he's a good leader the montra good to see kids are we've made a peaceful campaign against the shell oil company. the fuel the dictator son my child and trumped up. in those individuals god we michael matz i did you can be a son a comment too much my father will be me people have sacrificed risking their lives to put the truth for the generations to understand. that we've got to be like us are we on the faucet after i get. all these molecules you want to pass that you can't we're not twenty which we've got. that's very hard to see nonviolence is distributional. if they're treated with you know we have elections and we don't have political for people you don't listen then in large generational conferences well i'll buy those tried nonviolence maybe we should try violence how do you bring people in whom without we weighed the government as look if i did force people. it's all a bit. of a battle but when one speaks of genocide one chance of a wonder or darvell or allusion never speaks of the congo. or the united nations' senate that there be a conflict in the world since world war two. languages ge

listen to the head of shell oil company that employs over 22,000 people in this country and strongly supports joining the law of the sea. marvin was unable to join us today, but he has submitted testimony for the record. in his full testimony, we place in the record as if right here in full. a short excerpt. if the united states were to become a party to the convention, it could participate in the internationally recognized process for claiming extended continental shelf and the rights over oil and gas which would provide legal certainty for accessing and developing those energy resources. without this clear claim, our company would not find investment conditions favorable. finally, we turn to manufacturing. as many of you know, rare earth minerals are critical to a large part of modern manufacturing. rare earth minerals are an essential component of communication systems and defense control systems and missile defense control technology and other weapons systems. it includes the breath of their scope of rare either mineral use and it's in electronics and in computers and cell phones

strategic and international strategies, and john hofmeister who was of course the president of shell oil company. so i can't think of a better and more distinguished group to sort of walk us through what some of the consequences are and where we agree and probably disagree about some of those consequences. so i'm actually going to jump right in here and i'm going to ask ed morse who said recently that this new age of abundance in north america beckons to make north america look like the new middle east. so maybe you can start us off with what your tour of the geopolitical horizon looks like when all this oil and gas comes online. >> yeah. i know you don't want any numbers, but i'm going to have to give some. it starts with the fact that the u.s. has a current deficit of 3% of gdp. our oil import bill is 5% of gdp. you can paint a bunch of different pictures, but one of them you can't avoid is if this happens the deficit will no longer be a significant issue. and as michael has argued in various places, as have others, the current account deficit and protection of the dollar has been one of the b

the bad shell oil last week the obama administration gave the green light to oil companies like shell to start oil drilling in the arctic but if the company causes an oil spill they have no idea what to do about it when asked about the possibility of an oil spill in the arctic shell so that their plan would be to end counter there were ninety five percent of the oil in open water before it could wash ashore but they have no plan on how to actually collect and control the oil spill once they encounter it in fact a spokesman for shell oil said we never made claims about the percent we could actually recover because conditions vary of course if you think shell would have come up with methods to prevent or at least control oil spills especially since the gulf disaster but they clearly have. and a very very ugly mike mel's own since the supreme court's ruling on obama. kara last thursday conservatives across the nation if they weighed in on that decision. that includes mike mills own the founder of the merrimack tea party merrimack new hampshire own posted his take on the decision on faceb

nations released on extensive report -- united nations released a extensive report that said shell and other oil companies systematically destroyed the livelihoods of many people in the niger delta and will take 30 years to repair it. you look at siberia, despite the protests from the people, shell dumped more than a million pounds of waste, destroying the fisheries and build an oil platform, despite tremendous protests, [unintelligible] it is where endangered whales feed. shell is making enormous profit at the expense. we have to look at that. it is full of holes. like a said, it is like cavities in your teeth. >> you make the point if there is a spill in the arctic, it could be far more dangerous ecologically then, for instance, even what happened with bp in the gulf. >> absolutely. the arctic is -- i have spent time there and all citizens, including winter. -- and all citizens, including winter. in all seasons, including winter. shell plans to do even exploratory drilling the end of september and october in the chukchi seas and overseas. but the first week of october [unintelligible] shell has acknowle

