max kaiser this is the ca's the report let's talk about oil gas the price of oil price of gas what makes these prices go up and down is it all for crazy stacey however tell me more well the first seven here the king of natural gas quids john arnold ahead from billionaire known as the king of natural gas is retiring at the age of thirty eight amid a slump in the price of natural gas for the last few years arnold a former trader at enron has struggled to repeat the success that saw him generate returns in excess of three hundred percent in two thousand and six from trading natural gas right is the linda event of gas traders you know will get up in the morning member she said let's use making ten thousand or a thousand or of the number was there's a trainer who's been spoon fed profits for years by trading on inside information the market manipulation saying oh you know going to give me free money well i'm not going to trade anymore well maxie is a former enron trader so perhaps this is a sign that they're not able to rip off granny so easily well but enron trainers you know they metastasiz

the oil boom is on in alberta. the vast reserves are fueling fortunes and raising environmental concern. we speak to calgary's mayor. >> i say calgary is a place nobody cars who your -- cares who your daddy was or where you went to school. >> and the cost of the greek stalemate. politicians in athens fail to form an emergency government. >> welcome to our viewers on pbs and america. we come to you from calgary in canada, as part of the special in-depth look at this country. as countries struggle with economic woes, you get a different picture, fueled by canada's reserve of oil as people exploit the reserves, they raise environmental concern. i went to fort mcmurray to take a closer look. >> oh canada. the breathtaking beauty of the rockies. there is something pure about this country's image. this is the canada you may not think of. dirty, industrial, profit- focused. the newest petro state. >> canadians have oil. lots of it. buried in the windy sands of north alberta. and as people want more oil, the canadians have

oil is now over $100 a barrel. so i'm hard pressed to find any substantial reason to continue these oil companies' subsidies even if they never cost human beings anything, but here in this particular budget reconciliation act we have to make choices, and the choices are the health of american children or taking derek jeter's gatorade away from him. i think the american people given that choice would side with america's children, so i urge adoption of this motion to instruct, and i thank the gentle laid freflorida for propose tmpinproposeing is. i yield back. >> this time i'm pleased to yield three minutes to mr. dotting from texas. >> thank you. this motion like many other reconciliation matters is really just designed to place the burden on our most vulnerable neighbors for their effort to try to get our budget in better order. in giving the states much broader discretion the only way that we will save money is if that discretion is exercised norodom sihanoin order to extend coverage to more people. while the affo

all the oil. i think it's fair to say that we are going to be very skeptical about efforts to develop alternative payments mechanisms. premised on the fact that under iranian law, it says that all revenues earned by any government ministry have to be paid to the central bank of iran, and the oil resources are owned by the national iranian oil company. so i think our presumption going in is anyone buying oil from iran is ultimately paying the central bank of iran for that oil, even if there is some intermediate step along the way. so we are going to be, as i said, quite -- quite skeptical of efforts to pay, you know, purport to pay someone other than the central bank of iran for iranian oil. >> that's an important point, because you're signaling a maximalist interpretation of the signatures and looking carefully of the steps to evade it? >> i don't know if it's maximalist or just applying the liu as the way it's written which says anyone who make as knowing transactions with the central bank of ira

canadian oil is starting to be known around the world as dirty oil. fair? >> i don't think so. it comes down to the fact that whatever energy you are producing, it is what it is. what energy are you talking about? are you getting it from coal or heavy thermal in california? >> what about conventional crude oil? >> we are about 5% or 6% greater in terms of greenhouse gas emissions. our goal is to knock that down with more crude on the market. >> one argument is it is better for americans to get their oil from canada, stable, democratic canada, than places like venezuela or nigeria where there aren't those regulations. but the standard is how well you are doing in your own industry, not compared to other countries? >> that is exactly right. most canadians do support oil production, but that comes with a caveat. they want to see environmental improvement over time. they enjoy the economic benefits. if you look at the spin offs to the uzzuzz, for for every two jobs created in the oil sands, you get one in the us also. we have two or three suppliers in every state in the union. ther

