oil. the chart here shows an orderly downward progression because the more you find, the less there will be to find in the future. so the less you're going to find in the future. it will not be like that. it will be up and down like this. but it's going to be down and down because most of the large fields that will be found have been found. so you can make your own assumptions about where this is going in the future, by assuming how efficient can we get, how much conservation are we going to do, how much more oil will we find? but, you know, from this oil chart you can do a lot of predict being what the future is going to look like. this next chart is a quote from admiral rickover in this talk that i mentioned that he gave to this group of physicians in 1957. there's nothing man can do to rebuild exhausted fossil fuel reserves. they were created by solar energy 500 million years ago and took eons to grow to their present volume. in the face of the basic fact that fossil fuel reserves are f

world's oil. we really know how to pump oil because with that 2% of the world's reserves of oil, we pump 8% of the world's oil. what that means, of course, is that on the average, our wells are going to run dry sooner than the average well around the world because we're pumping our oil four times faster than the average well. in the world. i have some charts here that may illuminate what we've been talking about. i've not seen the sequence of these charts, so we'll just speak to them as they come up. the first chart is what is known as the oil chart. peak oil, the growing gap. if you had but a single chart to look at to tell the story of where we have come from and where we're going, this, i think, would be the chart. as you can see, it's a little out of date. because we were predicting the future back there in about 2005, now we're at 2010. when we get to that part of the chart, we'll see how very correct this chart was in its prediction. the horsontal -- the vertical bars here are the discoverie

this week an opec oil minister said the world can handle $100- a-barrel oil. and our next guest says get ready for gasoline at $5 a gallon. john hofmeister is a former president of shell oil. he's the founder of citizens for affordable energy. >> he join us us tonight. john, welcome to nightly business report. >> thank you. >> you predict $5 a gallon by 2012. why so high? >> all the conditions which led to $5 gasoline in california in 2008 have returned. except they've returned under a different setted of circumstances. now we have more asian growth and demand for crude oil than ever in history. our economy is recovering, our demand is back to where it was basically in 2008. combine the asian demand with the fact that in this country we have done nothing. we learned no lessons from the 2008 high price period. in fact, we've gone the opposite direction. we've put a moratorium on drilling. we lifted the moratorium on drilling in the gulf of mexico, but granting no permits. the secretary of the interior has moved the next five year leasing plan to 2017. this admi

oil. that's the kind of stuff we've been using for a lot of years now. started using it way back in the early 1900's'. and we're producing more and more and more and now as this chart shows we've reached a peak. it's called peak oil. by the way, that happened in our country in 1970. it was predicted 14 years before that by m. king hubbered who was regular gated -- hubbard who was relegated to the lunatic fringe and ridiculed but right on schedule. in 1970 we reached our maximum oil production in our country. the world this chart says has reached it now. apparently that's so because you saw from the previous chart, both the e.i.a. and i.e.a. had oil production flat for the last four years. now, what will the future look like? this is their projection of what the future will look like. they say that we're going to get this light blue area, a lot of oil, by 2030 we're going to be getting as much oil from fields yet to be developed as we're getting from all of our developed fields now. that ma

i say stop using oil. the name of the game would be boycott.iddle east would be put out of work immediately. we wouldn't have to worry about wars. because the war in afghanistan and iraq is about bush and chaney and the oil interests. let's wipe all of this out. i backed the terminal because of that. the more people we move around by mass transit, the better all of us will be with clean air, etc., thank you. supervisor mirkarimi: next speaker, please. >> good afternoon, supervisors, eric byrnes representing san francisco green party and our city. i passed something out to you while you were hearing the beginning of this item that it's one page, if you look on the reverse, it's one full page of text from a report that just came out last month on biofuels and biomass. the reason i bring this up is the underlying resolution here and the report itself are excellent and of course we support it. there is one -- there is one little problem or caveat though and that there isn't -- even though there is some criticism of biofuels in the report, it's not

oil doesn't evaporate. i don't know if you have ever made the mistake i did of khoeupging the oil in the car and wife says you spilled oil in the garage and you say it will evaporate. it doesn't work. some things evaporate but a lot of the components of that toxic crude settle right to the bottom and form that carpet of oil that has crushed shrimp and fish underneath it. it is devastating to the coral and foundation of the ocean. host: in the 1970's jimmy carter called our addiction to oil the moral equivalent of war yet 35 years later we are still importing more oil than ever before to run our factories and drive automobiles. guest: that is a fundamental point. we use every day in this country 800 million gallons of oil. we get about 60% of that from overse overseas often from countries that don't share our values or goals. it is a national security problem and identified by president nixon before carter. so we have had eight presidents calling for us to break our addiction to oil and begin to move to clea

