no blood for oil becomes an anti-war battle cry. >> no blood for oil! misunderstand this business of oil. it isn't about possessing it. it isn't about exxonmobil and chevron and total owning the oil. it's about the oil flowing freely at a reasonable price. this is what we say when we mean protecting oil. we mean protecting the access, protecting the price, protecting the stability and so forth. not owning it. >> it wasn't a war for oil, but it was in a meaningful way a war about oil. and about the role that oil plays in our world and in our world economy. >> the idea was to go into iraq, to remove saddam hussein and his government. once that job was done, then it's about oil. period. ♪ what is this place? where are we? this is where we bring together the fastest internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! we must have encountered a temporal vortex. further analytics are necessary. beam us up. ♪ that's my phone. hey. [ female announcer ] the x1 entertainment operating system, only fr

domestic oil.s discouraged domestic production and left us more dependent on imports. then in december 1978, iran, racked by political upheaval, curtailed production of crude oil. cut off from this major source, oil prices to the united states again more than doubled. frustrated consumers were reacquainted with the energy crisis as long gas lines reappeared. oil suppliers put pressure on the government to decontrol gas and oil. mr. schlesinger, what turned this around and made decontrol acceptable? first, there was the opportunity created by the fall of the shah. public concern was rising when production ended in iran. governmental concern was rising even more rapidly. alarm ultimately became more than alarm-- almost panic in the industry-- to acquire additional supplies. some action had to be taken by the government. by june of 1979, president jimmy carter announced the gradual phaseout of controls on domestic oil. once controls were lifted, did the wildcatters jump out to start drilling again? ye

no blood for oil becomes an anti-war battle cry. >> no blood for oil!tand this business of oil. it isn't about possessing it. it isn't about exxonmobil and chevron and total owning the oil. it's about the oil flowing freely at a reasonable price. this is what we say when we mean protecting oil. we mean protecting the access, protecting the price, protecting the stability and so forth. not owning it. >> it wasn't a war for oil, but it was in a meaningful way a war about oil. and about the role that oil plays in our world and in our world economy. >> the idea was to go into iraq, to remove saddam hussein and his government. once that job was done, then it's about oil. period. there's this kid. coach calls her a team player. she's kind of special. she makes the whole team better. he's the kind of player that puts the puck, horsehide, bullet. right where it needs to be. coach calls it logistics. he's a great passer. dependable. a winning team has to have one. somebody you can count on. somebody like my dad. this is my dad. somebody like my mom. my grandfath

no blood for oil becomes an anti-war battle cry. >> no blood for oil! misunderstand this business of oil. it isn't about possessing it. it isn't about exxonmobil and chevron and total owning the oil. it's about the oil flowing freely at a reasonable price. this is what we say when we mean protecting oil. we mean protecting the access, protecting the price, protecting the stability and so forth. not owning it. >> it wasn't a war for oil, but it was in a meaningful way a war about oil. and about the role that oil plays in our world and in our world economy. >> the idea was to go into iraq, to remove saddam hussein and his government. once that job was done, then it's about oil. period. you always do what they tell you? no... try it, and see what your good driving can save you. you don't even have to switch. unless you're scared. i'm not scared, it's... you know we can still see you. no, you can't. pretty sure we can... try snapshot today -- no pressure. [ male announcer ] nothing says, "you're my #1 copilot," like a milk-bone biscuit. ♪ say it with milk-b

saturday was bunker fuel oil.t has been refined, and among other things it is used for shipping oil. the barge accident has put a focus on barge movement of oil supplies. ceo of clipper data, a company that collects data on energy shipping, he says that change has occurred since about 2011. >> but the new production, there was no infrastructure or logistics to move this new oil to market, and one of the cheapest ways to do that is to put it on a barge. >> reporter: oil is being moved from railways to rivers like the mississippi to get to gulf refineries, the gulf of mexico is the major way for oil barges to refineries in houston and louisiana. in the last three years there has been a nearly ten-fold increase in the amount of oil that has made its way from the midwest to the gulf of mexico. 38.1 million barrels of oil moved through the route. that has made the mississippi river a primary route for transporting crude oil from the midwest to the gulf. the hudson river is being used to move oil to refineries. with mor

