can you describe the situation he had in terms of the mining operations in the north sea?in 1907 they had the hague convention and there was neutrality with norway and that sort of violation. and then, also, could you do a little bit about daniels and his management style in terms of how he led? did he delegate more or was he hands on? >> let me start with the second question first. i think if we can bring some of his senior admirals back from the dead and we would ask them that question i think they would say that he was all too hands on. i think if we can bring josephus daniels back from the dead and ask him that question he would say yes i was hands on but only on the things that i thought i should be hands on on. i think that he felt like he never interfered with his admirals when it came to the execution of orders, tactics, strategy. he was not an arm chair admiral. he confessed he knew nothing about strategy or so forth. but he thought the issues with respect to the management of the sea men themselves he thought that the navy was too cast driven and that the separat

can you describe the situation he had in terms of the mining operations in the north sea?in 1907 they had the hague convention and there was neutrality with norway and that sort of violation. and then, also, could you do a little bit about daniels and his management style in terms of how he led? did he delegate more or was he hands on? >> let me start with the second question first. i think if we can bring some of his senior admirals back from the dead and we would ask them that question i think they would say that he was all too hands on. i think if we can bring josephus daniels back from the dead and ask him that question he would say yes i was hands on but only on the things that i thought i should be hands on on. i think that he felt like he never interfered with his admirals when it came to the execution of orders, tactics, strategy. he was not an arm chair admiral. he confessed he knew nothing about strategy or so forth. but he thought the issues with respect to the management of the sea men themselves he thought that the navy was too cast driven and that the separat

basically, sealing off the north sea so the german u-boats couldl not escape out into the atlantic.nted so, when the country, the united states, enters the war, then, in 1917, daniels is basically n the confronted with two major problems. th one of those is, of course, the u-boats in the atlantic, and the other is transporting the army to the battlefields in france. and so, with respect to itish combating the u-boats, the getg british were, of course, blockading the continent and stopping just about anything from getting in or out. then the germans were, in turn,n trying to get the british and the french public to put pressure on their governments to sue for peace by cutting off their aid from the rest of the world, in particular the united states, with the u-boats in the atlantic. and so, these problems of oblege getting, addressing the u-boat n menace and getting food and supplies to the british and theo french, and getting troops to the front, they are two sides of the same coin. it is basically controlling theh sea lanes in the atlantic. and so, the primary -- the primary manner in

we know about the taxes to take out oil in the north sea.t's probably not ok when we to $70 or $60 a barrel. can he help them? >> he could help them. he has articulated how he could help by asking for tax relief. in this country there is a lobbying body called oil and gas u.k. they are saying you need to give us tax relief because in the whenthe biggest resource it comes to oil and gas is the north sea. 20 billion barrels of oil thought to be the need the seabed. that requires -- to be beneath the seabed. when taxes were raised on oil and gas companies in 2011, the ofncellor said, if the price oil falls below $75, i will revisit that. oil is at $70 a barrel. ast month they said -- sent letter saying, how about we make good on that are ominous? >> a couple of things i want to bring your attention to. the euro-dollar dropped. that's a two-year low. spanish services pmi out a little earlier. another currency getting whacked over the next year or so has been the shekel. is real in aabout couple minutes. stay with us. -- israel in a couple minute

and flips over and over, plunging down the steep cliff toward the north sea. >> translator: i was sureue workers find the driver's body in the devastating wreckage thrown outside his truck. but he's alive. his fall is cushioned by his truck's load of salmon and ice. he escaped with two collapsed lungs, a broken arm, finger and collarbone. >>> on the other side of the north sea, england's roads are much tamer, but driving can be just as dangerous. >> oh! >> jack and his son, raj, depend on cars to make their living, installing custom exhausts at their shop minutes from london's heathrow airport. but they never dreamed they would end up using their car to chase down a hit-and-run driver. january 19, 2011, just before 10:00 a.m. jack and raj are on their usual commute to work, when they notice a red mercedes driving recklessly. >> stupid driving. that's stupid driving. >> what caught our attention immediately was the fact that driver decided to break the law by just barging in front of us in the first place. >> jack records his drive to work using a dash cam to avoid of being accused of b

