you can refuel with natural gas. can refuel it with regular gasoline. >> a lot of my friends say wait a second, there's not enough room in a trunk if you put nat gas tanks in it. >> this is a natural gas tank. you see it takes up a little bit of room in the back. but this is what gives us 600-mile range. we haven't taken out the gasoline tank. if we wanted to get rid of this tank, it wouldn't take up the room but you wouldn't have the flexibility. we have to find some space for it. this fits in pretty nicely and gives us a nice space to put the cng logos on the side. >> president in his speech yesterday directly mention td wasn't the job of the government necessarily to give money to any particular technology but it was to promote. this would be a natural engine i would think for the military. i would think for the post office. right? >> no, it's going to happen. we're going to see it in locomotives. we're going to see it in shipping because anybody that uses fuel is really excited about the opportunity to use a domes

as you know, under the natural gas act, your department has an obligation to evaluate whether natural gas exports are in the public interest. so you are, in effect, the regulator. the comments you made the other day suggest to me that you've sort of made up your mind. you were quoted here as saying, and i'll just quote you here, exporting natural gas means wealth comes into the united states. now, that's not what we've heard from our businesses like steel and chemical and plastics. they had representatives sitting where you did the other day. and a very troubling study came out from the energy information administration, a part of your department, indicating that natural gas exports could increase prices by more than 50% and cost american industry and our natural gas customers as much as $43 billion. i'm looking at the chart thattest maelts, for example, what we would be dealing with in terms of the applications on offer now. it's about $13 billion cubic feet of gas exported per day. that's what we're talking about now. so the applications exceed the amount that eia made that study ba

, the price of natural gas. you didn't mention infrastructure, although in your testimony, you talked about that. can you talk about what you see as some of the limitations on natural gas use and distribution because of our infrastructure challenges? >> well, one of the new really exciting developments in energy is the northeast from ohio, pennsylvania, that area becoming a significant gas producer and possibly oil producer as well. there weren't -- the u.s. pipeline system wasn't set up to ship gas away from those areas. it was shipping gas to those areas. so the challenge now is, you know, getting the right pipelines to the right places so that gas and liquids can be economically developed. what we're seeing is this great revival on the supply side. this great revival has showed -- illustrated that our inf infrastructure system, our pipeline system, whether we're talking about the midwest or the northeast has yet to catch up with this great revival. >> and you would add keystone to that as well as mr. diwan sa

we also use eia's projection of cost for generating electricity from natural gas. there's a sharp decline. gas prices now at ten-year lows. and in the eia forecast, they project gas prices going up. these scenarios are very sensitive to the price of gas. the first two are essentially about electric power. we can build electric power and supply it with renewable sources or we could use natural gas. the third scenario's different. and that is producing oil and gas within california. and there is a project that could easily be started by developing oil in the santa barbara basin. and as many of you are aware, in 1968, there was an oil spill in the santa barbara channel. it was actually a rig that got out of control. and this ushered in an era where i think it was president nixon who instituted a ban on offshore oil development. and that ban has been in place since that time. there's still a lot of oil in the santa barbara channel. in fact, i was out there a couple of years ago walking on the beach. i would recommend wearing shoes if you walk on the beach because there'

natural gas is great, so we're pushing on natural gas for transportation. electr electrification is great. we've had some pretty spectacular breaktl dbreakthrou that was announced yesterday, that at least looks like it will decrease these barriers maybe twofold. continuing again to diversify the transportation fuel. so these are the things we're doing, and we're very focused on that because we understand the economic impacts it has on all americans and our economy. >> but is the overall goal to get our price? >> no, the overall goal is to decrease our dependency on oil, to build and strengthen our economy and to decrease our dependency on oil. for the first time in the last eight years through a lot of policy, this previous administration, you know, our oil production has increased for the first time. it's at the highest level in eight years. it's the import. the fracture level is at it highest in 18 years. we think if you include all these policies, including air efficiency, we think we can go a long way to becoming less dependent on oil and diversifying o

