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Chinese company overtakes Exxon in oil production

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    We're No. 2?

  • Duration 7:30
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You need big bad oil company's long enough and pretty soon pretty soon they're not so big anymore and doesn't ExxonMobil know it.

Hi everyone glad that I'm Neil Cavuto and President Obama may need a new bad -- the -- All companies are making more money right now than they've ever Exxon pocketed.

Nearly four point seven million dollars every hour -- -- better the next.

Well you know advance it apparently is working because ExxonMobil is no longer number one in the world for the first time ever ever.

The biggest publicly traded oil concern on earth.

Is not in the US today it is from China and while we have a problem with companies pumping out oil in this country apparently.

We do not have a problem with companies like petrochina up on the get out in there's so China is winning we are losing meanwhile gas resolutely.

They just keeps -- Charles Payne -- Hinske trying to guess we know she's really an entity Charles -- -- it.

I was it was it's not new obviously but this week I think was really over -- -- really you know.

Deliberately confusing the difference between did deduction and it's a subsidy.

Tossing in the idea that kids are being held hostage in the same speech from the Rose Garden.

You know says suggesting that somehow ExxonMobil is really not part of America when he said it gets that what these people behind me.

America or what -- -- company that's what that.

America part of this country don't they are millions of people this that you've got to -- a bit in the first place I don't.

I don't -- the biggest one -- did this I couldn't believe.

If you produce more oil here it has no impact on the price.

Because it's a worldwide market and we just don't keep all the oil for selves the president of the United States actually said act.

But I had no impact on price.

-- bottom line and really I think the message here is pretty clear that down the timing of this apparent to China becomes -- number one single producer.

Accidental but not even an issue that's what's kind of unsettling.

At the huge issue.

Here is leverage we are losing leverage by the day with his administration how much more are we going to get to China.

How much more are we going to be able to destroy the business is -- built this country on.

By now we're slipping to number two who was city never -- not many.

You know it's -- -- Petrochina didn't even exist a little more than thirteen years ago.

So I know you're a big believer in -- looked back solar -- back to an agreement technology -- -- back batteries backed up by.

Crickets running fast -- But the but.

I'm saying then then -- -- -- -- to go in fully you know you can't pick and choose what you're gonna go in on the Chinese appear to be going full throttle on all of the above.

We're only going full throttle on -- You you know on the -- that in -- observation recently a lot of people in this debate are either for globalization or they aren't for globalization I happen to -- for globalization and so.

You know Charles made up for what to me was a funny comment about.

Confusing issues earlier that the president was confusing issues -- confusing issues here -- I -- Petro China being the largest producer.

Has everything to do with the growth of China over the last thirty.

Here's what I don't know they know what it's all all right what how.

-- how we gonna compete with the Chinese Adam if our president of the United States doesn't understand markets he actually said.

When he veered off script -- -- -- bureau script I checked the transcript I checked the -- he said if you increase the supply of oil.

That has no impact on price that is in -- Now there may be why I that was right -- we pick this off my goes right after several companies can all go and how hot you have around you compete.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- I didn't study the transcript I assume what the president was saying was that increasing production.

Domestically will not have any short term impact -- on the price -- anyway.

It's as you know he did say we just.

Because it's a world -- as -- pointed out that he said Adam goes -- world oil market right and we can't keep it all here at home.

It has no -- -- everything which is -- economic recession dirty I -- I could have been when -- have a president like.

And once I got what I wanna get -- matter because Adam you sort of alluded to it.

So I did it's not that China's using more oil to all of all the suddenly magically get it is that they've -- around the world -- -- cut long term deals.

It's 18530 year deals and Africa Brazil.

Canada everywhere around the world Venice then and whoever controls fossil fuel the next thirty to forty years will control the world and that's where we're making a big -- okay.

And I think -- -- -- -- well.

-- I want to comment on that point.

I mean it first of all ExxonMobil has been doing this for decades so is Royal Dutch Shell solely Chevron.

You're not really suggesting Charles that we should have a government orchestrated program to have our largest oil company -- acquire assets.

I'm ready we're losing weight and -- are you -- company threatening to take their profits I witnessed that this the president keeps talking about.

This tax -- that the oil companies get you can't that you qualify for that by creating domestic jobs.

That's what it really here's my point on this -- I just wanna be consists on this and is what I -- -- -- -- -- -- ask of Washington in general if you're gonna go full throttle and Green technology is that's going to be -- want.

Then take it a page ironically from I guess of the one country against capitalism.

Go full throttle on all of the above you know it if China's try to dominate big Green technology business by sponsoring it and supporting it and leveraging it.

Go full throttle of that.

But it's also going full throttle at anything oil and leveraging deal's off of that and -- the -- within seconds.

Of the keystone deal going down there are already making nice with the Canadians to try to get that -- They get it we don't that's going to be that he's going to be our Achilles -- let's -- Absolutely and that what the Chinese get that we don't its business multiple -- that they com.

Leverage -- long term deals and had to continually make money with money and we're taking that power away.

From -- Our our big oil companies because we're now -- and focus down in the -- about today not long term when we know we're getting need more what we know that every other country is going to need more.

Bottom line Charlie yes well I'm looking after this on saying.

All right well part you don't like the oil companies who think they're run by a bunch of fat cats in the ingredients of these and their making money.

To hand over fist and want to take subsidies away and to -- point earlier.

They're not getting any money from Washington no one is giving them any money that that's -- -- snowball fight for it -- so much my point is there evil.

And companies that are losing money hand over fist -- the new saint.

Well -- will say that someone and I agree with that point.

Why don't want by the by the -- added if we did real today and welcomes five years now that's gonna have an impact on oil whose oil is sitting -- -- -- okay.

We have a president and I'll take a look at the -- look at the verbatim what he said about global markets we -- -- present that does not understand markets.

If you start at the point where you don't understand supply demand.

You're always gonna is go on the side of Solyndra you're always you're gonna be ideological I think he understands and better than he's letting on to I think if you don't think he's coming out -- I think he doesn't have as you say he's a demagogue.

Not just that reason he doesn't care I have no idea I I haven't got I don't know I think.

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