crude today getting a bid.ing gains in crude oil but we're still looking at the fourth straight losing week for oil prices. our next guest says that there's even more pain to come when it comes to crude oil. let's start talking numbers and speak with the chief technical analyst and that is mark newton. thank you for joining us. >> near term looks like you can go lower in crude oil. as you look at the daily charts of wti, trend lines from october recently have been broken on crude. also, momentum starts to slowly roll over and that's also a negative. you see these january highs that have been breached. all three of those things are negative. all those things suggest that crude gets down to $100, maybe down to 97. the one thing i want to point out, if you look at spot crude, looking at futures for the next five years, it's pricing a nearly $10 lower price for crude between now and 2013. it looks like the expectations are for crude to move lower. >> do you think that the oil stocks are going to follow crude lower

>> there is a lot of crude around. the term structures tell you there is a lot of crude around.ou have wti and the cutango continues to widen. when the nearby is above the spot it is telling you the crude is ample in supply and the demand is less than supply and crude is bidding for storage. the trend for the past month and a half has basically been lower. wti has gotten wider. you cannot discount the impact of falling nat gas prices that continue to weigh up on the crude oil market. there is plenty of crude oil around. fear in the middle east never seems to evolve into much. >> we are making a big deal about it today and the interesting story that it continues to be. give us your perspective on where you think nat gas prices go. >> they always try to go to the obscene number, the number no one thinks possible. i talk about nat gas making it to a one handle. you already gotten spot henry hub at under $2. you have a one handle there. you are going to get a one handle on the nearby futures. nat gas continues to be like crude oil like wti, there are still possibilities of a drillin

if you take out the crude buyers cutting back, i mean, and they are buying the crude to replace, so i think that that has just been a demand and supply combination of that. but, yes, i think that's a factor. >> you have the saudi oil minister saying there wasn't a supply problem, they were prepared to fill in any gap. >> i think it had an effect on prices, can cait came down. but saudi arabia has been producing 10 million barrels the last couple of months but price hasn't come down below 120. and you don't -- p part from the u.s., you you don't see inventories really rising a whole amount. so i think the market is balanced too tight. so i think it's a supply issue rather than -- >> does the dynamic change, let's say, let's say maybe a year or two from how. i'm wondering when the transition happens because we have natural gas prices as a ten year low and falling, producers digging up shale gas. there is so much talk about alternative energy and i'm just wondering why none of these factors fill it ter into the price of oil. >> i think it will, but not immediately. >> what does not immed

crude is the lower of this monday and of course here in russia we're watching crude prices cools there not only because they correlate to the way the russian equity markets are trading. but also because there is an absence of any major news that on monday domestic news although there is one thing one story worth mentioning the i.m.f. has improved its outlook on russia's economic growth this year dell says the country's economy will grow four percent while been expected to be below five percent. of russia's g.d.p. figures may be a pleasant surprise those old china really disappointed and busters on friday and that's one of the reasons why asia is losing value as well as you can see there the nikkei is shedding one and three quarters of a percent with financials really dragging on the indices namely mitsubishi financial group is down more than two percent pretty much all day but on a positive no china actually widened the band in which you want to stray from plus or minus zero point five percent to plus a minus one percent but the markets are not really reacting positively about so far a

tonnes of crude to china. and one more story for you a bit i am half has improved its outlook on russia's economic growth this year it now says the country's economy will grow at four percent while the inflation is expected to be below five percent and of course we'll watch the situation closely to see if these predictions actually come true and that's the latest this hour i'll be back in about fifteen minutes also you will indeed looking forward to it natasha thanks for that ok. a recap of our top stories this coming up for you followed by our exclusive interview with julian assange his t.v. program launches on tuesday right here so we. know that it will. develop for bush for bush but. always by one vote for kerry for kerry so the people that are going to be balloting this machine can stand there all day long and vote for somebody and it will be right every time but the guy can walk up here and if he hits the right buttons. he can flip a boat that he. hasn't been anything yet on t.v. he. used to get the maxim