investment in the north sea to recover as much of can. we need a smaller grid. meters. on that question, i would argue that there has been an enormous investment under this government jury at more in the previous two. but i regularly get around in meetingthat the the other day. is there any other country in the world that has as long-term and open any of them are you to invest in? they basically said, if you are an energy investor and want to get involved in providing energy, this is a great place to invest. i think on that front, we are doing well. it 3.8 billion of seed capital. it has not spent that money yet. i think it is off to a good start. but i think it is the right start. it should be a seat invest. the bearing in money from the private sector. that can change, but it has not run out of money. >> it has not run out of money. the problem is, they cannot seem to what you think can be done to improve the? >> is early days, but i think billion. 1.6 of 3.8 one pound for the private sector from every pound it's spent. it is wellent organized and well lead. well-capi

they basically turned the north sea into one big mine field which was a clear violation of the earlier agreements. and so they had no philosophical objections to putting mines across norway. it was the maintenance and the technology of the mines themselves. once the u.s. gets involved i'm not a military historian so i don't know all the details but they come up with a better mine. that is part of it. and the second part of it is just political expediency. daniels was against british violations of international law. when the u.s. was neutral and brits versus germans once it is u.s. and brits versus germans international law did not mean as much to him as it did when he was neutral. >> dr. craig, would you say that he wasn't an arm chair admiral, he had no military background but then he was a publisher? and did he stay aloof from the operations, newspapers at the time that he was secretary or did -- sometimes like frank knox later on kind of distance himself a little bit from chicago when he became navy secretary. i don't know much about daniels tenure and if editorial policy changed wi

this is the battle of juteland which occurred -- which was fought on the north sea in 1916.ere we have boy cornwall who is on the "hms chester." we see that cornwall's comrades have fallen in battle, however he gained recognition for staying at his post awaiting orders even as those fell around him. this image was used as propaganda to inspire patriotism in other inspire patriotism in others. in fact, corn wall was only 16 1/2 years old and received the victoria cross. this is one of the few works in this collection that focuses on an individual who we know their name. and really inspired heroism among other soldiers and civilians. here we have french troops, french clone yal troops from north africa overpowering german soldiers. we see the river marn in the background. also note this is in a fan shape which is unique. this artist was well known for depicting art deco fashions. this is atypical of his work. the battle of marn which was fought in early september 1914. it stopped the german offensive into france. the french haven't forgotten that the germans annexed lorraine f

the north sea is a problem. because of falling output. that is a general problem in the north sea. they are looking at a potential write-down later this year. they are looking at high decommissioning costs. question, all energy stocks fell yesterday. if you look at the canadian energy stocks, talisman is a canadian producer. almost 6%. maybe there was a premium for investors. about one and a half percent, and still talisman is falling. synergies.otential it is very attractive to get into shale, despite the fact oil prices are plummeting. --y are looking at creating buying a plant on the canadian atlantic coast. if they can get in the marsalis formation, that is one place talisman has a lot of assets. that is a huge pocket of gas that remains to be tapped in new york and pennsylvania. they can type it in. there is a lot of potential for this deal, but the problem is the volatility is so great it makes accomplish for the sides to come together. i should point out it could be the whole company, or it could just be assets. talisman has been very public they are looking to sell any of t

they say if north sea oil futures stay below $70 a barrel, fields with a production scale of 7.5 million barrels of crude oil per day would become unprofitable in 2025. the amount is equivalent of 8% of current output. the analysts say it will lead to delays and cancellation of high-cost development projects such as underwater drilling. they say the projects would need to cut costs by 20 to 30% to become profitable at today's oil prices. >>> japan's trade balance remained in the red for a 29th straight month in november. that is the longest since comparable data became available in 1979. finance ministry officials say that preliminary figures last the trade deficit last month was about $7.6 billion. it fell partly due to a fall in crude oil prices. exports rose 4.9% from a year earlier. the officials say the increase is mainly due to a rise in exports of semiconductors and liquid crystal panels to china. imports were down 1.7% from the same month last year. >>> japan's tax collectors expect to bring in more revenue than they originally thought. they say the windfall will come to around 1

