he founded the company standard oil which made him the world's richest man his goal was to have an oil monopoly. the mass production of cars eventually make crude oil the most important raw material in the world the driving force behind the economy or oil meant prosperity but it also triggered many crises and wars. today's biggest oil producer is the us followed by saudi arabia and russia. but this black gold destroys the environment oil spills and drilling accidents pollute the seas and the land suffocates under mounds of plastic waste made from us as the search for alternatives becomes increasingly desperate the production of oil still continues to rise in 2018 more crude was produced than ever before nearly 95000000 barrels every day. reserves are finite though as is the power of the oil companies and the countries that rely on oil exports. the opec cartel meetings might soon become a purely social gathering. let's. take a quick look around you no matter where you are that there is definitely one thing in your immediate vicinity that you can reach with your hand or that's made of pl

government think back there is the same it's not is that big brother the days of trust busters and and standard oil and the sherman any test or act that's over with different well to your point much of the push about regulating social media comes from the political right which complains that what seen in social media and what pops up in internet search skews left despite claims from facebook founder mark zuckerberg and others that it's all algorithms as twitter announced it would no longer accept political advertising congressional democrats lambasted zuckerberg for not fact checking political ads that facebook excepts here is mark zuckerberg in the hot seat you announced a new ad policy that gives politicians a license to lie so you can earn more money this division i suppose from a business perspective. the very small percent of our business that is made up of political ads does not come any work. close to justifying the controversy that this incurs for our company so this really is not about money our policy is that we do not fact check politician speech and the reason for that is that we believ

of the things that has been expressed is if you get too big [indiscernible] if you go back to standard oilat was the concern. are you seeing a curtailing of innovation and success? >> that is a great question and hernych question because really, what does facebook keep me from doing in my life? there are lots of ways to take a picture of my dinner and ensure that so i don't feel like i'm having loss of choice. i have lots of ways to communicating with people and the people that might be upset our advertisers because digital itertising, three fourths of is google and facebook and they are gaining share so they might have a beef, but the consumer, you don't have to use facebook, you don't have to use twitter or google products. innovation is stopped in biotech or autonomous vehicles or anything because of those vehicles -- because of those. >> that was scott mcnealy. coming up, the week in tech. lockup.estors fleeing that is next. this is bloomberg. ♪ brad: this is bloomberg technology. i'm brad stone. now to our weekly look at the top stories in tech. a terrible week for softbank. their inv

metropolitan insurance building, standard oil building, mark hopkins hotel, mission high school, pacific telephone and telegraph, the roost building, saint george's building, the opera house. the pacific fountain was glady mcbean's final major san francisco commission. it capped off a remarkable recess m resume of work. >> thank you, sir. are there any other public comment? i do not see any. let me at the all for taking the time to come out very early this morning to -- and your passion and the historic records. and i think just what can i say? just to -- we extend our gratitude to you. let me also take this opportunity here for all of you and for those that are watching, mr. bilowski, your leadership on the treasure island museum, you are constantly up here advocating and working religiously, if i can say that. you're conducting workshops, you're educating people. let it be known that we consider the pacific fountain in our work plan of treasure island. we continue to support the museum. why? before we developed that island into what it needs to be, it had the history. and the history,

where it is different, because we do have antitrust laws and they are designed to go into a place, standard oil trust or bell telephone, we broke them up because they had a monopoly. it is the equivalent to the invention of a printing press if only one company had access to it and was allowed access to the printing press, or the telephone, if only one company had the rights to grant access to telephone use. people would see that as a problem, restricting free speech, so i think that is where it gets difficult. they are not allowing competition as google comes in and twitter comes in and crushes their competition, buys them out or spears them like they did with gap, a competitor to twitter, and gap has been maligned as a white supremacist, it is all a smear campaign, and then they buy them out. so they are not allowing competition. and now we see them de-platforming people that do not agree with them. it is scary. the antitrust part of this is a problem, because i guarantee those corporations, in the future you won't see them as liberal. they are not liberal at all, they are authoritarian. you h

that was expressed in the old trust, if you go back to standard oil, that was the concern.'s no opportunity. are you seeing any of that? are you seeing curtailing of innovation and success? > that is a great question and a pertinent question because what does facebook keep me from doing in my life? there's lots of ways to take a picture of my dinner and share that. i'm not feeling like i have loss of choice in where to post my dessert. i have lots of ways to have communicating to people. the people that might be upset that they have very little choice are advertisers. because digital advertising is -- three-fourths of it is google and facebook and they're gaining share. they might have a beef but the consumer, you don't have to use facebook you don't have to use twitter. you don't have to use google products. i don't use a google browser, for instance. you can survive, i don't think innovation is stopped in biotech or in autonomous vehicles or anything because of those companies. i think innovation continues. i don't think that's a big issue. >> that was scott mcnealy. comi