the oil spill happened. the great be irony of the oil spill is that seven years later in that crisis of opportunity, the roughly thousand dollars -- thousand -- one billion, roughly one billion dollars that exxon under duress was forced to pay for restoration, our argument of the wounded resources, our argument was on the -- was only time and mother nature can clean up the injuries of the oil spill in the ocean. humans cannot clean up major oil spills. in the meantime, we're about to have the equivalent of an oil spill on land in the same ecosystem. the whole forest is going to come down. salmon are forest animals just as much as they are ocean animals. if you clear cut their native streams, if you oil them in the ocean. so one of the great opportunities in that crisis is seven years after the oil spill we had managed to protect about 600,000 acres of the most significant fish and wildlife habitat in the forests that were about to come down. so i want to -- this is a time to remember, but it's also a time to

it has also been nearly four years since the bp oil spill.d the spill in alaska teach responders in the gulf of mexico, and what are the lingering effects on the seafood we eat. joining us is a coalition worker, and commercial fisherman, we also invited bp to appear. they did not respond. all right. tyson, we just talked about how exxon valdez spilled 11 million gallons of oil. now there's another oil spill in texas that has closed the shipping channel connecting galveston bay to the gulf of mexico. what have we learned? >> unfortunately not enough. what is here is that bp was not an outlier here. when the executives testified, they all admitted none of them had a disaster response plan to deal with the level of blowout that we had in 2010, because none of these oil companies make money off of preparing for disaster, so none were required to have these plans in place. so still today four years after deep water horizon, none of these companies have the technology or capability to prevent one of the deep sea blowouts. >> that's pretty frighteni

oil is oil.state department in any of the several environmental statements they did on the keystone pipeline most notably the final eis came to the conclusion that a barrel of oil from the oil sands is about 16% or 17% more carbon intensive than the average barrel of oil refined in the u.s. i think the important thing to remember is we are not displacing the average barrel of oil refined in the u.s. we are going to be displacing heavy oil imported out of venezuela and mexico and oil from california all of those oils have basically the exact same chemical composition and the exact same co 2 intensity. >> but isn't that a statement that you would rally around, that it is going to be the cleanest barrel of oil produced in north america? i mean, it's either true or it's false. >> you know, my -- my take this -- and i think, once again, people are missing the bigger picture here when it comes to a barrel of oil. it doesn't matter what kind of oil. on average, about 70% or 80% of the emissions from a b

and corn oil and soy oil and all of these oils are basically made the same way.'s best to avoid all of them if you can. and go for a cold process olive oil which by the way you know it's cold processed if you put it in the refrigerator and solidifies. >> they are cheating on that too. >> they are. >> because there is so much demand for it that they are now diluting it down with other oils like canola is one of the ones they use. if it doesn't go hard in the fridge you don't have pure. >> buy your bottle, put it in the fridge, if it's hard it's good. your oil will not solidify because it's seed oils which don't so hid fi. >> omega-3 and 6 don't solidify. >> want to separate that out and somebody said hey. thank you for coming back. i appreciate your information. up next, ask carol. >> we invited the u.s. canola association to respond to the comments. on a future show. being carried in your arms... but after a morning spent in the caribbean, playing pirates with you in secret coves, an afternoon swimming with dolphins, finished with a movie watched against the sett

there's oil. >> the oil flowed down the street through a drainage ditch and emptied into a ditch. the crews came from miles away. >> what are the booms for? >> to soak in the oil. >> literally? >> yeah. >> that's what they're for? >> they're supposed to soak in water. >> steyer had come to play flower to gather ammunition for what may be the biggest fight of his life, trying to stop the keystone pipeline from being built. steyer worries more leaks like this one in mayflower could happen. the proposed pipeline would stretch from the canadian border, across the u.s., and connect to existing pipelines that carry oil to refineries on the gulf. steyer says the oil would be sent directly to the international market. >> it's not going to the united states. what the true argument is, it's going to be more oil not from the middle east, that is true, but doesn't mean it's more oil from the united states. it just means there's not more oil released into the world market. >> we walked with steyer along the quiet street in mayflower that a few months before was covered in oil. exxonmobil is fa