nearly 2 dozen russian bombers and fighters swooped over the north sea, the black sea, the gulf of finland and the baltic sea. that intercept was captured here on never-before-seen video recently declassified by the norwegian military. it shows russia's newest fighter jet the su-34 which can travel more than 2500 miles carrying a payload of eight tons of precision enjoyed weapons. events like this happen more than 100 times in 2014. three times more than in 2014. -- 2013. >> essentiallily what it is is the cat and mouse game, where each side proposes the defenses of the other to see how they'll react. >> that game is putting more pressure on nato outposts like this outpost in boudah. to be eyes and ears in the sky when it comes to russia. norway runs that operation from its military headquarters which it recently moved 600 miles north, becoming the only military headquarters inside the arctic circle. one big reason for the move to keep better tabs on russia. buried deep inside an arctic mountain, norwegian monitors track incoming bombers on monitors, an image of 1950s cold war surveillance

he settled in the small fishing village of cullercoats on the north sea and rented a studio two houses from the rescue station, overlooking the beach. here was his first encounter with the wild and elemental forces of nature. the rhythm of life in cullercoats was termined by the fishing boats, which set out at dusk and returned in the morning. gradually, homer began to replace descriptive detail with the concentrated drama of individuals bent on the task of survival in a rugged environment. although he had intended to stay in cullercoats only for the summer, he remained almost two years. in october, he watched the life brigade rescue the crew of a wrecked ship-- the iron crown. he sketched the scene from the beach and later painted one of his largest and most ambitious watercolors. at cullercoats, homer's works took on a new monumentality. in the lives of the fisherwomen, he perceived both the gravity of the human condition and the physical power of nature. to homer, the ocean was no longer merely a setting for leisure activities. now the wild and turbulent sea was a manifestation of n

located on the german north sea coast. the stripping of stars burning up, intensifying every year. coming up on al jazeera america - how one police officer's act of generosity is changing lives in alabama. >> it's a chilling and draconian sentence... it simply cannot stand. >> this trial was a sham... >> they are truth seekers... >> all they really wanna do is find out what's happening, so they can tell people... >> governments around the world all united to condemn this... >> as you can see, it's still a very much volatile situation... >> the government is prepared to carry out mass array... >> if you want free press in the new democracy, let the journalists live. >>> it was a busy saturday for volunteers at the arlington national cemetery, spending the day laying wreaths at every grave marker, 400,000 of them. it's a tradition, more than 20 years old. it marks the 150th anniversary at the cemetery opened before the end of the civil war >>> profits are growing in the christmas industry. sales are on pace to set a record. that kind of higher demand leads to higher prices. >> thank

which floats is in use by the military search and rescue aircraft at work oil rigs in the gulf and north seall are equipped. it's available technology that has been around for decades. the airline industry unfortunately, and the government regulators have not required it. >> in 2009 air france flight 447 disappeared over the atlantic ocean during a night from rio de janeiro to paris. it took five days to recover the bodies, and two years to find the black boxes. just a month later, flight 26 with 153 on board crashed through the kamoros islands. the sole survivor recounted to investigators hearing the voices of other survivors who died before rescuers located the wreckage. it took two months to locate the black botches. in a report francis, the french verse of the n.t.s.b. recommended that all airlines be fitted with systems that could transmit data as soon as an emergency situation is detected and the activation of an emergency locator beacon. >> i spent several decades in safety and if you wonder why something isn't done it's because it costs money. >> reporter: in 2014 after mh17 disappea

blizzard warnings for the sierra, think twice, please do not leave tomorrow for a trip up to the north sea. winds at the summit if you're trying to go to reno could hit 70 miles an hour. one to three feet of snow is likely, change your plans to friday night or on saturday. it's going to be a lot safer to get to your destination. not too much change here throughout the bay area, all areas expecting rains, keep an eye out, we have pinpointed a few spot where is the best points of thunderstorms. los gat toes will be one of them. across the north bay, east bay and tri-valley, best spot for any thunderstorm activity will be 69, tri-valley temperatures right around 60 degrees. extended forecast and we'll be able to breathe for a little bit. throughout the upcoming weekend, we'll get some dryer area, by monday, another storm system, not nearly as strong, but we're tracking it on our brand-new nbc bay area app you can go there and check it out. >> stay with us for expanded coverage beginning at 4:00 p.m. and then at the height of the storm, we begin our storm coverage starting at 4:00 p.m. you'll

