opec nation's currently at $110 a barrel have over $120 trillion of value in the ground. $120 trillion of value in the ground. compare that to the entire market cap of the new york stock exchange. which includes as you know all the major companies. that equals $45 trillion. 120 versus 45. let's add euronext. $20 trillion. add london, $4 trillion. add hong kong, $3 trillion. all those western can't list and asian can't list market exchanging add up to 105 trillion value in opec. you see where the value of money, and you see where the transfer of wealth is headed. it's headed to those who have the hydrocarbons and in the united states of america which has more hydrocarbon than it will ever need, the wealth sits in the ground untouched. during the recent round of high prices, the obama administration said basically the same thing that the bush administration said some years ago, three years ago. well, we're talking to our opec friends to see if they would increase production. it's not a solution for tomorrow. so what's holding us back? we have three problems and then i'll close. we have t

in fact, in other opec nations. now, this rhetoric of trying to blame somebody when the issue really is something as basic as having a supply and -- out there that consumers can utilize. what we are saying here is two-fold. actually throw-fold. one relates directly to american jobs. energy sector jobs are good-paying jobs, so let's encourage the energy sector in this country to expand so we can have those good-paying jobs. that's gd to get -- good to get the funk out of our economy. secondly, we become less dependent on foreign sources because energy is an important part of our growing economy. and if we have a stable source of that in the future, our economy can grow with the assurity we will have a stable source of energy. but probably more important long term, mr. chairman, the reason why we should pass these bills, to send the signal to the market is the national security issue. we all know that -- in fact, i mentioned opec. there are some countries in opec that are outwardly hostile to the united states. one of

opec nations that own those, those production facilities. guess what i'm asking you is, you're the big five american companies, am i wrong on the small slice of pee trap yum -- petroleum oil exploration and production listed on these charts? mr. tillerson? >> no, i think the numbers look about, to my recollection, as well, that we do not represent enormous holding of the reserves or the production. i would say this though that we do represent an enormously important participant in the development of global energy supplies, and we do work in a number of the opec countries. >> but you don't own all of these. >> no, no, what you have represents our share of what we have. >> that's that little slice in the overall pie. >> right, yeah. >> did i hear correctly you were ready to spend $700 million in the gulf on energy production to power more than 600,000 vehicles a day? i believe you also said that you'll invest $3.5 billion in large oil reserves in alaska. now is your testimony that over $4 billion for domestic oil, but the only thing in your wa

it would enable us to have ongoing intelligent productive conversations with opec, with arab nations, with china because in a democracy which we all know can be pretty sloppy from time to time, in the process by which we get things done, we can actually get things done and that's what's needed for the energy future of the united states. if the western democracies go south, i don't think that will be impressive to what the arab nations are currently wrestling with, which is the role of democracy in their systems, this their countries, in their governance. i don't think the western democracies want to see the chinese model repeated all over as the model for the world. so we have some -- this decade, i'll close where i started. chickens are coming home to roost this decade, ladies and gentlemen. we can't extend these uncertainties, we can't produce what we need to produce in this decade without energy and we can't resolve the economic requirements of the western democracies on the path that we're on. we need 21st century systems in every country. and those kinds of investments are the ki

releasing part -- a small part of this strategic poet trel up reserve and i want efforts against the opec nations as legislation along with senator cole and i believe strongly it has to be a multi-facetted solution, which long term will require other sources of energy, renewables, solar, natural gas, there has been cycles and to bring down these prices to a more moderate and affordable that we now need. >> okay. i want to turn gears here and change up to the house intelligence committee as we talk about africa, sir. that chairman, mike rogers, was asked by andrea mitchell if it's easier now to draw down on that country. let's listen to that. >> you know, two different fight, i think. i think every country, every operation has to be considered differently. what we're fighting in afghanistan now is the resurgence of the taliban. the taliban is what aided al qaeda and gave them safe haven in afghanistan to conduct operations against the united states. >> give me a reaction as a member of the arm services committee. is the taliban our major problem in afghanistan? >> hitting the taliban in afghanista