months when it comes to crude prices been the concerns of iran's nuclear program but iran had a very constructive meeting with the leading six nations over the weekend and the greed to meet again in these concerns are actually easing and that's one of the reasons why crude is a lower this monday and speaking of oil prices well major one snap has agreed to sell oil to china at a discount the decision ends a long lasting pricing dispute between the two signs russia's oil major will. sell its. oil to its chinese customers at a. account of one and a half dollars per barrel as part of the twenty year export agreement to supply three hundred million tons of crude to china and one more thing for you that the i.m.f. has improved its outlook of russia's economic growth this year it now says the country's economy will grow four percent while the inflation is expected to be below five percent and that's all the latest from the business desk kerry i will be back about fifteen minutes with all the latest but in the meantime you can always find a lot more stories there are sites are teed up this.

i think it's a pretty crude. card. with a look at how the soviets were and. we have complete control over the guests over his first show was the head of hezbollah has ignited by the us is a terrorist organization it was first interview with international channel in six years the reason why him could be found in the interview itself the united states is booking. posting in to us as well when they want to be able to tell people that was one of us so terrorism terrorism smoking lies ations if. this were the one that people listen to us high from ohio for example if there wasn't just a trial and yet very different venture have an opportunity to defend themselves some say in the court of public opinion as presented by the us mainstream media there is a tendency to simplify issues often at the expense of the full picture somebody agrees or doesn't agree with hezbollah's ideas or all of their ideas ideology or their theology american people need to hear the voice of has rather than simply have them demonize. targeted as a quote terrorist but the purpose of demonizin

economy is recovering crude up one hundred dollars today alone is pretty good period for crude generally. supported by signs that privatization may go ahead this year as planned stronger crude is proved to put off the yesterday's five percent slump take a big piece last another percent of the government's doing it for oil spills in siberia there are two markets a rush of seeing lower trading volumes in recent weeks but reversals asset managers say it will change as we move into spring. it's come out of the holiday season to some extent we've had data we've had though encouraging early in the last ten days quite a good indication from the first round of first quarter earnings so i'm quite hopeful that post some of the spanish auction. well french auction as well we will see the market feels like it wants to go and investors are still largely or have a large cash holdings so the need for investment keeps pressing on i believe that coupled with a good earnings season coupled with a. not very good data from china but an easing off the will probably bring as short as well as term a lot more a

winter quarters were crude log shacks built by himself. in new fatigue and details, they killed boredom in his own way and polished up before endless inspections and reviews. when and where possible he enjoyed rare visits from family and friends. there was no handy px but licensed tradesmen called settlers set up shot and even followed the troops into the field and on their campaigns. great grandpa posed for photos to send to his girl back home. sent his folks a picture of the outfit, too, and his own buddies. like today there was always one comic, one clown. the service man of that far off day carried his faith into the field. doubtless he prayed for survival and for the war's end. it came at appomatox with the collapse of the confederacy and general lee's surrender to general grant. yes, peace came, but only after battlefields like gettysburg had immortalized in blood the courage of brother ranged against brother. gettysburg where a parade and now forgotten ceremonies introduced a never-to-be forgotten address by the war-weary lincoln. w

i don't even know what a barrel of crude oil looks like. but your analysts have advised me that the price is going to go web, so here is my money and i want to get dollar for dollar every thing out of upward price. and those wall street operations are like cookies. they have to hedge their exposure, just like a bookie lays off that's when it gets too one sided. what do they do? they go into the real futures market where the farmer and the baker are trying to hedge price is an day by oil contracts so on paper they have contracts that are 33 times the size of the world supply of oil. that sends a signal out that cannot be defeated that there is a supply problem when there isn't. so you can't cut the snake off at its head by saying no more riding on these markets. these are commercials making these bags. unfortunately, i hate to tell you this. they are pension funds, private equity companies, hedge funds, banks, all they are doing is walking into a bookie shop and save i don't want to own the staff. and by the way, you can only bet the price w

