the u.s. oil boom is adding thousands of jobs to the u.s. economy. if oil prices continue to fall, analysts expect that could cause producers to scale back on drilling, which could mean less job growth in the industry. >> the main reason you have a problem here is that at a certain level, it doesn't pay to explore, it doesn't pay to produce more. at that level, that's why we heard all this talk about all this exploration in new technologies when we were at the higher prices. at this level, now all your producers are going to have to think twice about taking the on people and going further in their explorations. >> the oil majors spend money on other things, they make capital expenditures and reduced purchases could make a big dent in the me. will will oil producers start to feel the pinch? estimates to produce in this country are anywhere from 70 to $77 a barrel, so there's still wiggle room. with goldman sachs reducing its forecast to $75 a barrel, well, that's dangerous territory. the question now, of course, how low can we go? >> it looks like it's

there is a lot of stuff coming down the pipeline that will keep oil low, and that's the new normal now. you've got shale oil coming online, and lockheed martin just released announcement that fusion is the new great nuclear power over the next five or ten years. who knows. >> you said the last time. >> yes, i know. >> let's hope this one is for real. >> but even as you take that out of the equation and you're just taking a look at shale oil and gas there is enough pressure in the system. and saudis can keep this up for a while. they have $7 billion in reserves, and you ask if other countries can be swing states, and the bottom line is no one can, and it's just the saudi game right now. they can keep it low for quite some time at quite low prices. but they're just delaying the inevitable . opec has lost some power in terms of setting prices now. >> because there is so much supply, and non-opec producers can do what they want. >> that, and long-term economic growth, which is the driver of i-8 oil prices always. >> once oil becomes cheap, taking the pressure off to find a new answer quick

the american oil industry had other problems. urb inflation, price ceilings were set in 1971 by the nixon administration. james schlesinger, the nation's first secretary of energy. if we attempted to control the price of oil or natural gas based upon the assumption that a 15% rate of return was the ceiling because there are so many failures, dry holes, we would discover that it would not have been the entrepreneurial activity in the industry that was necessary to maintain any activity. the control of price in a highly risky industry will destroy that industry. we were doing damage to the industry during the period of control. world oil prices kept rising. although prices for our known oil reserves were restricted by nixon's controls, the american oil industry had one incentive-- new oil. oil found after 1972 was free to follow the higher world price. american producers heard the knock of opportunity. one newcomer, sam lefrak a new york city landlord declared war on o.p.e.c. because they drove the price up so high it now became eco

to separate the oil from the dirt. the remaining 80% is trapped hundreds of feet below solid rock. steam is injected underground to loosen the oil and it is pumped out. the thick tarlike crude must be mixed with chemicals to make it flow through the pipeline. tar sands require 70% more energy to extract than traditional oil. >> this is a gigantic mining operation in the middle of nowhere. they want to take production by 2025, more than double it. >> and your job is to make sure that never comes out of the ground? >> well, look, from my point of view -- i'm not a scientist. the scientists say it would be devastatingly terrible for the seven billion people on the earth if it does. >> when we return, tom steyer looks outside the box for answers. >> i actually believe that the solution for our energy problem is going to be corporate america. ♪ >> tom steyer claims money didn't motivate him, but he was incredibly good at making it. the investment firm he founded, farallon capital management, has a market value of almost $4

this is on the impact of low oil prices. the panelists will be introduced in just a second, including the dean of the africa center for strategic's that ease the national defense university. [captioning performed by the national captioning institute, [captions copyright national cable satellite corp. 2014] >> we have seen a price of oil and gas come down across the nation. the wilson center is holding a discussion on oil prices. experts examine the political and economic effects of the lower prices and what it could hold for the future of russia, nigeria, it rack, and venezuela. it should be underway shortly. this is live on c-span. >> we are live at the wilson center in washington, d.c., for a discussion on falling oil prices. experts will talk about the political and economic effects of the lower prices. it is expected to start in just a moment. live coverage, here on c-span. >> this discussion on falling oil prices should get under way and just a moment. we want to update you on our political coverage from campaign 2014. s

