. >> thank you for the eia's annual christmas present of a glowingly optimistic forecast for the future. i'm going to play the grinch who stole christmas by noting that the trend you have noted how natural gas is replacing other fuel sources in many fields, but the trend this year has been for coal to increase its share in electricity generation, which is obviously related to the relative price of natural gas versus coal. we have some anecdotal evidence that the current price of natural gas is not sustainable or profitable for the producers. son, ceo of exxon mobil say that you are losing your shirt on shale gas -- and you yourself predicted the price of natural gas will go up, though only slightly. why is this not the trend of the future, at least in regard to electricity generation, where we return to increased use of coal? >> i will take the first stab at that. is alan here? maybe we will have alan comment on that, so maybe we can pass the microphone over that way. you correctly stated that the relative price has changed between 2012 and 2013. we had very low natural gas prices in 20

onone thing to think about the oil export side is, first of all, eia is not a policy organization, so i don't have a recommendation associated with whether there should be more or less exports of products or crude oil. job is to try to assess what we think the economics drive things towards and to show that within the framework of existing law and regulation. side, product export there really is not a whole lot in existing wall that would prevent -- in existing law that would prevent further increase in product export. there is kind of a natural limit in a sense that refinery , 17 millionthe u.s. barrels a day, would have to be further increased if you're going to see rodda exports continuing to rise at the kind of level or rate that we have seen over the past couple of years. is kind of a natural limit that would come from capacity in the refining industry itself. on the crude oil export side, to are correct that exports canada or permitted fairly easily, as long as the oil is being refined or otherwise used in canada, so oil cannot go to -- forfor export reexport from canada. it's g

. >> eia has been saying i think for -- since 2007 or 2008, that it was going to be very difficult, if not impossible, to reach the 36 billion gallons number. i testified that up on the hill, and i think at least two eia administrators prior to me have done the same thing. what we are looking at in our reference case forecast, what we think can practically be achieved through the combination of what can go into the gasoline pool and what can be produced in terms of cellulosic fuels. there will be more on that coming up. john maples, who does a lot of transportation work for us, is here. howard looked at these issues in detail. i think either one of those would be happy to speak with you after the session here, but basically, what we are saying is that here is what we think is doable in our reference case, and we are as eager as everybody else to see what epa will do with the 2014 ruling coming up. >> also in the back, far right. >> thank you. i wanted to summarize some of the things you did today that were different than what i remember from last year and then ask you questions about t

from eia. the drilling productivity report actually gives us a forecast from this month and next month's production, so when we were locking in the aeo 2014 numbers, we had a pretty good idea back in september and october what current production was going to be and what it was going to look like toward the end of this year. so we are starting with numbers that are six months to one year better for our long-term forecast and what we were able -- than what we were able to do in 2013. i think that is going to go a long way towards improving the near-term accuracy of the aeo 2014, and i'm very happy about that. one of the other conclusions i mentioned up front. motor gasoline consumption, transportation use of fuels in general has added up and will drift down over time. the numbers are shown in quadrillion british thermal units, 25 million btu's is roughly 12.5 billion barrels a day. you can think of transportation being roughly two thirds of u.s. oil consumption and break it down in those percenta

> >i think that's part of the story.i think they are looking for the eia inventory report this week to have 2 consecutive drawdowns. that supercongestion issue in oklahoma is going away. pipelines are starting to move that oil. so the economy is getting better and it's being able to be refined. > >my colleague chuck coppola will be along in just a minute to talk about the volker rules. what do you see in the market? > >the funny thing with yesterday is that nobody's had a chance to dig through the whole document and really no one even knows what the implications are. however, financial stocks after getting hit pretty hard early actually responded quite well in the afternoon. > >larry, thank you. > >you're welcome. angie, with four banking regulators now approving the volcker rule, bank c-e-os will have to attest in writing each year that their bank is in compliance and not taking part in risky bets that triggered the 2008 financial crisis. those agencies include: the f-d-i-c, the federal reserve, the s-e-c and c-f-t-c. they'll now seek more transparency in bank activities and put up mo