up the crop -- that could push up the price of crude and prices at the pump. concerns about the geopolitical context of this. >> thank you very much. you are watching "bbc world news america." still to come -- months after the death of andrew heyward in china, questions surrounding the incident are growing. the the british library has paid just over $14 million to acquire what it describes as the oldest european but to survive fully intact. it's in such good condition because it was preserved inside the saint's tomb. our correspondent went to the british library to inspect its latest edition. >> here in the british library, carefully stored and wrapped, is a new book for the shelves -- it is very, very old. >> this book, which was written at the end of the seventh century, is the earliest in tact european book. >> the bible dates from 698. it survived because it was stored in the saints coffin in lindisfarne. look how clear the words are. >> this is a manuscript, hand written book. the words on the page are almost as clear as today described in. >> in the seve

morgan has transformed his department into a proprietary trading operation and crude oil fell for the first time in a few days as china's economic growth slowed and saudi arabia's oil minister said there's no shortage of supply in the kingdom is determined as you lower prices now have lines have been focused on the day to day well what about the big picture of the exponential energy depletion we'll talk about that let's get to today's capital account. now on this friday the thirteenth let's talk about some of the nightmares that seem to be repeating because whether it's market rallies as we've seen recently reversed or a drop in oil prices as we've seen today that's kind of cats are headlines why do we get this sneaking suspicion that none of the good news really seems to sustainable ok the same practices we saw before the financial crisis appear to continue and this is one of the things that's haunting us ok banks are supposed to be gearing up to end proprietary trading or speculating with federally insured customer money for their own books instead we see them not only lobbying to w

japan wants to increase crude oil supplies from venezuela, which last year accounted for only 0.1% of its crude imports. >>> here are the latest market figures. >>> now a look at some of the other stories we're following this hour. sudan's military has renewed its attack against south sudan as the violence escalates between the two african nations over a disputed oil producing border region. sudanese forces launched a wave of attacks on markets and other places in south sudan's border towns on monday, killing at least two people and injuring nine others. violence between the two countries began early this month when troops from south sudan took control of some oil fields. sudan's president omar hassan al bashir told his military he would not negotiate with south sudan and that the only exchanges with the south would be with guns and bullets. a spokesperson for iran's government says the country's oil ministry and state run oil company were the target of a cyberattack. the spokesperson says the computer virus didn't cause any major damage to important data. another computer virus hit i

oil demand and crude oil prices have, in fact, been rising, and we see that many of the shares of the major energy companies in the united states normally track not local north american demand but global demand and global prices, and the gap we see between global crude prices and those share prices is one of the widest that we've seen in a long, long time. >> that's interesting. i'm glad you're on global. i want to ask about europe and china. you mentioned china moment ago. we know the gdp came in lower than expected in china this week. europe again starting to make markets nervous again, watching things like spanish bond auctions where we're seeing increases in rates. how concerned are you about europe and what about china as well? >> with regard to europe, we have been of the opinion that europe was going to be in a recession in 2012. obviously with worse performance in some of the most afflicted economies. so we have not been terribly surprised by what we have seen. instead, we think investors need to get it in their heads there is not a quick and simple resolution to the youeurope

. >> the key factor might be the crude oil price. the bank of korea increased its estimate for the crude oil price for $102 per barrel to 118 in this forecast revision, and in this situation the grade is unlikely to support the demand of growth and we have to pay attention to the crude oil price throughout the year. >> the bok says gdp will expand 3% in the first half of this year, but the pace will pick up to 3.9% in the second half. what's your assessment of this prediction? >> the later part in 2012 is likely to gain some speed in its growth as to uncertainty decreases and once the international resource prices stabilize, then combined with the strong employment, the consumers buying power will increase and the consumer sentiment will be recovering soon. the growth of the gdp in the nation's economy will be as high as 3.9% in the second part of 2012. >> that was an economist lee him-iig of economic research institute. now let's take a look at some economic figures. the international monetary fund has forecast that south korea's pe

delta would get their own crude, possibly from a domestic source in north dakota.bly from shale still being developed in ohio, knew yornew d pennsylvania. it's not a done deal yet. i'm told that the delta board is supportive of it and there are final details that need to be hammered out. conoco confirms the deal. we should expect to see some action in the coming weeks or even the coming days, according to the sources that phil lebeau and i have talked to. >> it's a way to save on jet fuel. it's a capital expensive business and they are not a wash in cash. it's a toughen defer for them. this particular refinery needs to be in what is called a turn around. it needs to be overhauled every four years and brought up to environmental code which is a process that could cost $90 million. that alone is a key upfront cost that delta would be facing. but if they can exact better costs by controlling the process themselves, by developing domestic crude and getting it to this plant rather than shipping it in from west africa, which is frequently the source of jet fuel-based cru

