jackie deangeles has more. >> the u.s. oil boom is on, the production increasing to 9.5 billion barrels a day, up 30% from last year according to the energy administration. and analysts believe the production numbers have room to run. estimates suggest that the u.s. could be one of the world's top oil producers by 2015, boosting its production to the highest levels since 1972. but a new study out by wood mckenzie suggests that this strong supply could turn into a supply glut, that is if the u.s. doesn't start to export some of its product. if it does not export we could see the difference between west texas intermediate at about $30. consider right now the spread is about four. >> i do think the report has validity, but the u.s. is nowhere near energy independence, we still import about 7 to 8 million barrels a day. our number is closer to the 17 million barrels a day we use, and i can't see us exporting at this point. >> there is a lot of talk in washington about lifting the four decade ban on the oil exports, in the wake

. >>> let's get down to business with cnbc's jackie deangeles. od morning to you, jackie. >> good morning, dara. well, investors are awaiting the big event of the day. that is the august jobs report. hiring is expected to have picked up, which is more evidence of momentum in the u.s. economy. forecast calling for 225,000 jobs to have been added, which would mark the seventh straight month of gain above 200,000. unemployment down to 6.1%. >>> meanwhile, apple ceo tim cook tells the "wall street journal" that the company plans new steps to keep hackers away from user's accounts in the wake of that celebrity photo scandal. cook says that apple will alert users when someone tries to change their password or restore i cloud data to a new device. >>> bp is planning to appeal a court ruling that found that the company was grossly negligent in the 2010 gulf oil spill. the decision could add $18 billion in fines to the $42 billion in charges that bp has taken for the accident. that's it for us here at cnbc's first in business worldwide. now back to you. >>

major losses today, cnbc's market pros are here, bob pisani, rick santelli, bertha comes a and jackie deangelese to tell us what the move was on the floor today guys and what to watch for breaking down this selloff. bob, start us off? >> smack on the lows, rather disappointing, coming off of them, looking at the s & p 500, frankly, hopeful there could be buying but no buying energy throughout the day, see ending at the lows, richard fisher, dallas fed, reiterating rates might rise sooner rather than later, spring 2015, he is a hawk, took aim at the high-yield markets, saying we were seeing extreme risk taking, look at these high yield etfs drop on that and that pled into the overall market. there were also risk off here, emerging markets were down, biotechs, solar, the high beta stuff all on the downside. then we had some reports that the russian government may enact, may enact a law to seize foreign assets, certainly not good for europe, you can see what happened to germany on that don't want escalation concerns. no growth already. maybe negative growth if that continued here. that was a big i