companies and all the oil companies are western oil companies as i say they're not they're not there to benefit the iraqi people they are there to make a profit but iraq itself with these massive oil reserves could it become a regional player akin to iran and saudi arabia not just because of the or rest of your revenues but also because of its status presumably improving as its economy improves. well i think that's partially true but when when the troops when the u.s. troops left in two thousand and ten two thousand and eleven obama when on stage in front of a military audience at fort bragg and actually said that he's left the country stable and the people have a democratic representative government that he left or it left a sovereign stable nation but it's not sovereign if western oil companies have trust in your world. that all companies were private were nationalized in iraq and i think they should be if the people want to benefit from the revenue then they all companies should be nationalized and iraq should be able to sell its own oil whatever price it decides not have its all

we had in the 80s 90s and when oil prices went down we quit producing oil. oil has dropped. we are saying worry about it later. forget the pipe line. it will be approved. if obama is elected or obama. >> i agree with that. we have talked about it a lot. do you agree that the change with key stone is a positive for the country? >> of course, it is a positive. every time you find natural resources it enhances and lowers the process. you don't have to go to business school to learn supply and demand controls the market. the price coming down and good. plastics are based on oil. you are right. price comes down. sure that is just simple. i don't know why we are spending 15 minutes debating it >> i disagree with why have a policy and it is called economic freedom. and walt disney began buying land in what eventually became disney. imagine if the president or christian said no, we must protect the swamp land. no one will come to south florida and visit the swamp land. great discussion . next week wayne rogers will pick the topic and debate 15 minutes. i thought it was so obvious. a

shale and say oil. there's a lot of those materials. i'm not saying there isn't. there's vast amounts of these unconventional forms of petroleum. but obtaining them will be costly, difficult, and dangerous, and many may prove too costly and dangerous to produce. this in essence is the story of all the vital resources on which we have come to rely. most primary sources of supply are in decline or soon will be so and the remaining sources to are the most part are less desirable due to their location, in the far north, for offshore, or their inferior quality, low-grade ores, or trapped in unyielding geological formations. again, these materials are not necessarily disappearing, but the remaining supplies are less prolific than those they replace and they're located in just difficult areas, and may not be able to meet human needs for very much longer. i also worry about global replies of farmland that we need to produce the food we humans will rely on. most of the world's airable land, rain-fed land is now

rose: how big oil became big oil. >> exactly. and what seemed to me relevant was that big oil was still out there but the world was a world now constraints. a world of limits and risk. and so i wanted to go tell a story about that. >> rose: how did you settle on exxonmobile. >> well, so i actually started out with a wider aperture when i did my research. i didn't choose them immediately but i got about six or eight months into the project and i thought i needed a story to tell. i needed a company. and once i came to that conclusion. >> rose: you need aid character, that became exxonmobile. >> precisely. and once i thought that i needed a corporation to focus on, they were really the only logical choice. so they sort of chose me is the way i would think of it. >> rose: are they a country unto themselves? >> i think they are. they're not the only multinational about which you would say that but they are large. and they are business model is distinctive from say google or apple or wal-mart or other very powerful multinationals. that

you might not be aware of it, but your home is full of palm oil. almost half of all supermarket products contain this basic ingredient. as part of your bread, your margarine or even your shampoo you are likely to consume it every day. demand for palm oil is also driven by its role as a component of bio fuel. most of the world's palm oil is produced in indonesia and malaysia. but in colombia, too, the plantations are a major factor in destroying the rain forest. usually the announcement of a new plantation means the death sentence for the eco system as it was. a project supported by the world wildlife fund for nature shows that this could be different. we visit a plantation in the north of the country where sustainable production is the key to producing better oil and sparing nature. so far this is still the exception, but the people who run the project insist it makes commercial and environmental sense for it to become the rule. >> getting around the tropical grasslands of the orinoco basin in colombia is anything but easy. but that hasn't stopped

anyone buying oil from iran is ultima ultimately paying the central bank of iran for that oil even if there is some intermediate step along the way. so we are going to be quite skeptical of efforts to pay, purport to pay other than the central bank of iran for iranian oil. >> that's an important point because you're signalling a max mallist interpretation of the strictures and you're going to be looking at attempts to evade it. >> i don't know if it's max mallist or applying law, anyone who makes a knowing transaction with the central bank of iran for iranian oil is subject to sanctions. we have made clear that means direct and indirect and that you know or should know that the payment is going to the central bank of iran so we will apply the law in that fashion. >> one final question before we shift gears again. there's been a lot of talk about what is given potentially at the negotiating table. whether or not a lessening of the actions or pressure is on the table. can you talk about you know, what that looks like possiblily and what unwinding of the pressure might look like? we went