it comes to the ruble it's also so again against both the greenback and the euro when it comes to crude prices they're still on the wrong is that in fact soaring oil prices i haven't five really helped to boost the oil and gas industry in two thousand and twelve and they're expected to hike the quarterly results of american oil and gas majors that i expect that to be released later this week but analysts have really been this gusen crude lately and they're saying that there might be risks for leading economies and they say that russia will not be able to avoid that either. increases the. budget surplus that pulls one person's knowledge of expenditure and thereby defense positive effects are going to go on the problem is that many other countries are going to come to this united states that border so well for them for us this means our expenses and that. in a certain time comes back or should be those sort of grates on the whole business we. are watching this is that it creates substantial capital flows bill so the negative effects russian stock market. ok care that's what i have for you

yet the price of crude oil dropped more than $100 a barrel.t dropped 75%. >> how do you explain it? >> by looking at investors. that's the only way you can explain it. >> in july 2010, president obama signed the dod-frank act. it addresses many of the regulatory lapses in the commodities market. among other things, it limits the amount of commodity futures that speculators can hold. it makes it easier for the commodities future trading commission to investigate suspected market manipulation, and it empowers the agency to regulate energy derivatives, which enron used to drive up the price of electricity in california. [ticking] coming up, a herculean effort to find oil in a desert wilderness. >> the logistics are impossible. the first thing we had to do is build our own road in order to access this field. >> just to get here. >> just to get here. once that was done, we had to remove 100 million cubic feet of sand just to make the runway. >> that's when 60 minutes on cnbc returns. [ticking] choose control. introducing gold choice. the freedom yo

we had a weaker yen which offered some support to shares and that's we want to take a look at the crude we see that crude is on the wrong is there we go a light sweet it's trading at around one hundred three dollars per barrel while the pride of blood is at one hundred eight dollars per barrel of more or less and what we have is that basically soaring prices for oil have really helped the oil and gas industry in two thousand and twelve and in fact this is also expected to offer further. quarterly results of american oil and gas majors which are expected out later this week now analysts have been discussing a lot about the fact that soaring oil prices will have on economies and may not be able to avoid those stressed either. increases the. budget surplus that pulls one person's moderate expenditure or difference because it's a it's a chemical. called it is the when you're on the continent you're in this united states. in that corner of the world. are six means expenses and that. in the circle comes about or should be those grades. we. are seeing this is the. very it's a substantial pull

oil to the number two importer of crude oil ahead of japan behind us. and certainly, they are maintaining a trajectory that's almost unsustainable. we just went through the arab spring weaned all sit here every day now really wondering what's going to happen with the iran crisis. i will admit it seems like it's the saga du jour, but it points out that these oil supplies are under constant threat of interruption and disruption which is why these prices stay maybe higher than we would otherwise think they should. >> tom: well, and to be fair, this is not the first time a president has called for an investigation into speculation of the energy market, not the first time a democrat or a republican has called for it. what's your -- real quick, your end of summer price forecast for oil? >> i would still expect these prices to fall throughout the summer. national average gets below $3.50 to $3.25 a gallon by labor day. i will say, though, one of the other factors consumers are up against is the u.s. refining industry which is really going through a scale-back

prices and speaking of crude it is actually trading a little worse throughout the day today let's see those numbers there. here they are and crude is trading lower especially grand after iran had a very productive meeting with believing six nations over the weekend and they. agreed to meet again in may it's been a lot of the major factors driving oil prices higher the concerns over iran's nuclear program and now that that factor is easing oil prices are under pressure and speaking of world prices as was nafta has agreed to sell oil to china at a discount the decision ends a long lasting price of dispute between the two sides of oil major world still to its chinese customers at a discount to one and a half dollars per barrel as part of the twenty year export agreement to supply a total of three hundred million tons of proved to the country and that one more piece of news for you the i.m.f. has improved its outlook on russia's economic growth this year now it says the country's economy will grow at four percent as expected to be below five percent of course we'll keep a close eye on the