starts to export the oil and put it onto the international market, buyers will flock to cheaper oil, crude oil prices will go up, so exporting may not be the way to go. cheaper gas prices are a bright spot for consumers, something real they can hold onto. triple a say we could see the numbers drop and that gas stations are already selling gas for less than three bucks now. >>> our market monitor tonight has energy picks, he says the direct beneficiary picks of the renaissance, his company specializes in energy investments, rob, good to have you with us. tell me how worried if at all you are about the decline in oil prices and the possibility that there may indeed be a sort of price war that could affect the profitability of some of these american drillers, particularly the shale drillers that have made money as oil has rested mostly above 100 bucks a barrel. >> yes, we see the prices decline off the summer highs, the stocks coming down with them. that is a great thing for the u.s. consumers, the gasoline prices have fell as well. boosting the economy. specific to the oil stocks thems

we assume the culprit the fundamentals. assuming oil is a culprit of the slowing economy or the huge domestic supply drop or the opec willingness to let the price drop to destroy the renaissance. we're exploring every aspect of this tonight. so let me give you another novel idea. what if the oil market is every bit as whacky and ridiculous as the stock market. what is the real force is the buyers and sellers and speculators themselves? in other words, what if this whole crash of the price of oil is maybe forced liquidation, margin calls? overly bullish investors? sound cynical? with the help of karly garner. co-founder of carly trading and as well as being my partner at the --. do you know why i'm going back to here. back in end of may she predicted we could see a hideous decline in oil precisely because hedge funds have gotten too bullish. she called it right, right here on the show. west texas crude, showing the commitment of traders report. the cot. a report that tells you exactly what the big institutional players are doing. accordi

the u.s. is awash in oil. and also, too, there's a realization that, okay, europe is going to do qe next year and the dollar's probably going to be strong. all three of those factors kind of combined all at once to just really hammer crude. >> meg green, give us your take here as people are voting live right now, same question. is the worst over for the stock market here? >> you know, i don't know what the worst is but i know that volatility is here. every time when they stopped, you know, buying bonds when qe stopped last year when they were threatening the market volatility was horrendous. so now we know they're ending this month and i hope they do. europe needs to start giving us a little juice over there. that's the problem. and oil, you don't have opec agreeing. they're all just floundering out the oil they can. russia is producing. so, you know, everybody's on the same path. that makes lower prices. it's supply and demand and there's tons of supply around. but the markets, you know, i like small caps here

i think we will see roughly the same thing on the oil side. of course, we have much better efficiencies in that country with regards to car efficiencies and so the demand will also be week. i think there will be cutbacks coming on the emp side in the oil industry. >> there are shale companies that are profitable at $40 a barrel. it depends on when you got in. they all started drilling before $80 a barrel. so if the iea is saying 80 it needs to get up and get out of d.c. thank you very much. >> my pleasure. >>> be sure to catch "mad money" today. jim cramer will be speaking with the ceo of cheniere energy and continental resources, as well. catch it here tonight at 6 p.m. >>> earnings is back with three names that need to be on your radar including intel. >>> fast food frenemies. "street signs" will be right back. sheila! you see this ball control? you see this right? it's 80% confidence and 64% knee brace. that's more... shh... i know that's more than 100%. but that's what winners give. now bicycle kick your old 401(k) into an ira. i know, i kn