if you go back to standard oil, that was the concern, no opportunity. seeing a curtailing of innovation and success? scott: that is a great question, a pertinent question. facebook keepes me from doing in my life? there are lots of ways to take a picture of my dinner and share that. am not feeling like i have loss of choice on where to post a picture of my desert. i have lots of ways of communicating with people. the people that might be upset that they have little choice our advertisers because digital advertising is, 347 is google and facebook, and they are gaining share. they might have a beef, but the consumer, you don't have to use facebook, twitter, you don't have to use google products. i don't use the google browser, for instance. i don't think innovation is , autonomousiotech vehicles or anything because of those companies. i don't think that's a big issue. david: appreciate you being with us, very interesting. coming up, the fall of the wall. we head to berlin as germany confronts big challenges 30 years after a pivotal moment in history. this

the real favorite for this job is judge kenesaw mountain landis he had been the guy who fined standard oil $26 million in 1907 and chased down the iww and the socialist party during the war and helped save baseball when there was a third league being formed in 1914, 1915. johnson doesn't want landis. he wants a grand jury. he's not the star of the show. he's never going to overshadow landis. but they get into investigating the black sox. three of the players confess to the grand jury, williams, weaver and jackson and a bunch of people are indicted. the players and the gamblers. they are eventually acquitted. they're all acquitted. the acquittal is -- well, there's a scene in the movie of eight men out where it's revealed that the grand jury confessions have been stolen and all of a sudden the prosecution has no basis for prosecution. again, really a misstatement. they were missing but they were immediately reconstructed from stenographer's notes. what did impact the trial was judge hugo friend, the presiding judge of the trial, said you can't use these confessions by these three guys, jack

he had been the guy to fine s n standard oil $26 million in 1907 and chased down people during the war. and had helped save baseball a and there was a third league organized baseball when there was a third league being formed in 1914, 1915.oesn't want landisbecause he's too strong a guy. nobody did. he wants mcdonald and hoping this grand jury will elevate mcdonald to be the star of the show. he's not the star of the show. what they do is get into ve investigating the black sox. three players cob confessed to the grand juriment williams, weaver and jackson. felsh confesses to a newspaper reporter in philadelphia and a whole bunch of people are indicteded. players and gamblers. they are they're all acquitted. there's a scene in the movie of eight men out where it's revealed that the grand jury confessions have been folin and ail of a sudden, the prosecution has no basis for prosecution. again, really a missed statement. they were missing, but they were immediately reconstructed from stenographer's notes, so they did not impact the trial much. what did impact the trial was judge hugo fri

acrosss absolutely none asset classes the weather is fx, oil, standard deviation. under their one year average, -- it is as if the volatility -- scarlet: i want to update everyone on america. it might be the part -- on merck. it just surpassed its record ith on october 31 and once passed that, it was kind of off to the races. it seems like these arbitrary levels matter a lot in the melt up type of environments. when we have these incremental moves higher, how much more do technicals drive gains? matt: the most important thing isut technicals is that it momentum driven. we do have to be a little bit careful. they are getting very overbought. micro devices last week, the rsi overbought on a daily since 1996. micron is starting to rollover a little bit. last december by any stretch of the imagination, but i think it would be much more healthy if the market would come back in. they might be able to pick them up a little bit cheaper and, honestly, i think it will be good for the market for a rally into next year. scarlet: we want to update you on some earnings. it comes

they are designed to go into trust,here standard oil bell telephone, we broke them up because they had monopoly. it is the equivalent of the invention to the printing press. if only one company was allowed access to the printing press or the telephone, if only one company could grant telephone use, people would see that as restricting free speech. that is where it gets difficult because they are not allowing competition. google or twitter comes in and crushes their competition, buys them out or smears them, which they did with gab, the competitor to twitter. it is all a smear campaign. they are not allowing competition. latforming them de-p all kinds of people. it is authoritarian in nature. it is scary. i think the antitrust not leave part of this is the problem. now the left is in control of those corporations. in the future, you will not see them as liberal. they are not liberal at all. they are authoritarians. you have to realize that this could get ugly fast. host: i will let you go. we got your point. guest: very legitimate concerns. i find it interesting that you mentioned the b

