michael porter in new york city.er on oil and gas on fracking, and michael porter on america's need for a business that is competitive. funny-- funny quinn, brendan greeley, and tom keene. tom: good morning, everyone. futures flat. let's get back to our top headlines. here is vonnie quinn. vonnie: the world bank's joining the call for caution on interest rates. the bank's chief economist says u.s. economic gauges are mixed. the military fund issued a similar warning last week. the kaiser rates policy could hurt emerging markets. apple is giving iphone users the power to block ads. the feature is part of its new phone operating system. it will be available for safari browsers and block pop-ups on new sites. the system will be launched this fall. jpmorgan's chief snaps back at a leading critic of the banking and distribute jamie dimon says he does not know if elizabeth warren understands the banking system. she says the claim thanks should have been -- time banks should have been broken up after the financial crisis. b

michael porter is a professor at the harvard school and said to be the world's most sighted scholar.y called america's most unconventional opportunity. a win-win plan for the economy, the planet and a lower carbon future. how surprising this has been. in 2005 what did america lock like on energy? >> america was nowhere in terms of this new resource. we had the conventional depleting supplies of gas and then this technological revolution that had been bubbling along and supported by public policy took off. we ended up with being a leading industry producer in the world. >> let's look at the gas production. if you look at this chart, it just spikes up extraordinarily. what i think most people don't realize is that this is also true of oil. if you look at what oil production looks like it's declining, declining and then you see this extraordinary spike. what's this about? >> that's about the technology allowing you to develop a resource that we didn't think was that valuable. that was the oil or gas locked into shale. this took the hydraulic fracturing people call it fracking. the word

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porter spoke earlier on bloomberg television. michaelthis is the biggest economic opportunity that america has for the foreseeable future. this is what is driving whatever little economic growth we have right now. we've got to work through a win-win pathway where we can get this economic benefit while dealing with these legitimate environment will issues. mark: a natural gas extraction project controlled by exxon mobil says it is not to blame for a recent rash of small earthquakes. officials told the state agency they believe this occurred naturally. hour, up in the next half the bank of korea policy makers cut interest rates to an unprecedented low as the spread of middle east respiratory syndrome threatens the economic recovery. a massive manhunt is underway in northern new york state for two convicted killers that escape from the maximum security prison. the number of escapees has fallen dramatically since 1983. the new issue of "bloomberg businessweek" is devoted to the issue of what is code. the american consumer missing in action f