in oil and gas operations. for many years we had prohibited, basically, pits used to store produced waters. those had been phased out decades ago. but now we in a situation where we needed to accommodate the temporary storage of flowback waters in pits see that that water could be used in future hydraulic fracturing operations and we could save our fresh water resources. to address the issue, the corporation commission worked with the industry and other interested parties to develop new rules for the large pits used to store flow back waters on a temporary basis so they could be re-used and recycled. there are more examples from other states about what issues they face and how they have addressed those issues in the stronger reports. i'll just refer you to those. stronger is, as the chairman said, a stakeholder process. the board of stronger, all of the guidelines development work groups all the review teams that stronger puts together are stakeholder bodies that include representatives of state regulatory prog

today we produce about half the oil that we produced in 1970, in spite of drilling more oil wells and all the rest of the world put together. about a year after -- by the way, he predicted that the world would be reaching its maximum oil production about now, and maybe we have, because for the last five years, the world has been stuck at 84 million barrels of oil a day. maybe that's just a pause and it will continue to go up. maybe it's the peak and we will do, and the world will have done what was done in the united states, go down after this. just about a year after his speech, hyman rickover gave a great speech. google for it, please, a speech that will come up and he noted that in the 8,000 year recorded history of man the age oil would be but a blip and he cautioned that we had no idea how long it lasted but how long it lasted was important in only one regard he said. the longer it lasted, the more time we would have to plan an orderly transition to other sources of energy. that's what alternative fuels are about. i would not like to limit the military's ability to develop source

oil companies. exxonmobil, for example, could totally get that pink pig, no problem, even though i couldn't. why do oil companies love the claw, and what does that have to do with spilling millions of barrels of oil into the ocean? that's coming up next. but your erectile dysfunction -- that could be a question of blood flow. cialis for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long term injury, seek immediate medical help for an erec

an immense of oil, oil shale. all these different resources. it's not because a lack of opportunity. there's enough to help us with great energy independence. public policy definitely makes these changes. we have seen investment shift just because of a public policy. >> what do you mean? >> the policy having do deal with leases, those different types of policies that come out of to management this is just another example. when it comes much easier to invest on private lands compared to public lands, in my county as i may have mentioned only 15% of my county is privately held in the west much of our land is public lands. if we take that opportunity off the table, what are we going to the national security and the opportunities of energy independence when we have unneeded, redun tant policies. to more of the specific question, at least out in our area, most of our wells are at least a mile deep. some of them would go a couple miles deep. we're not dealing with shale gas. that's why again i think it's valuable that these decisions are made on stat

natural gas is being touted as an alternative to oil amid the global hike in oil prices. the shift is particularly notable in the u.s. the country has become a major natural gas producer during the past couple of years. and many types of companies are using natural gas not just as a source of fuel but as a raw material for products. >> reporter: this factory in pennsylvania specializes in the maintenance of heavy trucks. more and more companies across the united states are adapting their vehicles so they can use natural gas as well as gasoline and diesel. >> you have to find a way to add enough fuel storage on board to carry the natural gas. >> reporter: installing a natural gas tank on a heavy truck costs about $38,000 but it enables it to use conventional diesel oil and natural gas as fuel. using the computer to control the amount of diesel oil and natural gas used as fuel can cut running costs by half. why is it becoming more popular to use natural gas? the reason behind the development is the price of crude oil which remains high. sam works for a company that disposes

we can significantly reduce our oil imports and the remainder of what would be oil imports, we can utilizeportation fuel for the rest of it. so we have the chance of a lifetime really, if we can get the proper energy policy directed, and that chance of a lifetime was generated not by any ideas that came out of washington. it was generated by companies such as eog and others, without any special tax credits, and, you know, it's ours to lose as a nation. and i feel very passionate about this. and it's just a case where all we have to do is just implement the technologies that we now have captured, and just let the free markets run. >> i think your passion is justified. in the meantime, i know you're going to make a lot of money for shareholders because you're the best there is. mark papa, thank you for coming on "mad money." >> appreciate your support, jim. thanks for having me. >> it's hard not to be passionate about such a bold claim, but if you listen to this conference call like i did, you will understand why mr. mark papa is doing the right thing and he's going to make you a lot of mone