. >> and the energy information administration, the eia out with a bullish forecast for the new yearrms of production. the eia expects domestic oil output to surge to 9.5 million barrels per day by 2016, fear a historic high. the report cites a break neck speed of shale oil development. >> for the last 40 years, there's been a ban on exporting american oil. now calls to end that ban are growing. will it happen? if so who might benefit? joining us dan, senior contributor at the street.com and andy of lipow associates. do you think we could get an end to this export ban? >> a lot of warring on both sides because there's billions of dollars at stake here. the winners on the one hand the domestic e and p companies that have invested so much money and had great results in our shale plays we talk about all the time, the balk and eagle ford, all of those areas those people or companies deeply engaged there, will do excellently. their stocks will absolutely spike again. they've had a great 2013 already if an export -- >> do you think it's almost a matter of necessity because we're hearing ab

children old people being killed by the strands and evening and the germans attacked the people that this eia it tends to attack. this is outside the judicial process and these aerial vehicle attack state they violate the sovereignty of yemen and pakistan afghanistan and that even if the person to attack it. a bonafide member of the president and to be untrue to do something that's against the law isn't extrajudicial assassinations and absolutely it or even illegal. cod is gaining ground in the region in recent months out and what is the effective way to deal with that not all this the one has to accept at times our op tragic consequences in times of war that's a surprise how some people would regard this when i stay here if you think they get better at sharing government said its citizens are accountable to its citizens then you can justify this and say well american lives are being protected. in fact if it gets everybody is valuable. and that's unless we are you declare war. when the wind. these killings are hard to justify the era of the colony by leading financial law effective from the t

. >> last year, the eia thought that we would see a small increase in u.s. crude production and actually what happened was it was a huge increase. we're averaging around 8 billion barrels a day. the technology is there and only getting better. so i think this coming year, we'll see more production from crude and that's going to help mlp. >> in 2009, there were only 66 worth a combined $160 billion. today, there are more than 150 companies worth over $500 billion. in fact, 2013 has been a busy year with 20 mlps going public and cash hungry investors have welcomed them. one index showed mlps outperformed the s&p 500 by a wide margin and since mlps are key sources of financing for engineer g energy sources, so is 2014. next year could prove tough. mast near partnerships are exposed to rising rates, a scenario playing out as they scale back the bond buying stimulus program and there is growing concern mlps are increasingly used to shelter a more volatile range of assets like cole producers, shipping companies and in one odd case, even a cemetery operator. high e

and even began to attack the people that this eia it tends to attack and seventeen crew to do something that you consult on the second pic is of assassinations and absolutely a foreign enemy the person on the assignment and i wasn't only about grief and attributes as the town shortly. south africa's them as immigrant population has plenty of reasons to worry about that he check it out of the anti apartheid like it our correspondent investigates twenty oh nine that in just a kid the eye. a the science technology innovations all the latest developments from around russia. the future. i know god. i know. it all. the kids why not. i wonder what's really happening to the global economy with my eyes are the no holds barred look of the global financial headlines to an end to kaiser in to watch on rte. it is a secret laboratory to kersley was able to build the world's most sophisticated world when sean fortunately it doesn't do it all done anything since mission to teach creation wanted to care about humans and the us. this is why you should care. watch only on auntie don't tell the was he seem

it is so certainly the eia israel's prime minister to attend now he said that this is a difficult decision. this was a difficult not to move to make it with another release on and that's what he's referring to the backlash from these families. certainly the families as i said the appeal they wanted it overturned. regardless of whether this move the larger picture could mean peace with the palestinians in the long run to the families that doesn't matter. the united nations security council has met once again to discuss reports of human rights abuse in south sudan. violence is continuing more than two weeks off for a final coup attempt. however the un is still trying to get additional peacekeepers to the country to almost double the size of the un mission in south sudan. cctv stick up a report from un headquarters in new york. one hundred and eighteen sales and accounting the number of people living in camps the conflict at least once but that day the stylist the number children in some leeds united nations compound. it's now estimated that seventy falling tiles the fighting the second life.