>> it's cheap. >> cheaper than corn oil or soy oil?> on the commodity market they'll pick whatever oil is the cheapest on that day. canola, soy bean and corn oil is sort of neck and neck. it's popular because there's lots of it around, grows very well in canada and it's -- yeah, it's cheap. >> why do they use all of this stuff, all these chemicals to make this oil? why can't they just squeeze a corn colonel and get oil or squeeze an olive and get oil? >> it has ingredients that make it have a short shelf life. oils are very sensitive. >> like enzymes, you mean? >> no, they're color compound that is absorb light which then damages the oil. >> so put it in a dark bottle. >> they could do that but the industry was not interested so much in shelf life or in health. >> no. >> and the shelf life if you can get two or three years, you could make that oil in new york and you could sell it in johannesburg. you have a huge potential market. that was the point of the -- of treating the oils that way. and, of course, when i came along, i said that

oil. it has polluted waterways and posed a significant risk to air quality across the country. when we have a policy decision before us, where we have a choice of putting $7 billion into this or investing in clean energy and fuel sources that would create more jobs. it is important to thing about think about the economy today and into the future. this isn't a step to regulate carbon. but a step to promote clean energy. >> what about, just to continue, on this mode of transportation versus the other issues, which i generally agree with you, the state's department final eis concluded if the pipeline expansion is blocked and pro producers are forced to ship by rail overall emission would increase and result in accidents. so is approving the pipeline better? >> that is what the state concluded >> i wasn't asking you, sorry. >> we believe it is a false choice. we believe shipping tar sand by rail isn't safe. we have seen more accidents in the last year than previous decades. it has been proven

and evidently leaking some oil. we're going to be here for a while. >> so everybody knew we were in trouble. >> while the crew saw oil bubbling to the surface here at blye wreath, they had no idea how bad it was down below. until the first diver went in. >> i was the eyes of everybody else. >> xop hired rick wade to survey the damage. it was catastrophic. >> in fact, that is what i told the captain when we got on the radio. he said, how big is the hole? i said it's big enough to drive our boat through. >> and it was getting worse. >> we could hear it crack and groaning. we could watch the sides of the ship starting to spread up the side like a tuna can. >> 8 of the 11 cargo tanks were ruptured. millions of gallons of oil were billowing out. and no one yet knew why. at that point, are you still calm? >> well, i'm trying to be calm. i'm trying to figure out what do i do next? >>> when we come back, investigators learn about a dark secret from the captain's past. >> i abused alcohol, yes. but i wasn't addicted to it. w

do you think bp and the oil responsibility?, in my estimation, they have taken a swing at it. i think things are better since exxon valdez. they have the oil pollution act that makes them face up to their responsibilities. but they have tried to circumvent the process and delay it, and i feel like the corporations don't want to spend the money to fix what they have done, and the oil spill that happened in galveston is just another example of something that shouldn't have happened. it's a waterway where 2 shipping lanes cross, and there should be there. >> you know, tieson buddy mentioned the act. is that enough, do you think in the last four years to cause a clamp down on this happening again? >> absolutely not. one thing the oil pollution act did was clarified who was responsible, it opened up the number of potential parties that could claim for damages, but it still puts the companies in the driver's seat. it still shields their initial liability to $75 million. >> so the companies in the driver's seat are no longer the gover

look -- there is oil. >> the oil flowed down the street through a drainage ditch. the crews had come from alberta, canada, thousands of miles away. >> what are they for? >> they are to soak in the oil. they are supposed to. they are supposed to soak in water. >> steyer had come to mayflower to gather ammunition for what may be the biggest fight of his life, trying to stop the pipeline from being built. he worries more leaks like this one could happen. the proposed keystone pipeline would stretch from the canadian border across the u.s. to the existing pipeline that carries oil to the refinery. he says the oil will be sent directly to the international market. >> it is not going to the united states. it is going to be more oil not from the middle east. that is true, but it just means there is more oil not from the middle east in the world market. >> we walked along the quiet street in mayflower that just a few months before had been cover in oil. exxon mobil is facing a $2.6 million fine for the spill and has spent $70 million to clean it up. three houses were so ba