so what's a woman doing out here in the oil fields? same story as everybody else. >> driving is only one part of helen's job. and it's not the most physical. at each stop on her route, she has to refuel empty tankers and that means hoisting heavy hoses up icy ladders in darkness and cold. she's the only woman doing this work for her company and she often outlasts men half her age. >> i never thought this body could work the hours that these old fields call for. >> this work is so physical, and sometimes, depending on how much fuel she has to deliver, sometimes it's -- i can't even talk right now. i'm so sorry. i can't even move my mouth. helen does this every night. this past winter it got down to minus 60. and sometimes you can spend up to an hour on these trucks. >> let me see how heavy that hose is. oh, my god, this is heavy as [ expletive ]. >> while her friends back home are settling into their sunset years, helen's pulling in a six-figure salary one 12-hour shift at a time. >> coming to north dakota, it's like the gold rush, hey,

but the oil major still hiked its dividend. russian sanctions have had no impact on the company so far, but flagged concerns with the lower ruble. sanofi is another one in focus. it's trading near the bottom of the stoxx 600 after it posted weaker than expected sales in the third quarter. the french drugmaker warned that price pressures for its diabetes franchise would continue into 2015. sticking with pharma, the drugmaker novartis has reported a 4% annual increase in sales to $14.7 billion, this despite competition from generic blood pressure pill diovan. so mixed pressure is so far this day. but markets moving higher right now. >> a lot of green on the heat map there. let's have a look at the individual markets. in general in the green today, partly because of some of the earns seema has been mentioning, but because yesterday was a weak day for european markets. yesterday kicked off strongly after the ecb stress tests, but sold off on weak german ifo confidence data. bouncing back a bit today, as you can see. italy, strong, a

at the bp logo and think of oil. ases well and gas prices have not taken the hit that oil prices have. that is one of the beacons of a diversified company of this side. it can withstand the shocks the company's. whether the european refiners are now in a position they look good. not -- are youe being overly optimistic? cautious optimism is the order of the day for the moment. in terms of the strong operating clash fro, they are buying back their own shares. it could do with a couple of things going in. it is holding up very well. >> i have been asking this all week. by for the next 12 months? usualen a shells geopolitical problems, i think bp is going to be looking very fit after day. >> thank you very much. it is good to see you. this is what else is going on. the bank says underline profit will decline because of regulatory and restructuring costs. millionme to think $400 in productivity improvements. return toto sustainable profits. jump in theed a 41% third quarter. they were cut 9000 jobs in an effort to revamp t

brent crude oil closed at the lowest level since 2010, tyler? >>> all right, so why is oil lowering so much, there is a concern for investors who own oil-related shares. here is the founding partner with again capital, you again? >> back. >> nice to have you here. very simply stated why are prices falling as much as they are, as fast as they are? >> it is a one-two punch, tyler, part of it is the slowing economy in europe where the demand for oil is key. the wheels are coming off opec, there is a battle for market share, they're looking at the abyss. we'll keep pumping and fighting for market share, this is the saudis and kuwaitis, saying this. >> in the past they might have cut production? >> in the past, just last year the saudis cut production about a million barrels a day. they're not doing it yet, i think because they want to send a warning to russia and also what they're doing in syria. the shale miracle, what we have been experiencing, a big part of this. and the saudis are drawing a line in the tar sand saying you know what? we can produc

the oil smuggling is different. that is not something that we've seen terrorist organizations doing in the past, but getting paid, you know. >> contraband. >> for contraband, that's been around for quite awhile. >> let's talk about taxes. in some places we heard that they're collecting taxes. are these real taxes? >> oh, it's like the mafia collecting protection money. they are forcing people often at gunpoint to pay up at the risk of being shot if they don't. it is not taxes in the sense that it's a legitimate government collects tax. >> are you concerned? we've had had some tell us that they're more pleased with the governance that isil provides than what they had before. >> what we're see something just the opposite. there have been reports coming out recently proving this point. isil comes in and says, you know, we're like, you know, a new type of terrorist organization. we're not going to just force you to heed your ways. we'll try to deliver services. the reality is quite the opposite. if you look at mosul toda

