Boone pickens, another bloomberg exclusive. Welcome to Market Makers. I am Stephanie Ruhle p or and i am matt miller in for Erik Schatzker today. You know why he is not here . Today is the 41st birthday of matt miller. Happy birthday, big boy. Thank you very much. After what i can only describe as a blood bath last night for the democrats, republicans won just about every disputed race in the country, capturing the u. S. Senate in the process. President obama will hold a News Conference about what this means administration. Lets go to White House CorrespondentPhil Mattingly in washington, d. C. The president is pretty clear right about what occurred last night at what that means Going Forward for his agenda is a couple of things. I think youre going to hear some conciliatory remarks saying he wants to bring republicans to the table, he wants to find issues they can work on, but he also wants to have a delicate balance to her he will say he will keep moving forward on executive actions, obviously immigration being top among those. That will not make republicans happy. It will be interesting to see his posture, his tone today could set the tone for what we are going to see over the next couple of months. Does president obama need to make a change in the white house go . All of the criticism about how insular it is, is all of the way to get over this to change staff . There is going to be a change in the staff side of things. It will not be a mass firing or even a high profile hiri ng. He has a very tightknit team that has grown a smaller over the last couple of years as people have started to depart. You have seen a couple of top advisers, dan pfeiffer, another top senior adviser, likely headed to the door that has been with him since the campaign. Who did he bring in to replace those folks it is a big question. The president likes his team. For new blood to break into the white house has been very difficult over the last few years. We have heard Mitch Mcconnell saying he is capable of making good decisions and making good relationships with the white house. The you think that is a possibility . To a badnd of got off starboard the president called Mitch Mcconnell and Mitch Mcconnell was not available to speak with him. A message. Mitch mcconnell and all of the Republican Leaders and democrats will be at the white house on friday for a meeting. Theres a pathway here for the white house and Mitch Mcconnell to actually get to the table and work. Do remember the fiscal impact in 2011 and 2012, it was Mitch Mcconnell and Vice President joe biden who struck a deal that kind of kept the u. S. From falling off a cliff. There is a bridge there to work with. That said, there is not a lot of trust on the republican side of things for whatever the white house is working on. How those bridges are built over the next couple of months will be crucial to see if anything gets done, even the low hanging fruit where both sides agree there is places for agreement requires i will believe it when i see it. I was struggling to get the word compromise what it slipped my mind. Phil, thank you so much. More with our Bloomberg Politics analyst, johnson knew new and michael fellman, a democratic strategist who served in the Clinton White house and founder of Global Park Group down in d. C. Good morning. What do you make of last night . It was awesome. I certainly would not use the term bloodbath. These are elections per to you poor your name on the ballot, you have to be aware someone is going to win and someone is going to lose. Dynamics were good for republicans, for the president very unpopular. He could not Even Campaign in 90 of the country. That is really problematic. It was a little surprising that republicans won top leaderships in maryland, in massachusetts, bluethey won tough states like illinois, which michigan what does it mean for Chris Christie . It does not really change the dynamics that he is thinking about running for president. All of his strengths and weaknesses of not change last night nor for any other potential candidate. Looking last night in the context and how it helped or did not help the president ial candidate, that is a bit of a reach. We still have 4, 5, 6 months for things to settle out, see where the Republican Party is sort of trending, and who rises to the occasion before you can say whether someones President Shall aspirations will help or hurt. Was a problem with the administration . Did the president s staff not allow him to campaign enough . Staffers wasreids publicly saying that the administration really screwed this up. That. Aw the fingerpointing, which is inevitable, the process over which staff will get fired. They were debating last night that this would be a wave. When virginia is as close as it is in north carolina, which democrats were very awesome sit about, goes the other way, something is happening in the electorate bigger than any one race. Having said that, i do not think the people around the country who voted, a lot of them a protester saying we need to shake up the white house staff or you guys go back to your corners and continue to slug it out. What they are saying is we are tired that washington is broken, we want to see things get done. I think they are expecting both parties today, the president for sure but also new Republican Leadership to come out and figure out what can we get done because by the way we are into another election cycle already, and if we go go back to our corners and start fighting 2016 