we know despite the north sea erro resources. it's a net importer of oil.ically foreigners owning businesses in the u.k. are extracting more profits from them and taking them abroad compared to u.k. investors, say, in the united states not able to bring as much cash back from, say, their u.s. operations. that is partly because of u.s. operations are paying less in dividends and more in stock buy backs. it's difficult of course because if you apply it to the euro zone, your take during the course of the year would have been severely depressed. but we don't need to worry about those things with two kays to christmas. >> apparently not to worry about much of anything right now. >> the biggin' bank of the england and the sterling and monetary policy but you don't want to know about that now. >> thank you simon. when we come back our next guest co-authored an op ed with the jod apatow. his company trying to change the way your company communicates. think snap chat for the office. stocks mostly in the green. but what if you could see more of what you wanted to kn

if we export balkans, we'll probably have implications for nigerian and the north sea.the eagleford is really unofficial. it's much, much leiter, and it needs to have the continue den sates stripped out of it. even with the light type oil catego category, there's a lot of diversity we don't have the information about. >> thank you, mr. chairman. >> this time i recognize the gentleman from new jersey, mr. yarmuth, for five minutes. >> thank you, mr. chairman. thank you to the witnesses for their testimony and knowledge. i've learned a lot, but i'm still not sure where i am on this issue. and i'm curious, and we talked about the potential downside and while everything hooks wonderful right now, prices down, that would seem to be -- mitigate against worrying about a crisis. but isn't it entirely possible that we could return to a 1970s situation? i was a staffer here in the '70s and remember nose line -- thoss as well. would it not be useful to have this contingency measure because whether it's international yr(oÑ outbreak of war, terrorism, whatever it may be, that we hav

norway is a major oil producer thanks to all that black stuff in the north sea. >>> activity in china's months of hsbc's flash manufacturing purchase managers index and a further indication that the world's second largest economy is slowing down. so news like that is certainly not helping the markets. there is the russian markets. we saw large falls. lock at that. nearly 11.5% down today, but it's having an impact around the globe. as i mentioned the slowdown in china. this weak growth in the euro. we're heading towards the end of the year with not great news whatsoever in terms of the global economy. you can see the ruble there to the dollar, and of course the dow not open yet. that's open in just over an hour or so. we'll keep across that for you. follow me on twitter. tweet me. i'll tweet you right back. you can get me @bbcaaron. that is it for the business right now. >>> do stay with us here on "bbc world news." still to come, we're going to update you from peshawar. this is the scene at the moment. from what we understand, the military operation is still under way. it is now dark.

if we export, we're going to have implications for nigeria and the north sea. it is really unusual. it is much, much lighter. and it needs to have the things stripped out of it. even with the light tight oil category, there is a lot diversity here that we don't have a lot information about. >> this time i want to recognize the gentleman from kentucky for five minutes. >> thank you very much. i thank all the witnesses for their testimony and knowledge. i learned a lot. i'm still not sure where i am on this issue. and i'm curious that we talked about the potential down side and while everything hooks wonderful right now, prices down, that would seem to be mitigate against worrying about a crisis. but isn't it entirely possible we could return to a 1970s situation? i was a staffer here in the '7 o's. i remember those lines as well. would it be useful to have this contingency measure because whether it's international outbreak of war, terrorism whatever it may be that we have some way to protect our domestic supply in case of an emergency? as opposed to just saying we're not going to wo

