and who is in charge of the reconstruction, but a former president of shell oil, one of the oil majorse now know -- we know how much global emissions, more or less, come from the handful of fossil fuel majors. dark, andd be in the not in charge. to cool industry. -- it is intensified this disaster. it is world upside down with the people most responsible who should at the very least be paying the bills for this disaster and instead are calling the shots and planning how the public's money, which is really needed, should in the same world, it would be going towards paying for a transition to 100% renewable energy as quickly as technology allows, which is in fact, very, very quickly, to be signed -- design in a fair and just way, which would mean that the people who have gotten the worst deal, whose communities have been poisoned by this industry, who have borne the toxic burden would be first in line to o own and control their own renewable energy, to get the jobs -- making sure the workers who lose their jobs in this industry are retrained and ready to work in the clean energy economy.

decades the fossil fuel companies knew and yet we subsidized them to the tune of trillions of dollars shell oil even made a video twenty five years ago that they then suppressed. time energy consuming way of life may be causing climatic changes with the consequences for us all. now i'm not saying that would have be drastic park at the box office but the point is they knew that baby was real and boston fuel has spent billions funding climate denial bold now our entire government is made of big oil donald trump made the head of exxon mobil he's chakra terry of state hillary clinton flew around the world promoting fracking as secretary of state obama laid more oil pipeline that aerial from george w. bush invaded other countries just for oil the entire corporate state is it or you a gas orgy when everybody just just just talking and each other think they'd like to try rather find out who's foot is in their crap. thank you thank you. but it was a kissinger back there. wasn't sure i really know and and they don't care they don't care and you know why they don't care because the poor suffer the most a

. >> reporter: john hofmeister is the former president of shell oil. >> best case, the refineries should and operating again, for the most part, by the middle of september. worst case, some of those refineries, if they're really seriously damaged, they could be down through thanksgiving or longer. >> reporter: the houston area is a major hub for the energy industry. this map shows the number of oil and gas installations that were in harvey's path, and it's not just about the refineries. the colonial pipeline, which runs to new york and provides nearly 40% of the south's gasoline, is shut down until at least sunday. the port of houston remains closed to large vessels. today, the coast guard began replacing damaged shipping lane markers and buoys. but the huge backlog of ships is building off the coast. experts warn fool could be in short fly in the midwest and northeast. all ready lines are showing up in dallas where some stations have run out. >> i heard there was going to be a shortage so i figured i might as well get gas while i can. >> reporter: a million barrels of oil will be releas

. >> and the mayor every houston has tapped the former ceo of shell oil to leave the city's recovery in hurricane harvey. mayor sylvester turner picked marvin oath em for effort to be rebuilt. also led the rebuilding of shell's gulf facilities after hurricane katrina. you can have new way to travel faster than ever in the future. the company hyper loop one announced winners of contest, the best places in the world, still the first hyper loop track. three of the top possible routes of the magnet i have i can lever takes tubes, dallas to houston, miami to orlando, and chicago to pittsburgh. earlier this summer the company tested hyper loop that hit nearly 200 miles per hour, first plans for 2021. jim, jan? >> i don't know about that. >> wait to see how that pans out. >> you know me, let them work the kinks out before i get on that one. have a great weekend. >> you bet. >> too. >> thanks. >> well, protests erupt inside city hall sending philadelphia city council's first meeting after summer recess into chaos . >> well, only "eyewitness news " cameras were rolling, when sheriff's dispute