again, i do not think that will make the American People here is a little insight as well. If harry reids staff was really calling around, talking about this being the president s fault, that is because his staff are afraid for their jobs because the size of the loss that they think there might be a leadership challenge. That is unfortunately the kind of thing reporting we are talking about. It was not president obamas staffs fault. It was about policies, the president said his policies were on the ballot and in many ways they were. And we talked about the strength of a lot of the republican and at its. Pound for pound, the republican candidates were just a little stronger than the democrat candidates. Senator, Mitch Mcconnell saying that he can compromise is not convincing. I do not think of the Republican Party as one that is very conciliatory. It is really a party of no. If you look back on his record, Mitch Mcconnell has been involved in brokering more legislative deals than most members of the senate what do you think we will see, mize is on . What do you think we will see compromises on . The easy opportunities are energy, he could easily do a bipartisan bill that approves keystone the president is not want to approve keystone, does he . 65 of the country does, so dont say compromise and its 80 president s not support keystone. That is compromise. You called mcconnell and he could not come to the phone, that was an incredible night for Mitch Mcconnell p or he is thanking his supporters and making his speech. It did not surprise me if he literally could not come to the phone at the very moment the president calls, so you leave that out. As you tell your reporter today, youre going to talk what executive actions on immigration the day after the election if the president does that, he is really foolish, absolutely foolish. Michael, you were part of the Clinton White house. When we saw the white house and congress were together, do you see from your experience any possible place where we can see compromise today and possibly working together . By the way, i were to the Clinton White house of 480 years and there were plenty of times when both sides when i working together, but i agree with john there are places we can make progress. There is low hanging fruit out there, things people agree on, more ebola funding and cyber security. What is important on friday when that Leadership Team gets together, they are not at each others throats and in each staking ars and political terrain. By the way, i think we have a narrow window and it is possible that success and progress, you will bring about more of that. So lets get started. The key to that meeting on friday, it really is listening. You tell it to your fiveyearold. I guess i am sickened by the spirit are they going to listen . It is incumbent. The president has a little more weight on him to come in and out of that discretion saying listening to the Republican Leadership, they obviously had a good night on tuesday. Try to get a sense of what they want to a comp list. In a way, they know what the president wants to a comp list. We know what these policies are. Now he can say i have listened to them about what they want to accomplish. That is different than saying i met with them and i told them here are the things i want to do. We have to leave it there. How confident do you feel that there will be listening on friday . [laughter] i defer to my colleague from new hampshire. It is tough. It is a toxic environment. We elected these people to run our country. I am more confident this morning than i was last night. I heard from the president in the white house this morning. Executivers me action on amnesty if they are talking about that to the media today, how crazy. Breakare going to take a because during the commercial matt and i are going to say the pledge of allegiance. We know why we vote, because we want progress and we believe in america, and we hope our new leaders do as well. Thank you both so much. When we come back, we are going to talk energy on this program to were going to talk to T Boone Pickens in a bloomberg exclusive. Of the biggest story in the market this fall has been the plunging price of oil, below 80 a barrel for the first time in four years, and we may not have hit bottom yet. T Boone Pickens is the founder and ceo of bp p or he joins us from dallas. Thank you so much for joining us. Kick it off with last nights Election Results. What do you think this republican win means for this countrys Energy Policy . I have not seen a lot out of the republicans, but they are talking energy last night, all of him it is energy. You are going to have to address the Keystone Pipeline, which the president has ignored, and you have got export of crude, has to be addressed also. You have got the Strategic Petroleum reserve, the spr. That has got to be looked at. There are so many Energy Things just sitting there that have not even been discussed. They are big deals. There is no question about it. Liquefiedot lng, natural gas is an issue, too. But let meff to do, comments about this. I have been around a long time, and i voted i never voted for president or anybody but a republican, but if you go back and look, every time a guy is elected, it is because of the president just before him. Reagan would not have been elected unless you had quarter. Carter. Then as he went forward, here now you are going to have another, in 20, you are going to have a change, but obama has up, obviously, he has set