denounced both the dictatorship and power in the eighty's and the ravages caused by shell the largest of the oil companies present in nigeria. in a sham trial in which he was accused of murder and despite the process stations and anger of the whole world he was condemned to death and hanged along with eight other members of the movement. which companies are selling yes i did visit. several music. one of our company there but the law is this is something and. walk in nigeria companies are the ones as possible. because. they don't come together because they know that when government. demands. programs that this is a. protected permanently escorted celestin has no car no address and no children anyone who hinders or production in nigeria is under threat of death and. the village of a creek. he's even crossed by the highway of pipes that don't even buried. you can. take choice before sufficient suckage watch. put up on here still in the theater. when he's being. down to do or rush on to decide if i could do all of these areas there was a day we would call forms that we saw fire. on everybody we don't know sho

hoffmeister, the founder and ceo of citizens for affordable energy and was the president of shell oil company. i can't think of a better and more distinguished group to washing us through the consequences and where we agree and probably disagree about some of those consequences. so, i'm actually going to jump right in here and asked morse, who said this new age of energy abundance beckons to make north america look like the new middle east. so maybe you can start us off with your tour of the geo political horizon when all this oil and gas comes online. >> i know you don't want any numbers but i have to give some. starts with the fact that the u.s. has a deficit of 3% of gdp, oil import bill is 5% of gdp. one picture you can't avoid is if this happens, the deficit will no longer be a significant issue, and as michael has argued in verious places, as have others, the current deficit and protection of the dollar has been one of the big achilles heel of american foreign policy, and we would be freed of the shackles of that, if nothing else, looking to a world where the dollar would likely be main

the head of the shell oil company which employs over 22,000 people in this country and strongly supports joining dell all of the sea. he was unfortunately unable to join us today that he has submitted testimony today and his testimony will be placed in the record as of right here in full. a short excerpt. if the united states were to become a party to the convention, it could participate in the internationally recognized process for claiming its extended continental shelf and its rights over we'll and gas which would provide legal certainty for accessing and developing those energy resources. without this clear claim, our company wouldn't find investment conditions favorable. finally we turn to manufacturing. as many of you know, rare earth metals are crital to a large part of modern manufacturing. rare earth metals are an essential component of our communication systems, of our defense control systems, missile defense control technology and other weapons systems. it includes the scope of the rare earth mineral used in electronics, computers, phones and all of the advanced weapons system

oil giant shell. it has ordered the two companies to pay for -- pay more than 280 million euros. hundreds of people have suffered problems after working there. the site was contaminated before they bought it according to the company and it is pushing for shell to accept full responsibility and is likely to appeal the ruling. >> the new head of the world bank has signaled that the institution may lend a hand to greece and other crisis-hit nations in the eurozone. >> unlike his predecessor robert selleck, the new guy believes his job includes helping of industrial nations during what he calls a pivotal time for the world economy -- unlike his predecessor, robert zoellick. the bank has focused on assisting newly developing and industrialized countries. >> let's turn our attention to french news now. french police have searched the homes and offices of former french president sarkozy in connection with a corruption charge. >> sarkozy himself was not present. he is reported to be visiting canada with his family. he faces potential legal action over allegations of illegal contributions

shell and other companies. shell says the new find as "no basis." environmental groups have kicked off a global week of action against the oil giant shell's looming oil drilling operation in the alaskan arctic. shell is set to begin exploratory drilling in the beaufort and chukchi seas later this summer. the activists across the world have begun holding protests at scholl sites in a bid to stop the drilling, forcing dozens to temporarily shut down. at a shell gas station in london, activists managed to place an animatronic polar bear on the station's roof. >> it will be the first big oil company this summer to stop -- drilling for oil in the arctic. the arctic is a unique and beautiful area of the plan agreed to drill for oil there would endanger the wildlife, the habitat of polar bears and other creatures as well as the 4 million people who live there. people all over the world are taking action like this and helping shell will listen in hoping scholl will make a decision not to go in draw for oil in the arctic. >> a un human rights investigator calling on u.s. to halt the executions of two mentally disabled death row prisoners in georgia and texas.