west texas intermediate sold for a premium of 2.73, a premium up higher than -- that comes from the north seain petroleum markets will continue into 2015 with domestic crude oil production averaging 9.4 million barrels a day, 10% above the 2014 level. gasoline demand and net imports as a share of domestic consumption could be 21%, as recent dramatic declines in crude prices may affect our outlook. but more so in the longer term rather than in the very short term. so petroleum market conditions today are very different than they were in the '70s when the ban on crude oil exports was enacted. key trends in u.s. oil markets have reversed. then demand was rising quickly and production was falling. now, production is rising quickly and demand is falling. u.s. crude oil production pay soon hit an all-time high, surpassing the previous record set in 1970. gasoline is down from its peak and is likely to climb even more as the vehicle fleet becomes more efficient. in addition to this trend reversal, oil production is less concentrated. opec is down from 35% today. the existence of oil contracts on the

we are probably going to have implications for nigeria and the north sea because that's -- the eagle ford is unusual. it's much, much lighter. it needs to have the condensates stripped out of. so even with the light oil categories is a lot diversity we have a lot of information about. >> thank you, mr. chairman spent this time recommends that children from kentucky for five minutes. >> thank you very much, mr. chairman. but i think all the witnesses for the testimony and knowledge. i've learned a lot but i'm still not sure where i am on this issue. i'm curious can we talked about the potential downside and while everything looks wonderful right now with an abundance of oil and petroleum in the world and prices down that would seem to be mitigated against worrying about a crazy, but isn't it entirely possible that we could return to a 1970 situation? i was a staffer here in the '70s and remember those lines as well. would it not be useful to have at least some contingency measure of whether it's an international outbreak war, terrorism, whatever it may be done with some way to protect

look at this jersey shore is drying out as a nor'easter moves north. sea bright, the kessal storm brought strong wind and heavy rains that flooded side streets. storm caused scattered power outages. katie, how are we looking today. >> so much better by comparison,er contact we had a nice clear sky for a better part of the morning that allowed to you drop off the thermometer readily. we have some wind to speak of but storm scan ise sectionally empty for now. it does appear we have a few speckles of either pink or i should say green or purple more than anything, light snow or rain still firing up, and as we go to the poconos you can see how we see steady snow band dropping from the north threw up state new york. the that is generally what you'll fine here, some snow showers as the the day progress's credits this area when we zoom it out further though this is back edge of the storm itself, so anything else we see, we will just getting clipped by this. would i say even a across delaware and southern new jersey you'll have a hard time finding any precipitation

1944 suggesting that marine fighter bomber squadrons based on escort carriers in the channel in the north sea with a brand-new precision were ideal for destroying german guys. said he merely got started when the will not reveal what we were up. so that is why john wayne made about the specific consent of the atlantic. >> you do underline the importance of politics in the encyclopedia. so here we are in the pacific theater in your book recognizes 120 marine corps fighting aces. so you explain it. >> i tradition dating from world war i, a flying ace comes to be actually with the flying ace. it is a combat aviator, usually a fighter pilot who is credited with shooting down at least five enemy aircraft. one of the reasons i wrote this book aside from the fact it had never been done before and there was a gap in the market is that in researching and writing so many of the other books, i got to know so many of these wonderful colorful characters personally in the main exhibit of course was joe foss, who is a longtime scottsdale resident here. despite all the hype about the black sheep -- despite al

we see that also with other companies that are trying to sell assets in the north sea. it is taking quite a while. where does bp sit with the russia relationship? t, has a big stake in rosnef a lot of skin in the game when it comes to russia. >> russia is one of the biggest oil producers in the world, and will stay so. for any company that wants to grow, again, big is beautiful. a one to go for the big assets. there are not a lot of places in the world you can find them and russia is one of them. they have said they will commit to russia. it doesn't look like this is going to change because the big assets are in russia. >> do they make any more acquisitions? do they go the other way in certain areas? is there a kind of opportunity and a kind of opportunity to offload? there is very strong competition. all of the big oil makers are looking for big assets. there's not a lot of big discoveries coming on the market every year. it will be difficult. they already have a quite good portfolio of big assets, of promising developments. rather focusmight on those. >> they would be

