and it is in libya you got it exactly and so we'll have to have to see what happens the energy information agency earlier today said that they do intice a paper that demand will increase somewhat being a little bit more than supply going into next year but there's nothing on the horizon that says that we're going to have some wholesale change in oil prices that doesn't stop the bank researchers by the way from making predictions goldman said in the last couple days down to forty. dollars in the near term city said up to sixty dollars ideas if you just get so frantic when they get in this is that like you know a new show you got to fill your rundown with information but it's got to be correct information you know what's up with the come on oh and trust you know it's maybe an off the air conversation from somebody who looked at what the research arm some of their banks predict and then how their traders go and trade on that so maybe maybe at some time in a different form i'll explain i got some coffee and talk about that let's move to retail sales huge component g.d.p. what are we looking at so far

just sort of breaking news from a few hours ago when opec put out their monthly porton the energy information agency put out a report that the saudis and as you recall opec along with some other nations had a cap of one point eight billion cutting production by one eight billion per day the saudis exceeded their own cap there the adults and they're the ones that are supposed to be leading this so some of the other opec and non opec participants in this production cut may be looking at that part of the reason by the way are opec members who are not a part of the deal because they were exempt and is leaving area in libya you got it exactly and so we'll have to have to see what happens the energy information agency earlier today said that they do intice a paper that demand will increase somewhat being a little bit more than supply going into next year but there's nothing on the horizon that says that we're going to have some wholesale change in oil prices that doesn't stop the bank researchers by the way from making predictions goldman said in the last couple days down to forty. dollars in the near ter

place in the last week, but today it has been trading up following news from the states the energy information agency cut its production forecast for next year while api data shows a large drawdown in inventories. steve is at the world petroleum congress in istanbul and are things finally looking up for oil and oil traders >> it's looking up at the moment, but i think we're hanging on to every single piece of data. so let's get straight to one of our best guests bob dudley boss of bp. bob, always a pleasure speaking to you let's get straight to these comments you made to the congress just a few moments ago gee. it echoed something that you said to me just down the hallway in october, and that is that you think the market is already in some form of balance as well we hear a lot of people saying about the balance in the market saying it's not quite there yet. what do you believe it is in balance? >> i think uses the word balance and they forget different tla it means different things to different people to me it means on a daily basis production and demand is equal so the market is in balance, but inve

you're even cutting the energy information agency, 3.5% which provides information about our country's energy situation. energy efficiency, 69.6% cut, office of science 17%, those are national labs. by the way, 56,000 people that work for the national labs and the budget i'm quite confident is largely personnel. so a 17% cut in a 56,000 person agency is about 9500 people. now probably there are other areas that can be cut. to come here and try to tell us that you're about sound science when you're cutting these -- the very departments, very portions of your essential agency that are going to give us the science is just -- is it doesn't pass the straight face test. you and i were governors together but you've been sent on a suicide mission here. i want you to go back and tell the people that are pushing you to do this, i can't do, it's not responsible. you can find a question in there, you're welcome to it. i was hooking for it, sir. >> how do you justify giant cuts, you can't cut something and say you're going to find efficiencies. governor, here's what i would tell you, is that if we'

rpe, 93% essentially eliminated and you're cutting the energy information agency 3.a% which just provides information about our country's energy situation, energy efficiency, 69.6% cut. office of science, 17% and those are the national labs and by the way, there are 56,000 people that work for the national labs. the budget, i am quite confident is largely personnel. so a 17% cut in a 56,000 person agency is about 9500 people. probably, there are other areas that can be cut, but to come here and try to tell us that you're about sound science when you're cutting these, the very departments and the very portions of your essential agency that will give us the science is just, it doesn't pass the straight face test, mr. secretary. you and i are governors together, but i think you've been sent on a suicide mission here and i want you to go back and tell the people who are pushing you to do this, i can't do it. it's not responsible. if you can find a question in there, you're welcome to it. >> i'm -- i was looking for it, sir. >> well, i want to know, how do you justify these giant cuts and don'

are particular amendments on subjects that range as far afield as the sioux locks and the energy information agency, which we will get into in a moment, water projects that are some of the biggest job creators across this country, let's not lose sight of the big frame. and the big frame really is that this is a bill that makes america more secure and that allows us -- that allows us to make progress here at home from coast-to-coast. all of our ports, all -- from coast to coast. all of our ports, all of our water infrastructure that is so vital, the great lakes region and our coasts, the challenges in the everglade, these are issues that all of america cares about, particularly when it's in your own backyard. so this is a really important bill for the country. it's not the largest bill that is considered as part of the appropriations process, but it is one that is extraordinarily important. and of course over half of our budget deals with our nuclear sure that making ist great asset that we have maintained and is finest in the world and is the best managed. so this subcommittee has quite a jurisdict