address just last tuesday indicated that this country has potentially a hundred year supply of natural gas. in your new estimates, the marcelis shale, which we previously thought had enough gas to meet the entire nation's demand for 17 years at current consumption rates has been revised downward to a six-year supply. so it seems like the numbers are all over the place. i think it speaks to -- it speaks to the fact that you've got changing technology, you have increased exploration that allows us to understand a little bit more about what we're looking at in terms of the reserves but it does go to the heart of what you all deal with and that is understanding the numbers, understanding what we're dealing with in terms of supply. a long time before the pred agreed for those of us calling for an energy policy, it became ef the u.s. does matter in terms of influences world energy trends and determining our own fate. if an emergency or disaster does occur, there's a strong likelihood that the rest of the world will look to us for leadership and we've got to be ready for that. so i'm hopeful this

we have talked about the horrible state of the natural gas market a lot on the show lately. ply so abundant in this country and there's been so much drilling that the supply of gas has overwhelmed the ecould manned. now we're talking about blocking its export. it's all bottled up here, ladies and gentlemen. that is why oil and gas producers like eog and chesapeake and capital gas have all decided rachet down the nat gas drilling budgets. we had the ceo of eog resource. he painted a grim picture. it even frightened this guy, and i believe that natural gas is your honor a lot of pressure. i asked him had natural gas bottomed at dallas 2.350, and here's how he responded. >> i'm not sure i could agree with you that natural gas has bottomed at the current $2.50 price. i mean, i wouldn't be surprised to see it go 50 cents lower sometime during the summer. >> off the $2.50 pace. this is a guy that understands the industry. it gets worse. this guy has been right about everything he says since he has come on the show. i felt like taking gas. how about coal? that's actually the bulk of

now, one thing proposed is the use of natural gas to create methanol, use it as a fuel administrative. i really kind of pursued this. seemed like it would be a wonderful way to come up with a low cost way to supplement oil and gas particularly with the ratio of cost of natural gas to oil. i went so far as to meet with people from industry, fairly high in research in industry. they told me it would take 15 years conservatively for something such as methanol to be thoroughly vetted through epa's regulations as to being safe for use. it's not methanol per se but rather the agents to make it in gasoline. that said, this is someone currently work ongoing ethanol, so he kind of knows of that which he speaks because this is the process they are going through with ethanol. if we're trying to use natural gas as another way to use transportation fuel is there any way to make it less? is it so daunting to mean it's not going to happen? >> it would be off putting. i'm happy to meet with -- you don't want to meet with me, meet with experts to talk about ethanol in particular. of course natural gas

liquids production, so that's crude oil, natural gas, liquids, some biofuels, u.s. liquids production grew by 1.3 million barrels per day in that three-year period. that was the biggest increase during that time by any country in the world, just for context, the number two source of growth was russia, which grew by about 500,000 barrels per day. north dakota is an important part of this story. north dakota a few years ago wasn't producing much oil. today north dakota produces about as much as ecuador. ecuador is a member of opec. i don't want to suggest north dakota's going to join opec, but it does give you a sense of the context, how big that increase has been. looking out over the next decade, when we look at the potential for the u.s. and canada combined, we see the potential for u.s. and canadian production from 2008 to 2020. over that 12-year period, to grow by about 4 million barrels per day. that's more than what iran produces today. that's the potential, it's quite significant. on the demand side, we've seen peak demand. we believe u.s. demand for oils peak

and they are looking at natural gas. but like in any country, a lot of the decisions that are taken in china on power are taken on economic basis, and coal has been a cheap competitor. and has -- and that is why it has grown so rapidly. whether or not that will continue in the future is another question, especially now that china has aggressively decided to markedly expand their use of natural gas. but i do think th, and our projections show, that coal has a bright future as well. >> thank you, mr. chairman. >> senator shaheen. >> thank you and thank you to all of our witnesses for being here this morning. i think every one of you in your comments and projections talked about demand and how that's affecting energy projections for the future. you may be aware that senator portman and i have sponsored energy efficiency legislation that addresses a number of sectors of the economy here. can you talk about how energy efficiency is incorporated into your projections and what increased use of energy efficiency would do to your

