and when oil was discovered we released our land to the oil companies. the oil companies supplied the jobs and the money. and we all went along for the ride. in the gulf of mexico fifteen a coastal state an accident her whole piece by piece the rig known as the deepwater horizon was drilling in over a mile of water and over three miles. on april twentieth two thousand and ten approximately nine forty five pm. methane gas from the well ignited. eleven workers were never found. the deepwater horizon sank on the morning of april twenty second birthday. shortly thereafter the u.s. coast guard began to observe an oil slick spreading from where the rig once stood in the well as blasting full force into the dollar and recorders or at least nothing while no plates are not there for eighty seven days that oil would flow without pause leaving the u.s. government the oil industry and the world scrambling for solutions or to steal told the truth is we don't know when that's going to start doing everything we can finally on july fifteenth the well was capped and the

and when oil was discovered we released our land to the oil companies. the oil companies supplied the jobs and the money. and we all went along for the ride. in the gulf of mexico fifteen miles coast state an accident her whole rig piece by piece the rig known as the deepwater horizon was drilling in over a mile of water and over three miles. on april twentieth two thousand and ten approximately nine forty five pm methane gas from the well ignited. eleven workers were never found. the deepwater horizon sank on the morning of april twenty second birthday. shortly thereafter the u.s. coast guard began to observe an oil slick spreading from where the rig once stood in the well as blasting full force individual and on equal and there's already methane well known plates are not there for eighty seven days that oil would flow without pause leaving the u.s. government the oil industry and the world scrambling for solutions or to steal told the truth is we don't know when that's going to start doing everything we can finally on july fifteenth the well was capped

just for releasing oil. to a billions of dollars of foreign well if you can see. how much oil is released. those pictures down from twenty five billion to maybe one or two billion billion dollars here a billion dollars are you talking real moving. the company that makes correct it now coke is a joint venture with exxon mobil it's received over twenty four million dollars in u.s. government contracts over the past decade. now co-chairs directors with b.p. and exxon mobil. according to its own website now co has some pretty influential fans so from here to here this is the scope the distance about five hundred miles. respiratory problems central nervous system problems the headaches and dizziness and nausea and the sense that intense rashes there are hundreds of thousands of people who are dosed with high amounts of toxic material the or risk of having severe health effects often we're told don't worry honey we'll take care of you and it won't hurt we'll wait and find out that a very good product what we thoug

so this is the oil crack babies. well you know it's not it really reaffirms certain stereotypes to call ben bernanke in debt crack baby i think we need to call him a debt cracker. he's more of a debt cracker. to put this into context he lives in a ghetto called the federal reserve bank he's a cracker cracker number one and he slings debt in the ghetto that is wall street where everyone like jamie diamond he lines up each op's up as thousand dollar bills into one long line and he just snorts it. as jamie diamond on his way to work every morning snorting thousand dollar bills gifted him from crackhead cracker number one ben bernanke so we have the war on drugs we have the war on terror and part of the war on terror of course is the war for oil as well james howard kunstler is pointing out about this this magical thinking about oil that america is now. believes that they are this saudi arabia the new saudi arabia that they're going to be able to displace saudi arabia as the king of oil when in fact most of this that the

so this is the oil crack babies. well you know it's not it really it reaffirms certain stereotypes to call ben bernanke in a debt crack baby i think we need to call him a debt cracker. he's more of a debt cracker. to put this into context he lives in a ghetto called the federal reserve bank he's a cracker cracker number one and he slings debt in the ghetto that is wall street where everyone like jamie diamond he lines up each ops up as thousand dollar bills into one long line and he just started. as jamie diamond on his way to work every morning snorting thousand dollar bills gifted him from crackhead cracker number one ben bernanke so what we have the war on drugs we have the war on terror and part of the war on terror of course is the war for oil as well james howard kunstler is pointing out about this this magical thinking about oil that america is now. believes that they are this saudi arabia the new saudi arabia that they're going to be able to displace saudi arabia as the king of oil when in fact most of that t