of norwegian affluence is on view at the oil refinery near bergen. e discovery of oil in the north sea turned the formerly impoverished kingdom into one of the world's richest nations. this kind of wealth has consequences. the oil boom fueled increases in wages and prices. many norwegians are working less and less. many factories and offices closed down at 4:00 in the afternoon. people spend time with their families or engage in leisure activities. this process engineer has been working on an oil platform in the north sea for more than 30 years. it's a grueling job, but extremely well-paid. she works a total of four months and year, leaving eight months of free time at full pay, plus a 50% premium. she works for two weeks on the platform, then has four weeks off for travel and her favorite activity -- sports. >> you have to have a taste for this rhythm and the resulting unusual lifestyle. but if you have a hobby or like to travel like i do, then it's perfect. >> tomorrow, she has to return to the platform. the ride out takes her past thousands of isla

so what's a woman doing out here in the oil fields? ame story as everybody else. >> driving is only one part of helen's job. and it's not the most physical. at each stop on her route, she has to refuel empty tankers and that means hoisting heavy hoses up icy ladders in darkness and cold. she's the only woman doing this work for her company and she often outlasts men half her age. >> i never thought this body could work the hours that these old fields call for. >> this work is so physical, and sometimes, depending on how much fuel she has to deliver -- i can't even talk right now. i'm so sorry. oh, my god, i can't even move my mouth. helen does this every night. this past winter, it got down to minus 60. and sometimes you can spend up to an hour on these trucks. >> let me see how heavy that hose is. >> oh, my god, this is heavy shit! >> while her friends back home are settling into their sunset years, helen's pulling in a six-figure salary, one 12-hour shift at a time. >> coming to north dakota, it's like a gold rush. hey, there's gold i

the market only stabilized when oil stabilized 12 days ago. >> that's the modus operandi. to answer your question it can go up if oil prices go down. if goldman sachs is right that oil is going down because of an oversupply position, but really what most people are thinking and i'm one of them, is that this is an ipds case in sentiment there's slower growth ahead and a negative for the stock market as well as for the energy sector. it's hard to combat that. >> oil is probably down because in part at least because of the goldman call. they take wti from 75 to 90, brent. >> these guys missed it on the downside and trying to figure out where individual stock names are going to trade or where the s&p is going to trade is hard enough. trying to figure out where oil is going to go, whether it's 75 or 85 next, i think that's kind of a fool's game. it's a flip of a coin to me. so i look at it, right now to answer your question, stock, the s&p, the market is tied to the moves in the oil market right now. but that will at some point decouple. we don't need to go down every time oil g

the oil price is a really tough move we have seen since the summer for many of these oil companies reallystioning whether it makes sense to get out of the ground. >> you are right. this feeds back into the oil price. we are actually seeing projects being canceled. barclays has said 22 projects, largely in the arctic, largely in canada, have been shelved a cousin of this dramatic drop we have seen in the oil price, which means the oil contract traded in europe and in the u.s., both are in a bear market, 20% of the more than peak. we know what is behind this oil volatility. it is the fact world demand is slowing and supply is too much with the united states providing 1995.il since now they are in charge of the oil price. not opec. not the cartel. the unitedbout states and goldman sachs. they cut the forecast. we are starting to see the likes we think oilaying, prices are going to pick back up. we think they will be around $100 a barrel next year because it is so expensive to get them off the ground, so many people are delaying their projects. eventually it will rebound. >> thank you very mu

that's where the oil is flooding into the markets right now.solutely true that the shales are responsible for the lion's share of new oil being produced in the country and it is amazing, 1.1 barrels of production a day, double when it was when i went there. the eagle in texas, $1.5 billion barrels per day. it is conceivable it could double in production over the next year. that's right, we're potentially talking about 3 million barrels of oil a day coming out of a once thought to be tapped out field with new technology finding oil, once thought to be out of reach at any price. it's being found relatively cheaply. last time i asked the ceo and he didn't rule these once wild estimates out. he runs the biggest pipelines and told me the numbers jump every single day and the more pipe that gets laid the more oil we're going to pump. i get the sense the gaining factor is about the ban on exporting oil. while there are stores that can handle what's coming out of the permeon, if it goes to levels i'm talking about, we'll have no place to put the excess