so this is not necessarily a wind versus natural gas story. this is an economic development story in the middle part of the country. i want to commend these gentlemen for their research. their research poses a lot of good questions. i don't think they are answered in the right way. in the most part. so i'm going to go through that pretty quickly. i think mr. cons dine's research except the cost is not $300 megawatts an hour. th that skews the sbentire picture he's trying to portray here. we're seeing electricity prices 3 megawatts an hour. that's a far cry. we have to get real data. ei data is a love-hate relationship. you use it when you like it. when you don't you still use it. but you know, you get what you get. the fact of the matter is, there have been dramatic changes in the price of wind in the last two or three years. it has come down. it has not gone up. if you look at the price of natural gas and wind ei projects, they are both wrong. you ask any economist what will the price of wind be in five years, what will the price of gas be in

if we're trying to use our natural gas as another way of transportation fuel, is there anyway we can make that less -- that is so daunting as to mean it's never going to happen. >> sure. sure. it would be off putting. i'm happy to meet with or have my experts, you don't want them to meet with me, but my experts in the fields group talk to them about methanol in particular. natural gas, in and of itself, without a transformation, is, i believe, what the president was more directly addressing in terms of a potential transportation. >> and, but, he's done -- no offense. i'm not being derogatory. but there's no initiative on it. so it sounds really great and i think it's great. it's just nothing is happening. now, the methanol can be a fuel additive, much as ethanol is. but i'm told that the regulatory process is, again, so long as h is a potential denied, if you will. >> well, i think it's worth having a discussion with those who are interested in pursue in methanol. >> if you don't mind, i would like to meet with them. frankly, my industry groups are afraid of you. >> afraid of me? >>

so much and why should consider using natural gas more. what are your forecasts for wti and brent versus where nat gas will be in 24 months? >> well, natural gas, it's obvious you're dealing with oversupply. that's why it's -- i don't want to be repetitious in the remarks. what a wonderful opportunity for our country. i think oil is going to move up from here. and where? it's a tough one because the world is using about 90 billion barrels of oil a day. that's about all the world can produce. so when you get production capped, the only way you will control the price is with demand. so if demand goes up, productions cap, you're going to run the price up. i don't know whether it goes to $125, i would say north of that at some point this summer. >> mr. pickens, it's karen fin r erman. are you surprised haven't seen this demand equation move in that some supply just comes off the market? >> well, i mean -- okay. i've been surprised that the producers have kept drilling. natural gas wells. and so i think you're going to have to lay down some rigs

i know there's a debate about whether we should keep the natural gas as an island. the problem is if you don't create a market for it, you get prices as low as they are today which is a disincentive to production. so you've got to figure out the right price point where you can get people to invest in natural gas which is a cleaner fuel, but also, you know, so opening up that export i think is the right thing to do. and i just want you all to say yes or no. do you agree with that or not? opening up exports for gas. yes or no. >> i don't think i'm allowed to have a position on that. >> ambassador jones? >> yeah, we believe that trade should be more driven by the market. if the market -- if there's market demand for it, we don't think that there should be export restrictions. >> developments that foster and enhance global trade of energy makes for a more robust system. >> mr. diwan. >> i agree with them. >> senator murkowski, did you have additional questions? >> i do, mr. chairman. a couple follow-ups, one on iran sanctions, and then the second on the issue of reserve

every natural gas company is saying we've got to get the price of gas up. defy the conventional wisdom. treat these research projects as research projects, learn from them but don't believe every word that's in them. thank you. >> thanks, jimmy. as you can see, we aren't afraid to have stark differences of opinion. we shy away from these things. speaking of stark differences of opinion, i will turn to our cleanup batter. i'm sure that our two first speakers are chafing at the bit to counter, but that is a cross i must bear. kate gordon vice president of center for american progress. most recently co-director of the national apolo alliance, serves as senior policy adviser, expert on clean energy and economic development policy and long worked on economic justice and labor issues. i will leave the rest of her bioto your pleasure. it's in your conference materials. kate, you are going to have the last kick of the formal speaking can. >> we'll try to keep it short because i always like the q&a stuff best of these conversations. i know you're going to be shocked

