the american petroleum institute say they think it is about 15%. i think it is about 30%. it is he jitter price, though wary price, what the new york mercantile exchange and other exchanges that trade futures in gasoline look at in oil it sells, they look at the disturbance in the middle east and they don't know what is going to happen, we don't know what is going to happen. so, there is always that. and the idea has been floated by most of these candidates, most vigorously by the english and others as well, that we could be magic was self-sufficient in oil in the united states. we are self-sufficient in gas, there is plenty of it. we are self-sufficient in the field we used to make electricity, which is uranium. uranium and coal, which will have a great deal, and gas. the problem is oil. well, we have somewhere between 2% and 3% of the total world supply of wheel in the ground in the u.s.. you can drill more and more holes -- and millions have been drilled in the contiguous 48 states, and you will find some more. you can also frack, as you do for gas, break up moroccans d

year high this same time imports were on the way down and that's according of course the american petroleum institute so we had a mix of data and then the prices that i mentioned this late so let's go and see what's happening there with the market stocks are bouncing by thrown. a low and the main factor there are investors are looking at alcoa the company unexpectedly posted a profit and that's first quarter and no one expected that's of course they're really pleased about that now when it comes to. the s. and m i six and of the trading session on a positive note you can see there they added around a half a percent each and basically investors here were reacting to a speech made by vladimir putin where he said that russia has over the declines of previous years the economy is now bigger than it was before the crisis and it continues to grow quickly correspondent daniel bushell listens to the speech at the stadium and he wraps it up for us. unemployment's also importantly no on the levels of two thousand and eight yet the government that remains low the controls did with the united states and europe's

government as well that's why lobbying firms exist that's why big trade associations like the american petroleum institute and the u.s. chamber of commerce which is funded by big multinational corporations this is why they exist they help lawmakers draft bills in secret represent corporate interests that are looking for legislation that is not in the public interest at all. and in many cases the public and the press are constantly shut out of the process so well alec is. kind of a good embodiment of this larger problem that people are now focusing on they're certainly not the only group i guess all the more important than right that we have campaigns like this to bring it on transparency and i highlight these things lean thanks so much for joining us tonight and i think you're having me. coming up tonight show and tell and then we'll start space the space ship discovery made its final flight today right over washington d.c. sort of a look at the future of space exploration after the break. let's not forget that we heard in the park right now that. i think. he'd want to well. we're never going to shows the

jack girard the ceo of american petroleum institute joins us and talks about what the president needso do to lower gas prices. the story behind the barefoot bandit. christie rapone. she is the capital of the u.s. women's national team. doocy is my goalie. it's all happening at the top of the hour. ♪ >> the count of weston passing an ordinance specifically bans nightclubs, dance halls and get this, even skating rings. none have ever existed in the suburban town. the mayor wants to keep it that way. he says they attract quote undesirable activities. again hospital fans will remember this moment. luke and laura's wedding. abc confirmed they have renewed the soap for another season. the lower rated the revolution meeting a much different fate. it has been canceled. well, we hope you got to bed nice and early. four-hours doing the body good this morning. >> another study showing what can happen if you keep losing the z's. ed study in the science translational mag sglaen shows lack of sleep cannot only make you cranky but it can increase your risk of diabetes health problems and other thing

. >> american petroleum institute says california gasoline taxes and fees average 69 cents per gallon. that is the second highest in the nation, one lawmaker wants to see a fall in the rankings. whenever you fill up in california gasoline is painfully expensive. >> my truck now is going to take 22 gallons and going to take... 92ses today fill up. that is a big hit. >> now, only $20. i'm a college student ask can only do a little bit. >> relieve may be on the way. the tax would be limited to 35.7 cents, and the sales tax would only apply to the first $4 of the price of gasoline, saving about 8 cents per gallon if the price reaches $5 a gallon. >> excise tax that you pay currently there is a sales tax calculated on that, too. it passes on taxes and i, for one have just had witness that. and going to say no. >> critics want to remind californians some help pay for road repair for savings at the pump may mean have you to dish out more. >> we spend $2 million a year on pot hole repair, each spends $586 a year. >> a california transportation economy report assessed the state needs roughly $