there are nationally owned oil companies. this is 1.4%. look at the opec nature -- nation. it is right on down the line. here is where we are. we are this small little sliver. all these others are opec companies. they are the production facilities. you are the big five american companies. am i wrong? there is a small slice of production. it is listed on the church. these numbers look like this as well. we do not represent the reserves of the production. we do represent an important purchase of pan and the development. what you had with the rep with our share of what we want. >> did i hear the correctly? there is enough domestic energy production. i believe you said that you did it to develop oil reserves. it has over a $4 billion to produce domestic oil. the government will refuse to allow you to go ahead. >> it is emphasized by what is happening in alaska. we are something around $3.5 billion in. you have to be able to dso. want to emphasize the impact is something like that. it indicates that it could be 750,000 barrels of a multi decade base. >> we cannot get the permissi

iraq is a member of opec there will be a nation within opec how they will regulate the world and. ever try to predict what the. he will need for the supply outstrips dumont. of the oil price will be greater later than the core of the oil price if you look at the. paper audience and real barrels of oil that are traded that's probably the differences over ninety percent as plain as a real one so what this paper with the product of the price of oil. is guess. russia could cut its budget deficit by more than half the c that's according to finance minister alexei kudrin and this is record oil prices will also help boost investment and pay off debts incurred during the crisis. if you mean we're using actual revenues to cut the budget deficit that's why this year we're planning to decrease the deficit from three point six percent don't have one one point four percent this is possible it all is treating over one hundred five dollars per barrel plus extra oil revenue will also be used for investment. that's all the business for now we'll have more for you in just under an hour's time stay

they recognize that our national and economic security should not be in the hands of iran-led opec. madam chairman, the obama administration is trying to lead us into a supposed new era of time without understanding the importance of fossil fuels. it is the largest tax on every family. approximately $1,100, mr. and mrs. america, you're paying to the obama administration, in taxes because of the high cost of oil, high cost of gas to you. it's time america steps up and becomes independent from those that have been selling us oil for the past 25 years. it's just not this president. this has been going on for a while. next year we'll send over $400 billion overseas to the countries that do not like us, that do not create one american job. not anything for america. send the money over and buy foreign oil. i watched the president say this in brazil, we want you to be our partner. we want to buy your gasoline. mr. and mrs. america, we have the fossil fuels, we have the opportunity. it's time we open the offshore for development for the good state of america and i reserve the balance of my

in fact, in other opec nations. now, this rhetoric of trying to blame somebody when the issue really is something as basic as having a supply and -- out there that consumers can utilize. what we are saying here is two-fold. actually throw-fold. one relates directly to american jobs. energy sector jobs are good-paying jobs, so let's encourage the energy sector in this country to expand so we can have those good-paying jobs. that's gd to get -- good to get the funk out of our economy. secondly, we become less dependent on foreign sources because energy is an important part of our growing economy. and if we have a stable source of that in the future, our economy can grow with the assurity we will have a stable source of energy. but probably more important long term, mr. chairman, the reason why we should pass these bills, to send the signal to the market is the national security issue. we all know that -- in fact, i mentioned opec. there are some countries in opec that are outwardly hostile to the united states. one of

crack down on wall street speculators who are gaming the system as they manipulate prices with opec nations through collusion and price-fixing. by taking these necessary steps, we show our spending and our tax code and our budget can reflect how we can fuelly these the priorities. mr. president, the time to act is is now. i ask my colleagues, my more conservative colleagues here, to join us. we can -- it is a pretty easy step to move forwards a better fiscal situation, a more coherent budget policy that we eliminate these tax subsidies that have gone to america's five largest oil companies, some of the most profitable companies frankly in the history of the world. mr. president, i yield the floor. i suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: quorum call: mr. reid: mr. president? the presiding officer: the majority leader. mr. reid: i ask consent the call of the quorum be terminated. the presiding officer: without objection. mr. reid: i ask unanimous consent that at 2:15 p.m. on tuesday, may 17, the majority leader be recognized to move

in fact, in other opec nations. now, this rhetoric of trying to blame somebody when the issue really is something as basic as it is something consumers could utilize. utilize.