next ten years giving money to people who actually need it but the one thing is for certain america's oil and coal luvvie isn't going down without a fight well tell you about this energetic debate. the first amendment just keep shrinking in importance and souls profiteering corporations who don't care a lot about journalism don't care a lot about democracy has taken control well looks like having the most trusted name in news or being fair and balanced isn't enough cable news network viewership is plummeting along with current events knowledge of people who do watch so where are americans turning to for their daryl's daily dose of news some answers coming up. it's thursday may twenty fourth seven pm here in washington d.c. i'm liz wall and you're watching r.t. . well is targeting muslims legal turns out it's ok in the state of new jersey this after a three month review by new jersey governor chris christie is administration muslim leaders demanded a formal investigation into the n.y.p.d. after it came out the police were targeting and monitoring muslim businesses mosques and other places

we first passed oil and gas subsidies in 1916. my 104-year-old grandmother was a young girl at that time and it was the right thing to do. it was a very risky venture and we want to grow our on energy and we need to figure out ways to transport it and how to refinance. it was the right thing to do but in doing my research i found out that the reagan administration in the 1980's tried to pursue what was believed to be a more neutral and last extortionary energy tax policy. the administration opposes using tax laws to promote oil and gas development, renewable energy forces or can -- unconventional ignoble views. they believe that high oil prices would be enough to spur the economic levels of investment. it went on to say in this report that congress took out a number of the tax -- allowed a number of the tax breaks to expire. with that spirit in mind, i think we can look at what we have done with oil and gas revenues. just today, it came out that exxonmobil topped the fortune 500 list. the five biggest oil companies, record profits

oil companies. exxonmobil, for example, could totally get that pink pig, no problem, even though i couldn't. why do oil companies love the claw, and what does that have to do with spilling millions of barrels of oil into the ocean? that's coming up next. [ donovan ] i hit a wall. and i thought "i can't do this, it's just too hard." then there was a moment. when i decided to find a way to keep going. go for olympic gold and go to college too. [ male announcer ] every day we help students earn their bachelor's or master's degree for tomorrow's careers. this is your moment. let nothing stand in your way. devry university, proud to support the education of our u.s. olympic team. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by o

but countries that have oil have very, very few economic oils for women.n ek nom ig condition called the dutch disease which makes is hard to have manufacturing. they have big construction sectors, big oil sectors. they tend not to employ many women. even when you look, for example, in the middle east, you find that countries that don't have oil like morocco and tunisia, have done a pretty good job at bringing women into the libber force and actually reforming gender rights laws. it is countries that have lots of oil, like aljeera and iran and iraq, that have lagged far behind. >> michael, just other exceptions to this rule, i'm thinking, you know, canada has got a lot of oil. australia has a lot of commodities. maybe that's different. but i'm wondering if you think there is some places where there is good governance and fair shares blanketed across the country. >> and i would add it that the state of alaska who pays you if you move to alaska through the alaskan oil fund. there are people that are better at there. >> yes, that's right. the problem is reall

oil companies. exxonmobil, for example, could totally get that pink pig, no problem, even though i couldn't. why do oil companies love the claw, and what does that have to do with spilling millions of barrels of oil into the ocean? that's coming up next. oooh, what's her secret? [ male announcer ] dawn hand renewal with olay beauty. improves the look and feel of hands in just five uses. [ sponge ] soft, smooth... fabulous! [ male announcer ] dawn does more... [ sponge ] so it's not a chore. great! tyler here will show you everything. check out our new mobile app. now you can use your phone to scan your car's vin or take a picture of your license. it's an easy way to start a quote. watch this -- flo, can i see your license? no. well, all right. thanks. okay, here we go. whoa! no one said "cheese." progressive mobile -- insurance has never been easier. get a free quote today. but do you really? [ female announcer ] neutrogena® makeup remover erases 99% of your most stubborn makeup with one towelette.