all oil.nd 5,000 feet down, it looks like these sea fans and coral are powdered with this oily material. joye and the other scientists dispute a government report that the vast majority of the oil has dissipated. >> it sank and it's still there. and it's going to degrade very slowly. >> reporter: how slowly? >> years to decades. >> reporter: bp is now trying to challenge the government's best guess for how much oil the company's well spilled into the gulf. believed to be over 170 million gallons. you're saying you overestimated it by 50%. that's tremendous. >> if they thought that was a problem, why weren't they more forthcoming all along in getting good data? >> reporter: ian is an ocean nothinger if at florida state. why weren't they? >> well, they want to be able -- it's in their interest to be able to obscure with the discharge was. >> reporter: a new government estimate on how much oil spilled could save the british company billions in fines. bp responded that, "given all the uncertain ti

extracting more oil.it's simple. so, deepwater was the next frontier. >> narrator: the us government, worried about dependence on middle east oil, encouraged it. >> they wanted the deep waters of the gulf of mexico to be explored, and bp was the kid in the front of the class putting up its hand before it even had an answer, basically. they like to be pushing into ever-deeper territory. it's how you get kudos in the industry, and it's hugely impressive, what they were doing. >> they were very confident. they actually believed they were going to overtake exxon in terms of production. they'd found a lot of oil in the gulf and they were feeling on top of the world. >> narrator: bp is the leading operator here, producing 25% of all gulf oil from some of the deepest waters in the world. >> in fact, it was bp who had found the deepest ever, so everybody was actually pretty excited about is a peoe were just losing sight of the risks. >> the deep gulf was regarded as a very difficult place to drill. storms, hurric

will it just sit there inert for some time to come, that oil? >> oil is very complex substance. it's composed of a lot of different types of hydrocarbons. some of them volatilize easily, some of that break down are easily biodegraded quickly. others biodegrade only very, very slowly. so in that environment that you describe deep in the ocean, it's quite likely that some of that res i due will remain for-- residue will remain for years if not decades. >> suarez: is the gulf of mexico different from the open ocean in that there is not as much water exchange, not as much flushing out that goes on because it's in some parts closed? >> the gulf is a huge area. and the area in which the oil was spilled is just a very large volume. there is circulation in to and out of the gulf. but it is fairly self-contained. we did not have any major hurricanes that came into the gulf and the loop current which can act to transport water and potentially oil away from the gulf within a form where it didn't do that. so much of the oil that was spilled, if it wasn't collected and recaptured, it did rem

oil we also know that some of the charges have been dropped because according to the judge. and the statute of limitations on them have run out and so some of the charges that prosecutors have put forward against because look at that and his former colleagues at the navy did those charges had been dropped a lot on the charge of the after billions of dollars worth of oil they have been found guilty now the verdict is still being read prosecutors of course saying that they have more than enough evidence to convince the judge a court of political skilled it does seem to be the case as the verdict that is being read right now is a guilty one of course burdick will pay a lot of it in for exactly how many years a more radical he will receive a present is yet on certain and that perhaps will only be. sorry about the technical problem there that was our correspondent bring us the very latest from the courtroom basically if you just joined us so i remind you that the court is in progress now on the ski case and the information that we've heard so far is that he was found guilty on th

we own the battery just like an oil company drills for oil. we don't have a rig blowing up in the middle -- >> charlie: better places and what kind of business? >> we're an operator. much like a cell phone company, at&t is an operator for cell phones and much like a gas station network like a chevron is an operator for cars, we're an operator for electric cars. we buy the batteries. we sell the miles. >> charlie: so lay out your vision and your -- be a prophet for us. >> basically what we've seen is the cost of driving electric cars is a combination of the cost of the battery and the cost of electricity but the battery is a consumer electronics device which we all know like any other device we use gets cheaper and cheaper every year. so our cost of the gallon equivalent and driving a mile gets cheaper almost by half every two years. that creates a fantastic business model because oil keeps going up and our cost keeps going down and we sell like gasoline. we sell miles. >> charlie: are we at the infancy of battery technology. >> we're in the mi

