and oil industry reigns supreme there are large largest lobbying trade association the american petroleum institute dominates washington d.c. their annual budget is two hundred fifty million dollars and no piece of legislation or regulation can move without the approval of the american petroleum institute and all you have to do is take a look at the administration's. newly proposed rules for fracking on federal lands by the bureau of land management last year there nischelle proposed rule was pretty strong on disclosure of chemicals and then in response to the american petroleum institute they rewrote the rules to favor industry and now we've got incredibly weak standards for proposed fracking on federal lands so a big step backwards and it just illustrates once again the power of the natural gas and oil lobby well thank you for breaking on this very important issue tyson slocum director of public citizen's energy program we share time my pleasure. i. i. usually if the corporate news discusses obama's drone wars it's what the assumption that these targets of the strikes are terrorists extremists th

and oil industry reigns supreme there are large largest lobbying trade association the american petroleum institute dominates washington d.c. their annual budget is two hundred fifty million dollars and no piece of legislation or regulation can move without the approval of the american petroleum institute and all you have to do is take a look at the administration's. newly proposed rules for fracking on federal lands by the bureau of land management last year they were nischelle proposed rule was pretty strong on disclosure of chemicals and then in response to the american petroleum institute they rewrote the rules to favor industry and now we've got incredibly weak standards for proposed fracking on federal lands so a big step backwards and it just illustrates once again the power of the natural gas and oil lobby well thank you for breaking on this very important issue tyson slocum director of public citizen's energy program we share time my pleasure. usually if the corporate news discusses obama's drone wars it's with the assumption that these targets of the strikes are terrorists extremists that

joining me now, president and ceo of the american petroleum institute, jack girard. to have you with this. >> good to be on again. lou: let's start with that incredible oil production. watching. we are -- it is pretty clear based on what is happening with all of the new discoveries, oil, gas, shale. this is a true renaissance in energy for the united states. >> it really is. it is actually quite remarkable. five or six years ago no one would have predicted this. and now today because of our modern techniques, the vast resources that we have found here in the united states, we are now the world's number one natural gas producer. the international in it -- energy agency predicted a few months ago that if we keep this up, if we keep the growth of production of we could become the world's number one oil producer in seven short years. so like you say, if it is a renaissance, it is a big deal. we are putting people to work, generating revenue to state and federal government and perhaps equally important, we are becoming more energy secure as a nation. we have relied today

the american petroleum institute says u.s.tories fell by nearly 9 billion barrels versus analyst forecasts of a drop of 3.3 million. sopex due out at 12:30 cet. interesting has been the closing in the gap between wti and brent as a result. wti getting up to 104.6, which is a 52-week high for west texas and closed the spread against brent. joining us for more, hassan. thank you for joining us. what is interesting here is the narrowing of the spread between wti and brent, is that on the basis that the global economy is actually fairly weak, but the u.s. economy is an awful lot stronger? >> that's part of it. but a bigger part of it really is they have been able to get that oil that is locked up in the united states from all the shale formation they're drilling out to places where it is required. we had bottlenecks there in terms of the pipelines all feeding into the middle of the united states. now the takeaway capacity is that much greater so they can start to get that oil out. what we really saw was a very depressed wti price

joining us now, jack girard, ceo and president of the american petroleum institute.s for coming back. >> you're welcome, tracy. tracy: we understand that this renewable fuel standard was set way back in 2007 when gas was supposed to continue, demand for gas was supposed to continue to increase and it's not, right? >> that's correct, tracy. what happened, they expect ad big surge in demand for gasoline. that has not materialized. so they set a volume requirement that we blend ethanol with our gasoline and this year it is projected to break through the 10%. the reason the 10% is important because is all the model manufacturers in the united states have built cars to use a 10% blend but nothing more. so now we're at a point where the law requires us to blend more than 10% and the auto manufacturers are saying wait a minute, if you use more than 10% ethanol in your gasoline, we're not going to warranty our cars. so the law today is going to push us through what we call the blend wall and actually potentially do harm to the auto fleet. so, we're very concerned about it. w

jack girard, president and ceo of american petroleum institute joins me with the answers next. ♪ lou:street stocks finishinglat, mixed after a bead of earnings and the weak regional report. the dow climbing 22 points. another record high. the s&p down three, the nasdaq lost 201. bill of -- gol fell $2 selling at 1335 per ounce. cre oil up 29 selling about $107 per barrel. domestic oil production, we will talk about that now. continues to grow. the western states, a dramac increase in production since 2010 oil produion has incrsed 64% in colorado. 51 percent in oklaha. 46 percent to new mexico. 45 percent in utah, 23 percent in wyoming. now, why are we talking about those states? those states and their prodtion rival that of the balkan field in north dakota. despite the increase and the production, gas prices are rising. you probay know that already. the national average n $3.67, up $0.20 higher than one year ago. joining me now, president and ceo of the american petroum institute, jack girard. great to have you with this. >> good to be on again. lou: let's start with that incredible o