pretty big lift, but as joe and i always do, we go back to the past this is a way they took on standard oilon usb microsoft. it was not on consumer pricing, you're expanding into other endeavors using your dominance in a particular field. >> you try to go back. >> you successfully go back. >> we can't go back to the past. >> you have a windup computer there. >> we had a lot of time. i don't think we have enough time now to talk about -- you used to be the biggest promoter of aclu and free speech and now you like jack dorsey you think he's a hero. >> we're talking about twitter >> twitter and how they really aren't going to ban politico. >> no. let me -- because i teach this in my tulane class what would you do for twitter and facebook the reason you like free speech is that in the marketplace of ideas you end up getting closer to free speech the problem with twitter and facebook is that you don't have a marketplace. you have micro targeted so that a particular ad, true or false, especially a false ad, goes only to a tiny segment of people, say, people who hate, you know, gays in african-ame

oil price much higher. if they don't meet those standards, the downside potential is pretty good for oil because we have already a rally in anticipation of this opec meeting. there is quite a lot resting on this, and we could see a decent move either way. to push it higher, opec needs to surprise the markets. anna: good to speak to you this friday. mark cranfield, our bloomberg markets live strategist. join the debate on today's question of the day, how far can crude oil rally to year-end? give us your thoughts on that. reach out to the team. let's get the bloomberg first word news. for that, we go to oanh ha. has: the conservative party accused channel four news of breaking impartiality roles after the broadcaster used an ice sculpture to replace prime minister boris johnson. he failed to attend the live climate change debate. the program featured leaders from other parties, but two chose not to attend. making a trump surprise visit to afghanistan. he met with the country's president and u.s. troops. he says peace talks with the taliban have resumed amid a push for a cease-fire. >> the taliban wants to make a

lastly, environmental standards used by her companies to develop oil and gas in the gulf by our companies to develop oil and gas in the gulf of mexico, there is clearly a demand for plastics from fossil fuel that i would rather be done, where there is ahigher environmental standards of our nation as opposed to a country like nigeria. anyway, thank you. >> thank you, senator. senator cantwell, would you like to proceed? do you need a couple minutes? i will ask a quick one, give you a few minutes to formulate your thoughts. it follows on this discussion between senator hirono and the points senator cassidy has raised. i noted in my opening statement that since the 1990's, nearly all revenue credited annually to lwcf has been from the ocs receipts. i think, lwcf also gets additional mandatory appropriations. we saw that in senator cassidy's chart he had up there. the question, it may be directed to you, maybe you, mr. gould, some have suggested we need to dramatically restrict or even eliminate fossil fuel production in federal areas i know several of the individuals in the running for the p

lastly, environmental standards used by her companies to develop oil and gas in the gulf -- by our companies to develop oil and gas in the gulf of mexico, there is clearly a demand for plastics from fossil fuel that i would rather be done, where there is a hired by normal standards of our nation as opposed to a country like nigeria. anyway, thank you for your -- >> thank you, senator. senator cantwell, would you like to proceed? do you need a couple minutes? quick one, give you a few minutes to formulate your thoughts. it follows on this discussion between senator hirono and the points senator cassidy has raised. i noted in my opening statement 1990's, nearly all revenue credited annually to ocs has been from the receipts. f also getsc additional mandatory appropriations. we saw that in senator cassidy's chart he had up there. it may be directed gould, maybe you, mr. some have suggested we need to dramatically restrict or even eliminate fossil fuel production in federal areas -- i know several of the individuals in the running for the presidency right now have said, look, the first thing the

in the douglas oil case, the district court made these findings. i'm unclear what standards the department is saying douglas oil or other required when indeed i thought maybe-- [inaudible] with respect who would testify and the testimony and therefore be able to relate specifically why that witness's testimony was necessary. >> so i don't think so, your honor. the department's submission all along. i see what you're saying i'd like to address the-- >> just tell me practically it's secret and they don't know it how can they say more than they did? >> that's exactly the proposition rejected in abbott and associates for the attorney general of california made exactly that point. look the way this works in judicial proceedings, right-- >> in that case, it was different, counsel, and now that. i'm just trying to understand as a conceptual matter where grand jury testimony is secret. >> yes. >> a person or entity seeking the information doesn't know who testified or specifically what they said, yet, they know from the special counsel's report that there were certain elements that

