director general said in a statement that the iea is ready to resume work. inspectors will monitor facilities on request. inspectors were first dispatched in 1994. they were expelled in 2009. south koreans, of course, have a greater stake in what happens on the peninsula they share with their northern neighbors. their leaders, too, have welcomed the agreement. a foreign affairs and trade ministry statement expressed hope that the north koreans will follow through on their promises. steps towards denuclearization are a precondition. the statement says south korea will cooperate with countries involved in the talks and said pyongyang's announcement reflects the close work officials have done to resolve the nuclear standoff. japan, too, takes part in the six-party talks. the foreign minister says the announcement is an important step towards resolving a number of concerns. he said in a statement that he hopes north korea and the u.s. will be able to work out the details smoothly. he said japanese government leaders would like to see a resumption of the talks an

i think one thing to say also is the iea and the role of the iea, i think there has been a drift in recent years for energy policy's that's become unilateral and bilateral when clearly multilateral response works better to these aspects, and it's worrying to us over the past couple of months that the potential effectiveness of the left controlling the heated marketses, might be deluded by the move towards unilateral and bilateral energy policy when we should be building up. iea rather than underminding at it at this point. >> thank you. the reason there's an energy bureau is because the u.s. senate encouraged it to have an energy bureau, and that is a difference to have that clear component in foreign policy. >> i'm sure that was driven by senators who ably lead this committee, and i would -- well, timely just propose to my colleagues that we could go back to the bingaman produced in the last congress and move forward. there would be a lot of positive results on this topic we're discussing today. thank you, mr. chairman. >> thank you. >> thank you, mr. chairman. i thank my colleague for th

we now have a stronger iea, though not nearly strong enough. we have a u.n. resolution 1540 that requires every nation to take care of their nuclear material. so we have a lot going on. one they think that people don't know about, and i always think -- in this grim subject, we need to have a little bit of encouragement. one of the things that gloria and her team helped negotiate, we hope with the help of the nunn/luger program, ukrainians didn't want to give up their weapons without giving some economic benefit, and highly enriched uranium is worth money. you can convert it into nuclear

we now have a stronger iea, though not nearly strong enough. we have a u.n. resolution 1540 that requires every nation to take care of their nuclear material. so we have a lot going on. one they think that people don't know about, and i always think -- in this grim subject, we need to have a little bit of encouragement. one of the things that gloria and her team helped negotiate, we hope with the help of

according to the iaea, or the iea, delaying action until the end of the decade will quadruple the cost of the global economy. they understand under funding super fund sites costs will effect the environment. it's not too much to spend on clean air and clean water and a healthy environment and i believe it in fact may not be enough. >> mr. barton, are you ready now? >> yes. >> governor from texas. three minutes for an opening statement. >> thank you. i want to give our administrator an "a" for attendance for appearing but not for your performance because i think you have tended to evade our more direct questions. today, chairman whitfield, and the two sub committees will conduct a hearing on the epa's 2013 budget. epa has over 17,000 employees, they have a budget of over $8 billion. you would think that with that much manpower and that many dollars they would be able to answer some of the questions that this congress has been asking of them for the last year. you have to comply with the president's order that requires that regulations promote economic growth, innovation, competitiveness

certainly an attack would motivate kicking out iea inspectors and rapidly rebuild the clandestine infrastructure. four, still time for diplomacy. unprecedented sanctions and iranian leaders signaled willingness to return to the negotiating table. it won't be easy but an opportunity exists for all sides to chart a new course and step back from confrontation. the immediate goal should be to reach an interim confidence building agreement that stops iran from enriching at the 19.75 percent level and ships the stockpile out of the country in exchange for fuel for the tehran research reactor. the confidence building arrangement at the deeply buried enrichment facility near the holy city. this would go a long way towards easing israeli anxieties that drive a potential strike this year. a final diplomatic settlement, rights to a program under the nuclear non-proliferation treaty would be more difficult to achieve. unlike military action it is the only sustainable solution. as our diplomats work with other members of the p5 plus 1 to find a solution to the iranian threat, congress needs to avoid taking s

i think one thing i must also say, it's the iea haseen adrift years for energy policy to become a little unilateral, a little bit bilateral when clearly multilateral response it will work better to these kind of aspects. it's been worrying perhaps a little bit over the past couple of months that the potential effectiveness of some of the levers that are left to control the markets might have been diluted by this move towards unilateral/bilateral energy policy when perhaps we should be building up undermining it at this point. >> if i could add one other thing to follow up what howard says, the u.s. state department now has an energy bureau, and the reason i bureau is because the u.s. senate encouraged it to have an energy bureau. and that is a er a clear compon foreign policy. >> i'm sure that was driven by senator binghaman. i would finally just propose to my colleagues that we could go back to thebing hamman product we produced in the last congrs it forward, we would see a lot of positive results on this very topic we're discussing today. thank you, mr. chairman. >> t senator. senator