> so thats the ad that is causing a big batle between two industry giants, aaa and the american petroleum institute, api. it centers around a fuel additive we told you about on "money." e 15. both groupsaid it can damage cars if you use it. they created the commercial. aaa isacktracking big-time. they want the adulled. as they find it out what should you put in your car? with me is a president and ceo, jack girard. jack, are you surprised by the moverom aaa? >> that is interesting, only people we've heard is small aaa group out in south dakota heavily infenced by the corn industry. just yesterday the head of aaa testified in the house that e15 still a problem and likely auto manufacturers will not warranty their cars if they use that fuel that we're now potentially being forced to blend, to provide to consumers. melissa: although, they have put out a statement and theyaid that aaa continues to have concerns about e15 causing confusion for motorists and potential r this blend to damage certain vehicles but api's ad campaign appears to focus on the elimination of the renewable fuel standard, a positi

of theresident ceo american petroleum institute. appreciate it. coming up next, your money segment continues. in afghanistan reconstruction spending and where your money is the inspectoropko, general for afghanistan reconstruction joins us next. >> speaking of your money, and consumer spending numbers show americans spend more at retail businesses in june. the commerce department says retail sales rose 4.2%, mostly driven by an increase in auto sales and gas prices. excluding volatile categories and building supplies, so-called 0.15%, the rose weakest since an january. a commitment to volunteerism bringing together presidents past and present. george h. w. bush comes to the white house today for a ceremony president obama is having to recognize the 5000 daily point of light award. the program created by the former president bush more than two decades ago honors volunteer service. the awards come from the description in the 1989 inaugural address of american serving each other as 1000 points of light. turning to capitol hill, senate democratic lead

we'll get the report from the industry trade group, the american petroleum institute, on weekly oil supplies coming out shortly this afternoon, and then, of course, tomorrow morning traders will be watching very closely what the energy department has to say and whether we'll see a fourth week of declines in crude supplies. back to you. >> all right. thank you so much, sharon. >>> we have about 48, 49 minutes before the closing bowel. the dow jones industrials average is higher by 49 points and the s&p is higher by just barely, a fraction, tyler. >> what a busy afternoon ahead for all of us. we're watching apple, of course, even more so maybe than usual, because the company reports its earnings after the bell. it is a critical quarter. remember the shares already down more than 20% so far this year. and today's results matter a lot. >>> and then, right after the bell, right after the break, we'll be joined by a former nfl great and a current nfl great, both are blazing trails in a field other than football. coming up next, former green bay packer tony joining us and tony gonzalez is here at t

technology institute, nace international, the national fire protection association, the american petroleum institute, the american gas association and others. so i ask unanimous consent to include their letters in the congressional record. the speaker pro tempore: without objection. ms. titus: i also ask that the letters from the pipeline safety trust, dakota rural action and columbia law professor piecer strauss expressing the need for public vaste of the standards also be included in the record. the speaker pro tempore: without objection. ms. titus: thank you. unfortunately some organizations have expressed concerns about posting their standards on the internet. this has in turn held up progress of several important safety rulemakings that were mandated in the 2011 pipeline law. so in the spirit of bipartisanship and not wanting to hold up the rulemaking process, i believe the law should be modified to provide d.o.t. with additional time to implement it and with additional flexibility to determine how best to make the standards widely available to the public. i believe that even with these changes

a lot of traders waiting to see what the american petroleum institute data on inventories would showw. we've been talking about the parity that was reached between these two benchmarks for crude oil. first time in nearly three years that happened. when that happened earlier, but will this really last? goldman sachs doesn't believe it will. they think it will last a few weeks, maybe a few months but by 2014 we'll see that divide closer to $8 to $9 between the two contracts. in terms of the gold market, of course, there was a ton of momentum and interest in gold yesterday as we saw gold rise about $45 in one session. a lot of key technical levels that were broken there, and now it looks like gold is hanging tight here and giving back some of the gains. the key level to watch $1,325 to see if that support is maintained going into the close. back to you. >> sharon, thanks very much for that. now, more on this crazy and important story. goldman sachs and other banks may be manipulating aluminum prices making each can of soda you drink more expensive. today congress is investigating. they'

this is right in line with what we saw last night from the american petroleum institute.worse. we are seeing positive movement here. crude had been trading at $105 a barrel and holding in there, a lot of the gains having come overnight. one of the interesting things as we've seen a big drawdown in terms of oklahoma supplies, that's a delivery hub for nymex crude, down 2.7 million barrels last night. and andrea lippo says we're starting to see the bottleneck starting to get unstopped. just within the last quarter or so, we have seen about 300,000 barrels a day of oil coming out of there including the whiting, indiana, refinery starting. so that's drawing nearly 9 million barrels a month. and, kelly, more pipeline set to open by the end of the year. >> yeah, that's going to be one to watch, bertha, $105 a barrel for oil. thanks very much for that. >>> meanwhile, a meeting today in washington to discuss everything from security to economic issues. eamon javers now live from d.c. with all the details. eamon. >> good morning, kelly. secretary of state john kerry is here today

we heard from the american petroleum institute last night and they saw in the past 9 million barrel declinenventors in the past week, which underscores, carl, the flow of oil coming out of the middle part of the country, as we are seeing more refineries restart operations, and the bp refinery is one of the key ones leading to the fact that we are seeing a decline to the crude oil supplies. back to you. >> thank you, sharon epperson. >>> the egyptian army is expected to make an announcement any minute in cairo, and yousef gamal el-din is joining us. >> we could see it all come to the extent that we saw in the last two or three days of protest. it gains momentum toward midnight, and we have news coming out of the state television. they are saying that the armed forces who were the ones who initially put the 48-hour dead line are meeting with the leaders from the political scene and the religious scene and national leaders as well. that is coming out of state television that the meetings are going on now, and we did expect some last minute political maneuvering and as far as we understand the