every day we consume palm oil, labeled as vegetable oil. and a lot of it is coming from here in indonesia. they've converted the lowlands already. and now the palm oil plantations are moving up and up the slopes, to here, leuser rainforest. we've gotta go. >> leuser isn't the only place experiencing deforestation. since 1985, more than 50% of the forests in sumatra have been cleared, not just for palm oil plantations, but also for paper, wood, mines, and road infrastructure. what took thousands of years to grow is coming down at an alarming rate. >> look at that. we traveled for over an hour, deep into this palm oil plantation, till we've got here, the front line of the expansion. this expansion here is illegal under indonesian law, and it's all happening for palm oil. this timber will be shipped off to market, and in its place, in a matter of days, young palm oil seedlings will be planted. >> palm oil is one of the most widespread vegetable oils throughout the world. within indonesia itself and also china and india, the 3 of them account f

it must help you find oil where you didn't think there would be oil. >> advances across the board. talked about it yesterday with jim brown. seismic reprocessing speeds, new acquisition methods, the abilities to do with what we're doing with horizonal which is was invented here. the geosteering tools that were-to-do the things that were invented in the gulf of mexico. it's so dam expensive out here that if you save a man hour or two i can justify the higher cost for the development of the new product. so horizonal drilling, the way we complete them, the way we gas lift today and all of those things lead to higher recoveries than anything we've seen before. >> how much oil do you expect per day from just when this is completed? >> we get off this platform and we're going to drill several wells here we're looking to get anywhere up from 5,000 to 10, 000 barrels from incremental oil when we leave here. >> what do you think it was before you came down here when exxon pretty much gave it up. >> so this field, take west delta 73, the sister field. it was 2,000 barrels a day. now we're ma

landrieu called the tarsands oil the cleanest barrel of oil produced in north america. we haven't heard that one. now we've been covering the stir for some time here on "the ed show." i've got to tell you, that one is a dandy. no question about it. new to us for sure. now let's go to nasa climate scientist james hanson from thursday's senate hearing. >> tarsands are among the dirtiest and most carbon intensive fuels. makes no sense to set up a system to exploit them in a major way. if we don't approve it, a lot of that tarsands will never be developed. it's -- the world is going to realize pretty soon that we've got to limit the amount of carbon we put in the atmosphere. and it's going to have to do that via a price on carbon, and that's going cause the most carbon-intensive things too be left in the ground, and that includes tar sands. >> dr. hansen is the scientist, he's the expert, he is spot on. now, senator landrieu, i'm not going to call you a liar on national television, but i'm very, very curious -- what's your source? can you take us to your source? because you

oil. u.s. is on track to produce nearly 10 billion -- million barrels of oil a day by 2016 people to that of saudi arabia. the story however to not end at our borders. our neighbors to the north and south are also blessed with energy abundance of a proper risotto strategy north america canon in my view should be, global energy had. energy supply to europe serves as the linchpin of the revitalization in the dialogue with nato members said the committee, within our reach as the historic opportunity to harness efficiency, to solve some of our countries must if you can challenge in security, joblessness, trade imbalance and a devastating national debt all of which he would strengthen global leadership. we cannot seize this incredible opportunity if we continue to say no to the infrastructure requirements necessary to develop and utilize these resources. i would like to post what i regard to be pretty fundamental question. why would the united states spent lands of dollars to place our military

the oil bill is fuelling the revolution.ut oil that we import. by the way right now we import 6.3 million barrels per day. 6.3 million barrels.wh that makesat us week. what does this proposal say?ild take the dirtiest will fill the pipeline the u.s. take the environmental risk put it in texas then export. by the way we had a debate yesterday about exporting natural gas that could be used to move cover vehicles from oil to natural gas here in the united states. most of the people on this exp committee said we should start exporting natural gas also. and women over to the middle east so we can protect imports. we don't have self-sufficiency and natural gas in united states. we import it. we don't have self-sufficiency and oil. we imported so this is a national security issue. it's an economic issue, it's a any fixturing issue. it's a climate issue. now i heard the senator from tennessee say earlier that talking to mr. brune there is a bill he supported that was utterly ridiculous. i assume he is talking about the waxman-markey bill. i didn't take i

plus the dangerous dark side to america's growing oil boom.ail cars that would derail and explode right in the middle of a crowded neighborhood. >> the fact that more oil has spilled last year than in the previous four decades combined is. >> that story and more as "real money" continues. >>> we're getting a firsthand look at violent unrest continues venezuela. [ shouting ] gunn -- [ gunfire ] >> it is hard to see, but forces moved in firing tear gas and dismantling barricades built by protesters. our david has witnessed some of the violence. cristobal. david i was texting with you when this was going on when you were saying the tear gas canisters were being deployed. tell us what you saw. >> we were woken up in our beds about 11:30 at night. and you would always hear these canisters going off at night, but this was a little bit different, the intensity of -- of the clashes, drew us out on to the streets, and what we saw was at least three tanks rolling essentially right past our hotel classes with protesters who were hurling rocks and sticks,

