Beneath these sand dunes lie 18 billion barrels of oil, more than four times the proven reserves of alaska. And its costing billions and billions to tap into it. With all the talk about kicking our addiction to foreign oil, the kingdom of saudi arabia is doing everything it can to keep the oil age going. Let me be blunt is it your hope to prevent a switch away from oil . Somebody said the country is the oil business. I mean, you absolutely need to do this for your own survival. And whats wrong with that . [ticking] when the u. S. Oil companies came here in the 40s and 50s, the americans moved into the area with their families and developed it to suit their tastes and their way of life. They created a replica of american suburbia. Today you could be in the outskirts of houston or los angeles. Its almost like its an enclave within saudi arabia. Itsdifferent from the rest of the country. Yes, thats true, because very different. It kept a lot of the american ways. Yes, of course. But block
18 billion barrels of oil, more than four times the proven reserves of alaska. And its costing billions and billions to tap into it. With all the talk about kicking our addiction to foreign oil, the kingdom of saudi arabia is doing everything it can to keep the oil age going. Let me be blunt is it your hope to prevent a switch away from oil . Somebody said the country is the oil business. I mean, you absolutely need to do this for your own survival. And whats wrong with that . [ticking] when the u. S. Oil companies came here in the 40s and 50s, the americans moved into the area with their families and developed it to suit their tastes and their way of life. They created a replica of american suburbia. Today you could be in the outskirts of houston or los angeles. Its almost like its an enclave within saudi arabia. Itsdifferent from the rest of the country. Yes, thats true, because very different. It kept a lot of the american ways. Yes, of course. But blocked off from the rest. They ar
Impact on overthecounter derivatives. Earlier testimony for managing directors of Goldman Sachs and barclays as well as other financial institutions. This is an hour 20 minutes. Panel greetings. What youre getting your papers, et cetera organized in front of you, i welcome the second panel. A couple first housekeeping items. Nsn members here have been to testify before others have not. As a reminder before that it had been, or complete statement will be made part of the record. You will be recognized for five minutes for your statement right now so sometimes we seek to capitalize your statement and right in front of you is that clark bair. Goes down to five minutes in the final time. Also, i saw all that you sitting there with the first panel. We understood from the first panel everything is going well. We are going to move quickly through the process and of harmonization not only run the world, but accurate thomas of abuse in the second panel will tell us the exact same thing that its
Accurately reflecting the forces of supply and demand. Mr. President , there is now a growing consensus. This is not just the opinion of Bernie Sanders. There is a growing consensus that excessive speculation on the Oil Futures Market is significantly contributing to the high prices that the American People are seeing at the pump. Exxonmobil, Goldman Sachs, the i. M. F. , the st. Louis federal reserve, the American Trucking association, delta airlines, Petroleum Marketers association of america, the new england fuel institute, the Consumer Federation of america, and many other organizations have all agreed that Excessive Oil speculation has significantly increased oil and gas prices. Just a few years ago Goldman Sachs, perhaps the largest speculator on wall street, came out with a report indicating that Excessive Oil speculation is costing americans 56 cents a gallon at the pump. 56 cents a gallon. I personally think that that is a conservative estimate, but it is interesting that it c
Beneath these sand dunes lie 18 billion barrels of oil, more than four times the proven reserves of alaska. And its costing billions and billions to tap into it. With all the talk about kicking our addiction to foreign oil, the kingdom of saudi arabia is doing everything it can to keep the oil age going. Let me be blunt is it your hope to prevent a switch away from oil . Somebody said the country is the oil business. I mean, you absolutely need to do this for your own survival. And whats wrong with that . [ticking] when the u. S. Oil companies came here in the 40s and 50s, the americans moved into the area with their families and developed it to suit their tastes and their way of life. They created a replica of american suburbia. Today you could be in the outskirts of houston or los angeles. Its almost like its an enclave within saudi arabia. Itsdifferent from the rest of the country. Yes, thats true, because very different. It kept a lot of the american ways. Yes, of course. But block