is taxed heavily under the oil regime. proved inntly mexico energy reform that fully transforms the system for the oil industry. pemex will face, starting in 2015, a lower tax rate. therefore, our ebitda and other financial indicators will look very different. if you look at pemex from an ebitda standpoint, we have one of the strongest ebitda margins in the industry. what really effects pemex today are the heavy taxes that the government imposes on pemex. reform addresses these challenges. by lowering the tax rate and allowing for the first time in for privateof pemex companies to come invest along with pemex. aat you will end up with is situation where private capital together with pemex will increase investments in the country, production will go up. but with lower taxes. therefore, pemex's finances will be strengthened considerably. >> wendy do you expect those losses to end? you suggest you will have two other quarters of losses and that's it. of a course of next year and 2016, as a result of the new investments from pr

is a global commodity and now there are many prices to oil . in the u.s., the oil price can change. efining capacity nearby, the transport costs are becoming a huge issue. we see a lot of disparity in prices. it is changing. we see different prices for gas and a divergence of prices for oil. that is different than what we have seen up until now. >> thank you so much for all of that. let's have a look at some of the commodity prices. we have been talking about oil all week. something has to give. let's have a look at what oil has done over the last couple of months. we may be looking at a crash like we did 25 years ago, one analyst said. certainly, there is too much production out there. opec talk to reporters yesterday . they are not ready to cut production. so who will cut production if we don't see a further fall in oil price for the moment? this is the picture for oil over the past year. started to kick off mid august. we will be back in just a couple of minutes. we have plenty of results to go through. i will see you in a minute. ♪ welcome back. credit isar tax expected to be cut

what is the most extensive barrel of oil that we need on the global oil market? at is the question you have to ask. traditional you was sort of say maybe some of the canadian oilsands, maybe the ultra deep water off the coast of brazil. to bring that oil to market is quite expensive, and if you the right prices, you will not develop those resources, so it is not a question of -- well, what can the cheapest player in the market produce for? it is a question of -- what is the marginal cost of the oil that would come off the market, and that is what will impact the price. host: steve, you are on the air with rob barnett. caller: i'm kind of curious as to what these oil cubbies are going to do it about 20 years and we start running on a fusion reactor, running on the really -- we are virtually never going to run out of energy, and it is completely nonpolluting. i did a little study with the hyper theory on company. if we put three in the center of manassas, the access would be $20 a month, and running wires and maintenance going to that, in between the metamorphosis r

schedule your free pickup at: >>> is the oil thesis the great american energy renaissance boom in oilouble? you know i'm a huge believer in every aspect of this theme to the oil and the pipelines themselves. however, the sudden decline will give some of the oil exploration companies the jitters and not just because we have too much supply here. but also because of what saudi arabia is doing. yesterday the saudis lowered the official selling price for their crude which marks the fourth straight month that they've cut the price, not their production. what does that mean? you could argue that the saudis want to maintain the market share. i get that, it makes sense, but i think it's something else. see, i think the saudis want to make our oil tooec pensive to keep drilling for. they recognize there say price when we'll cut back on the drilling and they're not afraid to drive oil down to the level in order to make the united states more dependent on sawudi arab arabia. we still use the oil and less independent on ourselves and in short, the saudis are trying to price us out of the own game

all that makes isil oil facilitators vulnerable. the traders and refiners and anyone else that handles their oil should know we are hard at work identifying them and we have the tools at hand to stop them. we can cut them off and freeze the assets and we can make it difficult for them to find a bank anywhere that will touch their money or process their transaction. in combating their fundraising through oil sales, we will leverage the reluctance of banks around the world to facilitate the financing of terrorism. we are working closely with others to enhance the ability of our partners in the region to choke off cross-border oil smuggling routes and to identify those involved in the smuggling networks. the turkish authorities have made commitments to combat whatever oil smuggling occurs in their territory. our military is playing a significant role in degrading the source of funding through airstrikes. to prevent isil from raising funds through ransom, we are redoubling our efforts to transform -- against a payment it ransom into a more