you in the us it's a process of crude oil stay high russia will be one of the world's fourth biggest economies like p.p.p. does purchasing power parity he said it would he admitted the country still lags world war z. cheat areas call of duty is only half as high and that means it takes twice as long for a russian worker to achieve the same amount he also said that there will be laws to ease doing business of bringing guarantees through this does that he's discussing with president medvedev creating a public prosecutor who will control a level playing field for business overall as you said the tone of the speech was to mystic well received by m.p.'s with a standing ovation at the end. seems optimistic as the award of her day here at last i have it on our plate for not next hour but the hour after hour of crisis thanks for that update marina more finance in just a few minutes laura lester explores how big money affects politics and capital account and after the headlines of the current era. the e. the litmus tests . it's just six and. six the same it's. coming to a. low so cool it's te

is awash in crude oil. there is no problem with the physical supply of the product, none whatsoever. >> i thank the leadership for having this hearing. i wonder how long this can last and how high prices can go. normally, in the commodities markets you have a boom and bust cycle. it has occurred with gold, with basically -- i mean, orange juice, everything. it seems that there must be some people, the john paul since of the world -- john paulsons of the world, if you would, ready to buy swaps, ready to gain the volatility of the market. or is there a uniqueness to this market? i would like to hear from both of you. >> this is a bubble and the bubble will burst. the last big bubble one from 147 to 30 in six months, but nobody saw that coming. goldman was predicting it at 200 when it was at 30. we do not know when the bubble will burst. in the meantime, as we said, people are spending money they probably do not even half, or not buying medicine they need, or not paying rent, to pay for gas. that can trigger a

comparatively less volatile crude oil is is there something to this is this a good perspective for us to be looking at in this debate where you have because i mean the whole people people blame the speculators i mean obama is ridiculous you want to you want to talk about volatility oil prices stop bombing kind of the middle east but anyway the know the reality can speculate either way so it's not that people people say it's or oil speculators are responsible for the high price in oil no that's just absurd because i think it was from rises up down and down so it just compounds the trend if you have you have some sort of oil short and besides having speculation ok is important because a speculator is important to be there in order to help push if you're going to rise is going to give a signal to producers think to get more supply of the market. in any case the there is speculation but people like obama use that as an excuse as a political football yasmine to do with the i mean this adds to the argument that people make that speculation actually decreases volatility also i just want to p

standards other countries are ready to make america's dreams their own i'll tell you all about canada's crude intention. to. stay out of the. scoring points for ron paul one video game creator is making out to make libertarianism cool again and you can help ron paul two in his class take on the fed and g.o.p. rivals all from the comfort of your couch. it's friday april thirteenth eight pm here in washington d.c. i'm liz wall and you're watching our team. well it's no question that the world is changing socially politically and economically and with the u.s. and the u.s. economy is not as robust as they once more and emerging economies such as brazil russia india and china rapidly growing geopolitics will like the look of notch much different than it does today but what exactly will this new world look like when you predict it will be a world where the west no longer dominates but one author takes it a step further with his focus on a future of diversity rather than dominance and early i was asked earlier is actually joined by that author charles tufton he wrote the book no one's world and he

it kolt a year total to generate a crude device and it would take several years for them to create a device so fphisticated enougho be put on the tip of a missile. although there's no doubt iran is positioning itself to have the capability to make this decision, u.s. intelligence officials have, testified that there's no evidence that the supreme leader has actually yet made the decision to do so. moreover, there's good reason to believe he's not likely to make the decision in the near term. most powerful argument in favor of that claim is that will to build a bomb anywhere in the short term, he'll have to use his declared enrichmentern facilities either at natanz or in the mountain near the holy city. any mof mof would be detected by international inspectors and therefore, the speem lead ser not likely to make that decision anytime soon till he can compress the timeline for a bomb or do it in complete secret which is likely quite some time off. the second point i'd like to make is that a nuclear armed iran is certainly a challenge to our security interests, the security interests of