change your oil to castrol gtx high mileage. its more than just oil. it's liquid engineering.at time of year. time for campbell's green bean casserole. you'll find the recipe at campbellskitchen.com. campbell's.® it's amazing what soup can do.™ >>> there are some people who have the strength to turn the most painful experiences into a powerful mission. and tonight, you're going to meet a young man who turned a terrible act by his father into a loving life. he is our "person of the week," and yunji de nies brings us his story. >> reporter: brryan jackson's story is truly unbelievable. in 1992, when he was just 11 months old, his father, a hospital worker, injected him with hiv-tainted blood, hoping his young son would die to avoid paying child support and reportedly to get revenge on his girlfriend for having the child. at 5 years old, brryan developed full-brown aids and the crime was discovered. his father was given a life sentence. >> when the judge handed down the sentence, he told the father that his act had put him in the category of the worst war criminal. >> reporter: d

that increase in crude oil prices is bad news for anyone buying heating oil. its price has been climbing steadily this winter, and is almost 20% higher than a year ago. as erika miller explains, even higher prices may be in the pipeline. >> reporter: kevin bunk has owned his long island home for over 12 years, and knows what it typically costs to heat it. already, he is bracing for significantly higher bills than last year. >> over the course of the winter, if prices remain where they are right now, we're probably going to spend close to $1,500 to $2,000 on heating oil for the winter. >> reporter: and how does that compare to what you spent last year? >> probably 30% to 40% more. >> reporter: his heating oil is supplied by protostar energy, a family run business with over 2,000 customers, mainly on long island. >> do you have fuel? >> reporter: his mother irene mans the office, taking customer orders. she says her wholesale costs have soared almost $1 a gallon since august, forcing her to raise prices. some customers are panicking. >> oh definitely! oh definit

the already jailed for more oil tycoon found guilty of billions in cash and oil. russia's former richest man faces yet another sentence behind bars i'm catching outside the courthouse with the details in just a few moments. the spoils of war on exhibit israel and lebanon compete for tourist attention with theme parks aimed at selling their side of the story plus. president micheletti of calls for it crack down on racially motivated crimes such as the recent riots and promise to put in promises justice for all criminals regardless of their nationality. five pm in moscow i'm mad good to have you with us here on our team our top story this hour our coverage from moscow where former oil tycoon mikhail khodorkovsky has been found guilty of stealing billions of dollars worth of crude former head of the oil giant yukos is already in prison for tax evasion and fraud artie's catarina has the latest from outside the court. so far we do know that. his former colleagues. have been found guilty of stealing over twenty billions of dollars worth of oil and embezzling the proceed

already jailed for more oil tycoon has been found guilty of billions in cash and oil. former richest man faces yet another sentence behind bars i'm catching outside the courthouse with the details in just a few moments. the spoils of war on display israel and lebanon compete for tourists attention with theme parks aimed at selling their side of the story. and the price of oil has fresh high on monday this comes from producing nations there were no plans to put more in business in twenty minutes. it's four pm in moscow good to be with you here on r t our top story our coverage from moscow where a former oil tycoon mikhail khodorkovsky had been found guilty of stealing billions of dollars worth of oil former head of the oil giant yukos is already in prison for tax evasion and fraud or. has the latest from outside the court. so far we do know that. his former colleagues. have been found guilty of stealing over twenty billions of dollars worth of oil and embezzling the proceeds we also know that one of the charges that prosecutors. put the two were put against them has bee

of russia's oil giant company you cuss and day he was charged with. men tax evasion of fraud and money laundering. and charged and found guilty on his of course serving his first prison term now with a few of his colleagues one of those. is also facing the second charges that we hope is so their verdict will be read today hopefully in just under an hour's time the figure of myself and of course a very controversial one many in the west arguing that the case has been heavily politicized and the conviction therefore is also a political one not a legal one prosecutors in russia of course maintaining that everything has been done by the book and according to the law my colleague. looked a little closer at the man and the controller see surrounding him. once russia's richest men he's now russia's most prominent prison after serving an eighty attempt for the biggest tax fraud in the country's history in a second case against him the prosecutors are demanding fourteen years in prison for him and his business partner. back a day to do their first conviction t