across this portion of tropical asia is the tropical storm just towards the north here which will be traversing south china sea. it's shunting air winds from the north and colliding with the winds from the south. this happens normally any way. we get winds from the north and south colliding. because this is enhanced weather system here it's giving that extra push. as a result the air has got to go somewhere. it's not going into the sea. it goes up and creates these storms. this general area of bad weather is going to stay pretty much here for the next few days. by the time we get to week it looks as though something might be quieter across this portion of the globe. >> thomas thank you very much indeed. >>> now let's update ourselves on the situation affecting a number of migrants trying to get to europe. the italian red cross says four have been found dead on a cargo ship take tonnenn to italy after being abandoned by the crew in creek waters. the vessel called blue sky am was carrying 900 migrants when spotted drifting near the coast. the italian coast guard took control of the ship wednesday. it's thought i

the first in new jersey the shore there it is drying out after the nor'easter moves north. in sea bright monmouth county coastal storm brought storm wind and heavy rain that flooded some streets. that storm also caused scattered power outages but this is such a big storm we will feel effects of it katie. >> absolutely, brunt of it is out of have here but damage was done yesterday in the form of the tidal flooding but i don't think you have to worry at all about additional flooding issues but just nuisance lingering variety of showers that will be moving our way here as the the day progresses and even into tomorrow if you can believe it. storm scan three shows why, we will just see round, the bands have of rain or snow showers sort of rounding about, on the back edge of the storm system. so because it is all coming in from north to south it draws in some of that colder air and we will expect that we will see a few snow flakes as the day goes on. generally in the last few hours what we did have, has since fizzled but we will see additional run of this future weather shows it well. l

the winds out of the north, instead of a sea breeze, these dry north winds really help to clear our skies out. you saw in san francisco. the low clouds and fog acting like a blanket overnight the heat we gamed during the day that put temperatures in the 50s and 60s is going to escape out to space. sort of like sleeping inside a blanket overnight. here's what's interesting. the dew point temperatures, normally 40s and 50s, then the fog forms, not the case with dry air in place. 20s and 30s for dew points. so that is almost a kind of sneak preview of how cold the temperatures could get toward tomorrow morning without any clouds in place, winds back off, temperatures dropping more than we're used to. could see upper 20s to mid 30s in parts of the coldest valleys around the north bay. mainly cloud-free now. a large storm north of hawaii, typically you'd think that should bring us rain, except when you have a ridge of high pressure acting like a wall. underneath it the dry air in place. so patchy frost possible, especially for tomorrow morning, maybe less so heading into sunday where some of t

a little bit cooler up north. 43 in sea isle city. there's a breeze kicking around between 5 and 10 miles per hour maybe stronger thajts than that the times. we have a sprinkle or shower in delaware are or south jersey. and temperatures hold be at 41 degrees. yesterday we had a high of 46 and today 47. we'll hit that around 2:00. early morning sprinkles and showers are over fairly quickly and by noon we'll see sunny breaks back in. cooler air arrives tomorrow. i'm feeling optimistic, i think this morning's ride will be decent. a lot of people off work not a lot of school buses on the streets. dry conditions around the region. we're sitting pretty at this point along i-95 in the work zone no extra overnight construction. we had overnight walk on the schuylkill expressway between south and the vine those crews are out of the way. everything is reopened and speeds are in the 50s along i-76. coming in from 42 blackwood deptford there's no extra construction the traffic is moving fine. >>> new jersey transit northeast corridor is on a modi

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. >> it was looking at the floor of the north sea, or the floor of the ocean. far does the continental shelf extend? is it greenland or russia's continental shelf? these are up for grabs in the international arena. >> of course, because it's how you find your treasure. think about going back, i always bring it back to iceland. think about it, their big wars were over cod with the british. it was basically what was funding their budget, basically fish. this is not something new in battling over the waters. >> bloomberg visual graphics just did a great visual of the melting ice cap. whatever anybody thinks about climate change, to your point, it is a whole new international relations when geography gets changed. it's just that simple. >> canada as well. canada held naval exercises two years ago up there and brought the international press and what came to light is it was woefully undershipped up there. it needs a big navy, because all the sudden it has a bigger frontier. >> previously scenes too cold. >> where is santa's place, do we know? >> that is literally wh