it is a great pleasure to welcome an old friend, administrator of eia, to our session which has been done now for the last two or three years. we are very pleased to cooperate on that. adam has been in his current job for about a year and a half. before that, he had a distinguished career for about 14 years both as chief energy economist and before that, energy strategist. prior to that he worked for about 10 years in a similar role. adam is former president of the u.s. association of energy economics and former president of the national association of petroleum investment analysts. he has been on a number of committees, spent some time at csis and also at least two advisory committees in the past year. he has been an occasional lecturer several times here at sais, so we are very pleased to have him back. he will talk to us about the reference case of the 2014 energy outlook. we will perceive with some discussion q&a after that. >> ok, will, thanks very much for the introduction. it's great to see you back here in this role at johns hopkins, and i appreciate very much your words. i d

it is a great pleasure to welcome an old friend, minskyinsky, -- adamson administrator of eia, to our session which has been done now for the last two or three years. we are very pleased to cooperate on that. adam has been in his current job for about a year and a half. before that, he had a distinguished career for about 14 years both as chief energy economist and before that, energy strategist. prior to that he worked for about 10 years in a similar role. adam is former president of the u.s. association of energy economics and former president of the national association of petroleum investment analysts. he has been on a number of committees, spent some time at csis and also at least two advisory committees in the past year. he has been an occasional lecturer several times here at sais, so we are very pleased to have him back. he will talk to us about the reference case of the 2014 energy outlook. we will proceed with some discussion q&a after that. >> ok, will, thanks very much for the introduction. it's great to see you back here in this role at johns hopkins, and i appreciate ver

they do realize that they have to have it because the department of energy, the eia, the energy information says that, basically, fossils will be needed for the next two to three decades, but why they're trying to shoot themselves in the foot and being in denial, and there is a war going on that we're fighting, and it's survival right now, and really, the dependency, reliability of the grid system depends on whether we're going to be successful or not, and we're fighting it. >> i want to ask you also about how the problems with obamacare affect other legislative business, particularly immigration. obamacare's given us a new form of government, the kind of serial revision of settled statutes by executive fiats and waivers and all the rest. given this, why would any republican vote for an immigration bill knowing that the president can and very likely would waive any part or all of it as pseudonym? i mean, aren't you in a legislative branch, you're fighting in washington -- >> yes, i hear it all the time. i'm sure the lack of trust and the disgust that goes on there is high on all ends. the b

eia, they got them. then it was like, alive? yeah, they're all alive, no one is hurt.re like oh, thank god. >> mumford and clayton are taken to the sheriffs station for questioningf over two hour, each of the men confesss to much of what went on that day including why they chose to rob the maynard community bank. >> why the bank in maynard? >> do you know of any police officer in maynard? >> no. makes sense to me. but there is lots of small towns in maynard? >> far enough away from my home and the statistic, financially, for any bank in maynard savings is a very, very successful bank considering the economic hardship. >> that's right. >> so all of these things seems like a logical choice. >> an ak-47, which started with approximately 500 rounds. if i wasn't for me, we would have probably shot the cops instead of getting arrested. >> why? >> i don't know, it's just the way he is, i guess. >> while in custody, mumford draws a map to show investigators how he and clayton pulls off the heist. as he is being led to jail, mumford tells reporters exactly how he feels about wh

so, again, we're going to have to wait for tonight's numbers in the api and tomorrow's eia numbers to at least give us an idea of overall direction. cheryl: i think the nor'easter coming this weekend is going of to have a little bit of effect. have you seen the forecast? i'm sure you have. that's going to be the clincher, i'm sure, for that contract. guys, thank you very much. good to see all of you for the floor show. closing bell, just 50 minutes away right now, here we go on this tuesday. north america enjoying a boom in oil and gas production. so how should you, the investor, ride the wave? coming up next, we have a fox business exclusive with the ceo whose company is rapidly growing player in the domestic energy business as well as, get this, the wireless industry. >>> and the federal reserve and other regulators throw their weight behind the volcker rule, but how much impact will the new regulation really have on wall street? will they hurt profitability? stay with us, we're going to cover that coming up. ♪ ♪ so i can reach ally bank 24/7, but there are no branches? 24/7. i'm so