for more oil tycoon mikhail khodorkovsky found guilty of embezzling oil and cash at his second trial. russia's former richest man faces yet another sentence behind bars and capturing those are the outside the courthouse with the details in just a few moments. though job no joy for millions of americans this festive season while the bankers rake in benefits and splash out on lavish parties. and why tourists are the latest weapons being engaged by israel in lebanon as the bitter rivals launch a competing war zone theme parks to get their points across and. it's three pm in moscow i met treasury good to be with you here on r t our top story bringing you up to date on the second trial of former tycoon mikhail khodorkovsky who's been found guilty of stealing oil a lot during the proceeds the former head of oil giant yukos is already in president in prison for tax evasion and fraud artie's catarina as are about has the latest from outside the court. so far the court has decided one thing that would help with that he is definitely guilty of these latest charges so far we know that the judge

has been found guilty of stealing over twenty billion of billions of dollars worth of oil and. we know that also some of the charges that the prosecution originally put forward have been dropped those include specifically the theft of a number of shares of various us. sister companies of your boss and daughter companies of the former oil giant if you close those charges were dropped because the statute of limitations had run out on those charges but the main charge that of stealing billions of dollars worth of oil is that according to the judge that is reading the verdict as we speak has been proven by the prosecution and the evidence they have presented we already know that the lawyers of mikhail fanatical ski and his former you just call the club the navy ship is planning to appeal that verdict they have already confirmed that to the press that they will because it will appeal the verdict they've also said that they are prepared to take this outside the country to the european court if necessary to appeal the verdict which they and a number of other people believe to be have

former oil tycoon mikhail khodorkovsky found guilty of embezzling oil and cash at his second trial. russia's former richest man faces yet another sentence behind bars i'm catherine as are the outside the courthouse with the details in just a few moments. no job no joy of her millions of americans this festive season well bankers rake in benefits and swash out on lavish parties. and why tourists are the latest weapons being engaged by israel in lebanon as bitter rivals launch a competing war zone theme parks aimed at getting across their messages. and has heated two and a hot mom time last december and continue to grow and that's predict the strengthening of the currency war in business in twenty minutes. two pm in moscow good to have you with us here on our t let's bring you up to date on the second trial of former tycoon mikhail khodorkovsky who's been found guilty of stealing oil and laundering the proceeds the former head of oil giant yukos is already in prison for tax evasion and fraud artie's catarina those are about joins us live outside the court with a local hattery you know

subsidiary of japan's mitsui oil exploration, which has a 10% stake in the oil field. >> while today's civil action marks a crucial first step forward, it is not, it is not a final step. both criminal and civil investigations are continuing, and our work to ensure that the american taxpayers are not forced to bear the cost of restoring the gulf area and its economy goes on. bp is already offering $20 billion in compensation from damage resulting from the accident. but the latest lawsuit will likely increase the costs to all nine firms. meanwhile, boex has said it refused to pay any damages, saying bp was fully responsible for operation of the oil rig. >>> the u.s. department of energy has warned that america must stop relying on china for its rare earth supplies and try to diversify its sources of the metals. in a report released on wednesday the department says more effort should be made to boost domestic production of neodymium and four of the most vital metals, which are used in high-tech products. neodymium is among the 17 rare earth metals and is a key component of automobile moto

the already jailed former oil tycoon has been found guilty of a billions and cash and oil. russia's once which is the man will face more time behind bars and catherine as our side the courthouse with a decent house in just a few moments. those spoils of war on display israel are let on compete for tourist attention with theme parks aimed at selling their side of the story what. makes up the crackdown on racially motivated crimes. there are. some promises. of all three slides in the opening minutes as china moves. over heating the business. six pm in the russian capital i'm at treasure good to be with you here on r t our top story former tycoon mikhail khodorkovsky has been found guilty of stealing billions of dollars worth of oil by a moscow court hearing is now over but the reading of the verdict is still not complete and it could take several more days or his cattery knows all of the joins us live with the latest from outside the court hello catarina so the full document is still being weighed read what details of the verdict do we know so far the. well so far we know tha

much more relevant on the world today would oil. sedan, today, is a huge oil supplier. not to the united states. one thing i was seeing quite a bit of in africa was chinese oil development. you know what, i was also seeing malaysian oil development in an oil feel called haglet, which we are going to be hearing more about. southern sudan, which has had a world with northern sudan, southern sudan on january 9, 2011, very soon, is going to be voting for it's right to it's own independence. now 80% of sudan's oil is in the south of the country. there's only one way that oil leaves the country, through the north. through a pipeline, the pipeline is heavily protected by chinese oil interest. it used to be a u.s. company which has divested because of so much political power. i had the very curious conversation with some of the former farmers, sudanese farmers solved off of their land by oil interest; right? they are now essentially fisherman, they fish in puddles. i had a group of men say to me, why can't you bring back chevron. we much perform chevron and western oil interest