we'll be speaking to the executive director of the iea. that's first on cnbc in just around 50 minutes' time. so we'll stay tuned for that. jackie. >> hey, becky. the fed says 15 of 19 u.s. banks have passed its latest stress tests, releasing the results two days early. that may have been forced by the fact that jp morgan announced around 3:00 p.m. time that it will pass and boost its divid d dividends and buy back millions in stocks. four banks failed. citi, ally financial, metlife and suntrust. others are boosted dividends. the feds say total losses under the doomsday scenario would be $534 billion over two years. cit citi,al ly aa a citi,ally financial, metlife and suntrust. >> he's the global head of gt epic strategy. i want to talk with you in terms of the reaction of what we saw yesterday. some people were called it a market melt-up. we saw the dow up by 217 points and we saw a lot of action in stocks and the financials. we saw jpmorgan wigan the announcement, prompting the fed to do something it wasn't prepared to do. what's your re

you need $1.5 trillion every year according to the iea to ensure that increasing demand around the world can be met. >> okay. and certainly here in the yunitd states we're talking about israel and iran very closely. some saying israel could strike before the november election. what are the powers that be on the ground saying about the potential for that? >> reporter: well, definitely still a talking point and a lot of jitters here as well and this has been going on ever since the escalation and rhetoric and the series of tit for tat action between the two spheres really and the consensus is that at the moment it doesn't look like it in terms of an escalation. i mean, we did see different statements, more conciliatory gestures from both sides in the last few weeks but at the same time tensions do remain high. it is seen that the united states does not necessarily have much of an interest in starting an attack right now, that there's a lot of war fatigue in the u.s. and that israel is trying to push this more than the u.s. is. and that given the state of the global economy and given the fr

was a meeting in washington that the national iranian american which was attended primarily by the ex-iea chief who recently testified in conflict with a lot of propaganda about a rant there from arguing that the robert kelley and former dod official obama: coyote. but they went through with that especially about the november 2011 iea report, which contained allegations and the fact that the allegations came from services that were not verified by iaea. by iaea. and blake said a lot of intelligence about iraq way back in 1990s did and blake said a lot of intelligence about iraq way back in 1990s did not use it in the u.n. security council because it was unsubstantiated. and also said -- the spin i.t. of a question here because i'm trying to keep up with you. >> one quick point. >> japan has a lot of pattani and stockpiles, but is not built a weapon. mccoy has been conducting nuclear explosive tax. [inaudible] >> my question is where do you stand very clearly on iran and the question of iran quake spent on the question of iran, okay. and i understand the direction you are taking there. and

. >> are these sealed by the iea. >> yes. >> can i see what the seal looks like? >> yes. let's go.g to the iaea director general, after i finished interviewing him he said make sure you see the seals. >> you have the seal and the seal twice. >> i see. okay. >> so when it gets back to the united states, we take the iaea seals off and mail them back to the iaea and that ensures nothing has been tampered with in the transportation route. >> y 12 is an american facility. >> yeah. >> i think i thought the seals were going to be locks. i thought they were going to be big intense physical barrier. >> the seals themselves are intended to show that no one has tampered with the packages since they were packaged. >> if you open this up this would have to come off. >> that's when you know this is a problem but it is not necessarily ended to prevent access. that's what the bolts are from. >> the empty one has no iaea seals. >> no. >> these are the same puppies that will be on the plane with us tomorrow? >> yeah. these are the same casts that will be on the plane tomorrow. >> puppies is the word

relief when we saw the tapping of the spr and some of those strategic reserves coming out based on the iea report last year. again, it was a short-lived price relief, and we'll probably see the same thing if we do in fact see a release from the spr. back to you. >> all right. thank you so much, sharon. the dow seeing its seventh straight gains today. the s&p 500 broke through the key 1400 milestone for the first time since june of 2008. how should you be investing. >> ben pace is back with us again, u.s. investment officer with deutsche bank private wealth management. jif moffit joins us as well. lead portfolio manager of the scout management fund. ben pace, nasdaq 3,000 now s&p 5001400. does that matter at all to you when you're putting a portfolio together? >> those kinds of milestones are great to pass. but really we're looking at things like valuation and trying to struggle with whether we're in a mode where price earnings ratio can continue to expand here. >> the fact we're hitting these multi-year highs, does that make it more expensive? or are we just playing catch-up after the fina

