so low so quickly. is there a chance of that happening with crude oil? >> well there is. the analogy with natural gas because what we've seen in the natural gas is fall back in production of dry natural gas. liquids, prone, methane stuff linked to theoil market. we still have high natural gas production. we still have high oil production beari natural gas prices because we're getting that production. if indeed you make prices low enough, that the best-case scenario,isn't it? supply on the market, lower prices, a win-win for both sides and both the consumer and both for industry. keep in mind, we're just out in ohio last we with parts of the utica shale in eastern ohio. we're on the verge of this country of manufacturing renaissance all predicated on ch information. it is a good thing for all of us right now melissa: le

on federal land, fracking be the high drawlic fracturing technique that leads to oil and gas production. that's regulated by the state. are you saying that the fed wants to get in on the act and preempt the states? >> i think it's a possibility, paul, yes. >> paul: so that would complicated drilling decisions by companies and potentially add to costs even though it's been a big boon to president obama's economy. >> you'd think this is the one area where the regulators might want to have a light touch, unformer, it's probably-- >> james, af been following the financial services industry and dodd frank, i know it's your favorite bill, it's much loved across the land. >> certainly. >> paul: but most of these bills, most of the rules, i think, haven't been written. >> you think of the first obama term with its slow growth, and regulatory frenzy, a nightmare, but really, from that 2010 law, most of the burden on the economy hasn't happened yet. the law firm does a scoreboard and they say they're 398 rule makings, separate rule makings that were required by the law. >> these are relatively ma

so, steve, you've been out to the shale in north dakota where it's coming from, and fracking so-calleddrilling and private risk taking. what does it mean for the u.s. energy markets? >> well, this is such a great, great pro american stir and by the way, paul, it's not just oil, it's also natural gas. >> paul: right, sure. >> my goodness we have more natural gas than the rest of the world combined and it's driven by the technological improvements and a five or ten year technological lead than the countries we're competing with. it's interesting, paul, if you look the at the last three or four years, now what industry has created more than any other industry in the united states. >> paul: the electric car industry, steve? (laughter) >> no, not that one. oil and gas and the thing that's so amazing, the president is doing almost everything he can to try to hold this back with regulations and with not allowi allowing permitting most of the oil and gas development is going out on private land and where the president has to get with the program because we could literally create millions more

with your budget deficit it is seems obvious that hydro-fracking it is the way to go. to ensure the safety of water quality that residents are concerned about. the project should proceed it brought benefit to other states there it is no reason the york should be left behind. >> i want to ask you a very good example of unsuccessful creation of the new green jobs. had the look at the elimination of the cost benefit? >> the cost-benefit analysis was a travesty. look carefully all the benefits for reducing mercury came from getting rid of particulates but they were not the focus of that regulation and. also to focus on additional days because of the lower levels of particulates in relation to as much. will level of particulates go down tremendously switching to unleaded gasoline but the incidence goes up the cdc has not show a strong link between asthma and particulates. more coal-fired power plants will have to close. we already have 110 coal-fired plants close since january 2010. and the epa seems marked concern to about airborne mercury but not about fluorescent light b

you mentioned there could be downside to fracking. you also talk about alternative energy companies could suffer. and defense contractors, you can give us a quick answer on that? >> well, it's difficult. when oil prices go up it's good for nuclear and solar and clean energy players. but when they go down which would happen if you get a lot more production in the u.s. it's bad for those players because people tend to go back to oil and using oil. as for the defense contractors, we're to the going to have to spend some of defending the middle east because we will not need those resources so much because we have it at home. >> you gave use lot of interesting analysis on this. thanks a lot, gregg. and we've been speaking with gregg of the street.come. you can find gregg's companion article on our web site nbr.com. >> susie: a server glitch here at the big board today, impacting trades in over 200 stocks. shortly after trading got underway this morning, the n.y.s.e. said it detected a problem with its new matching engine, that made it diff

melissa: you're talk about fracking and talking about shale. that is good poi.s this make the case for shale and fracking when you at the same time we're hearing about the bp settlement? wee remind of a story, 4.5 dal billion in fines at the same time we're looking at photos like this, that maybe while it is obviously a vote for offshore drilling, does it encourage more onshore shale and fcking? >> i would think yes because if there were a spill it could absolutely be contained right there. we ca continue the spill on land and it is not, it doesn't spill the way they do fracking. the process is such, really only spillageater they're using, some steam to clean it up. of course it is not enviroentally perfect and i'm not saying it is but we have to save the american way. i think that is way more important. melissa: we need energy, we do, but when we look at pictures it is always tough. oscar, thanks for coming on. have a great weekened. >> thank you so much. melissa: time for today's fuel gauge report. intensifying violence between israel and hamas sent oil prices

melissa: that has to do with fracking and shale and people areworrie about that there is going to beon on tracking and shale now at this point. that is why we're seeing so much production. it was technological advance that has ushered in all of this natural gas and new production. could do you think he might threaten that? a lot of people think that is bad for the environment? >> no. i think the president has said let science, let sensible environmental regulations deal with natural gas and fracking. i think that is the right policy. but i think the industry has got to realize they just can't have a free hand. there has got to be sensible gulation. melissa: so that sounds like more regulation. >> now, now, the issue here, melissa is the coal guys. i think the president has said he wants clean coal, but the coal guys came after him in many states. he wants to kill the coal industry. that's really not true. so i think they have got to have a real reality check, ask as to whether they want to be part of this all of the above policy which i think from the president's standpoint and natio

thank you fracking and shale. >>> exxonmobil telling iraq it plans to exit a $50 billion oil project.ed between the two sides. exxon signed a slate of development deals with kyrgyzstan against the wishes of iraq's government. exxon is in talks with foreign oil companies to sell its stake. >>> they are slapping billions of dollars of duties of chinese solar products. chinese companies have been accused of flooding the u.s. market with discounted products. you know we don't want those. >>> next on "money", a crackdown on price gouging. it is an unfortunate effect of the superstorm. new york attorney general eric schneiderman is here exclusively with his plan on cutting it out. at the end of the day it is all about money and lines. ♪ i'm a conservative investor. i invest in what i know. i turned 65 last week. i'm getting married. planning a life. there are risks, sure. but, there's no reward without it. i want to be prepared for the long haul. i see a world bursting with opportunities. india, china, brazil, ishares, small-caps, large-caps, ishares. industrials. lolow cost. every dollar c

crisis and that's really what became most fridays the things that are being generated during the fracking process we know have the potential to cause things like a nap seen in benzene which we know are linked to kenia we know are linked to cancers and other types of neurological disorders. the emergency room doctor and his band of suburban activists often get to hear at the local mexican restaurant with the children to discuss the perils of a process they may not have even heard of a few years ago even in oil city texas fracking. and so this was where they were going to put it correct.