. >> reporter: john hofmeister is the former president of shell oil. >> best case, the refineries should be up and operating again, for the most part, by the middle of september. worst case, some of those refineries, if they're really seriously damaged, they could be down through thanksgiving or longer. >> reporter: the houston area is a major hub for the energy industry. this map shows the number of oil and gas installations that were in harvey's path, and it's not just about the refineries. the colonial pipeline, which runs to new york and provides nearly 40% of the south's gasoline, is shut down until at least sunday. the port of houston remains closed to large vessels. today, the coast guard began replacing damaged shipping lane markers and buoys. but the huge backlog of ships is building off the coast. experts warn fuel be in short fly in the midwest and northeast. all ready lines are showing up in dallas where some stations have run out. >> i heard there was going to be a shortage so i figured i might as well get gas while i can. >> reporter: a million barrels of oil will be releas

from her shell oil president john hofmeister. thanks for joining us this morning. >> good morning. take to fully recover? can it the absence of bad news is good news. we would've learned about damage by now if refineries were seriously harmed by this storm and by the water. that means once the water is removed or is manageable, then they can start the process of getting back up and running we should be encouraging to everyone in the space of outages of gasoline and local retail stations. tree until you make a good point with the cash shortages. gas prices and prices moving higher across the country. colonial pipeline country, the biggest skill system has reached to feel like because of harvey in another line as close as needed to restart today. why are gasoline prices higher across the country on this news even though the broader picture includes a whole bunch of supply does not the case in the u.s. years ago and a lot of people say oil prices ultimately go lower. >> well, i think they will drift down in time if the system gets back up and running. price setting is a process where

the mayor of houston has tapped the former ceo of shell oil to lead the city's recovery from hurricane harvey. the mayor picked him to head efforts to rebuild. odom led the rebuilding of shell's gulf facilities after hurricane katrina. >> no doubt a long rebuilding process down there. all right, it's not just cars that are going electric. what's this we're hearing about an electric boat? >> reporter: yes. hinkley yachts is launching a battery powered yacht called dasher. it can travel up to around 40 miles a charge. it takes four hours to charge fully with two lithium batteries. you could go for a swim in the meantime and eat a lunch on the beach. >> life must be good if you can get one of those hinkley boats. nice. oxan a saberi of cbsmoneywtch.com, thank you so much. have a great weekend. >>> 5:40 now. in just a few hours, tickets go on sale for the bay area's new ice cream museum. we'll give you a sneak peek. >> and raiders fans have come up with a new way to try to force the team to stay in oakland. we'll explain their legal battle coming up. did you know when you buy any bag of do

so i worked for shell oil company, actually, before. so i've worked on both sides. both the oil side and the renewable side. and that's absolutely correct. and so this is one of the challenges when the target is primarily just a fuel, which is going to be very tightly controlled relative to the price of crude oil. there is opportunities with the renewable chemicals bio-based products that actually have advantaged and unique performance properties that create value proposition that are not -- that now you can decuple them to some degree from the price of fossil carbon. and that's a tremendously important part of the path forward, in my opinion. >> why do you -- also for you, why do you characterize renewable chemicals as ancillary in the current bio refinery strategy? >> so, again, when we look at the objective of a bio refinery, which is to make advanced biofuels, there is now an acknowledgment that there's an important role for bio-based products and renewable chemicals with that. however, the language that always comes out is how do we take the byproduct stream. ho

stuart: -- to run shell oil. you explain it, will you, john?ibution points, and they will be very sensitive to price opportunities. they make their money when prices go up or prices go down. so when there's a chance of a shortage, they're going to arbitrage and move prices up as rapidly as they can, and then they only drift down. we have an expression in the industry, up like a rocket, down like a feather. and that's been going on for donkeys' years. it's always going to be that way. stuart: what about the gas station other than who's got all of his gas tanks full on his station, they're all full, suddenly there's a shortage someplace, and he puts his prices up because he, he's bought that gas that he's got at a low price. he's going to make a very significant profit, is he not? >> yes. and i don't think anyone that i know is against the idea of making profit. but if you gouge people, then you're doing something that really, it offends the moral conscience. so somewhere between moral conscience and profit making, because he was wise enough to h