tonight on r t no release from a cold khodorkovsky already jailed for more oil tycoon has been found guilty of the millions in cash and. russia's once richest man will face more time behind bars and catherine as are the outside the courthouse with the details in just a few moments. also president to reach a revote of calls for a firm stand against interest nick violence. some crack down on racially motivated crime sent justice criminals regardless of their nationality some promises from the kremlin. and the spoils of war and show is rather level and compete for attention with. side of the story. this is r.t. it's a monday night here in moscow welcome if you just joined us for a viewer watching around the world but i'm scared to know it with our top story for you tonight and former tycoon mikhail khodorkovsky has been found guilty of stealing billions of dollars worth of oil by a moscow court hearing is now over but the reading of the verdict still isn't complete and could take several more days of his country and the latest from outside the court. so far we know that nichols of the s

has been found guilty of stealing billions of dollars worth of oil by a moscow court hearing is now over but the reading of the verdict still isn't complete and could take several more days country is the latest from outside the court. so far we know that because of that he and his former colleague bill neighbors of russia's once biggest oil giant company you cos have been found guilty of stealing up to twenty over twenty billion dollars worth of oil and embezzling the funds that of course is that the latest verdict in the second trial of the filter that builds keep him and his colleague apparently already serving time for a first conviction delivered in two thousand and five this of course is something that the prosecution seems very happy with they originally asked for fourteen years for meals a day and his former colleague the defense attorneys are of course saying that the trial has been politicized the evidence not substantiated and in fact the case itself has is somewhat ironic because according to their argument the trial so that is accused of stealing the very oil that he was fou

awaits his sentence after being convicted of stealing billions of dollars worth of oil. for more on one of the world's controversial pieces in russia germany this little word from school board in just a few moments. flying into frustration moscow's freezing rain grounds hundreds of flights leaving thousands of angry passengers feeling abandoned. two years after israel's deadly offensive people in gaza are still struggling to cope with life under siege which they say as. it is eight am in the russian capital you're watching r t with me marina josh welcome to the program former russian tycoon. awaiting sentence after being found guilty of a bestselling billions of dollars as a second trial for the acts head of the oil giant hugo's who was once russia's richest man is already serving time over tax evasion and fraud. outside the court of moscow where the judge's rulings will continue to be read today. now when are we likely to hear a what sentence will be. good morning and it's really hard to say at this moment when exactly will be able to hear the exact time you felt about

for oil spill research. some industry representatives have suggested to us that more research and development would not have made a difference to the spill response, because response technologies will never collect more than a fraction of the spilled oil. but we think that argument is a speculative. neither industry nor government has made significant investment. we do not know what could happen with adequate incentive and funding. during the deepwater horizon itself, with government and industry focus on a response technology for the first time in 20 years, some promising new technologies were developed, such as subsea dispersant delivery systems, and in situ burinning techniques. as laid out in our working paper, we believe that the response technology gap needs to be addressed by industry and government. the most powerful incentive for research and development by industry may be the stricter requirements for response plans that we discussed earlier in this presentation and in previous presentations. if op

to have you with us here on our team our top story this hour our coverage from moscow where former oil tycoon mikhail khodorkovsky has been found guilty of stealing billions of dollars worth of crude former head of the oil giant yukos is already in prison for tax evasion and fraud artie's catarina has the latest from outside the court. so far we do know that. his former colleagues. have been found guilty of stealing over twenty billions of dollars worth of oil and embezzling the proceeds we also know that one of the charges that prosecutors. put the two were put against them has been dropped that charge is that charge was focused on stealing shares of a daughter oil company and it was drop because of the statute of limitations that had run out on not specific charges we know that their lawyers have already said they will appeal this verdict and from what we've managed from the lawyers that we

of russian oil giant yukos and his former colleague. we know that one of the charges was dropped against the two men because the statute of limitations ran out but all of the other charges did stick the judge said all of the evidence presented by the prosecution was deemed evidence and the witness statements that were given on behalf of the defendants were not acceptable for various reasons we also know the judge said that based on the evidence that he had with the more it had received and on the field team verdict it is a necessary for subtlety and his colleague david to be isolated from society that there can be no question of substituting their punishment from jail time to other means of punishment and has sentenced the man who. rushes a former richest man and c.e.o. oil giant to thirteen and a half years behind bars that means that he will be released in no work and no sooner than twenty seventeen that's why do you think it's taken so long for the judge to reach a verdict talkers. will the verdict was a very long file it was actuall