plus the dangerous dark side to america's growing oil boom.ail cars that would derail and explode right in the middle of a crowded neighborhood. >> the fact that more oil has spilled last year than in the previous four decades combined indicated how much danger there is. >> that story and more as "real money" continues. >> twenty five years ago, pan am flight 103 exploded in the skys above lockerbie. only one man was convicted of the attack >> the major difficulty for the prosecution, that there was no evidence... >> now a three year al jazeera investigation, reveals a very different story about who was responsible >> they refuse to look into this... >> so many people at such a high level had a stake in al megrahi's guilt. lockerbie: what really happened? on al jazeera america >>> we're getting a firsthand look at violent unrest continues to rage in the streets of venezuela. [ shouting ] gunn -- [ gunfire ] >> it is hard to see, but forces moved in firing tear gas and dismantling barricades built by protesters. our david has witnessed some of

there's oil. >> the oil flowed down the street through a drainage ditch and emptied into a marshy area. the crews had come from alberta, canada, thousands of miles away. >> what are the booms for? >> they are to soak in the oil. they are supposed to -- >> literally? >> yeah. >> that's what they're for? >> they're supposed to repel water and soak in oil. >> steyer had come to mayflower to gather ammunition for what may be the biggest fight of his life, trying to stop the keystone pipeline from being built. he worries more leaks like this one in mayflower could happen. the proposed keystone pipeline would stretch from the canadian border across the u.s., and connect to existing pipelines that carry oil to refineries on the gulf. steyer says the oil would be sent directly to the international market. >> it is not going to the united states. what the true argument is, it's going to be more oil not from the middle east, that is true, but doesn't mean it's more oil for the united states. it just means there is more oil not from the middle east in the world market. >> we walked with steyer al

oil officials tried to pump the oil on to another tanker before the still linking exxon valdz valdeze wanted to to know. only the captain can command in such conditions. the captain was below the bridge in his cabin. before the investigation can get underway there's a massive, owl spill that must be contained and cleaned up. john fowler has more on this report. >> oil spread on gusty winds across 100 square miles of once pristine, press williams sound. by days end, exxon crews had scooped up less than 1%, equipment failure and 70-mile an hour winds grounded planed and boats. the alaska governor blasted exxon that excuses don't happen. >> we made a bed of the largest oil slick in the history of this country for them to spawn into. >> investigators have not yet released crew drug or alcohol tests, but the captain who was below deck has a history of drinking problems. he pled guilty to drunk driving years ago. a 3rd inmate had no certificate to pilot the hundred $25 million ship in these waters. >> new position feels much more stable. >> containment booms, and still more oil spilled out.

oil. many ways is why what happens in venezuela is so important. oil. venezuela is the fourth largest supplier of crude oil behind canada, saudi arabia and mexico and proven reserves in the world. because venezuela does not have enough domestic refineries an unlikely partnership emerged between the united states and this south america nation we relies on crude exports and gasoline imports to keep its economy humming. >> years ago under hugo chavez talking about our president being the devil or some of these rhetorical positions the bottom line is the united states is the closest, largest market for venezuela oil. >> reporter: the u.s. is thirsty for oil, despite a resent energy boom it imports 40% of oil needs, of the imports 8% comes from venezuela which accounts for 1 million barrels a day and process venezuela crude in places like texas and illinois and adding american jobs before sending refined products or gasoline back to venezuela. >> there is a lot of stake for the venezuela govern

it doesn't count the scores of smaller oil spills. the largest oil spill in u.s.ter horizon spill in 2010. the gulf of mexico. an explosion killed 11 people on the rig, and 176 million gallons of oil spilled into the gulf. that's 16 types more oil than the exxon valdez disaster. when you look back at all this, bp, exxon valdez, the question you have to ask yourself is, where exactly is the accountability here? i'll tell you. last week, mere days after reaching a deal with the environmental protection agency to once again begin offshore drilling, bp paid $42 million to the u.s. department of interior of .03% of last year's profits for the rights of 24 potential new drilling sites. not just talking about oil, though, here. the business of fossil fuel extraction across the board tends to be a very dirty business. last week, north carolina's duke energy got busted for dumping 61 million gallons of coal ash waste into a canal leading to the cape fear live, marking the eighth time in less than a month that the nation's largest electricity company has been cited for envi