limited develop of american oil shale. >> wait. wait. wait. i thought gas prices were in disastrous shape. wh hpens now? and the gop turns around and uses cory booker to back president obama. >> it's nauseating to the american public. enough is enough. >> booker didn't see that coming? of course they were going to do that! and then finally, the tea party's whole-hearted defense of the bankers. >> the government sets the rule. don't blame banks and the marketplace for the mess we're in right now. i am tired of hearing that crap! >> oh, those tea party freshman i'm coming for them! i'm coming! it's go time! ♪ >>> so you remember a couple of months ago -- every moment gas prices gas prices they are so high! my god the gas prices, what are we doing to do? remember this commercial? >> then and now, the difference president obama administration restricted oil production in the gulf limited develop of american oil shale and president obama personally lobbies to kill a pipeline bringing oil from canada. >> whatever happens to gas prices is

obviously that's not what washington wants they recently imposed an oil embargo along with the e.u. on iran over its controversial nuclear program the west believes obviously that iran is developing nuclear weapons and iran has maintained that it has a peaceful nuclear program india along with several other countries like china japan and south korea aren't following on the fiction they actually have been through those four countries account or sixty percent of iran oil customers so a lot of people are saying that things aren't going to work unless washington can get these asian countries on board here with me to talk more about hillary clinton's visit and the issue on iran with washington if professor k.p. me if you can first of all explain to me why you think this has become such a contentious issue between washington and delhi and we even had president obama saying that countries that continue to engage with iran and by iranian oil could

i see the lowest levels i've seen oil. oil is down 20% this week. those are your two indicators that markets are telling you that's what they are worried about. >> demand goes lower. of course, yields go lower and you wonder how low the fed will want them to go, huh? >> from a market perspective, it's going to be very difficult to trade more than 20 basis points either side of 2% for a while. especially after the failed selloff after the march 13 fed statement which gave us one shot at a selloff which brought us to a 240 yield. >> one question is you don't see any catalyst on the horizon that is going to take that uncertainty off the table until after the november election. i mean, what reaction have you seen? that's where the action is, the fed. you're not going to see much change until we get the clarity that we need. >> a couple things could happen. you're absolutely right. no obvious catalyst. at this point, at this rate with the way the data is going, i don't foresee ben bernanke doing any more than he's already done. no further hints than that

sees it as something that's threatening oil prices sending them up or at least could imagine seen as a threat to obama's reelection president obama in a way he has his hands tied with an election coming up he has to be able to continue to try to please voters and also find a balance between domestic and foreign policy and reassure these global leaders but it's going to be very difficult especially on the situation with iran when you're running for election you can't seem weak on defense of the same time the white house understands that if this european embargo goes ahead it's going to send oil prices up in the u.s. and that is certainly going to affect the way voters look at their president and whether or not to real like him so this is something that's really weighing down the fact that it's an election year and how is that going to play on the policies that are or are not made at this camp david summit reporting from washington and you say no way artie. meantime martin mccauley russia expert from the university of london believes the g eight achieves very little in its larger and m

when oil becomes less profi profitable, oil going down, something becomes more profitable, then the oil companies will naturally switch. at that point, they have a very vested interested. it's understandable. so the only way i really feel excelling that rate of change is to really get people who are not just the youth, although the youth are a very important component, but get people in general motivated to change the status quo. for oil companies there are very few options. they can get behind us or get out of our way. it's as simple as that. >> i think holding them accountable for the environmental problems they cause. sometimes we look at their profits, but they're actually not cleaning up their mess. when we actually start charging them to clean up their mess, we'll realize that a lot of their profits will go to cleaning up the mess they made. even in the gulf oil spill they don't even know right now the magnitude and the amount of money that will go into cleaning this area. in brazil and ecuador and the environmental damage that they're creating, they're not cleaning up. us not hol

now, that natural gas and some oil, too, is locked in shale rock. energy companies have figured out how to drill down, turn the bit sideways, and create tunnels deep within the earth, which are then pumped full of water, sand and chemicals, fracturing the rock and releasing the gas. this so-called fracking which is very controversial is happening all over the united states, most notably in north dakota. more recently, here in the monterey shale in california, home to some of the most vocal environmentalists in the world. chris falkner is ceo of blightling gas and shale. he claims the environmentalists have the upper hand in the argument over fracking. he says it is the industry's fault they do. all i know about fracking comes from environmentalists. oil companies have not been terribly public about what's going on with fracking. most people are only vaguely familiar with it. >> i think as an industry, we let other folks get the upper hand and speak for us, you speak of environmentalists, they have done a good job coming to the curve and we're late t