it was not the only thing and at least douglas oil, the district court may be finding and i am unclear what standard the department is saying douglas oil or other authorities require when indeed i thought, maybe i'm missing -- backed off -- [inaudible] who would testify, and, therefore, be able to raise specifically why that witnesses testimony was necessary. >> i don't think so. that would've been the departments submission all along. >> how could they? tell me, practically in secret, they don't know what. how can they say more than they did? >> that is exactly the problem the supreme court dismissed in advent with the attorney general of california made that point. the way this works is that -- >> but in that case it was different, counsel, and you know that. i'm just kind understand as a conceptual matter where grand jury testimony is secret, the person or entity seeking the information doesn't know who testified or specifically what they said, yet he's on the special counsel's report that there were certain elements that were unavailable and it deferred on making any specific finding of criminal

the oil industry saying the actions will only lead to more foreign oil imports from places with lesser environmental safety standards school teachers in indiana surrounded the state capital builng today. the educators demanded a hike in pay andst end to usinent test scores to evaluate teachers. the scale of the protest forced nearly half of indiana school districts to close for the day. the house of representatives has approved short-term spending to prevent a government shutdown. it would keeps federal agenc running through december 20, buying more time to pass a fkaal spending p. more than 100 people protesting a fuel price hike in iran have been killed in a crackdown. state tv showed empty streets with burned-out mosques andan vandalizedmachines. an internet blackout remained in force. a united nations spokesman call for tehran to explain itself. >> i would be useful to have a clearer picture. it is a very alarming situation. we would encourage states to maintain the flow of information. let's see the information. stephanie: so far the iranian government has not given a public count of the death toll. lebanese pr

last i will say the environmental standards used by our companies to develop oil and gas in the gulf exceed by far not in the developing countries and substance there is a demand for fossil fuel in things like plastics, i would rather that it be done where there's the higher environmental standards as opposed to those that say a country like nigeria. senator cantwell would you like to proceed or do you need a couple minutes? >> it follows from this discussion i know that in my opening statement since the 1990s all revenue credited annually has been from the receipt and i think that it went to additional mandatory appropriations and i think we saw that and senator cassidy's chart that he had but i guess the questions coming and it may be directed to you, but some have suggested we needed to either dramatically restrict or eliminate fossil fuel production and federal areas. i know several of the individuals that are in the running for the presidency right now said the first thing that they would do is to completely eliminate fossil fuel production on federal land. tell me what happened

action in states to implement strategies called a low carbon fuel standard, which actually requires that people who produce fuels, oil and also biofuels manufacturers, that they reduce the carbon intensity of those fuels, and that also effectively puts a price on carbon by requiring reductions upstream and downstream in terms of the carbon intensity of those fuels. >> so when you talk about climate change, it's hard not to talk about the energy industry, it's hard to not talk about carbon. it's also hard to not talk about agriculture and the way we farm. is it sustainable the current system we have right now, and how are donald trump's policies affecting it? >> sure. well, you know, agriculture contributes to something on the order of 20 or 25% of our global emissions. and it's a sector that's very difficult for us to reduce emissions from because of the way in which we eat. and -- but agriculture is also, as a result, a huge opportunity. and there are plenty of methods. you know, you talk about trump's trade war in the last segment. and instead of pumping billions of dollars into subsidies that are meant to replace

quantity they need for their product the geranium oil or a neroli essence can quickly be too bad for a perfume put also to good. to have very high standards for the products they make do completely without chemicals the same is true in the ethical area these 2 don't just pay lip service to social responsibility. there's. more to be cheery for family to school 2 years ago there were several teachers in 3 classes most of them $140.00 pupils all the children of the farms pickens the oldest of them were already helping out on the fields. absolutely i like the school very much we get books and can learn all kinds of things our teachers even teach us english and science will learn the qur'an and many other useful things we also read stories we have everything we want here. at the afternoon classes are supposed to replace the state school but add to it and that's very necessary even in a self interested way for the aroma producers to riva and hussein. it's a huge black. it's a huge lack because what statistics are telling us is not reality we figured out that that people graduate from school and they don't treat them right and they figured out b

quality they need for their product the geranium oil or a neroli essence can quickly be too bad for a persian put also to good. to to have very high standards for the products they make do completely without chemicals the same is true in the ethical area these 2 don't just pay lip service to social responsibility. and the jury for family does. school 2 years ago there were several teachers in 3 d. classes most of the $140.00 pupils were the children of the farm's pickens the oldest of them were already helping out on the fields. for little time and i like the school very much we get books and can learn all kinds of things our teachers even teach as english and science with the qur'an and many other useful things we also read stories we have everything we want here. at the afternoon classes up supposed to replace the state school but add to it and that's very necessary even if it was self interested way for the rober producers and who's saying. it's a huge lack it's a huge lack because what statistics are telling us is not reality we figured out that that people graduate from school and they don't treat them right and they figured out becaus