did this and all else for his -- remained equal, the oil world -- the world oil price would drop by $10o $12 per barrel. thank you for joining us on this topic. explain to me this thought process. how did you arrive to this conclusion? hethe president said that wanted to impose meaningful sanctions on russia. primary source of hard currency earnings come from sales of oil and sales of natural gas. and then natural gas prices russia receives are tied to the price of oil. if the price of oil goes down, russia suffers. price$10 decline in the of oil cuts roughly $40 billion from their export earnings. it probably trims gdp by 2%. about $110 per barrel in order to keep making money. why not just export all the oil that we have here? i know you can't do that right now, but in a couple years. limitations in any op-ed prevent you from listing everything. >> i know the feeling. >> i would also list export restrictions. one wants to do something now, not two years from now. one analogy i've used is to land ii.es before world war fdr least a number of old destroyers to the u.k. -- fdr leased a nu

oil. venezuela is the fourth largest supplier of crude oil to the united states. they're behind canada, saudi arabia and mexico and has among the largest reserves in the world. because venezuela doesn't have enough domestic refineries, an unlikely partnership has emerged between the united states and this south american nation which relies on crude exports and gasoline imports to keep its economy humming. >> years ago even under hugo chavez when he's talking about our president being the devil or some of these rhetorical positions, the bottom line is the united states is the closest, largest market for venezuelan oil. >> and the u.s. is thirsty for oil. despite a recent energy boom, it still imports about 30% of oil needs. of those imports 8% comes from venezuela which accounts for nearly 1 million barrels a day. refiners process venezuelan crude in places like texas and illinois adding american jobs before sending the refined product or gasoline back to venezuela. >> there's a lot at stake here to the venezuelan government to show responsible stewardship inside i

texas is trying to maintain the oil spill, a barge carrying nearly a million gallons of oil collided with a ship. 160,000 gallons of oil could have leaked into the bay. now to brandon who is in texas and watching the story there, and brandon, what is the latest? >> people responsible for cleaning up the oil is calling it a true mess. it is 50 miles from houston, outside toward the gulf of mexico. 90,000 feet of booms are deployed into the water to protect the coastline. at this time, you have state, federal, and nonprofits working together to clean up spilled oil and protect the wild life. this area is a popular bird habitat and fearing the impact on the birds nesting in the area. u.s. coast guard is monitoring the area. at this time, the coast guard is saying that concentrations are dete detected. we are working on getting more information. >> this particular oil is a thick gooey marine fuel and how is that complicating the efforts to clean up the mess. >> well, the fuel leaked were gas, i am told in that situation it evaporates on the water, in this instance it needed to be cleaned

it's the third largest when it comes to oil. russia is not the only threat to the global economy right now. mass protests by growing and assertive middle classes in venezuela, turkey, even brazil, which is an economy even larger than russia's, by the way, are challenging the ruling order in those countries. the unrest has led to drastic economic measures like currency controls and interest rates hikes. those are moves that make markets jittery. many investors don't make distinction between them and they're pulling out of all emerging markets in response. why do you care? because mutual funds that you invest in are invested in these now-volatile markets. china's internal change may pose the biggest threat yet to all of our economic prosperity. economic reforms how they play out in the world second largest economy will be felt here in america and around the world for years to come. china's communist leaders have taken a political decision to loosen their control on china's economy. it it's a gazillion they hope will unleash market

oil.this is in many ways is why what happens in venezuela is so important. oil. venezuela is the fourth largest supplier of crude oil to the united states behind canada, saudi arabia and mexico, and has the largest reverse in th resere world. but because it does not have an refineries an unlikely partnership has emerged from the united states and this south american nation. >> years ago even under hue go chavez, when he's talking about our being the devil or some of these rhetorical positions, the bottom line is that the united states is the closest largest market for venezuelan oil. >> and the u.s. is thirsty for oil. despite a recent energy boon it still imports 40% of its oil needs. of those imports 8% comes from venezuela which accounts for nearly 1 million barrels a day. refiners process venezuelan crude in places like texas and illinois, adding american jobs before sending the refined product or gas lean back to venezuela. >> there is a lot at stake here for the venezuelan government