and their oil. during the last ten when the single largest energy contractor to the various branches of the u.s. military receiving over seventeen billion dollars in direct contracts for jet and diesel fuel oil is true and b.p. in particular is crucial to the military intelligence and diplomatic complex. on june sixteenth two thousand and ten obama called a meeting at the white house with b.p.'s c.e.o. tony hayward it's managing director bob dudley and its chairman of the board. carl and rex bamberg the u.s. government took no action against b.p. for its executives instead it agreed that b.p. would simply create the claims fine for victims of the oil spill the people of the gulf have my commitment that b.p. will meet its obligations to them. as publicly pledged to make good on the claims that opposed to the people in the gulf. large oil companies are greedy companies or don't. think ways indeed we can. look. back. four days after his meeting with president obama tony hayward was enjoying a yacht rac

so this is the oil crack babies. but you know it's not it really it reaffirms certain stereotypes to call ben bernanke in debt crack baby i think we need to call him a debt cracker. he's more of a debt cracker. to put this into context he lives in a ghetto called the federal reserve bank he's a cracker cracker number one and he slings debt in the ghetto that is wall street where everyone like jamie diamond he lines up each op's up as thousand dollar bills into one long line and he just starts it. as jamie diamond on his way to work every morning snorting thousand dollar bills gifted him from crackhead cracker number one ben bernanke so we have the war on drugs we have the war on terror and part of the war on terror of course is the war for oil as well james howard kunstler is pointing out about this this magical thinking about oil that america is now. believes that they are this saudi arabia the new saudi arabia that they're going to be able to displace saudi arabia as the king of oil when in fact most of that that t

others warn that the oil and gas extracted at home will be twice the price of imported oil and cancels out the other benefits. for now in oil regions like texas, the buzz word is fracking. our reporter explores the implications of this push for energy independence. >> things are getting going again. economic upturn can also look like this -- muddy, dirty, brown. welcome to boomland, texas. it's thanks to barry smitherman, one of the most powerful men in the oil business, that we're allowed to shoot here. >> is that more of what you're looking for? >> he decides who gets oil and gas drilling rights in texas. and he has star status. at first, no oil companies wanted us to film here. the bosses are wary. business is done discreetly in texas. what does smitherman feel about the oil industry? >> pride. this is an industry that started here. it's an industry that keeps getting better here. it employs thousands of people in great-paying jobs. it contributes to american energy independence. what the movie business is to hollywood and california, the finance business is to new york, this is the

you know lipophilic into them and they form little packages around their oil which says spins the oil in the water column they're called myself these my cells go around and they absorb onto biological tissue they're absorbing on to sand grains they're absorbing onto raindrop particles they're absorbing up into the clouds and they're raining down as stinging rain on people who then get rashes just like this person's earth designed to go through limpets in the oriel they go through the lip in the sound they break down the sound wall which is a liquid membrane they take that whale into the sound into the organs were rattling so there are delivery system for it to go around lying around itself that is toxic to every organ system in the body and the mixture of dispersant and whale is much more toxic then either oil alone or dispersant fisherman here have been exposed to this mixture name him literally got ulcerated skin it's not hard to find these people. we have between four to five million people in this directly affected area of the coast and it's pretty clear why it's not being reporte

are tied to how much oil. has been released who are the head of the soon as you say i would to either ban or limit the use of dispersants could you have the power to act unilaterally i believe i did chairman but i do want my lawyers to get you a response i know going in but but that's a question you needed to know from day one ms jackson forget about cleaning up forget about the natural resource to average just for releasing that. oil just for releasing oil. tens of billions of dollars of fine well if you can eat. released. those pictures down from twenty five billion to maybe one or two billion billion dollars here a billion dollars or you took a real movie. the company that makes correct said now coke is a joint venture with exxon mobil it's received over twenty four million dollars in u.s. government contracts over the past decade. now co-chairs directors with b.p. and exxon mobil. according to its own web site now co has some pretty influential fans so from here to here this is the scope the distance about

or shipped by oil.n: it does not need to be. we could be shipping things of power. >> well, you could. you could. john: if we stop using oil we would not be able to have all o these things. >> there is no question. we he been around for 150 years. how much new while we have been able to find. john: i am glad you keep findin it. when we return, more minutes. our real way to save money and gasoline. ♪ john: whenever gas prices go up they appear to make your car burn less gas. they are all garbage. automakers would install it because it would give them a sales advance. however, there is a way to save on gas without driving less tha does work. is called hyper myelin. special correspondent kennedy does it. >> let's . come on. john: she livesn los angel and drives a lot and has mastered for techniques. the first i you have heard of before. lighten up on the gas pedal. >> which means when you're at a stoplight an you are about to go, do not just jamn the gas. yoo're wasting fuel. start slow and just get going