we could have stopped ahead of time. >> sean, keep the oil. we should have never left. o back and get it right now, but that's what should have happened. >> who inspires you in the political arena today? >> you don't have too many people. you go back to the great -- i had somebody who gave me a great picture the other day of ronald reagan. and you look and you said -- >> he had it. >> he was making a speech, beautiful framed picture. and i thought he was terrific. i knew him a little bit. i was young. he was older. but he was terrific. and i don't see that. do you see that on the horizon? >> i'm looking. >> well, look hard. >> i'm looking real -- are you going to get into the arena. >> we'll see what happens. >> are you going to start this again? >> no, i'm not. >> you're not, you're out. >> no, i didn't say that. i said i'm not going to start that again. don't forget, i never did start it. they put me in polls and i do well in polls. every time i do well in polls, they think i'm run. the country is in serious trouble. i would do a good job. we'll see what happens. >> yo

>> let's talk about the oil price. rying to run the numbers on where we are relative to the marginal cost. we're getting pretty close. >> yeah, so a lot of people talk about the break even price in the united states for tight oil being around $80. some people think that makes that a floor, because when the price of brent gets to $80, some of the producers in the united states would cease to produce, and that would take some supply off the market, and that would raise the price of oil. that's all theoretical, though. that's not what we've been seeing for the last several moss. remember, oil was at about $116 no one thought it was going to go below $100 or $90 or from $85 to $83 in the first couple of hours of today. >> ryan, thank you very much indeed. ryan chilcote covering all the news from the energy sector. let's recap the breaking news we've had in the last hour. a second healthcare worker has tested positive for ebola in texas. the worker was one of the people who took care of thomas eric duncan, who passed away fr

a you know, lisa, you had great column yesterday about the linkage of oil, the drop in oil prices and i know that has caused some consternation among those companies that had pulled a lot of debt. >> energy companies create a big proportion of the bond market, so funding oil prices release right the balance sheet of these companies to cause some fundamental problems that these companies could create an uptick into default, so it is definitely causing a to climb any higher bond market. >> matt egan, thank you for joining us from loomis sales in boston. let's get a forex report. >> the ruble at a 41 handle, and i walked in the door today, that is stunning, and there is canada, $1.13, weaker commodity prices worldwide. stay with us. "bloomberg surveillance," helima croft with us next. ♪ >> this morning, another case of ebola in texas. this is the c.d.c., goes in search of a robust response. oil continues to descend. is opec's very future at-risk? and bank of america carons a new and an ancient american banking. good morning, everyone. this is "bloomberg surveillance." it is wednesday, oc

they need the price of oil to go up. they needed to go up quickly. just for the budget, because they have got a lot of reserves. they could go a while without budget deficit and also for growth. they are tinkering on the edge of recession. in addition, they have got these sanctions to deal with. >> let's quickly check in on sterling. at its lowest is level in five years. we will get you a read on u.k. unemployment in the next hour. the pound is one dollar 59. couple months. a we talk about all these things next. we are back in two. here is a picture of the equities markets. we open lower. we keep going lower. water. keeping above some pressure on the likes of astrazeneca here in the u.k.. as we start to consider those deals. if you want to talk markets, i am on twitter. in two.move" is back ♪ >> welcome back to "on the move." 30 minutes into the trading day. eurozone isthe pretty much dead flat. you get the data out of the u.k. in about an hour. the wage growth we need, still below the level of inflation even with cpi at a five-year low. let's get to