decades the fossil fuel companies knew and yet we subsidized them to the tune of trillions of dollars shell oil even made a video twenty five years ago that they then suppressed. energy consuming way of life may be causing climatic changes it has consequences for us. now i'm not saying that would have be dressing park at the box office but the point is they knew that b.b. was real and boston fuel has spent billions funding climate denial bold now our entire government is made of big oil donald trump made the head of exxon mobil he's chakra terry of state hillary clinton flew around the world promoting fracking as secretary of state obama laid more oil pipeline than any of them george w. bush invaded other countries just for oil the entire corporate state is it or you aghast orgy when everybody just just just talking and each other think they'd like to try rather find out whose foot is in their crap. thank you thank you. but that kissinger back there. wasn't sure i really know and and they don't care they don't care and you know why they don't care because the poor suffer the most and the soones

fix story began when shell was planning to drill for oil in the arctic he organized a protest at school which attracted a lot of attention. as well it was really a great feeling doing that together. when i went to school a few days later everyone came up to me and said we did it they've given up we heard it on the news that felt really good. load break them banded together with other students to form green teams foreign power. the environmental organization greenpeace help them by providing information and advice. so you know there are eight in the team. that campaigns on tony about international politics sometimes they're about the environment right outside the front door. i like getting involved it feels good to be part of these campaigns when i lie in bed at night i'm happy if i did something good for the environment that day. the plants behind this house are like a little paradise for native insects alongside the protests a group of students wanted to actively do something to protect the climate and environment so they planted some seeds of the campaigns called our homes employ him

shell and conocophillips. >> just like "big tobacco," big oil knew the truth long ago. >> reporter: they say just like tobacco companies who were sued in the 1980s, oil companies create an ongoing so-called public nuisance that's now jeopardizing thousands of lives and up to $49 billion worth of bayside public and private property in oakland and san francisco. >> many fossil fuel companies were aware of these effects yet continued to profit at the expense of residents. >> reporter: now, this lawsuit says the big oil companies would be held responsible and would have to pay for seawalls or any infrastructure needed to protect both sides of the bay from the effects of climate change. on the eiranpour, kpix 5. ar, a construction worker was mb dero neda electrocuted in san jose this morning. firefighters say it happened just before 10 a.m. behind the lion supermarket. a worker was doing underground construction when he apparently hit a live wire. the 40-year-old man was taken to the hospital and is expected to be okay. >>> a man was killed in a fire at an oakland apartment complex moments after his neighbor tried

small counties going up against big oil, against chevron, bp and shell. have they got a chance?g for money or do you think this is more of a trying to get public opinion and raise awareness? will it not open the floodgates? you have been waiting all morning to say that! cities in seven cisco might want to get some money, but what about, —— in san francisco might want to get samantha, but what about, as you have pointed out, those poor hurricane hit islands in the caribbean? it‘s difficult to see, it clearly climate change point, a time when donald trump says he‘s going to withdraw from the paris agreement and hasn‘t done it yet, clearly environmentalists want to get their point across. let's talk about lillian bettencourt, she was the world‘s richest woman, she inherited the l‘0real empire, did she do anything with it apart from indulge ina number of anything with it apart from indulge in a number of scandals? that's right, she inherited it from her father, her mother died when she was very young. she was seen as the matriarch of l‘0real, her family still owns 30% of the company

they like it, but a lot of oil shell coming on in west texas.the world market and bring everything down. >> maria, don't forget this, the chinese just today are announcing the end of gasoline automobiles in china. now, they don't really mean it yet but between that and the change in taste for driving in the u.s. -- maria: all the supply coming out the u.s. how about the ipo of saudi ramco. the listing is actually reshaping the kingdom's policy toward opec that late last year the company was ready to leave the group altogether if opec members did not agree to production cut. saudi says it did not go through with that and everybody wants a part of the ramco. >> the timing is critically. they would like to take it when prices are close to 50, they are reasonable too. they know that if crude oil prices were above 60, we would be bringing a couple more million barrels of shell. it's going to require, you know, some -- >> i'm sorry, maria. now the women in saudi arabia are going to be able to drive. that maybe the only thing they drive -- >> i don't k