or shipped by oil.n: it does not need to be. we could be shipping things of power. >>ell, you could. you could. john: if we stop using oil we would not be able to have all o these things. >> there is no question. we have been around for 150 years. how much new while we have been able to find. john: i am glad you keep findin it. when we return, more minutes. our realay to save money and gasoline. welcome to the new buffalo... where new york state is invn dollars to attract and grow business. where companies like geico are investin in technogy & finance. welcome to the state where cutting taxes for siness... is our business. welcome to the new buffalo. welcome to the new buffalo. welcome to the new buffalo. new york state is throwing out the old rule book to give your business a new edge, the edge you can only get in new york state. to grow our start your business, visit thenewny.com [ sla ] [ slap! slap! slap! slap! ] ow! ow! [ male announcer ] your favorite foods fighting you? fight back fast with tums.

this oil was tar sands oil. this pipeline was part of this canadian pipeline system that we were talking about today. but rather than ensuring that if we're going to build the keystone pipeline to transport this particularly dirty oil across the united states, that we first ensure that we have proper protections for our environment, this bill would take us in completely the opposite direction, while doing nothing to ensure that keystone oil would enhance our energy security. there's nothing whatsoever in this bill to require that the keystone oil actually stay in the united states. the jobs that will be created by this, according to the environmental statement prepared by the u.s. state department, the jobs that would be created over the long-term number in the few dozen, like 35. not in the thousands. yes, there will be some construction jobs and i want to assure our working americans that we want jobs for them. but we want sustainable jobs that come from clean energy. they are available, they are available tod

or shied by oil.n: it does not need to be. weou be shipping things of power. >> well, you could. you could. john: if we stop using oil we would not be able to have all o these things. >> there is no questn. we have been around for 150 years. how much new while we have been able to find. john: i am glad you keep findin it. when we return, more minutes. our real way to save mon and gasine. ♪ john: whenever gas prices go up the appear to makeyour car burn less gas. they are all garbage. automakers would install it because it would give them a saladvance. however, there is a way to save on s without dvingless that does work. it is called hyper myelin. special correspondent kennedy does it. >> let's go. come on. john: she lives in los angeles d drives a lot and has mastered for techniques. the first i you have heard of be. lighten up on the gas pedal. whi means when you're at a stoplight an youre about to go, do not just jam on the gas. yoo're wasting fuel. start slo and just get going cruising. my drive t

there is still going to be oil around and it is harder to get oil today than it ever was.companies are well-positioned to grow. we have positions in that company. melissa: what would you stay away from here? >> a company like exxon is got a difficult, this is the not the same exxon in the last 10 years. they're a great allocator of capital and a great management team. when you get a lower price it makes it more difficult for all energy companies. melissa: rob lutts, thanks for coming on. >> great. melissa: coming up on "money," get rid of entitlements all together and replace them with universal minimum income. you've goto hear this controversial new proposal and it is gaining momentum and one of its top backers and biggest opponents debate it. that is coming up next. at e end of the day it is all about money. ♪ . ♪ . melissa: here's a radical idea to cut gvernment spending and get rid of poverty. the government gives each adult$10,000 a year and takes away social security and a laundry listf entitlements. it is called universal basic income. it is becoming a hotly debated

or shipped by oil.n: it does not need to be. we could be shipping things of power. >> well, you could. you could. john: if we stop using oil we would not be able to have all o these things. >> there is no question. we have bee around for 150 years. how much new while we have been able to find. john: i am glad you keep findin it. when we return, more minutes. our real way to save money and gasoline. with fidelity's options platform, we've completely integrated every step of the process, making it easier to tr filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you on an account. we don't let frequenheartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day afr day... block the a

