. >>> and this might not be saving petro riders -- metro riders time. get the edge on a project that could slow things down. >>> and do you remember army guys after a battle scene laand lighting up a cigarette. now there is the edge to kick that habit. >>> and for a garden straight brewery, this could be a market store. a bar is making a brew name for each highway. >>> get ready for a red line rehab. a major overhaul in the works. things will get worse befe they get better. the $177 million rehab could mean years. >> reporter: the red line overhall would inclu replacing escalators, the work would begin early next year and the first phase of a rehabilitation program for the entire system. it's a tight squeeze on the red line. even more so since the deadly train crash last month that has slowed trains while the investigation continues. but those delays are only short- term. now a major rehabilitation project means riders could be facing delays for the long haul. one person might consider biking. >> it will take me 20 minutes to half an hour to ride my bik

>> well, i think there is a real concern about the increase in fuel prices, not only the cost of petro at the pumps but also the effect on people in their homes and businesses of the increase in the oil prices. we've together make sure that there is fairness. that we protect the people from the increase in price rises, that there's proper transparency and that there's help for those who struggle to make ends meet >> thank you, mr. speaker. over 300 members of parliament have signed the early day motion on equitable life seeking justice for equitable life policyholders. there's a vast majority holders of the mps have joined the group seeking equitable life which i chair. unfortunately, sir john chadwick who has been appointed by the government to review the compensation scheme refuses to come before us to interact with us. with she use her good offices to ask him to reconsider so that he can be accountable to us and through us to the british people? >> well, we all believe there should be justice for the equitable life holders for the mismanagement that stretches back to the 1980s and a

petro china, be carol. >> the last thing on this whole oil trade, those utilities really bounced late in the day. i think people are looking at some of those names, they're looking at them saying, look, this is the one area where i can get great dividend yield. they can still get 3%, 4%, 6% dividend deals. people are looking at utility names, not as tied in to the oil right now. they reversed the last hour of the day almost every one of those stock moved to the up side. >>> trading around the globe, after that shanghai index stumbled, ultimately 5%, industrial names suffered, caterpillar and alcoa trading lower. >> let's understand why it sold off very quickly. people are concerned the bank lending in china is rumored to be cut back to a third of that. it means that a lot of guys in the commodities space, a lot of buying of copper and aluminum inventories they've been stockpiling, if that's going to change, that's at risk. that affects everybody. it has also affected the dollar. that's the reason we came in here when we are talking about china, that's what you have to be careful about

and petro china the big three state-owned oil companies rather than say exxon mobil, conocophillips and chevron because the chinese oil companies are working in the fastest-growing economy in the world. and china treats capital better than americans treats capital. pains me to say that. >> the risk threshold is just comfortable enough for the investor to get in, but investing in china has not become mainstream. a lot of u.s. companies that are u.s. listed chinese companies and really quickly in the oil and natural gas area, there's a company called china northeast petroleum. making money at $15 a barrel. >> wow. >> i can't imagine exxon is. >> and imagine $68 a barrel. >> right. >> great conversation, really intriguing and i hope you'll come back soon to continue this conversation. don, joe, thank you very much. >>> up next on the "closing bell," find out where he's headed next. you have questions. who can give you the financial advice you need? where will you find the stability and resources to keep you ahead of this rapidly evolving world? these are tough questions. that's why we brou

fourth of july we bravely passed an energy bill declaring our independence from oil executives and petro dictators. as we return to do the people's business, we must pass legislation that will help our small businesses drive and promote the research and energy in alternative fuels. there are many businesses in my district leading the nation on new technology. from the production of biodiesel at red birch and henry, to nanotechnology at luna nanoworks around danville. we must ensure that our small businesses, the dynamic engine of our economy are not left behind in the conduct of new breakthrough research. while i share concerns about opening the program up to venture capitalist firms, i ask my colleagues to support the small businesses over the petro dictators. vote for this rule and this bill. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentlelady from north carolina. ms. foxx: thank you, mr. speaker. i'd now like to yield three minutes to our distinguished colleague from michigan, mr. ehlers. the speaker pro tempore: the gentleman is re

remember, we did see the spike in petro prices, which typically starts shoving up gasoline prices. housing data, we still look for that to be a little bit weak. there are perhaps some signs of consolidation. but remember we've still got a huge oversupply. inflation i think less interesting. pi should be falling. any surprising strengths we've seen in inflation will of course fade into next month as the recent fall in oil prices feeds through. >> tom, one of the things that the market seemed to respond to, when the data was less bad, not necessarily good, but just sort of stabilizing a little bit, do you think we'll continue to see that trend or are we going to start seeing things start to backslide? people talk about a w recovery. >> i think at the moment in terms of the u.s. and u.k., we think of the double dip. monetary stimulus has been pushed through. as that impulse starts to fade, underlying conditions are weak. some of the rally we've had with the hope that a v-shaped recovery was likely. therefore, a lot of the sell-off is reflecting reality coming through. probably for the