the referendum and in this part of the world and bad diet is trying hard to get oil fields that are currently in could a shell territories back under its control we're also hearing from the iraqi parliament that they will prosecute those who were behind monday's referendum including the leader of the kurds now presented himself has asked iraq to engage in what he calls serious dialogue and not to threaten sanctions but baghdad has responded saying that there is no way it will engage in talks said look at some kind of independent kurdistan being established its course this referendum to quote illegal and unconstitutional it wants the results canceled and it is threatening that the kurds need to hand over control of international airports otherwise it will bear the slights. the european commission is proposing to tick in another fifty thousand asylum seekers from north africa and the middle east in its new relocation scheme over the past two years the e.u. only mileage to fulfill a third of its previous relocation research twenty million for as refugees or of one hundred sixty thousand from greece and italy wel

oil prices are not really doing anything wti flat at 50.54. with opec looking to sure up prices, we sat down with an interview with royal dutch shell's ceo to get his outlook for the global oil market. >> oil prices are going to go up over time as a result of the tightening -- >> what price are you looking at >> again, hard to say. because a lot will, in the end, be driven by sentiment we said it's not unreasonable to expect that if we want to make financial projections going up in the future. we want to make projections around $60 oil by the end of the decade we want to show at $60 oil, it's not an unreasonable assumption to make, we will be making a very significant higher amount of free cash flow then we used do when oil was $90 a barrel it doesn't mean i believe it will be exactly 60, but it shows that we have transformed the company to be much more resilient than a lore oil prilo price. >> some say the u.s. shale producers will play a bigger role at supporting oil price at $60 a barrel do you agree >> i think in the short-term there's a certain degree of range boundness, which is the result of shale. i do think shale has a relatively good

oil and russia plays parole. the sanctions are great, but implementation is important. these countries know how to smuggle and set up shell companies, front companies. their interests don't necessarily i line with us in both places. charles: we just intercepts russian ships smuggling oil into north korea. speaking of acting. general mattis has been vocal lately. he's always level headed. by said something interest being the $700 billion we are going to spend on defense, that that's not enough and if america doesn't step up and remove the spending caps, we are doomed as a nation. is that hyperbolic or is there truth in that? >> we need to take stock and see what needs to be fixed up since the obama -- after the obama years. you have got people working longer and longer hours. the accident rate in the military right now is significantly higher than i can remember when i was on active duty. we were in a down friend for -- a down trend for a significant period of time. the safety is being challenges, and a lot of it has to do with people being overworked, and they are tired. charles require sounds like nikki haley gave up on

oil companies over climate change. the district attorneys were taking aim at chevron, exxon and royal dutch shell. the lawsuit claims the companies had known they were damaging the environment for decades and have done nothing. >> now the bill has come due. it's time for these companies to take responsibility for the damage they've caused and are continuing to cause. in san francisco alone sea level rise places at risk $10 billion of public property in as much as $39 billion of private property. >> the lawsuit demands the oil companies create an abatement fund to reimburse oakland and san francisco for damage related to climate change. >>> facebook is making a big move. in the so ma neighborhood where they have rented all the office space. this is the city's largest office lease in three years. the building at fremont and howard streets has 436,000 square feet of office space, enough room for 3,000 facebook workers. >>> the mt. diablo crawl is under way. >> how many have we seen? about ten, ten tarantulas tonight. >> gross. >> it's mating season and this guy is out looking for that special someone

week, energy stocks come tog life with big oil getting a bounce from the weak dollar and irma's impending landfall exxon mobil up 3%. chevron, royal dutch shellitish petroleum all climbing 2% this is by a late day sell off in crude today energy still down over 14% year to date. the second worst performing sector in the s&p. so, do you buy this bounce let's get to the money now and find out dan? >> i don't think so. look at xle, almost 50% is three stocks we have a little bounce in that sector there's some reasons investors are looking to be a bit contrarian there to me, i don't buy them. we have a one-year chart if you look at how this stock has traded in december, is just you know, it's very well defined. use carter's term down trend here and it's yet to break out from there so yesterday, when it looks like it was going to get going, it failed at the down trend i think it sets up for traders who want to be nimble. >> it's often the case, we have a storm like this we had in the gulf and now, the most recent one, these can be a short-term catalyst to basically -- a price change that doesn't mean the long er term secular head winds don't remain