or shipped by oil.n: it does not need to be. we could be shipping things of power. >> well, you could. you could. john: if we stop using oil we would not be able to have all o these things. >> there is no question. we have been around for 150 years. how much new while we have been able to find. john: i am glad you keep findin it. when we return, more minutes. our real way to save money and gasoline. bny mellon combines investment management & investment servicing, giving us unique insights which help us attract the industry's britest minds who crea powerful strategies for a country's investments which are used to build nehools to build more bright minds. instedn the worl bny mellon. buwith advair, i'm breathing better. so now i can help make this a grt blocparty. ♪ [ male announce advair is clinically proven to help significantly improve lug funcon. unlike most copd medications, advair ntains both an anti-inflammatory and a long-acting bronchodilator worki together to help irove your lung function all d

or shipped by oil. it does not need to be. we could be shippg things of power. >> well, you could. you could. john: if we stop using oil we would not be able to have all o these things. >> there is no question. we have been around for 150 years. how much new while we have been able to find. john: i am glad you keep findin it. when we return, more minutes. our real way to save money and gasoline. man: ♪ all in together no ♪ we can make it better, can we do it? ♪ ♪ we'll rope up chorus♪ 'cause we know how to jump ♪ ♪ we'll cut it down ♪ 'cause we know what to eat ♪ announcer: moving a little and eating better every day cahelp make you and your child healthier. search "we can" to find out more. ♪ john: whenever gas prices go up they appear to make your car burn less gas. they are all garbage. autokers would install it because it would give them a sales advance. hover, there is a way to save on gas without driving less tha does work. it is called hyper myelin. special correspondent kennedy does it. >> let's

or shipped by oil.n: it does not need to be. we c could be shipping things o power. >> well, you could. you could. john: if we stop using oil we would not be able to have all o these things. >> there is no question. we have been around for 150 years. how much new while we have been able to find. john: i am glad you keep findin it. when we return, more minutes. our real way to save money and gasoline. thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looki beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. never really thought i would make money doin

the oil and the oil is really really the secret going to quote behind margaret thatcher without the dots the oil there would not have been the thatcher revolution as we know it is that of course tory your thoughts in terms of scholars independents you could get away from the tories well that's a huge selling point over i think if they could put it to people it would be their squalling could be the dependent socialist country that it feels as in its heart if they go away that would be a huge selling point for them but they haven't really been really true isn't it a case there because obviously the people at the heart of the independence campaign and their symbionts or socialists i mean even in america the people of alaska get a cut of the oil revenues the people in the middle east get a cut of the already is scholar independent all the glaswegians i want is gone when we get a cut of the oil revenues it will be a socialist paradise wouldn't be a socialist by place but you know you could. you go to george osborne there her interests i don't i don't know why i am always born tonight taking c

the keystone pipeline would transport the dirtiest oil in e oil from can -- dirtiest oil in the world to come to the united states where it would be transported to other countries. this is just a pipeline. about three dozen permanent workers assigned to this pipeline. otherwise all we get from this s the risk of a spill. according to the energy information administration, more than 76% of the current u.s. petroleum exports come from the gulf coast. in fact, 60% of the gas and 42% of the diesel produced at texas gulf coast refineries was exported. that fact that the refined product will be exported is not speculation. look at the business plans of valero, one of the nation's largest refineries, which operates several facilities on the gulf coast. valero's 2012 annual report claims that the u.s. markets are oversupplied to the point where the company's chief executive recently said, quote, there's so much it's got to be moving. our view is that it's flooding the gulf coast, end quote. the solution, well, valero is shipping domestically produced crude to canada for refining under a licen

there's an oil boom right here in the u.s. the international energy agency says a supply shock created by a surge in north american oil production will meet rising energy over the next five years. because of all of that, domestic oil, opec will not have to increase output in the next five years. meanwhile, crude oil fell by almost $1 closing at $94 and change. >>> our next guest says that energy report is promising. he's john felmy. welcome. >> good evening. thanks for having me. >> do you see as the ieac, a united states that will be independent by 2030 and may be the largest producer of oil even greater than saudi arabia sooner than? ? >> there's no question it can. between imports from canada and biofeels we can become energy self sufficient. that means a lot in terms of energy security, jobs and revenue for the government. >> you know, our viewers might be wondering that if things are so good on the energy front why aren't we seeing gasoline prices coming down. you know, what's going on there? >> well, it's still a tight w