all that makes isil oil facilitators vulnerable. the traders and refiners and anyone else that handles their oil should know we are hard at work identifying them and we have the tools at hand to stop them. we can cut them off and freeze the assets and we can make it difficult for them to find a bank anywhere that will touch their money or process their transaction. in combating their fundraising through oil sales, we will leverage the reluctance of banks around the world to facilitate the financing of terrorism. we are working closely with others to enhance the ability of our partners in the region to choke off cross-border oil smuggling routes and to identify those involved in the smuggling networks. the turkish authorities have made commitments to combat whatever oil smuggling occurs in their territory. our military is playing a significant role in degrading the source of funding through airstrikes. to prevent isil from raising funds through ransom, we are redoubling our efforts to transform -- against a payment it ransom into a more

the u.s. is a major oil producer. it's a boom for certainly the u.s. consumer as well as in my opinion for global consumers. i'm looking for cheaper oil to benefit in the long term. >> anthony chan i've seen some numbers and some saying $1 trillion tax break if you will by the consumer in the drop. morgan stanley saying $129 billion in additional discretionary income this holiday season. how big of an impact are we talking as you see it here? >> i see it as a very big impact with the average person out there a little over $2,500 of gasoline and from june prices are down close to 25%. it is a big boom. the big fear is that demand and agree with kenny. welcome the the breakdown. i would say close to 90% is supply and 10% demand and i'm n encouraged by the two steps of saudi arabia. reducing supply with kuwait and then over the weekend, over the last couple of days hearing some information out there that they have cut back some of the oil that they're actually supplying even though they haven't cut production and got the big meeting on november. if these p

and the oil prices could dip even lower. reuters reports this week that saudi officials were saying they would accept oil prices below $90 per barrel and perhaps down to $80 for as long as a year or two. they hope perhaps that by doing this they will discourage the search for shale, natural gas, and other such alternatives to their oil. but are these low prices really sustainable? well, charma's team at morgan stanley compiled data for "gps" which show what is each country would have to charge for a barrel of oil in order to balance it's national budget. saudi arabia just has to charge $88 per barrel to balance the books according to charma's analysis. this is up from only a few years ago as it expanded its welfare state in the wake of the arab spring. still, it's affordable for the saudis but not every country is as lucky. libya for instance needs oil to be at $180 per barrel to break even. iran has to charge $143 to be out of the red. russia, which is highly dependent on energy has to charge $110 a barrel. and russia's econ

. >> there was also the bp oil spill which was a huge environmental story. a lot of people were paying a lot of attention. under the radar was keystone and there were a lot of environmental groups that cared about it but they care about all projects to an extent. >> the most insidious affects of climate change. so, you know, when i look back and ask why did keystone become the be all end all for this new era in environmentalism, it goes back to a column james hanson did which you know as the game over column. >> i've been told over the years that it's hard to organize over an epa rule. nobody is going to say section 111 d. it's not that inspirational. but a big piece of steel running through a farm is something that gets people upset. it's easy to understand. before you know it, 2011, we kick into overdrive in the summer of 20111 thousand people get arrested. before you know it, there's just a stylistic shift that ends up pushing the policy and the politics in a direction nobody could have predicted. >> it's a combination of unique timing and a political mome

. >>> the price of oil is falling thanks in part to the u.s. fracking boom, helping americans pay less to fill up at the pump. an expert says the good times will not last, predicting $200 plus a barrel >>> plus, russia's president vladimir putin speaks out. 10 years in gaol, will it quieten mikhail khodorkovsky. children in poverty, only romania is worse than the united states in developed nations. how is that possible in the world's richest country. i'm jen rogers in for ali velshi, and this is "real money". >>> this is "real money", and you are the most important part of the show. tell me what's on your mind by tweeting at ali velshi, and facebook.com/ali velshi. america's oil boom is growing prices for a loop, helping to push them down. there's more energy online from north dakota, texas and others. according to the latest data, the united states is turning into the top producer of oil products, beating out the big wigs saudi arabia and russia. when the price of oil comes down, gasoline usually follows suit. given american's love affair with