gruenspecht where alaska natural gas fit into the bigger picture as we talk about domestic natural gas. senator wyden has on many occasions before this committee asked questions about the export of domestic product here. and you as a secretary have the authority to sign off on whether or not export is in the national interest. the question i had asked him is whether or not in his opinion alaska was viewed separately from the rest of the lower 48 market. different type of gas, different processes, and clearly a different market. alaska is much closer to the asian market than we are, most of the lower 48. it was good to get his opinion on it. but you're the guy that ultimately signs off on export licenses. how do you view alaska's natural gas and whether or not this is something that would be viewed differently than the domestic -- the lower 48 natural gas domestic production? >> well, given the charge of and the decisions we would have to make on allowing the export of natural gas, it would, again, have to be folded into what would be in the best interests of the united states. >> certa

get the natural gas out. to test it you want to turn it an eighth of a turn and turn it back to the way it it was. notice the little thing? that's going straight with the flow of the pipe that means it's open. if it's across that means you turned off the gas. the eighth of a turn you didn't turn it off you just moved it. these are in better shape. if you can get to this valve, safely, the building's collapsed on it you can't get to it you have to use the one in the street. pg and e put all the meters outside the houses in a lot of the neighborhoods, these are pretty easy to get to. they are easy to find. if you can find the little round circle in the sidewalk. if you look directly at the house you will find this meter and this shut off on the ground floor. in is a closeup of the shut off. in is the wrench i recommend you you use it for other things. they are cheap and they will work. this is great because you can use it somewhere else if you have to. an adjustable open end wrench. a diagram are off/on. shut o

one is the massive glut of natural gas that is making investors shun the nat gas stocks.t along with persistently high prices is causing oil -- causing the stocks to finally get their due. so if you want to find a bargain here what better place to find than to look for a natural gas company that's transforming itself day after day into a regular oil play. i'm talking about devon energy, dvn, the exploration company that as of yesterday had barely moved up this year, it's been up 1% since 2012 began versus eog, up 12%, but today all of that changed. see, this morning devon reported a spectacular quarter. 8 cent earnings off $1.47 basis and higher than expected revenues that rose 21% year over year. this company is successfully making the switch away from natural gas and towards high-priced oil and nat gas liquids. right now only about a third of devon's rushing comes from oil and liquids. by the end of the year it will be up 40% as it has 40%. that's how devon plans to achieve 20% production growth this year. that's stunning, people. that's stunning. so people look at this

but natural gas, not true. here we've seen a 30% increase in our natural gas reserves over the last five years. what does that mean? well, in china it's $16. japan $16 per million cubic feet of natural gas. what is it in the united states? $2.42. six, seven times cheaper in the united states. that means it's cheaper for every manufacturer, cheaper for every farmer, cheaper for every consumer. what do the democrats think? we love natural gas. let's keep it here. let's not be setting up terminals all across our country to export the natural gas across the planet with the department of energy saying that if we did that the price of natural gas in the united states would rise 57%. how can that be good for consumers? isn't that our advantage? saudi arabia is the saudi arabia of oil. we are the saudi arabia of natural gas. why don't we use that to our advantage? why don't we use that to inoculate ourselves against what saudi arabia of oil does to us, by jacking the price of oil up and down? why don't we become indepe

production of natural gas is projected to exceed consumption early in the next decade. we expect reliance on renewable energy and natural gas for electric power generation to rise and putting all of this together total u.s. energy related carbon dioxide emissions are more than 7% below their 2005 level, 2005 level of something that policy makers look at often in 2020 and remain below their 2005 level through 2035. shifting to the outlook for global energy use, our latest international reference case projects world wide information consumption growing about 53% by 2035 with china and india accounting for half of the increase. while fossil fuels continue to dominate, renewable energy is projected to be the fastest growing sourt of primary energy. natural gas has the fastes growth rate among the fossil fuels and developing countries really dominate the growth in all categories of energy use. there are both similarities and differences in the international energy outlooks developed by the eia and the iea, my colleague here. starting with similarities in both eia's reference