definitely was a provision of begats industry was asking for you know industry groups like the american petroleum institute pressing specific this point specifically about there weren't enough. but quit meant there wasn't enough equipment to go around so in that sense the e.p.a. really was responding to industry concerns now what they say is there also are interest in natural gas companies to flare off the gas if they don't do this process which is called green completion and according to their figures and being the same for nothings in these vaults high organic compounds that are the same it's a little worse for makers oxide another pollutant. but in general you can say that it's an improvement on the status quo but. it would be better if it were happening faster obviously. i know one of the things too that you know given the big push behind the natural gas industry aside from the fact that we happen to have a lot of natural gas to try to try to get to try to drill excuse me here in the united states is the fact that they say that it's at least better than coal it doesn't releases as many greenhouse emiss

joining us is senior economic advisor at american petroleum institute. just anwr and by the way the footprint we need to explore nor nor anwr. 2,000 issues out of 20 million acres. it's the size of lax. it's the size of an airport that we need to get and explore more. >> it's fantastic in terms of energy. it's 30 years worth of saudi arabia alone. you add that and what we have offshore, 80 than of the acreage is off-limits to development. you take that what we have in anwr and you take what we have in alaska, add that also to the keystone pipeline. if we got that one built, 1700 mile pipeline to our refiners in port arthur, texas, that would give us 830,000 barrels a day what is half of what we import from the persian gulf. so you add that in and throw in the biofuels, about 10% will come from bio fumes. in a dozen years, you could if you want to plan a fairly self-sufficient in our oil needs. we'll be part of the global marketplace. but imagine if it had four or five million more barrels a day from this hemisphere. then add the jobs. a million new jobs.

. >> the american petroleum institute, someone from heritage foundation, a economist and retail expertquestion was what's obama's energy policy, pretty good but better than mitt. mitt romney is not the president. people aren't paying 4 bucks a gallon because of mitt. >> we're importing less oil than the last ten years. that's one answer, under 50%. we're drilling more than -- >> because demand is down. it's because demand is down. >> here's the problem with your wingnuts. you think as soon as you come up with something specific it's a plan and it doesn't work because it's obama's plan. they have a proved nuclear power plant not approved before. that's good. >> he said we imported less oil? >> yes. >> that's because demand is down because the economy is suffering. if that's the theory, if the economy gets worse we'll import less. >> great plan. >> a energy policy is not rocket science. it's common sense. we know how to do it. we could do if there was the political will. >> perfect. tax time, america, we went outnd secured the president's tax returns. guess who's not paying as much tax a

spent several billion dollars on the companies like exxon, the koch brother, chevron, the american petroleum institutethe corporate cronies have a string of the tanks in washington, d.c. the president called them biostitutes. we're not going to win the battle today because there is so much oil money because of the citizens united case. you have huge amounts of oil money pouring into the political process, and their constituency is now the oil companies rather than the american public. two of the koch brothers three weeks ago at a meeting of conservatives pledged $30 million and -- and $50 million respectively to beat president obama in the november campaign. karl rove has $200 million most of it coming from the oil industry. so you are getting a tsunami of cash pouring in, and we know it has a huge impact. in 97% of the cases the candidate with the most money wins. the oil industry is now the richest industry in the history of man kind, and that's why you see all of these -- these republican presidential candidates -- some of them are very smart people, people like jon huntsman who is a smart, thought