oil stocks seeming well bid. tullow again on the move, to the upside. weir trading higher and if i flip this over to index points, you can see royal dutch shell bid, as wellhe integrated and supply chain operating strongly in the energy space. oil certainly making a run for the upside of the recent range. matt? matt: i would say bloomberg's mliv blog really helpful and they were all over oil this morning. they have been overnight. that is a great resource before you get set up for your trading day. what could be the other market catalyst today? at to a clock u.k. time, a --anuel the crown will make emmanuel macron will make a speech on reforming the eurozone. then we hear from janet yellen at 5:45 u.k. time. the market will be closed, but still important. donald rajoy will meet trump in washington. you will want to watch that meeting and maybe stay on twitter late night, as well. joining us, mark luck -- mark cudmore, bloomberg mliv strategist. the oil coverage overnight, congratulations. that is some great stuff there and we are seeing it today. what are you expecting for oil? does this look like the turning point? mark: it is certainly a big change. we

guest: with beijing's become aon, shell has key player in this market. other international oilg players. they have used their investments in lng and natural gas as a diversification from oil as demand for oil looks a bit uncertain, given the impact of new technologies like electric [inaudible] asia is critical and japanese and korea as well as chinese importers like synaptic are key players and there are a few other important ones emerging in this part of the world including [inaudible] thailand.nd haidi: in terms of the long-term lng contracts, is that going to have any set of dan 20 comes to confidence? guest: lng contracts are being negotiated because of a collect in the supply side of the industry. also impacting existing export projects. there is also starting to impact givenrth of new projects, that lenders will surely want to see long-term contract commitments from buyers to find any project decisions. joining us in singapore with a look at the lng market. one than one third of u.s. senators want the investigation into whether managers of equifax violated laws by selling

san francisco and oakland suing the five largest oil companies bp chevron conoco phillips exxon mobil and royal dutch shellties want the companies to pay for building a seawall because of rising sea levels and other expensive projects. >>> is attention deficit hyper activity disorder a type of sleep disorder? it's something doctors are looking into. some doctors things the cause of adhd may be a lack of sleep. the theory is gaining momentum and if it's the case the way adhd is treated would change drastically. >>> hollywood has lost another hilarious man. actor bernie casey passed away. he was best known for roles in several 80's comedies like i'm going to get you revenge of the nerds and bill and ted's excellent adventure. he was a successful wide receiver in the nfl and a poet. hall 78 years old. >>> and finally how is this for a new marriage trend? a british couple billed their guests $200 a pop to attend their wedding. now, the couple then spent about three grand of their on money that covered the cost of food and alcohol. the newlyweds say the guests were on board with the fee. they said they had to d

stocks coming to life again with big oil getting a bounce from the weak dollar and hurricane irma's impending land fall exxon mobil up 3%. chevron, royal dutch shellitish petroleum all climbing 2% this despite a late day selloff. energy crude down over 14% year to date. the second worst performing sector in the s&p 500. do you buy this energy balance let's get in the money now and find out dan, do you buy into this? >> i don't think so. look at the ox le, almost 50% of the weight of that etf, we had a little bounce in that sector this week. there's obviously some reasons that investors are looking to be a bit contrarian there i don't buy it we have a one-year chart of this thing. if you look at how this stock has traded from the 52 week highs in december, it's well defined to use my main man carter's term, on a down trend it's about to break out of there. when it was looking like it was going to get going, it sets up as a good entry on the short side for traders who want to be nimble. >> guys, as often is the case, you have something like this, the storm we had in the gulf and now the most recent one, these types of things can be a short-term cata