. >> the first thing is natural gas. what do you know about natural gas? flammable. it goes, boom. it's important to shut this off. we use it for cooking, eating and hot water. there were 40,000 people that called pg and e about their gas. that means they call turned off their gas? did they need to do that? when do you have to? when there is a problem. how long did you think it takes pg and e to get out and turn it back on? 45,000 people. days weeks, may be a month. who has seen this in the streets. a lot of muck is in there is it's full of dirt and weeds you turn it to the right to tighten it and left to loosen it. your home work you have to look at your house, pop open the lid, look in there see what's going on in there it's not nice and clean like this. who has seen this around their house? everybody. each meter has a shut off. you want to find out where your gas meter is. you can keep track of your usage but you will know how to shut it off. here's the shut off. i have some tools up here, you can look at these. any hardware store has these. they fit on this and it allows you to

cheap natural gas, cheaper coal and the extension of the gas network will reduce the heating oil consumption, too. so you have a number of trends here for different fuels which are on the decline. but the biggest gain is obviously on the gasoline side structurally. >> okay. let me ask about the closing of refineries. we've seen refineries being closed in the united states and hawaii and the virgin islands, even in europe. what is the -- both the impetus for this and the results that we're seeing? are we in a circumstance where we're going to see higher prices for gasoline at the pump because of shortage of refined product, even while we've got an ample supply of oil being produced? i mean, what is going on here with refinery closures? dr. greenspuch, you have do a perspective? >> i have something of a perspective. we sent -- we put a report on our website right before christmas, a little short report on northeast u.s. refining. we are expecting to provide a much more detailed piece probably by mid-february. but i guess the short answer is that certain types of refineries, you know, in certai

you mentioned natural gas prices are lower. lot of people are probably confused because i have been saying that you are a pioneer of using consolidated natural gas trucks. you also produce a lot of natural gas. >> we produce energy. we produce a lot of methane gas from landfills tied into the price of natural gas. that affects us. you are absolutely right. they are not only a great financial investment, they are a great environmental investment. we will probably will spend about 90% this year, in c&g trucks. >> will you be looking at the new west positive rt engine truck announced? heavy duty engine. do you already use their current westport cummins line? >> we use the current one. and you know, obviously we are looking for all of our manufacturers to find a better way for us to create a more efficient garbage truck. not only through cmg, lng, making it lighter and more efficient truck. >> now, is recycling starting to go the right way? >> yes. recycling prices last year were phenomenal. you know, a lot of what we do is driven

for natural gas. what is the plan of the oil and gas companies? send this natural gas around the rest of the world. and what would the impact be? it would increase prices for american steel industry, increase prices for the chemical industry, increase prices for the plastics industry. and increase the prices for the utility industries, the general -- that generate electricity for american homes and businesses and ultimately increase prices for consumers in our country. this amendment, the markey amendment, is aimed straight at the strait of hormuz and it's saying to them, we have got the natural gas here in america. we're going to drill for it. but we're keeping it here because it's six times lower in price than it is in asia and europe and that's what we're going to keep here for our american citizens. we're not going to play this game of international markets so the oil and gas industry can raise the price of natural gas up to the price of oil. they get rich and exxonmobil's reporting $137 billion in