it up for republicans to really do something big. They have got it wave, but concerns i have, they have got to deliver now. They cannot just go in there, in, and not accomplish something. I feel so fortunate at my age to be around to see all of this happen. You mentioned obama has basically ignored Keystone Pipeline. Are ind to us 65 of us support of it, so can we ignore it any longer . No, you cant ignore it but i can tell you i was in toronto a week ago. I was in calgary the week before, and the canadians are getting tired of waiting around for us to do something. That has been on obamas desk six years. It is time to make a decision. Listen, i used to live in canada in the 1960s. I know the canadians, they are a smart people, but when i decide to do something, they are going to do it. If that pipeline is not want to come through the United States, they are going to take it east and that oil is gone p or we do not have a chance at it. It is a great opportunity now, put together canada, the United States, and mexico, and then we do not need oil from anyplace else. You have got it appeared you are taking care of the National Security for the United States with that kind of an alignment, and the canadians and mexicans would be more than happy to make the deal. Saysone, senator sununu you oh him a dollar on the bed of the price of oil and what do you think about the drop of the price of oil low 80 a barrel . What with the Keystone Pipeline deal do for the price of oil . The Keystone Pipeline will not have anything to do with the price of oil. You have got the situation now, you have more oil than you have demand. Consequently the price comes down. Where did the oil come from . It came from the United States. The industry in the united antes is down has done unbelievable job for who . Not america. They have done a good job for themselves, but america is also one of the winter spirit we have increased Oil Production in the United States, and there are other places, small places around the world that have done the same, but the United States is over supplies the is the one that has oversupplied the world with oil pure 92 Million Euros of oil produced every day in the world. We use 20 of it, 18 Million Barrels. We are still in for about half of the oil that we use, but more than half of the half that we mexico ands from canada are we have cut opec down from 7 Million Barrels a day to barrels a day or we need to get rid of opec. Opec is the problem p or when you are buying the opec oil out of the mideast, you are point to be paying the terrorists, too, because they pay the terrorists a ransom. Get out of opec oil. How low do you think the price of oil can go . About oils. K andare talking about brent, the arab basket crude is priced off of brents north seed, then you have west texas intermediate, which is our National Price here in the United States, and it is about four dollars cheaper now than brent is. I am going to answer your question. That today you are selling oil in the Permian Basin 72 per your for selling oil in the balkan up in north dakota for 69 a barrel. You are selling brent north sea at 82 a barrel. How much lower can you go . I do not think you will go down to 70, but you can get down in the 70s. You have a very important opec meeting coming up this month. I think on the 27th of november. You will find out there if they will cut the supply to get price up, but advice to the industry in United States you have drilled so many wells, you have been so efficient that you have more oil than we need right now, and consequently the price has come down. Do you believe that the declining price of oil could start to create geopolitical instability . Our economyustain with Oil Prices Dropping and dropping . Or is the answer who cares . Yeah, that is right. Gets thehe consumer payoff with the oil price. Natural gas prices have been, you know, low for god knows how long now because we over drilled, got too much natural gas. You have kind of done the same thing for oil. I think the oil guys are going to be smarter, they will slow down on the drilling and let demand, but we counted on demand being up. Give it a chance. This has only been going on for 30 days, so the world had not changed. We will see how it comes out because opec has got to have a better price for oil than 80 a barrel. Let me ask you about natural gas. You say it is too low here, but the last week weve seen a 20 jump in the price of natural gas. Do you think that is the cold snap or do you think it is a sustainable trend . I think it is weather. Natural gas is a weather commodity, and they are talking really cold here in the next two weeks, three weeks, and we had a very cold winter last year. The weather patterns are setting up for that, and whether you can do it on not. Thatatural gas is so cheap 20 increase, yes, it helps the producers. It does not hurt the consumer. That is all good. I do not know whether to hold or not. With weather the problem Oklahoma State as well . They have had a rough season this year. No. Have a . They . I have not kept up with no. We have got a situation over offense can do anything, went 14 quarters without a touchdown. I dont know what the problem is they have not called me in for any advice, i know that. Stephanie is pulling me back to business. I will just say that Oklahoma State is six right now, 54, so not a good season. As the cowboys. What does this mean for shield drilling shale drilling . Lets back up years ago. Today you have 400 rigs running