comes from the fact that the dollar is the standard unit of international finance and transactions clearing through the new york fed is critical for me ger oil transactions now remember a lot of people do get that wrong this. say oh like because ross nafta is pricing in euro this will end the dollar but with the most important is clearing through the new york fed where it settles where the final transaction settlement happens and if you can start doing this and bitcoin which is the final transaction settlement layer then that's a final settlement layer that is where that is the power of what big coin and as china is calling it the block chain is happening and i think that's what china is doing with their announcement and that's in fact what mark zuckerberg in these testimonies where this latest brad sherman stuff happened about libra well mark zuckerberg said if you don't if we can to leave then you you do realize that china is going to do this 1st think this is the main one of the main differentiating aspects of big coins versus money paper money and gold so with both paper money and gold you you have deferred or delayed settlement with pap

raise and maintain living standards for all citizens and uphold the responsibility to the environment. my journey begins in midland, texas. there is an abundance of shale oil and gas across america. eight million barrels produced each day. the permian basin straddling new mexico and texas is the country's most productive site. midland is at the epicenter. this is a critical turning point for u.s. shale. after plans for retirement, scott sheffield came back as pioneer ceo to reconstruct the company. the last four areas alone, nearly 200 oil and gas companies in the u.s. have gone bust with over $100 billion of debt. >> the permian basin started in 1920s. so we've been producing for over 100 years, and so with the recent uncon vnkoconventional s revolution that started five or six years ago, it will allow it to lakefront another 100 years. we're probably halfway through. we thought we were on a decline until unconventional was discovered in the permian basin. probably 2011. now it's going to last another 100 years. we're at 80 billion barrels recoverable in the midland basin and probably about the same in the delaware which puts us at around 160 billion barr

comes from the fact that the dollar is the standard you know enough international finance and transactions clearing through the new york fed is critical for major oil transactions do you agree with that and what does it mean that major economies are moving away from clearing through the fed it means a lot i mean there is you who want to so they have a cursory study of the current economic system those that we have the petro dollar everything the oil transactions at one time you'd be cleared by u.s. dollars so put a huge pressure to keep the dollar stable in the number one currency in the world this is of course been changed over the recent times as you've been chosen i just mentioned you're seeing settlement outside of the u.s. dollar so we'll take the dollar down of the. in my view along with so were other things i mean as we said earlier in the segment we could have. inflation we could have a bit liquid depression and of course as an austrian i'm not supposed to so you could have both but you could have a situation where wages are frozen and the prices run away in the cities really harper inflation was just too that the you sensual energy and foo

standard of living is low and has been under pressure. and also the authorities say the money raised from these oil rises will actually go to the port.nk is possibly likely to happen next? ——go to the poor. do you think they will reverse this decision? it is possible but i think it is also possible that there will bea it is also possible that there will be a harsh crackdown, there is interference with the internet so we can't see video and images coming out of iran of the protest. it comes in the context of really regional tunnels, in lebanon, iraq, similar types of protests against unemployment, corruption, we need to see over the next couple of days whether this is sustained. that will determine probably whether the government will backtrack. this is not the first time iran has tried to reduce these kinds of subsidies. it happened under the previous president and of course at that time they did backtrack to some extent. even the predecessor before tried to do the same. iranians think cheap gas is their right because after all they are a major oil producer, so this is a tough one for the regime. let's get some of the day's other new

oil and big coal. he's crippled the federal government's ability to research climate change. he's rolled back emissions standards, and he's used fake science to underreport the effects of climate change. instead of protecting the interests of the people, president trump has catered shamelessly to the interests of oil companies and corporate polluters. history will look harshly on president trump's failure, on president trump's failure to lead the united states through our planet's climate crisis, and they will equally look unkindly on republican senators who have just stood mute as he has done this. i yield the floor. i note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: the presiding officer: the senator from new jersey. mr. menendez: i ask that the quorum call be vitiated. the presiding officer: without objection. mr. menendez: mr. president, i come do the floor today to talk about the united states relationship with turkey and certain actions that the united states must consider in order to protect our national security interests and those of our true allies in the