tv CBS Overnight News NBC February 5, 2016 3:42am-4:00am EST
when they got into the 30s. >> reporter: on the road between midland and odessa, it's all there to see. the collateral damage caused by low-price oil. the auction lots for heavy equipment no longer needed. for the repossessed cars and trucks for the people who have lost their jobs. the pump jacks that aren't pumping. >> a gallon of water is worth more than a gallon of crude oil right now. >> reporter: really? >> absolutely. that's another drilling rig north of town. >> reporter: until he was laid off last spring, mike made $1700, $1800 a day overseeing projects for a major oil company. worldwide, the oil and gas industry has cut more than 275,000 jobs.
$100 a barrel in mid 2014. why? for starters, demand for oil fell. in the past, opec has cut production in response. not this time. >> before the oil price collapse, the assumption is that opec would underpin the oil price by cutting production. but the key oil producers in the gulf, saudi arabia and the other gulf states, said we're not going to cut unless other people cut. >> reporter: daniel yergen is vice chairman of ihs, an international information company. and the pulitzer prize winning author of "the prize, a history of oil." >> saudi arabia's basic strategy is to maintain its market share in the global oil market, and that's been the starting point for them. >> reporter: at the expense of everybody else? >> yes. >> reporter: so began a huge game of chicken. with saudi arabia and its opec
russia, too. and the united states. you've heard of fracking? pumping water into shale formations to free hard-to-get at oil and gas. well, fracking meant that the united states suddenly was producing a lot more oil. so much that for the first time in 40 years, we're exporting it. >> u.s. oil production went from 5 million barrels a day in 2008 to 9.7 million barrels a day in april of 2015. in other words, u.s. oil production almost doubled in a matter of just a few years. >> reporter: during the good years, midland and odessa, texas turned into boom towns. same story in williston, north dakota. based on $100 a barrel oil, entrepreneurs borrowed billions of dollars to buy into the
workers flocked to the oil patch. >> i heard about all this big money. so i thought i could get a little piece of that pie, i suppose. >> reporter: so many they had to live in trailer camps. on cots in church halls. then the price crashed, thanks in large part to china's slowing economy. meanwhile, every day the world is producing something like a million and a half more barrels of oil than it needs. there's an ocean of it out there. in massive storage tanks. and right now, at least 100 million barrels are sitting in tankers, parked at sea. mike rasco just wants to hang on to his home. he never lived lavishly, even when he could have, so he could weather the bad times. born and raised in west texas, this is the fourth bust he's
he knows it will end. as he looks for work every day, he just wonders when. >> i'm out of pride. i've got a beautiful wife and two good babies to take care of. i'll be a good oilman wht backd. topur gyosupp ing y, kingids, and getting sot. you mbinethesle rs with airbo othding imty b s yore vit. it specy crteblen3 vi, ls wheyowantpporur isystemtakerne,d enving w ell phngs) ere u? well therels are back in theic.
the carolina panthers. the mile high city and charlotte, north carolina are two very different places. but which is more super? we sent john blackstone and michelle miller to find out. >> last time denver was in the super bowl, i headed up to seattle to tour that c cy. get what? the seahawks won. so this time i'm here to offer a little leverage and to let you know, michelle -- >> let me know, john. >> that denver is a city that will always be on top. >> that is well and good, john, but panther pride runs deep in the south. and though no city can lay claim to this team that's headed to the super bowl, charlotte, which is where the city is based, has been working on a victory all its own. >> okay. >> keep pounding. that's the catch phrase of carolina fans, but it's also become the mantra of the city of charlotte. among the fastest growing cities
>> sorry if i'm looking down on you, michelle, but denver is the mile high city. and talk about growth, about a thousand people a week are moving here. and it's the number one choice for millennials on the move. >> if you're planning to move in a new sofa for your big super bowl watch party, consider this -- 60% of all american furniture in homes originate in north carolina. >> yeah, that's nice, michelle. but not a whole lot of sitting here in denver, when it's sunny about 300 days a year, people are outdoors. that may be why denver is among america's fittest cities. >> john, have you even tried the barbecue here in north carolina? charlotte mayor jennifer roberts has. >> and we're here at spoon's barbecue, one of charlotte's finest. >> if you're craving a cheese
favorite was originally created right here in denver. i understand you have a bit of a wager going on with the mayor of charlotte. >> after the broncos win super bowl 50, mayor roberts will have to wear this peyton manning jersey in public. in fact, you might as well take >> let's hope peyton manning doesn't throw like that. >> let's hope he does. i know we have a bet. i'm not going to wear a broncos jersey. you're going to be wearing a cam newton jersey and some lovely cam newton socks are going to look wonderful on you when the broncos lose. >> nice shins. but really, cheese burgers? want to burn off some of those calories on a golf course, no better place than the carolinas where north and south carolina are among the top ten places to play. and here at quail hollow club, it's hosting the 2017 pga championship. ahh! >> that's good to know, michelle, but colorado is in the
and because of the altitude, the air is thinner here, your ball will go 10% further. >> you want to talk altitude? let's talk about the wright brothers who launched the age of aviation from the carolina coast. >> well, there are plenty of historical places here in downwnenr,ikunn station, which has recently -- what's that noise? >> oh, i'm sorry, john. is this bothering you? it's so addictive, this bubble wrap. the company that makes it, right here in north carolina. >> bubble wrap? here in denver, you could pop into a marijuana dispensary. since pot was legalized here in 2012 for recreational use, it's become a billion dollar business. >> marijuana is not legal here in the carolinas, not even for medicinal use. but moonshine is. what is this called? >> mvp punch.
well, before prohibition, the bootleggers used to tote this stuff around and they came up with another carolina tradition -- nascar. >> here we go! whew-hoo! so, richard petty, mr. king. >> how did you do? >> you've been around here a few times. how do you think it went? >> a little slow to begin with, but a little more practice, you'll be right deld in there. >> need to spend some more time in carolina. >> no nascar here, michelle, but there's beer. >> cheers. >> thanks, jason. denver brews more beer than any other city in the country, including about 100 craft breweries like this one. and bear with me, michelle, while i tell you that colorado is also a pretty artsy place, ranked number one by the national endowment for the arts. for visits to museums, theaters,