Morning. Where oil prices could be headed next, in a moment. Shares of hewlettpackard enterprises rallying on a report this afternoon that private equity firms may be targeting it for a buyout. Well hear from the reporter that broke that story in a few minutes. Lets start with earnings trouble in the oil patch. Bob pisani, big misses for chevron, as well. Yeah. Enormous write down. The stock prices right to the actual numbers here. Exxon and chevron both reported much bigger missing than anticipated. In the case of chevron, reported an enormous write down. 2. 8 billion for projects just not economically viable at the current price of oil an apparently they dont think viable for a listening time to come if ever here. You see price reactions fairly modest. Let me explain the pickle a lot of Big Oil Companies are. And use exxon as an example. Cash flow 4. 5 billion. Care enough. The Capital Spending 5. 2 billion and the Capital Spending is more than the cash flow theyre getting. They have
Im talking about the maintenance of the entire infrastructure system that made this country great in the last century. Beauty rating and aging infrastructure impacts our on families, communities, the entire country. As was noted, for example, more than 40 of our urban highways are congested. That means americans waste almost two billions gallons of gas a year and a folks spent more than 7 billion on gas idling while in traffic. The point is that indirectly we are spending this money and were not getting anything for it. Highway trust fund is essential for maintaining and improving our infrastructure system. Poor infrastructure to quality of life and also hurts our economy. We also know that investing in the building and maintaining of our infrastructure create jobs for every american, both directly and indirectly. Not just jobs for construction crews and manufactures, or even engineers, but jobs for everyone. At asce we have conducted a series of economic studies and found that iterati
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