shelled a-shares wednesday. the share price was 24.3 euros. that transaction should be finalized by the end of next year. talk of oil of prices approaching $60. should it cross that threshold, it would be the first currency since july 2015. turkey is threading to shut down turkish crude shipments to the territory. it is up 24%. let's get over to president donald trump. rico ongoing to puerto tuesday. that is the earliest i can go because of the first responders. we don't want to disrupt the efforts. the mayor of san juan was very nice this morning. he was thanking us for the right job we've done with fema. we really have. we have worked very hard. it's very hard he cousin it's an island. in texas we can ship the trucks there. we will also on puerto rico. this is an island sitting in the middle of the notion. and it's a big ocean. we are doing a really good job. i'm going to go there tuesday. that seems to be the first time we can do it without disrupting first responders. we have shipped massive amounts of food and water and supplies to puerto rico. we are continuing to do that on an hourly basis. hard, youd was hit

shell has done so much to restructure. it has moved to being able to fund its full dividend with no script in effect at the $50 oil price. going to continue to push down as the company continues to bring on new high return projects and continues to whittle down its cost structure. i think we are now faced with a company that is yielding close to 7%, that is covering that with free cash. if the market becomes convinced that that $50 price is now a near-term floor on the oil price, i think the stock works very well indeed. in my mind, fully covered cash dividend is not compatible with 7% yield. matt: if i look at the bloomberg integrated oil the next, i see we have had pretty good performance since the bottom at the end of 2013, beginning of 2016. but this is, you know, 20 companies. we are talking about shell. what are your picks here? ourn: show would be one of top picks globally for the very reasons i just outlined. i think yield impression that it can lead to equity market performance. the other would be chevron. it is a company that is transitioning into a very high priest cash flow profile. this is being generated by

oil and gas companies for the effects of climate change and the cost of building seawalls and other infrastructure to protect against the climate change targeting chevron, exxon mobil, conoco phillips, bp and shell. it says they ignored the warning of catastrophic global warming and discrediting it by discrediting the climate change. they say they are a public nuisance. >> they were aware of the risk that the products posed to the planet and decided to continue the massive production of fossil fuels. >> at least two other california counties and one city have filed similar lawsuits and chevron says it welcomes the attempt to address climate change but that these lawsuits don't do that. the other oil companies have not yet commented. >>> the california judge said the state attorney general description to repeal the gas tax is misleading and the superior court judge said that the ballot title focuses on eliminating road repair funding instead of clearly stating that the bill would repeal the new gas taxes and other fees. and april lawmakers voted to boost the gas taxes and other fees beginning november 1 to raise $5 billion a year's rope prepare -- a year for rope prepare -- road repair. >>> a man

oil companies over climate change. losses were filed against the five largest investor owned producers of fossil fuels seven, conoco phillips, exxon, bp and shell. the companies knowingly and recklessly created an ongoing public nuisance that is causing harm now and in the future. they want the companies to pay for the consequences including funding infrastructure improvements to deal with rising sea levels. >> for decades they knew of the risk the products posted the planet but continued the massive production of fossil fuels. it was a deliberate decision to place company profits ahead of human safety and well-being. >> the losses were filed in superior court. the oil companies have not yet commented. >>> with a major earthquake hitting mexico, we want to learn more about emergency preparedness. we are joined by the assistant chief at the buckley fire department. i wanted to go back to the last significant quake we had which was the napa quake in 2014. it woke me up. let's do a reminder. when a quake is occurring, what should we do?>> drop, cover, and hold. we teach that in schools and residents across the nation. you want to drop to your knee