there was a day before of crude wooden box cameras. fortunately for us it was a day that a small group of pioneers foresaw the possibilities of that magic eye. a young farm boy was chief among those enthusiasts. in addition his own work, brady collected the prints of others, building a record of our american past. the nation's capital in unpave dirt streets and horse drawn vehicles. replacing that earlier white house destroyed in the war of 1812 was the handsome foam of our presidents. when we speesk them, their faces are familiar. andrew jackson. their faces were woman with the work of andrew brady. pride of our growing culture. ed car allen poe. washington irving. walt whitly. what school boys don't know? henry clay. daniel webster. men who shape and guide our young republic. they built well. but soon within the capital, still awaiting the completion of the now familiar dome, the clouds of the slavery issue threatened unity. as the crisis sharpened, he saw a new use of the camera. abraham lincoln who brady photographed now sat in was

is where the the with you can have a macro economic model of the economy the leaves out banking and crude views that banking and that is irrelevant to america really can all mix which is frankly bizarre in the middle of the biggest financial crisis in history where the behavior of banks is what is the process so it's really that total battle that he comes from the convention the the nine stream of economic which has dominated the sixty or seventy years yet which argues that you can model the economy without talking about those issues without that money and i'm part of the minority which is being progressive only marginalized it says you conduit someone with only getting the attention of this crowd that been ignoring us for decades funny that's taken seriously but then of course they dismiss our arguments well you certainly are getting a lot of attention and i'll tell you what they did this is the escalated to is this i go back and forth you have krugman and you know this is something that i've seen you write about a lot of people on the blog if you're right about his commenters write abou

so doesn't know the economic literature other frankly as i know the going to church are better than crude and does well and and there was the insult was that was yeah i got insulted by of in front of a million readers of the new york times by. somebody could misread my write well you know a lot of it commenters though pointed that out and pointed out that he took you out of context to make his point and then he said if we can bring it up he gave update to that post and said essentially time to move on we're done this is there and we have it right there he went on it to sound like he essentially called you a heretic is least is that i'm all for listening to heretics but blah blah blah so i guess my question is this that paul krugman personality thing do you think or is this more representative of how neo classical economists think that they need to be right even when they're wrong. small the near classical think they're right no matter what i mean they have a vision of the economy that has it in equilibrium or new boy disturbed from an equilibrium by sharks and all the option downs are jus

stocks are saying brent crude, currently 120, could break as low as 100.ediate, flirting with 100, people talking about going to 80. many of the oil and gas related stocks have retreated to levels we saw last time crude plummeted. i'm curious to hear from a real oil company, not oil and gas. one that drills, pumps, and sells crude into these markets, as to where oil can go and how much money can be made with oil, even if the price breaks further. tonight we have on a real oil company. one you may have never heard of, energy xxi, the third largest oil producer in the gulf of mexico shelf. they purchase fields from exxon, huge drivers of growth and cash flow. it's not levered to the crashing price of that glutted fuel. we have to find out what's going on in the patch now. so many have given up on oil and selling all the stocks and convinced they all go lower. we have to find out if there is still money to be made despite these declines. i would like to welcome john schiller, founder, chairman and ceo of energy xxi. which is exxi for you home gamers. welcome

is awash in crude oil.here is no problem with the physical supply of the product, none whatsoever. >> i thank the leadership for having this hearing. i wonder how long this can last and how high prices can go. normally, in the commodities markets you have a boom and bust cycle. it has occurred with gold, with basically -- i mean, orange juice, everything. it seems that there must be some people, the john paul since of the world -- john paulsons of the world, if you would, ready to buy swaps, ready to gain the volatility of the market. or is there a uniqueness to this market? i would like to hear from both of you. >> this is a bubble and the bubble will burst. the last big bubble one from 147 to 30 in six months, but nobody saw that coming. goldman was predicting it at 200 when it was at 30. we do not know when the bubble will burst. in the meantime, as we said, people are spending money they probably do not even half, or not buying medicine they need, or not paying rent, to pay for gas. that can trigger a r