traders are expecting this week's eia inventory is going to show two weeks of consecutive drawdowns. remember that super congestion story we talked about last week and week previous. we have pipelines, seaway xl starting to move a lot more oil than anyone expected. it will start to draw down faster and very furious to refineries. all of sudden we're going from glut to having not enough oil. it will cause the price to go up. you can also see the spread between brent and wti coming in quite significantly, about six points in the last two weeks because of that lack of congestion. cheryl: you know, tom, some of the stocks plays you're looking at are interesting is technology. technology and financials are two of the strongest sectors for 2013 performance. >> sure. cheryl: what is in technology, do you have any concerns about specific names or favorite name you can tell me about? >> you know in general i think that our concern is a lot of the momentum names, whether a google or facebook that has seen strong gains this year really don't have i think the staying power this next year to move

combine that with, combine that with healthy pmis out of the united states yesterday and also the eia report coming out tomorrow, people are expecting a 700,000 draw, i think you add that to the fact a lot of short-covering by those nasty speculators who drive down the price of oil, are driving it back up. liz: by the way, stuart varney's show, "varney & company", will have those numbers the second they came out. 10:30, right, larry, 10:30 a.m. eastern? >> yes, ma'am. liz: robert, let me ask you, is there an energy name that is your favorite right now as you the stock-picker of 2014 looks into some of these names? >> well, there's several, but the one that comes to top of mind is devon energy and devon is one of the largest, oil, natural gas producers in the u.s. they have nearly doubled their capacity in the last couple of years. and they have consistently raised their dividend for years in a row. i think that is, that the pick right there when it comes to energy. david: robert, you know the interesting thing about you you are a bull but at the same time you think we are in a bubble

that and tomorrow's eia inventory report will show the first drawdown in supplies since september.2 right now. all your metals are down as is the dow, down about 139 points. we'll be right back. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutuafunds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses she loves a lot of it's what you love about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms obph,

eia has been saying since 2007, 2008, it would be very difficult, if not impossible to reach the number. i think prior adventures have done the same thing. is on oure looking at reference case forecast, what we think can practically be the combination of what can go into the gasoline and what can be produced in terms of cellulosic fuels. there will be more on that coming up. john maples is here. howard has looked at these issues in detail. i think either one of those would be happy to speak with you after the session here, but, basically, what we are saying is here is what we think is doable , and weeference case are as eager as everybody else do with theepa will 2014 ruling coming up here it -- coming up. right.he back, far >> thank you. barclays research group. i wanted to summarize some of the things that you did today that are different from last year, and then pose a question about those trends. if i have the numbers right, you have about 20 -- >> we are leaving this not to take you to capitol hill to look at a hearing on violence in the central african republic where the death tol

eia is projecting that by 2040, 35% of electricity will come from coal and 30% from natural gas. but i would note, however, that predicting these sorts of things is highly speculative. we know there's some pending rule makings by the ep ooh,, and depending on how those come out, it could have a dramatic impact on how these futures play out. such nationwide projections also tend to gloss over the very highly regional nature of our energy and electricity grid. some regions of the country such as the central appalachia, the south are much more heavily dependent on coal and others, so the implications of fuel switch have a much different impact depending on where you live. the commission is heavily engaged in the work of assessing these fuel mix changes and responding to the regional implications of it. for example, ferc has undergone significant efforts with regard to the implications of gas-electricity interdependency that commissioner moeller mentioned as more electricity generators simultaneously turn towards natural gas as a fuel source. this effort is important nationwide, but

. >> eia. >> well, triumphs, leslie, it's so happy to see the both of you.hat's a great story. thanks, savannah. >>> we know leslie wouldn't give back her christmas gift. if you have something you want to return. a money columnist for good house keeping magazine. carmen, good to see you. >> good morning. some places have better return policies than others. you picked three of your favorites. >> absolutely. here are my top three four returns at the school. number 3, cvs. you can return 100% on store brand poukts, also, all beauty products, even if it's opened and used. not necessarily cvs brands. >> how about nordstrom, another one you like. >> these guys won me over years ago, bought a pair of boots, let's say they did not fit after the baby was born. so a year later, free shipping on returns. no time limit. >> your favorite, number one is kohl's. >> no receipt, no return, always return, for the time limit. people return anything. if you don't have a receipt, you can get a corporate refund or an exchange. >> you got tips as we move down here. there will be s