. >>> next the bp oil spill and offshore drilling commission continues its investigation of the oil and gas industry. the group is holding its final public session this week before submitting its recommendations to president barack obama in january. former senator bob gramm and former epa administrator william reilly are the co-chairman. >> thank you and your colleagues for the excellent support you have given to this commission. we are very appreciative of the oil and gas off our shores is an american asset. the american government is not just a regulator of offshore oil, it is also close to word for the american people of this asset. in a real sense, we have a landlord and an obligation to respond with a public trust has been abused. president john adams said facts are a hard thing. there are some facts that i believe we have uncovered. one, our investigation would determine there are fundamental weaknesses in the u.s. government's regulatory approach. most americans would be surprised and disappointed as i was to learn that america lags behind other countries and how we regulate and

you know you refer to it just as a petro currency and we've got huge oil reserves in the form of the tar sands or oil sands around that alberta i guess is concentrated in that area a couple of questions number one is a cost effective and is a lie. last of the u.s. export market and i get of and is this going to be enough to offset all the other economic problems and therefore is the canadian dollar is it also vulnerable the canadian dollar is going to be vulnerable for a couple of reasons the us dollar should show significant strength on the deflation of dollar denominated debt which will create demand for dollars so i think as the u.s. dollar shows significant strength the canadian dollar will weaken in comparison partly because of the dynamics for the u.s. dollar but also because of a fall in oil prices and when you mention tar sands tar sands are essentially an arbitrage between a gaseous feel natural gas and a liquid fuel in the form of syncrude there's very little net energy gain in doing that you put in almost as much energy as you get out so this is what synthetic synthetic ye

that i suck up i've got instead a geological formation which is a lot of oil is just infused into the crust there you simply if you don't go and pull it out you've just got a kind of a swamp of rock and a. oil you can either if you have a surface deposit you can scoop it up and take it away that way and then melt the bitch and off the sand or if it's a deep deposit you can actually pump the heat down and then pump the oil the liquid oil up as you have melted it down there so there are two different ways of doing it so there's heating that's a lot of energy and normally spent on it so the energy to heat it up and extract you're saying is these really is neutral or negative you know you get almost no more energy out than you put in a very natural gas is likely to be a more valuable fuel in the future anyway because conventional natural gas peaked in two thousand and one so using enormous reserves of natural gas to turn it into energy interests in the form of syncrude i think is is just completely ridiculous and of course you just run out northern alberta in the process and you have an i

it breaks the oil of and to -- the oil up into small droplets and it allows thato

already jailed former tycoon has been found guilty of embezzling billions in cash and the oil. rushes one switches the man will face more time behind bars i'm catherine as are the outside the courthouse with the details in just a few moments. the spoils of war on exhibit israel in lebanon compete for tourist attention with theme parks aimed at selling their side of the story plus. eight some crack down on racially motivated crimes and just criminals regardless of their nationality some promises from the kremlin. news around the clock from around the world seven pm in moscow you're watching r t m match our top story former tycoon mikhail khodorkovsky has been found guilty of stealing billions worth of dollars billions of dollars worth of oil by a moscow court hearing is now over but the reading of the verdict is still under way and it could take several more days artie's catarina has the latest from outside the court. so far we know that because of that and his former colleague. of russia's once biggest oil giant company you cross have been found guilty of stealing up to twenty

but oil trader john woods predicts oil is close to topping out. >> you might get a push up to $94, $95, but, you know, if you look at today, i'd expect us to get down around $88 and then rally some from there. the thing is, this economy cannot support $100 oil. it just cannot happen, and it won't. people will be just, like, "forget it!" >> reporter: woods also credits speculators for the recent run- up in oil prices. he says that type of investment demand is fleeting, and calls it another reason prices won't remain elevated. suzanne pratt, "nightly business report," new york. >> tom: early buying gave way to a bit of an afternoon swoon as the big three stock indices closed mixed. we start with an intra-day chart of the s&p 500. with the initial pop, the index hit a new post-recession high, but the gains evaporated in the final hour and a half of trading. this is familiar territory. the index has had trouble getting over the 1,225 level-- backing down from that in april, in early november, and today. meantime, we have seen bond interest rates spike on the heels of the tax cut agreement