the american petroleum institute will put in emission equipment on wells that includes fracking. that's a delay of more than two years. >> exxonmobil teaming up in an off-shore exploration partnership. they could develop russian reserves in the arctic and black seas. the deal marks the largest between a foreign and russian company. exxon stepped in and got the deal done. stocks down after a choppy session. after the market rally yesterday, will investors make their way out of the side lines. >> back with us is joe and david smith. guys, good to see you. are you uncomfortable at all about the reaction that we've seen for two days in a row, numbers that either beat in line with expectations or investors sell that right into it, disappointed that they didn't even get more. is that going to be a bad sign for earnings season? >> i don't think so. you have the situation where a sell off on at least a cover. but there's a lot of expectations built into some of these names and you're seeing them relative to a whisper number. i don't expect this earning season to be very different in that

joining us is senior economic advisor at american petroleum institute.talk about supply. not just anwr and by the way the footprint we need to explore nor nor anwr. 2,000 issues out of 20 million acres. it's the size of lax. it's the size of an airport that we need to get and explore more. >> it's fantastic in terms of energy. it's 30 years worth of saudi arabia alone. you add that and what we have offshore, 80 than of the acreage is off-limits to development. you take that what we have in anwr and you take what we have in alaska, add that also to the keystone pipeline. if we got that one built, 1700 mile pipeline to our refiners in port arthur, texas, that would give us 830,000 barrels a day what is half of what we import from the persian gulf. so you add that in and throw in the biofuels, about 10% will come from bio fumes. in a dozen years, you could if you want to plan a fairly self-sufficient in our oil needs. we'll be part of the global marketplace. but imagine if it had four or five million more barrels a day from this hemisphere. then add the job

but i read the stories where they extended lobbyists and the american petroleum institute sends in lobbyistske sure that they don't remove the cap on liabilities. it's at a ridiculously low $75 million. of course they don't want to pay more. >> right, at the same time we're eating seafood that could potentially be dangerous for us. people are losing their livelihood because they can't find shell fish and fish that is safe for consumption it has all of these deformities. there was one fisherman who said he would cash catch crap. it looks like normal crab, but it looks like decomposing for months. >> fishermen would say i've caught 20,000 to 30,000 fish but they have never seen anything like that. >> dud, u, du, but they had lesions before. >> yes. thank you, ana. when we come back, mitt romney said there is a vast left-wing conspiracies. that's right. we're organizing at "the young turks" studios. >> first the left wing conspiracy to work together to put out the message and attack me. so, you guys grew up together. yes, since third grade... what are you lookin' at? not looking at i anything..

american petroleum institute says you sounds promising, but additional reforms are needed. this as boone pickens says we might see a $20 rise by summer. will we see high taxes, more regulation? may the president should take a page from governor romney's energy playbook if he wants to get it right. >> if we going to have energy policy in america that keeps us beholden to the cartel in the oil world, we will have to have our own resources and if i'm president of the united states, rather than saying no to oil and gas, and coal. and also no to the pipeline from canada, i had say yes to those and get america's energy secure. >> joining me now, legendary oil man boone pickens, welcome back to "the kudlow report," sir. >> thanks, larry. >> regarding world oil prices and so forth, do you think the saudis have enough spare capacity to cover the shortfall from the iranian oil embargo and sanctions? can the saudis do it? >> it's tight now and that's why you have brandt nocy, $126. global supply is tight. i don't think they can cover if they do, they'll cover it out of storage. >> wha

according to the american petroleum institute and this estimated 12,000 to 30,000 american jobs would be created in energy producing western states over the next four years if we just went back to where we were drilling in 2007 and 2008. furthermore, the keystone x.l. pipeline, which the president has stopped, stopped it dead, it would bring to our economy thousands of new jobs and transport 830,000 barrel barrels of oil to american refineries which would be converted into oil and gasoline that would help this economy. and lower gas prices. with gas prices, as my colleague said very, very, very high, over $4 a demron and in some places here in washington up to $5 a gallon, not too long ago. with gas prices that high and affecting every american, it's clear the united states needs to become more energy independent and signal to the world that the u.s. is open to production and if we started drilling where we can and exploring where we can, make no -- make no mistake, the people who sell oil to us will low they are price because they want to be competitive and they don't want to lose ma