continue to drill, north dakota will continue to drill, just as the english continue to drill in the north seaes ago because they have already spent the money on the wells, they might as well keep on going. >> this is what we are seeing. we just saw the oil minister of the uae say they're going to keep producing as long as others keep producing -- of course they are talking about the american west. there is this hope we have that america is going to be fine. we are feeling the hope. >> sure, but again the idea that we can remain economically aloof from all of these issues is too good to be true. will have our full coverage of the fed meeting tomorrow. is there a press conference? i don't even know. we have to find out. it will be the usual fed tomorrow. we will expend a considerable period. >> i will be going to read the beige book. you do what you want. [laughter] >> i have never read the beige book. why would you? mike mckee read the beige book. [laughter] >> still to come, angela stent will be joining us. this is as we look at the russian ruble collapse to a new record low. 72:31. ♪ >> brea

are we seeing the end of huge offshore projects like the salt pans off brazil or the north sea?ll be determined long these prices stay. our expectations are oil prices will be low for the next six months at least and that will do significant damage and you are absolutely right -- in terms of the big projects -- the capital intensive projects, they will be questioned and the fact that saudi arabia has not stepped in and made the opposite noise saying it is not interested in stepping into shore up prices -- that puts a huge amount of? surround these projects. for this there was a sense of complacency -- don't worry saudi arabia it will stay at $100 in this will be a paradigm shift -- it's a matter of time until how long it takes to filter through. he will probably see that the back end of 2015 -- 2016. >> congress is lifting a four decade ban on u.s. oil exports. the timing is curious because supply far outstrips demand -- would there be much demand for u.s. exports? >> more importantly, the problem for prices for the u.s. today is not that it is disconnected -- u.s. oil prices ar

that new technology made north sea and alaskan oil readily available. a lot out there. it's been great for u.s. production. it's an amazing story. like everything else, it's not going to last forever. >> there is an argument to be made you mentioned geopolitical risk. what happens if it continues to go down in russia? 18% of the high yield market is made up by energy-related bonds. you've got a lot of levered companies out there. you have to watch that closely. not necessarily securitized products. >> it's worth watching. there was geopolitical instability every other time there was a big crash. both putin and hugo chavez of venezuela came in because of the 1998 oil collapse. russia defaulted on its debt. chavez was elected when opec forced cuts on venezuela and their standard of living went down. that sort of thing -- we've got to expect it. there's going to be turmoil. >> can you put it in context of today's jobs report. some worried that the investment boom created with shale and energy would hurt job creation in this country. so far things look good

and we're expecting it to get just 12 hours to the south of manila before it moves out to the north china sea. 76 miles an hour sustained. that's equivalent to the category 1 hurricane. continuing with the heavy heavy rain wrapping around it. tacloban took a big hit with the storm, since it didn't curve to the north like it was expected to do. lot of cleanup in this particular area. rainfall totals we have been seeing them up to 9 inches in some areas, but a little further to the west we're seeing reports begin to come in of gauges that have been measuring a new 3 to 4 inches just within the last few hours. so this storm is just dumping so much rainfall so fast and it's not moving so we're going to see rain totals of an additional at least three to six inches in so many places through central philippines as we get through the next 24 to 36 hours. let's talk about the united states, because we're talking significant rainfall too in the order of ten to 15 inches of rain in the olympic mountains of western washington. yes, there is a rain forest on the western side of the olympics and they are g

the moist as peer and some of the lift in the north bay from sea ranch up through ukiah, point reyes, and offshore here. so the north bay could see a few light showers in the next few hours. in marin county some mist and drizzle around novato, highway 1 and the hills, higher elevations looking at the wet weather. also to the east of 101, san jose. yeah, certainly been a soggy overnight for you. and hollister, down by castro valley and monterey picking up some wet weather. the rule will be most of the showers will arrive in the morning hours and will continue to dry out throughout the afternoon. pretty much a cloudy afternoon with a chance of some light showers around the bay mainly today as tomorrow looks to be your dryer day. we have fog as well. 54 in morgan hill as well as half moon bay. the golden gate bridge, you can't see much in the way of visibility at all because of all of that dense fog. 52 in santa rosa. 57 half moon bay. just a mile and three quarters from santa rosa. a little less than that in napa. fairfield two miles and only three quarters of a mile visibility in conco