what does the natural gas and oil industry want? they want to build terminals all around our country to create a world price for natural gas. that hurts us. we are the saudi arabia of natural gas. what is this all about? it's part of the same story. how do we export the oil that comes down from canada, through the united states into port arthur, texas, and send it and the world? the world price of oil. great for texas, great for louisiana. great for oklahoma. bad for every other state that has a manufacturing base that uses the oil to create products, which we want to export around the world as they use oil to make it here in the united states. no problem with exporting that. that's what the debate is all about. do we keep this precious natural resource here? >> gentleman's time has expired. i'm going to recognize myself, but before i do that i want to read your amendment because you mischaracterized it, i think. it says the federal energy regulatory commission shall require every permit issued under this act to ensure that any crud

natural gas is back near a ten-year low. natural gas prices falling toward the lows of the session.p in mind, we have natural gas down over 5% right now. and we already have here in terms of natural gas supply in the u.s. about 25% more natural gas than we historically have this time of year. we'll get numbers coming out tomorrow morning from the energy department showing the weekly decline in natural gas supplies. it's expected to be far less than we normally see for this week of the year. we're looking at 1.23 to 1.27 bcs. keep in mind as we look at the fall in natural gas, a lot of traders are waiting to see if natural gas prices will approach last week's low, and very soon perhaps to the $2 level for natural gas. back to you guys. >> warm weather right now, i just now how karma works. we're going to pay for it somewhere down the road. we'll have an april snowstorm or something, i'm sure. less than an hour of trade to go. traders watching shares of viacom, the media company reports its earnings tomorrow before the bell. making this year a chance to buy or sell that stock before w

the natural gas, we are the saudi arabia plus ten or times ten of natural gas. don't understand why we're not doing more to take it out. >> neil: big primary night in michigan, argument seems to be, just talked to mitt romney a few minutes ago, he has got to win michigan. he acknowledges but if he doesn't, do you think he is in trouble? >> he a good man. he understands what china is doing to this country better than anybody else in terms of running. he has been very strong. you talk about opec, he gets the opec situation and will do something about it. it can happen well for this country. i hope he wins. if he doesn't win, it would definitely not be a good thing, not for the congress or the republican party. i think he is going to win. >> neil: do you think it increases the likelihood of a brokered convention? >> it would prolong the race. i don't know about a brokered convention. i think he is going to do fine. people are really liking him and starting to like him a lot. i have a lot of friends that really weren't sure and now they are liking him a lot. they ar

fred smith from fedex on the use of natural gas in their fleet. and with the gas plays happening there seems to be growing demand for compressed natural gas. we don't have the infrastructure -- how is dod involved in helping get to that resource? >> i agree with fred smith about liquefied natural gas. a couple of hundred filling stations in major interstates and that is a significant part of our transportation energy use. you can offset a lot of that. we looked at the numbers. it looks very promising. payback period on the order of three four years for an investment -- the filling stations, private sector is getting behind investing hundreds of millions of dollars so the -- very few filling stations. this is a great way to diversify our energy supply. when you go to delivery and personal vehicles, different because you can't have every 200 miles on an interstate. you need a lot more. compressed natural gas is the solution. we need better storage. you have a very expensive tank or you have a very heavy tank which is not considered an option like a s

i look at natural gas. we found new technology that allows us to harvest those natural gas resources, as you will hear from the gentleman from new york when he talks about the marcellus gas shale and harvesting in new york and pennsylvania, but we also talk about oklahoma and natural gas there, we have an abundance of natural gas. we have seen the price go down, even in an adverse regulatory climate and adverse tax climate that we have got under this administration, natural gas prices have gone down, because there are two factors that affect any pricing of any commodity, supply and demand. world demand is down. world demand is down because we have a bad economy. the number one driver is supply. the supply is going out the roof. america is sitting on the reserves to be energy independent and to provide other parts of the world with the natural resources that we have been blessed with here in this country. america needs to realize that the policies of this administration is keeping this administration from ha