oil company? >> my last advice to the board of directors of shell when i retired in 2008 was to steer capital away from the united states because the united states was so confused on energy policy going forward that government had taken on not just in the current administration but prior administrations as well the role of disabler rather than enabler. and as we move through the '50s, '60s and '70s of the last century, government was primary enabler of the great expansion of the economy that occurred in the post-world war ii period with major legislative movement to make things happen for the american economy. and i think until the american government, the federal government in particular comes to grips with whether it will be the enabler of prosperity or the disabler of markets, which it seems to have a much higher priority in disabling, i think if i'm heading an american oil company looking at use of capital in america, i would be very careful. i would be very selective. and i think that's really what we're seeing. there are so many american companies out there, however, that have huge capacity

oil companies. former president bush testified that when oil is over $50 a barrel, you don't need taxpayers shelling out money to encourage oil companies to invest. we think we should eliminate those subsidies to help remove the sequester, including the sequester defense. the reason we're here is that our republican colleagues deliberately chose as part of the sequester to put defense spending on the chopping block, along with other spending. that was the choice above an offer to deal with revenue as part of a sequester. when the choice boiled down to cutting tax subsidies for oil companies an other special tax breaks or cutting defense, republicans chose to put in the sequester cutting defense. now, i know we have a hearing today in the armed services committee, i see the distinguished chairman on the floor today. i have to commend him because he has said before that if we were -- if he were faced with that choice, he would take that next, more balanced approach. that ultimately is what we'll have to do. that's the approach that's been take bin every bipartisan commission that's looked at this chal

company that could. cisco. >>> a big gamble under way this morning. shell is spending billions of dollars hoping to find oiln the arctic off northern alaska. if it pays off, this company will reap the benefit of being the first to establish a new source of oil in one of the harshest climb nlts on the planet, translation, a boat load of money. last year, i spent time on a shell offshore oil rig. it's a major undertaken, the equipment, the machinery, they're huge, but shell is betting there are masage amounts of black gold in the arctic. they're going to take rigs like that one and put them in the arctic and dig deep. miguel marquez reports. >> it's a massive gamble. if it pays, shell will reap the benefit of being the first to establish a new market for oil in one of the harshest climates in earth. >> we'll be drilling these like they're the most complex, most difficult wells we have drilled in company history. >> the plan to sink two into arctic waters, the wells won't bring up oil, but are designed to confirm what shell believers is down there, at least 26 billion barrels of black gold, enough to supply 10

a south korean company, yukon, became the first foreign company allowed to explore foreign oil onshore. followed by shell and petro canada and the american firms amoco and [inaudible name]. when the army board and to down downtown rangoon, the firms have been less than $10 million. now they were between 200 and $300 million. top security prevented any significant demonstrations to mark the anniversary of the great uprising of 8-8-88 or a military crackdown. a softening approach, they signed a deal to bottle soft drinks and burma. to demonstrate to the general public and the world at large that they knew a good thing about good governance, a major cleanup campaign was launched. reminiscent to the operation in 1958 under the caretaker government. rangoon's public buildings cleaned with fresh paint. the governments of western europe and the u.s. remain dubious and willing toforget how these people had come to power. but this election produced a solid working majority in the vote sure between such a plethora of parties that the army would be fully justified in retaining control, which surely would bring them

weather had to get before the think tanks and shells who are funded by the oil corporations give up like they many of these same people work for the tobacco companies back thirty years ago in fact they're literally the same people and real and confess that the debate is lost the global climate change a great drug has a link and i just heard on the radio the same thing there's now a study. challenging the u.n. report saying that we're in a hundred fifty year cycle of low temperature as opposed to high temperature this is an issue snow outside is that snow outside just because we're having a particular weather experience isn't evidence that the globe has some sort of long term trend and drugs has. this is precisely the kind of attempt by many people on the progressive side to use anecdotal evidence as a an attempt what they used were tree rings. on earth anecdotal evidence back to one hundred fifty b.c. to reach the conclusion that they had i don't think that scientists really didn't i that there were warming periods around two thousand b.c. and then again i think believe it was five hundred to one thousand a.d. so you know the issue is not whether t