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the iea expects to average 36 cents per gallon above government gasoline prices in 2012. the prices are affected by world demand growth in other distillate fuels, particularly in the emerging economy and that has outpaced gasoline demand in recent years. in conclusion, while the cia doesn't take the policy positions it has often responded to requests from this committee and from others from the data and special analyses and i want to assure you we stand ready to respond to such requests over the coming weeks and months bring the member murkowski and distinguished members i would be happy to answer any questions you may have. >> dr. yergin, go ahead treat stomach mr. chairman, ranking member murkowski, members of the committee, it's an honor to be here. obviously this is a very timely hearing and i am very pleased to be part of this panel in terms of trying to sort out the questions of what is happening with the gasoline prices. senator bingaman and senator rakowski have outlined the problem that is on the table to be addressed in terms of where the gasoline prices are now

so you have a kind of line in the sand being drawn by the iea. you have a confrontation which could really play big in the june report. that said, i don't think any of this will impact the diplomatic process, and i've been told that by people from several members of the p5+1. and, first of all, it's not new that iran is cooperating with the iaea, not new that they're hiding work the from the iaea. and i think there is a divorce between the diplomatic process and the iaea operation. so whatever happens unless they happen to discover that iran is actually working on a bomb somewhere, it will not effect the diplomatic process and the effort to get talks going. >> in the middle there. please wait for the mic. >> i'm ray mcgovern from veteran professional intelligence for sanity. >> please speak up, sir. >> okay. i see a kind of surreal aspect to this discussion. there are two elephants that are in the room that are either referred to by your mitches -- euphemisms or not referred to at all. one is the euphemism, domestic political considerations. what

in iea, international atomic energy -- atomic energy agency, they have a skill called in this, internationaluclear events go which is from the lowest one tie seven. seven is the most. one is the most minor. and 3 miles 30 years ago, this classified as number five. together with chernobyl it is level the seven, the most serious. however, there is a great difference between the two because nuclear reactor itself did not explode. it was an explosion of the house around it by hydrogen. it was not an atomic nuclear explosion. the other is that there was a continuation of around the atomic a clear reactor. so because of that these two reasons the level of radioactive material in fukushima is one seventh of chernobyl. there was no immediate death toll from fukushima, where as in chernobyl there was 31, in the death toll in there were a lot of people affected cajon. so that is the grave difference, even if they are the same skill. ..

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on that front it will be the news we get out of the iea and others and how that plays out. >> good toee you as always. the inside story of bp. jackie? >> meantime, in other stories we're following, a major oil pipeline will be shut down until at least thursday because of a car accident. enbridge says the two cars crashed into each other early saturday morning and hit an aboveground section of its 1464 pipeline southwest of chicago. the line normally handles about 317,000 barrels of oil per day t. could put further strain between canada and the u.s. and the death toll from this weekend's violent storms in the midwest and south is now 39 with the major in kentucky and indiana. one tornado that struck the town of henriville packed winds of 175 miles an hour. the insurance industry is facing significant costses less than a year after a string of tornadoes caused some of the worst losses. they say this year's storm season is already running 30% higher than the average typical year. >>> still to come on the program, we'll look at the trading day ahead on wall street as investors await febru

wanting to, you know, tap the spr with the permission of the iea and opec with the purpose of counterbalancing you know, to help the nation's economy recover? really nothing. americans don't realize that problems takes a long time to be created and solutions take a longer time. that's why a lot of americans are buying that shaky weight to lose weight. it's not working. you have to do cardio and you have to eat right. >> i can attest to that because i got one for christmas. >> oh, carol, carol. >> and it doesn't work. >> eat rights and exercise. >> i'm tryinging. patricia. >> americans understand every time they go to the pump that it costs more. they understand that it takes money out of their wallets. i don't think they fully understand will's point that the president doesn't have a whole lot of control, certainly in the short-term. but it wouldn't be the first time that the president released from the oil reserves. he's done it before. he did it during the libbian crisis. but there's so much more that goes into it, the rise in india and china, the diminished value of the u.s. dollar. there's

we have iea inspectors on the ground. we know they have not made that breakout move or is acquiring nuclear weapons. -- towards acquiring nuclear weapons. we will continue to work with our allies to ratchet up sanctions. to isolate the gene and the price they are paying is high and low the higher. that is a policy we are pursuing. >> on the president's call with sandra fluke -- was he made aware of rush limbaugh's comments? >> yes. >> what does he think? >> i think he thinks they were reprehensible. they were disappointing. it is supplanting that -- disappointing that that kind of personal and crude attack could be leveled against something like this young law school student who was simply expressing her opinion on the matter of public policy and doing so with a great deal of boys. -- poise. >> is the president frustrated that of the republicans have convinced the other republicans that he is too tough on israel and too soft on iran? >> as you know, but for some folks, there is an overlay of domestic politics here. i know

do you see any new window with the indication for iea inspections and how did you assess that situation? >> thank you very much, mr. schiff. russia and china on the security council. their behavior to protect the assad regime has been reprehensible. i think, frankly, they have heard that message from the entire international community, not just from the united states and our western partners, the entire arab world and the majority members of the united nations. soon after the second double the though -- double veto the assembly took a more or less the same resolution that was blocked in the security council. a very small handful, i think about eight countries, voted no, and they included russia, china, venezuela, zimbabwe, north korea, iran and syria. it was company that one -- it is company that russia and china do not typically want to find themselves in. that has been followed by strong action from the human rights council and repeated international unity with the glaring exception of russia and china on issues related to syria. i think the combination of that kind of isolation has g