>> the g-20 meeting i also expected to discuss issues facing the global economy including surging crude oil prices. the finance chiefs are scheduled to issue a joint statement on friday. >>> imf managing director lagarde sought contributions from all members. >> we are seeing light recovery blowing in a spring wind, but we are also seeing some very dark clouds on the horizon. >> reporter: she said the recovery is due to receding worries about the debt crisis in europe. that is after euro zone countries agreed on an expansion of their own rescue fund. she did express concerns about some risks, these include another debt crisis and soaring crude oil prices. lagarde conveyed her gratitude for japan's pledge to the imf. >> let's see how the markets are reacting. the dow jones industrial average fell for a second day as concerns about u.s. jobs were overshadowing markets. let's see how stocks are kicking off here in tokyo this friday morning. for that we go to the tokyo stock exchange. good news on the earnings front, but economic data taking center stage. >> definitely. we did have weekly j

global crude prices remain high as tension over iran grows.y says that as of monday, the retail price of regular gasoline averaged 158.3 yen. that's about $1.90. it's up 1 cents from last week. by region, prices for tokyo and six other prefectures turned lower compared to the previous week. the institute said the increase in the national average was smaller because there hasn't been any surge in crude oil prices recently. >>> nissan unveiled a yellow cab for new york. replacement will start in the fall of next year. the new model unveiled on tuesday was developed jointly with the city. it's based on the nissan nv-200 minivan which can carry up to four passengers. the cab is equipped with air bags for passengers, sliding doors will also let people get on and off easily, even on narrow streets. the unique feature is a large glass roof that will provide a good view of the city's skyline. nissan's prototype was selected last may among other competing models. its good price was a selling point. nissan's president em fa sitzed that the automaker had

still a down day however for crude.as well about the big downgrade from btig with shares for apple. as you know in the market today, thought we would look at the chart today because apple has been up throughout much of the day. even with that downgrade on a down take. 636.87 is where apple sits down. let's move over and chat once again with john. john, we look at what is happening. apple is a good thing to look at here. and you mentioned technology. you continue to like tech. a lot of people are worried that tech will show its cracks and leave this market lower. >> i think technology still has -- i don't think it is expensive. i think it has been in the doghouse or has been in the dog us what for years until a couple years ago. that makes very interesting companies. >> are we making too much of the jobs report? >> no. i think the market made just the right amount about it. >> down 150 or so off the open. was it really that bad? >> not that bad. >> tom made a great point when he said claims have been in line here. so one

that seems pretty crude from a political point of view. >> i don't know that it is crude. i don't know that it is something i would do. >> was he not trying to co-opt something. >>? of course he is. >> that's what i meant by crude. i don't think that's the tack that i would take. i think this is something that should be beyond partisanship. we should come together as americans to mark this anniversary for what it is. ki oa n deink either side shoul foiswn puos. yothk at's wngs wel. >>hawa wngbohe miion aomplisdanr was jonatn and others have said, the war is over. what he said, the mission accomplished was was the uss abraham lincoln coming home. it was a wrong decision to put that banner up. i'm being consistent both ways. >> forgive me. you are. richard, john mccain has released a statement that read in part, shame on barack obama. but it completely side steps attt romney's heaven and earth . caabo ue mmt. itak drof nve thinking h meaning bin de is not an element in the struggle against radical islam. say what you will about the ad, the quote at the heart of it, that's no

he is accused of deleting 300 text messages that allegedly indicated how much crude oil was actually spewing into the water. 11 rig workers were killed when the deep water horizon exploded in april 2010. more than 200 million gallons of crude oil poured into the water before the well was capped. >>> and the owners of the ship that hit the bay bridge back in 2007 spilling more than 50,000 gallons of oil now want others to help pay for the damage. the chronicle reports the prater of the ship, costo busson is suing pharmacists at a long's drug store for allegedly supplying dangerous prescription drugs to the vessel's pilot. fines have totalled over $50 million. >>> there's now more national attention for missing teenager sierra lamarr. the latest on the search for her. >>> if it isn't rang where you are right now, it might be soon. mark will have the forecast in a few minutes. >>> there's someone new in charge of schools in san francisco. >>> the san francisco school board last night unanimously approved the hiring of richard caranza. he has been the deputy superintendent since 2009. he