. >> royal dutch shell a the dividend yield is 6.5% but here's the thing, it's been setting higher highs and higher lows and finally, you're seeing oilout west texas intermediate above 50. this thing has a good up trend i think it continues >> very, very quietly microsoft, s.a.p. we talked about it yesterday i think i used the term which you didn't like, hiding out. >> don't hide out. >> don't lean in, sully. you're good. >> let's continueto focus on the profit that it is deliverings and it is i smooth ride, less volatility than a lot of the other fang-type tech names. >> good stuff. now brian sullivan and the rest of the folks for "power lunch," which starts now >> thanks, scott here's what's on the menu. president trump not pulling any punches in his first ever speech before the u.n. general assembly the president making it very clear it is america first and that quote "we will have no choice but to totally destroy north korea if it continues on a nuclear path." hurricane maria slamming the eastern caribbean. now the category 5 storm is taking aim at puerto rico. it may be the biggest storm ever to hit puerto rico in nearly 100 yea

oil and gas companies. now, the lawsuit targets chevron, exxonmobil, conoco phillips and shell. accuses all of the companies of warnings that fossil fuels would cause catastrophic global warming. the lawsuit says the companies have created a public nuisance. >> for decades they were aware of the risks that their products posed to the planet but continued the massive production of fossil fuels. >> at least two other california counties and one city have filed similar lawsuits. chevron says the lawsuits don't address climate change. the other oil companies have not commented. >>> a deadly 7.1 magnitude earthquake in mexico is raising concern about safety of homes and buildings in the bay area. last friday was the deadline for buildings in san francisco to submit their plans to bring their buildings up to code. there are still hundreds of owners of multi-family apartment buildings who have failed to reinforce the lower soft stories of their properties. >> it seems today we have 472. >> letter wills be placed on the front of the buildings that have not been retrofitting warning tent

shell producing areas but the refining capacity is not quite there yet. looking at the pipe lines, the colonial pipeline is not fully operational again. it's very difficult to get oil from the gulf into the east coast. that's also going to cause problems i think there is going to be a back log of crude waiting to be refined. >> we have to appreciate the economic toll it's going to take as well on economic activity in fact, goldman came out with a note saying that the hit to demand could be in the region of 600,000 barrels a day in september. does that sound right? does that mean oil prices could remain depressed below $50 a barrel >> yes i think the damage to demand is going to be there. initially we are going to see that spike up just as refining capacity comes back in and there is the backlog to work through, but thereafter wards we'll see weakness we're past the high demand season as well driving season is gone we already saw a trend of falling petroleum demand in the u.s. anyway. so we're going to just see a lot more weakness to come. >> i'll bring in the geo politics and north korea if i can add to that a softer dollar for that matter where does that put the u

we have a large shell fish aqua culture ranch that is now operating. we have beautiful beaches. we also have oil and gas activity with some rigs right near our shores. my district is also home to the port of long beach, which is the second busiest port in the united states. with so much activity happening, it simply make sense to have the navy at the table when noaa is working on siting for a new aquaculture installation. it makes sense to have the fishery management council weigh in when oil rigs are being decommissioned. and it's a no-brainer that noaa, the coast guard, and the ports all work together to get those massive ships in and out of ports safely. we want these collaborations to happen because we want to have a sustainable ocean economy. and by developing regional plans and having a framework for multistakeholder involvement, we can streamline this process and promote a robust ocean economy that conserves our precious ocean resources. mr. chairman, as we look to the future, the need for an overarching policy only grows. issues like sea level rise and ocean acidification are too big and

oil markets. the interesting thing about stock markets in general is that it is littered with companies that started doing one thing and finished on another. there are selling shellsheanies that survived are ones are flexible and agile in of to hop on to new trends and take advantage of it did -- of it. this how big a change could be in terms of manufacturing. this is interesting. talking about europe and how european manufacturers cars survive. they aree hand, driving an agenda around incremental holocene, then you have car manufacturers with blood voices across the eu. guest: this is challenge across -- because on the one hand, they don't want their -- left behind. they are tweaking regulations to get a couple more percentage points out of diesel. that might make automakers wonderful to another country who has pushed their automakers in a stronger way. european policymakers are grappling with this, how much to tighten economy regulations and whether to introduce quota this is all auto manufacturers have of vehicles int their mix. of those ands one they have been trying to learn about how well it has worked or haven't worked, but european policymakers, this is th