compiled by bloomberg, the top five are the pharmaceutical research and manufacturers, american petroleum instituteison electric institute, and the securities industry and financial markets and there are others on the list it is not only do they are but how much they make. you can find that in "the washington post." this morning. belcher town, maryland, a parent. caller: i fill the parents really need to get more involved at an early age with their school system to know what resources are out there. unfortunately, there is not a lot of dissent on for information for young mothers and fathers who might need help early on. our school area has a wonderful program and we have a lot of mentoring where parents come and help teachers with students at an early age in the classroom. kids need more help in certain areas are getting the help they need at an early age so they can catch up much more quickly. there does not have to be an extra year of school. we also have college students who are eventually going to be teachers to come to our school and actually help students at a very early age catch up. i thin

with more on this, let's bring in sabrina who is a spokesperson for the american petroleum institute. to be targeted on friday by the president? >> well, i will say i wasn't surprised by what the president said. obviously, big oil is always a big target when it comes at a time when gas prices are high. it's hard to imagine everyday life without this industry, as you mentioned, there's a lot of products that are petroleum based products and they touch our lives from the day we get up, from the moment we get up to the minute we go to bed. think about it the plastics that go through your alarm clock. >> around the house, you have furniture, as you mentioned, vinyl flooring, paint and cosmetics. what houses don't have those items? for example, lipsticks, you have lotions, nail polish all create oil and i don't have if you have a monitor there but also recreational sports like football, golf, fishing rods, basketballs all contain that along with things like health products like aspirin, heart valves, prosthetics, electronics. when you start trashing the industry and saying they don't deser

according to the american petroleum institute, the number of new permits to drill issued by the bureau of land management is down 40%. from an average of 64 --6444 to 6,962 in 2009-2010. during the same period of number of new wells drilled on federal land have declined by 40%. and yet he keeps telling us the reason the gas prices are going up is for a number of other reasons. the fact is we are not drilling here. we've got more oil and oil shale in publiclands than they have in saudi arabia and we are not exploring for it. president obama sites that the oil production is an all-time high during his administration. however oil production on federal land fell by 11% last year. oil production on private and state owned land grew by 14%. so what he's talking about is, he can't touch it on private land, the drilling is up a little bit. but that's only a small portion of the oil that's available. federal lands hold an estimated, get this, 116.4 billion barrels of recoverable oil, enough to produce gasoline, for get this, 65 million cars and fuel oil for 3.2 million households for 60 years.

of american petroleum institute. you would think he knows. welcome. what should he do first?, the president has to send a positive signal to the marketplace and suggest help is on the way by approving other operations to produce here in the united states. second, what he can do is immediately approve the keystone xl pipeline and the last thing he should do is quit talking about increasing taxes on energy companies. that tells the marketplace the president's desire is to increase costs, not to decrease costs. >> so a lot it was is symbolism and shows intention. how does that matter in your business? >> well, our business is much like the market. it's built on expectation. if we expect that the president of the united states is going to increase our costs of producing oil here in the united states, we're likely to move those investment dollars elsewhere in the world. we need a clear signal, a long-term signal that we're going to be allowed to produce the oil and natural gas the country needs and that will put downward pressure on prices. >> let's talk about deep water drilling.

figures on credit card purchases or whether it is the department of energy are what even the american petroleum institute on prices of gasoline. americans have decreased their consumption of gasoline. so it is not a demand problem. there may be areas in the country where there are dislocations of product from time to time. there's no questions about the. >> let me ask one last question. by the way, mr. guilford, i was interested to see her background. you are not coming from some left wing think tank. if i understand this quickly usurped under president reagan for time, did you not? >> that's right. not withstand that i really appreciate you letting me in the room today. [laughter] >> we thank you for being here for your testimony. last question. so who the heck is pocketing this 10 billion-dollar a month that americans are having to pay for overpriced gasoline? where is it going? >> in the quarterly reports you will learn the information i think because there's a question that the profitability of those who refined gasoline and to market it throughout the country are going to be benefiting from this. th