in 211, this year, opec nations stand to take in more than $1 trillion from exporting oil. our nation, the united states, will provide a pretty good share of that money, likely tens of billions of dollars, and what do we hear about it? nothing from the people who are proposing these tax increases, nothing about the tremendous sums of money that we send over seas each year for foreign oil, just the far smaller sums that could be collected from domestic companies through higher taxes. that's missing the forest here, mr. president, to cut down the one tree that just happens to be growing in our line of sight. here we are. instead of doing everything we can to halt the hemorrhage of american dollars to foreign countries, the senate is now focused on an effort to raise taxes on five companies who actually operate here. the day after we hit the debt ceiling, we debate a measure that hardly makes a dent in the dealt and on pace to spend trillions of dollars outside the economy and on pace to incur trillions in federal debt, but so long as a few companies pay higher taxes, somehow

in fact, inther opec nations.his rhetoric of trying to blame somebody when the issue really is something as basic as having a supply and -- out there that consumers can utilize. what we are saying here is two-fold. actually throw-fold. one rates directly to american jobs. energy sector jobs are good-paying jobs, so let's encourage the energy sector in this country to expand so we can have those gd-paying jobs. that's gd to get -- good to get the funk out of our economy. secondly, we become less dependent on foreign sources because energy is an important part of our growing economy. and if we have a stable source of that in the future, our economy can grow with the assurity we will have a stable source of energy. but probably more important long term, mr. chairman, the reason why we should pass these bills, to send the signal to the market is the national security issue. we all know that -- in fact, i mentioned opec. there are some countries in opec that are outwardly hostile to the united states. one of them is so

there are nationally owned oil companies. this is 1.4%. look at the opec nature -- nation. it is right on down the line. here is where we are. we are this small little sliver. all these others are opec companies. they are the production facilities. you are the big five american companies. am i wrong? there is a small slice of production. it is listed on the church. these numbers look like this as well. we do not represent the reserves of the production. we do represent an important purchase of pan and the development. what you had with the rep with our share of what we want. >> did i hear the correctly? there is enough domestic energy production. i believe you said that you did it to develop oil reserves. it has over a $4 billion to produce domestic oil. the government will refuse to allow you to go ahead. >> it is emphasized by what is happening in alaska. we are something around $3.5 billion in. you have to be able to do so. want to emphasize the impact is something like that. it indicates that it could be 750,000 barrels of a multi decade base. >> we cannot get the permis

it noted that in 2011 -- this year -- opec nations stand to take in more than $1 trillion from exporting oil. our nation -- the united states -- will provide a pretty good share of that money, likely tens of billions of dollars. and what do we hear about it? nothing from the people who are proposing these tax increases. nothing about the tremendous sums of money that we send overseas each year for foreign oil. just the far smaller sums that could be collected from domestic companies through higher taxes. that's missing the forest here, mr. president, to cut down the one tree that just happens to be growing in our line of sight. so here we are, instead of doing everything that we can to halt the hemorrhage of american dollars to foreign countries, the senate is now focused on an effort to raise taxes on five companies who actually operate here. the day after we hit the debt ceiling, we're debating a measure that would hardly make a dent in our debt. we're on pace to spend trillions of dollars outside of our economy in the years ahead. and we're on pace to incur trillions in federal debt.

it would enable us to have ongoing, intelligent, productive conversations with opec, arab nations, with china. because any democracy which we all know can be sloppy from time to time, in the process by which we get things done, we could actually get things done. that is what is needed for the energy future of the united states. if the western democracies go south, i don't think that will be impressive. that is what the arab nations are wrestling with, the will of democracy and their systems, and their governments. i don't think the western democracies want to see the chinese model repeated all over as the model for the world. so we asked, this decade it -- i will close or i started, chickens are coming home to roost this decade, ladies and gentlemen. we cannot extend these uncertainties. we cannot produce what we need to produce in this decade without energy. we cannot resolve the economic requirements of the western democracies on the path we are on. we need it 21st century energy systems and every country. those kinds of investments are the huge investments which rejuvenate economies

