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To make this a model drilling operation in the arctic. they were going to prove it could be done and prove that it could be done safely. and then they ran aground. i -- it was just unbelievable. i haven't read the reports on it, i understand maybe they were pushing to get out of alaska waters to avoid some fees or something. but it really does make you wonder whether they can even operate. >> elizabeth birnbaum, former director of the minerals management service. we cover the energy industry a lot on this show in part because i'm always standing up at my desk and slapping myself in the face tr...

>> based on what you've covered on congressman grimm over the years, is this indictment the expected next step, or is this a real mystery in terms of what happened here? >> no, i think the indictment has been expected for a while now. and people that i've talked to sort of expected it to come down. but the question is what charges are involved and is it related to campaign finance, as you said, or is it related to some of his other business dealings. the truth is that since he's left the fbi and even since he's gone to congress, he has been sort of adjacent to so many accusations that you almo...

Comcast business built for business. on new year's day last year, january 1st, 2013, this was the sight that residents in the great state of alaska woke up to that day. huh, happy new year. enjoy that giant drilling rig that has just crashed into your shore. that was a shell oil drilling rig called the kulick which had been drilling alaska's arctic organizati ocean before it capsized off the alaskan coast. that incident on new year's day of sort of a fitting end to what was a truly disastrous year for shell oil in the arctic. they started off bay predicting that drilling in the arctic was go...

They paid off the campaign debt of president warren g. harding. yeah. you know how people say warren harding was a terrible president? this is part of why warren g. harding was so terrible. in the early 1900s, the u.s. navy started to switch over from having its ships powered by coal to having its ships powered by oil. and the navy made a decision at that time that they would, therefore, buy up a bunch of oil field around the united states in order to make sure that u.s. navy ships always had a secure supply of oil. so if there was some emergency with will oil supply affecting the rest of the ...

Because what used to be considered inaccessible oil, oil that was too expensive to drill, too technologically infeasible to get out of the ground with any hope of making a profit, oil like that is now considered to be fair game. nobody knows exactly how the oil industry is going to get those 300 million barrels out of the teapot dome. those 300 million barrels that previously nobody's been able to get at. but nobody has any doubt that the oil industry will figure out a way because now, unlike we used to, now we drill absolutely everywhere. and it turn out that has really big political conseque...