good morning, i am andrea fujii live in southwest baltimore where crews are working to restore natural gas to hundreds of families here. so when will the heat be turned back on? that is just ahead. >> that gas main break is also causing some problems as far as our road closures. plus we are starting to see minor delays. we will let you know what speeds are looking like on roads in just a few. right now over to marty. >> heel wood made a movie of his life. ravens offensive tackle michael oher joins us on coffee with. he has written a book called i beat the odds and we are going to talk about it. raven in the house, always makes for ,,,,,,,,,,,,,,,,,,,, >>> this is wjz tv, wjz hd, and wjz.com, baltimore. >> good morning, maryland. now don scott, marty bass, and the latest breaking news from wjz's news team and weather from sharon gibala. >> it is our harbor cam catching the start of another spectacular sun reis, rise, some clouds out there but it is feeling mild. >> let's take a look at the numbers and i agree it feels mild, six degrees warmer than this time yesterday, eight degrees warmer t

and the swashbuckling ceo is cutting back on natural gas drilling, but all for naught. st night, the ceo of eog resources told us that he thinks nalt gas could still come down hard from here and will stay down a long time to come. enter west port innovations, which priced 5.5 million shares 43 this morning. and west port is pumping up natural gas for pickups to heavy duty trucks. trucks are responsible for consuming 25% of the oil we import, if our government were simply to support siddize the program and have the trucking companies switch, we did the cash for clunkers, we could turn the tables on opec, lower the prices using cleaner, cheaper and increasdibly abundant fuel. republican candidates aren't talking about the opportunity. and other than one photo-op where we were called the saudi arabia of natural gas, nothing happening to encourage the switch. and other than west port and clean energy fuel, building a network of natural gas filling stations no, one doing anything meaningful to knock down the future price and helping america become less definite. honestly an o

>> a gigantic natural gas concern at the absolute high for natural gas which has plummeted to 20-yearows. $31 million for xtl. guess what. i think they could have got it for half, maybe less, and that's a deal that was done less than three years ago. what's exxon doing with all its cash? it boosted the dividend by 7%. it's got a relatively low 2.2% yield especially given that this company has become a value stock with almost no growth. the pharmaceutical companies pay twice that. what exxon seems to be most proud of is what they're always bragging about, is the astounding $22 billion that companies spend buying back 278 million shares. in my view, that's moolah down the drain, giving you 6% gain over year. the money spent on xto could have allowed the company to pay a much larger dividend and the stock would have been much higher. all right, finally, oh, boy. there's radio shack. all right. what can i say? this company has redefined the term pathetic. not only did it preannounce a horrendous number, expecting 13 cents when looking for 37 cents. if you google massive shortfall. radio s

but natural gas, not true. here we've seen a 30% increase in our natural gas reserves over the last five years. what does that mean? well, in china it's $16. japan $16 per million cubic feet of natural gas. what is it in the united states? $2.42. six, seven times cheaper in the united states. that means it's cheaper for every manufacturer, cheaper for every farmer, cheaper for every consumer. what do the democrats think? we love natural gas. let's keep it here. let's not be setting up terminals all across our country to export the natural gas across the planet with the department of energy saying that if we did that the price of natural s in the united states would rise 57%. how can that be good for consumers? isn't that our advantage? saudi arabia is the saudi arabia of oil. we are the saudi arabia of natural gas. why don't we use that to our advantage? why don't we use that to inoculateurselves against what saudi arabia of oil does to us, by jacking the price of oil up and down? why don't we become iependent

we've been using more natural gas in our power system replacing coal. now will we see natural gas used in transportation in a something unway. will we see it used with heavy duty truck and things like that. and i think the longer that gas prices are down and the bigger the began between oil and gas prices, there's more tendency to use natural gas as one of the alternatives in our trans portation system. and that's where we mainly use oil in transportation. >> rose: where is china on that whole question because of their own investment in finding alternative sources. >> china is on this very fast track that probably by the end of this decade they'll be using as much oil as we are. more new cars are now sold every year if i china that the united states and that's happened very fast. so the chinese are very concerned about energy. they see it as very basic to their economy. they have 20 million people a year moving from the countries to the cities who need housing who need jobs who need transportation. all that involves energy. so their oil companies are ou