there are nationally owned oil companies. this is 1.4%. look at the opec nature -- nation. it is ght on down the line. here is where we are. we are this small little sliver. all these others are oc companies. they are the production facilities. you are the big five american companies. am i wrong? there is a small slice of production. it is listed on the church. these numbers look like this as well. we do not represent the reserves of the production. we do represent an important purchase of pan a the development. what you had with the rep with our share of what we want. >> did i hear the correctly? there is enough domestic energy production. i believe you said that you did it to develop oil reserves. it has over a $4 billion to produce domestic oil. the government will refuse to allow you to go ahead. >> it is emphasized by what is happening in alaska. we are something around $3.5 billion in. you have to be able to do so. want to emphasize the impact is something like that. it indicates that it could be 750,000 barrels of a multi decade base. >> we cannot get the permission.

this is where the arab nations, the middle east, and opec are very important of our everyday life in america. rhetoric will not make oil in the past tense. reality is, we have spent 100 years building a hydro-carbon infrastructure. that infrastructure is not going to change quickly. the president can boast and can explain that by 2015 we will have 1 million new cars on the united states highways, hybrids, advanced hybrids, and battery cars. 1 million. that is progress. but against a base of two injured 50 million cars on the road today, with tens of millions of

and this is where the arab nations, the middle east, an opec are very important part of our everyday america, because rhetoric will not make oil in the past tense. reality is, we have spent 100 years building a hydrocarbon infrastructure in the united states of america and across europe. that infrastructure is not going to change quickly. the president can boast and cannot explain that by 2015 we have a million new cars on the united states highways, hybrids, advanced hybrids, and battery cars, 1 million. that is progress. but against a base of 250 million cars on the road today, with tens of

national security issue. we all know that -- in fact, i mentioned opec. there are some countries in opec that are outwardly hostile to the united states. one of them is south america, venezuela. why are we relying on them for the supply of our energy when we have these resources that i just pointed out to you in excess of two trillion equivalent barrels of oil? so, mr. chairman, this is the first step. this is the first step of starting the process of becoming less dependent on american -- on foreign oil and on foreign energy, i should say, and it is the first step to get our economy in recovery by creating good american jobs. with that i urge my colleagues >> the previously planned trip followed a mission that killed osama bin laden. the president visited firefighters at the firehouse which lost 15 men on 9/11. this is about five minutes. [applause] captions copyright national cable satellite corp. >> let me -- the main reason i came here is because i heard the food is pretty good. but to mayor giuliani who performed heroic acts almost ten years ago, mos

national debt. let's stop buying from opec and let's use our rules and laws to make sure we do this in a way that is environmentally sound to make sure we can create jobs and have energy independence for this and the next generation. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the chair now recognizes the gentleman from minnesota, mr. walz. mr. walz: well, thank you, mr. speaker, and i want to thank my friend and colleague, the gentleman from pennsylvania, for his leadership, for his vision and for the understanding that the american people sent us here to do america's work, not one party's work, not ideological rigidness, but the idea to come together that this nation's boupty in terms of energy reserves and mineral resources, if used wisely and safely and reinvested in this nation's future can produce what we know needs to be done, strengthening our national security by making sure we control our energy destiny, making sure we can control our economy and making sure there's stability in where that energy comes from so that american businesses aren't fo

opec. >> reporter: but still not declaring. neither is mitt romney, who is apparently running against mitt romney. >> a lot of pundits around the nation are saying that i should just stand up and say this whole thing was a mistake. >> reporter: the universal health care plan he signed into law in massachusetts in 2006, won him an endorsement that could sink him in the gop primary. >> i agree with mitt romney. >> reporter: but the more republicans get to know their candidates, the more unhappy they are. a new associated press poll found 45% of republicans now say they are dissatisfied with the gop candidates, up from 33% two months ago. gop insiders are so dissatisfied that some are urging others to join the fray. former first lady, laura bush, called the wife of mitch daniels, urging her to get her husband to run. we are told. also, others are urging new jersey governor, chris christie, to enter the fray. bianna? >> john, thank you. of course, we'll get into all of that. >>> the big question is, will he or won't he run? john avlon, senior political columnist for "the daily beast" joins us this morning to help answer that question. of