it's other sovereigns that have developed an enormous treasure trove of petro dollars as well as u.s. hold these positions. the threat is they could dump them if they're not happy. that's unrealistic threat, however, because of course that would be basically biting the hand that feeds you. so they've they put off discussing this from the g-8 and they're bound to back at the g-20 later this year. >> it made sense, nobody's been talking about china manipulating their currency, as long as they're on the attack with us. it could be as simple as that, couldn't it? >> absolutely, joe. i mean, china wants to have their cake and eat it, too. they wanted to be able to intervene in the markets, develop these what they consider to be now national wealth, not just to foreign exchange reserves and manage it as well. consequently, if possible, they want someone else to bear the foreign exchange rick. that's just -- >> kevin, don't they have the most to lose if the dollar continues to go down and then we'll pay them back in devalued dollars. we could laugh as it's happening to the chinese. >> well,

you are only petro advertising. how can you sustain yourself? >> interesting question. >> number one, the issue of iran. i disagree with you. that is not to entirely. we have taken very clear coverage on the issue of iran. again, minute by minute. we have a quality assurance. if you would like to say we are biased compared to other networks, it is up to you. but when it comes to our standards, when we have conservatives, we have to balance them at the same time on the same news policies. five minutes, five minutes. that is the standards that we follow. unfortunately, we were to do that. some people have taken again, you know, on the issue of iran i have seen some kind of coverage in the western media where people have, you know, we're just supporting one way of thinking. we cannot afford to do so. that would be a departure from our norm. regardless of what we think about the conservatives, for example, we had a choice. they had the opportunity to be on the street. our relationship with iran was never the most smooth relationship. the first time

other companies like petro in brazil tends to take a longer-term view and is less i'm patted by what-term fluctuations in price are. >> in your gut, do you think oil is cheaper or expensive than where it is right now? >> you know, i guess the market makes it fairly priced. despite everything going back and forth, the underlying factor that oil is linked to economic growth, and although we don't have a lot of growth going on right now in the western world, china and india are on a long-term path for growth. i'm one that thinks that the price of oil will move up from here. >> i love that shot behind you. we appreciate your -- it looks to me like a discovery channel opportunity for like what goes on. is there already something like that? why isn't there? i'm going to talk to him about that. why isn't there some kind of jack-up rig, biggest catch type thing. i appreciate it. >> there have been a couple of programs on that. >> yeah? >> yeah. >> there ought to be a weekly one. dangerous, rough necks, the women demo watching these guys, right, they're sweating. anyway, thanks. we appreciate

this congress and this president are saying no more, no more to outsourcing our dependence to foreign petro dictators, if you will, that don't have the interests of the united states at stake. my colleague talked about some of those and let me just put this down to you right now. in 2003 the u.s. department of defense study concluded that the risk of a abrupt climate change shall be elevated beyond a scientific debate to a u.s. national security concern. we talked about how much oil we have used from overseas. 66%. over 66% just last year, 60% accountinging for nearly 16% of all import spending. my friends, we must do something. now, this is not just john boccieri saying this on the floor of the house of representatives, this is not my friend, mike mcmahon from new york, saying this, or my friend, frank kratovil, from maryland suggesting this. every presidential candidate running for the highest office in our country last year said that this is a matter of national security. you heard the words of my friend from new york when he talked about senator john mccain, who i have great respect for

what you described before is the freedom of me to go to the gas pump without having to support petro dictators. the ability to buy a car with a battery that's manufactured here in the united states. that's the kind of freedom we believe in. this is also about honor and integrity and part of integrity is being true to your word. i think this is about rising to bipartisanship on the way you said. sarah palin wrote a article bashing the trade bill but there was a quote in the campaign where she was asked do you support capping emissions. she said, i do, i do. you have a quote from john mccain. these are leaders, leaders who understood when they were ready to lead this is what it looked like, it looked like taking on the biggest national security challenges we faced and using the free market and i ovation that make america great. if those ideas made sense then they make sense now. it's an exciting time for america and south side virginia. it's using free market and innovation to make america great. but it's going to bring jobs back to the inside and i will be very proud looking back on t

states, siding with someone who wants to make sure the honduran people are not free, to create another petro czar dictator in south and central america. it's tremendously important that we get this right. and i think we're headed in the wrong direction right now. i think we're headed in a direction that we're going to make sure honduras falls into the fold of chavez. the last thing any of us should really want. he has become the dictator in charge of venezuela. he has nationalized american assets. he has corrupted the free democratic process. and he seeks to do that in all the other areas where he can maintain influence. and, in fact, he was doing it. the other important that is important that is not well published, the president of honduras was totally associated with drug cartels, cash, the distribution and transmission of drugs into this country. and the moneys associated with that were used to buy people to support his pursuit of permanent power. so new we find ourselves -- we're out there on a limb with our foreign policy without looking at the whole story. my main concern is with, what