sea ranch and here. you see some rain well up to the north. as we slide further south, a little clottered into marin and san francisco, some light mist and drizzle should be moving on shore. elsewhere a little more organized area of moderate rain around carmel and also salinas. but it is the fog. from concord a mile visibility. half-mile around novato and napa that are keeping things a little bit problematic here. so take your time. we are including showers in your weekend forecast. i'll time it out for you coming up. chris. >> lisa, thank you. time is 6:31. new this morning, president obama is taking off on his annual winter vacation in his birthplace of hawaii. air force one touched down early this morning at bell harbor base with the president, first lady michelle obama, and their two daughters on board. the obamas plan to spend about two weeks in hawaii. typically the president spends a vacation playing golf, dining out and hanging out and hiking with his daughters. he has no public events planned during his stay. >>> the president said at

. >> a year ago today brent north sea crude at $110 a barrel keith. and it is virtually cut in half at the end of 2014 here. is that -- and then that has been calling the shots for equities lately. do you think that will be the case going into the new year? >> you know i think there's some linkage there but i think i said we'll see consolidation in the industry. there's no question the prices come back but the question is when? but that having been said i think the markets in general rise into the new year. a january surprise just like we did last year and i think 8% to 10% on 257tap for 2015. >> jack when you think about how strong a year we have seen for equities consumer in a better position. gdp of 5% at the last print, i mean it does look pretty incredible and make the u.s. look very strong on a relative basis to europe to japan, to china. but as we have learned, you can never count out the central banks in the countries. what would you say for the global economy is in store next week? >> i would say that i don't think we're up here because of th

all other countries put together, north sea, russia, mexico, some increase here, some decrease here buttal in sum they see a total production a bit of a decline. so how are we going to meet that demand growth? the united states, we expect oil production mainly coming from shale will increase through 2020. increase which is very good news for the global markets. today the consumers in the world. all over the united states that the price of oil recently and now are kept in a level which is providing a comfort zone for consumers. very good news. but when we get to the deposits of the shale oil, we expect the growth will be significant but this is far from meeting entire global oil demand growth and we expect our policies from the eia, sometimes soon that growth will come to a plateau. from canada which also expect strong growth coming from oil sands, even though there are challenges. we believe those challenges can be overcome. we may see growth coming from canada which makes important contribution and the third strong shoulder is brazil. strong offshore growth production, we expect signif

production on the north sea on the decline. there's a big issue with europe.at needs to come back. >> can we get back to the high yield issue? so much high yield issued to these drill earls in the united states. larry, i think about the fact that everybody and their mother moved into high yield because it was the only place to get yield. i know people that put their grandmothers in high yield and now they have huge -- huge percentage of the sector. right? >> single biggest sector in terms of high yield issuances. third biggest in the s&p. >> on we on the verge of a moment of invest to recalls got into something they didn't know they were? >> small way. spreads widened in the junk market. marginal oil producers probably overleveraged and banks who issued loans and sometimed leveraged and going to be some hurt. this is a small part of the story. this is in my opinion wall street's desperate effort to turn every piece of good news into a 2008 catastrophe. >> oh my goodness! small part of the story? >> major players -- >> hold on a minute. mom and pop are watching

they are flying wing tip to wing tip against rush russian bombers over the north sea. they are nose to nose with the north koreans. they are sweating in the heat of africa fighting a horrible disease. they are standing on the sands of iraq risking everything against a brutal enemy. they take those risks, they make those sacrifices because of you. they do it for you, they do it for us, for their families, for their flag, for our freedom. and how have we repaid them. with equipment that's falling apart, by laying them off while they are off in war zones. by docking their way and their medical benefits, but throwing them out of the service and on to a broken economy. i met our forces on the battlefields of iraq and afghanistan dirty and sweating from fighting. i have watched too many families, as have all of you, spend long months waiting for those returning from deployment. i have seen too many heroes put into the ground. they never failed us, not once. so shame on us if we're unwilling to pay back the debt we owe them. shame an all of us if we cannot make far less sacri