oil companies. auction. the number of them have posted earnings for the past three months. take a look royal dutch shelleport that profits fell more than 50% with the year before. conoco phillips earnings down 32%. exxon mobil profits rose but due mostly to the sale of company assets. that being said, the company remains very profitable with each earning billions of dollars over the past three months alone. well, it just went from bad to worse for folks who bought shares of facebook when the company first went public two months ago. the social networking site issuing its first earnings report since that time. posting a loss of $157 million. that's a 165% drop from the profits it reported one year ago. it actually wasn't as bad as analysts were expecting. the company blamed the cost of stock compensation after its initial public offering. still, sherels of the company have plunged another 11% in after hours trading to an all-time low. if you invested $10,000 in the stock when it launched on that day at that price, you now have a paper loss of about 3700 bucks. the rest of the market faired much better to

oil company? >> my last advice to the board of directors when i retired from shell in 2008 was to spare capital away from the united states because the united states was so confused on energy policy going forward that government had taken on not just in the current administration but the entire -- prior administrations, the role of disabler rather than in a blur. government was the primary enablers of the great expansion of the economy that occurred in the per se -- post will war ii -- post world war ii era. until the federal government comes to grips with whether it will be the in daimler of prosperity or the -- will be the enabler of prosperity or the disabler, if i am heading an american oil company looking at use of capital in america, i would be very careful and selective. there are so many american companies out there, however, that have huge capacity and the entrepreneurial spirit is alive and well but trees don't grow to the sky. we learn that a long time ago. all the prospective growth in domestic energy supply could be achievable but it also could not be achievable depending on the kind of

company history. >> reporter: the plan to sink to exploration drills in arctic water. the wells won't bring up oil but designed to confirm what shellt least 26 billion barrels of black gold. enough to supply 20% of america's needs. >> if shell really hits something this summer then i think things will heat up this summer. >> it's going to be a gold rush. >> it will be a gold rush under sea. >> reporter: their way of life could be threatened. >> for the winter it comes from the ocean. the fish and the whale. it's going to ruin our ocean. >> reporter: abigail has lived in the tiny community her entire life. she is doing what she's done for years. preparing a seal skin to be made into winter boots. >> when you're 79 years old you don't look like a young lady but you have to keep working on these skins. >> reporter: she, like everyone else here, uses every bit of the animals. same goes for walruses and whales. people survive the winter by hunting whales and other sea animals during the short but intense summer. the winter is a much different story. the ice can move like a freight train wanie i weighing a millio. about 90 miles that way

oil as usual with the list. number one, royal dutch shell. number two, our friends at exxonmobil. number three walmart. number four bp. number five sinopec. with the exception of walmart all energy companies. >> who is off the list. who has fallen? who has gained? >> not surprisingly we saw apple jump 56 spots on the list to number 55 this year. that comes so expense of the historical stalwarts in the mobile phone business. alcatel lucent off the list this year. meanwhile you see companies like assar off the list. >> if i were to invest in the top ten companies i would be down in a big way, right? >> right. but this is a list of -- it's a snap shot world. >> and revenue. not a market capitalist. >> what i'm suggesting if this is the snapshot of the world we have problems? >> yes. financial services represent the number two category on the list, all the big banks are down in the rankings. >> how much did revenue grew? >> to $29 trillion. up 13% over 2010. and profits grew 7%. >> i noticed volkswagen number 13 on the list? where was it last year? that seems high on the list. am i crazy to think that. >> they have been always in the top 50. toyota is in our top ten. always been a top ten. >>