. >> trouble on the tracks and look at the explosionive danger of delivering oil by rail through your neighborhood and talking the a journalist turn politician about her homeland ukraine. this is "real money." >> this is real money. join in on the live conversation. you work hard to provide your family with food, clothing and homes. we spend more on taxes. afrnling 29.4% of the house hold budget. the tax system is a multiheaded animal. and animal whose appetite is affecting every from the rich to the poor and then state taxes and property taxes and payroll taxes and lots more taxes and individual income taxes represents the largest come moent and the united states has a progressive tax system and we have agreed that high income earners pay a higher percentage of the income than those earning less. 7 federal income tax brackets as low as ten percent, all the way up to 39.6% for the highest earners. the more you earn the higher the tax rate on the marginal income above the threshold that got you into the bracket that you are in. we have done that, that system, because disspite the fact

buying epl oil and gas. another for a total consideration of 2.3 billion which works out to be a 37% premium. i think the deal looks exciting. but because part of the transaction is being funded with new stock, shares got slammed today. it was one of the worst performers in the market. down 7.83%. it could be bargain. energy 21 has a history of making acquisitions and using science and technology to get more out of their oil fields than anyone thought was there. it will be the largestly held independent oil producer. it's a company that will have ten prolific fields in the region. more importantly, it's the deeper shelf assets it hasn't been able to exploit. however they'll be able to explore these holding which is could lead to a lot of potential upside. don't take it from me, though. let's go back and check in with john. the founder and chairman of ceo energy xxi. hear more about the transformer deal and what it means for his company. welcome back to mad money. >> good to be back jim. >> you say that big o

, not shale oil.hat is to be remembered. it looks like that is going to be the case for quite a long time. everything counts here. we focus on one thing but actually a lot happens. i would always prompt -- look at today's price and say it is not a bad number for the shirt -- for the short-term. >> you see the caution on the here.f our colleagues if you look at the literature, there was a wide spectrum of projections. i would say -- if not the majority, a substantial number of the serious studies write about $70 a barrel. $70 to $80 but there so many potential here. united states is clearly a big winner in this technology. are there losers out in the world, as john said, if russia has to deal with oil at $70 a barrel this is a different set of russian problems than they had now. one thinks that the saudis, therens -- are losers out there among the oil producers and are there winners as you look forward? >> i don't think the big secular trends are sorting out losers in hydrocarbon producers. political f

the oil industry is trying to reverse off for decades of law prohibiting crude oil so our crude oil could be shipped to china. crude oil banner right now. i want to lift it. naturalbated yesterday, gas industry is pushing for the crisis in ukraine as a basis for exports to china. that is where it is going. $15 in china they pay and a $10 and europe. hold you the exxon will send it to? china. the mantra five years ago, drill here, tro now, pay less. -- drill now, pay less. we ask for our own natural resources. .hat is what it is and we're supposed to accept it. 1984we are in orwellian where you can change the language. now it is better to export. now the keystone pipeline to port arthur, texas. we take on the environmental risk while the planet takes the risk. that's utterly ridiculous. it just is. and so, ladies and just went, we have a heated debate here. i think everybody who is here at participating and i apologize for the roll call what is on the floor right now. you know, the center for wisconsin to raise a question earlier about higher energy prices and what it would do to our manuf

now - a proposal from one oil company could have oil being transported through the bay area -- in the same way. kron-4's jeff bush attended a community meeting tonight in benicia. where valero argued that the move would be good for the community.. how did people react, jeff? this is the biggest fear that benicia residents have regarding the transport of crude oil by raila repeat of a train accident like this one in their town. jan cox-golovich opposed to the project i am absolutly against it. we have had lots of toxic problems here in benicia over the last 25 years but this is the worst potential disaster that our town could ever see and that is flamable, volitile, explosive bakin crude rolling down our industrial park. valero officials say they understand some might be concerned but they say they place a high value on safety and precautions will be in place to minimize the hazzard. chris howe valero our local teams and the railroad and our local community is clearly capable of responding to an incident if it happens in the vicinity of our site. i know, just today, we were meeting wit