oil now with declining output from oil from the north sea what does this suggest for the future of the u.k. economy especially for city of one and how that is that worked out well. there were two big things that made our economy strong in the eighty's and ninety's in the early part of this century max one was the exponential growth of the financial sector and the other was the revenue generated by north sea oil now the financial sector perhaps rightly is in deep deep trouble and now we've got the declining oil . receipts so you know where's the where is the economic growth going to come from is it manufacturing because manufacturing in this country is so heavily regulated and basically we outsource everything to china all devolve into the north sea oil field coincided with the so-called thatcher revolution if you took north sea oil out of the equation where the bang bang in the city of london and the stature movement would it have been anywhere near a successful i don't think so people always point to the growth of the financial sector but they they ignore the huge revenue that

the bombers were going over the north sea at 300 miles an hour. the measure smith's were coming at them at 500 miles an hour. they would be a tiny speck on the horizon to all the reisner all of a sudden shooting shooting past the. here's cronkite would never shot one of these things before, except for a couple -- trying to hammer away. i want you to think about this. all the other b-17 during the formation. poor bigart was tormented the rest of his life worried that you'd shot them robert stilling. they weren't close in the formation but bigart was tormented by all that. >> did they write obits? >> yeah, well, right. the amazing story that chip's dad, he had been up for about two days and then of writing what became the famous assignment to hell lead, the one that completely transformed his reputation. was then, and then went on, interesting, that night february 27, the day after the raid as he is composing his story, cbs calls, and a guy named john charles daly, does anybody else remember? man, you've got to be old for this. what did he host, doe

brent north sea crude is 115. we're, west texas intermediate which is our national crude price, is under 100. so it is 15% cheaper than the global price but our natural gas is 75% cheaper. you look at today's natural gas price, about $2.75. you look at tokyo. $18. beijing, $15. the mideast, $1. europe 13. so, we are just a fraction of the natural gas price and our gasoline price he is half of the price of europe. adam: we are certainly blessed with an abundance of natural resource when it comes to energy the i want to ask you. mitt romney actually outlined policies he would put into place if elected. for instance, giving states more authority over drilling in federally controlled lands. what do you think of that idea? >> i think it as you good idea but he's got a good plan. it came out last week and but it's a good plan. adam: and as far as natural gas, i know you've been a proponent of fracking and of the country going more into natural gas. do you think, if we do that we can fulfill mr. romney's pledge that we'l

after one and a half days of partying as they cross the north sea germany's olympic squad arrived in hamburg to a heroes' welcome. >> thousands crowded into hamburg's port to welcome the olympic squad home. their journal back from the river thames took 11.5 hours. the mood was relaxed, although it was perhaps a little early for some. many of the athletes hadn't slept much since leaving london on monday evening. after months of hard training the journey appears to have been one long party. and there was some nifty dance moves and acrobatic in the pool. today it was back to the serious stuff. the athletes were welcomed by hamburg's mayor and city officials, and they showed off their medals for the crowd. >> it's a great feeling and amazing atmosphere. there are masses of fans. they followed us the whole time as we were coming in. it's a great feeling. it's great to get the recognition. >> reporter: there are more celebrations in hamburg, autographs for the fans and reception for the athletes. >> fantastic. the german national soccer team is preparing for world qualifiers against acting

they're in the north sea. they just did a deal. selling a minority. very interesting company. >> thank you. nice to have you here. >> thank you. >> there's more on investing in different companies on our website. head to investingin.cnbc.com and check it out. simon? >> let's pick up the theme there of oil. it is actually catching the eye of our producers down at the moment. oil is falling. we do not have a reason for that at the moment. obviously with' lly we're calli people at the trading desks. now courtney for a market flash. courtney? >> hi, simon. want to draw your attention to shares of general growth partners. the shares are climbing even higher still according to an s.e.c. filing. ackman calling for them to put itself up for sale. ackman made $1.8 billion, a return of a thousand percent on this investment. back to you. >> extraordinary. thank you. >>> it's time now to grade wall street. up next on the show. we're going to be analyzing the analysts on today's list, safeway, immunex and webmd. marijuana and the politics. according to a harvard e

globally, a hurricane threatens some offshore mexican oil production, and north sea oil production is expected to drop to a record low next month. chesapeake energy rallied 9.4%. earnings were up, and it said it will continue selling assets helping pay down debt. cabot oil jumped 5.1% to close just below its highest price of the year. and refiner tesoro is at a new 52-week high, up 5%. tesoro may see business pick up thanks to a fire last night at chevron's refinery in richmond, california. but the market didn't seem too concerned about the damage. chevron stock gained a fraction. it's refinery outside san francisco handles 10% of the refining capacity on the west coast. we have a closer analysis of chevron's stock chart on our web site, www.nbr.com. you can find it under the "blogs" tab with michael kahn. reporting results after the closing bell was priceline.com. the travel web site earned $7.85 per share, well ahead of the average analyst estimate. despite the worries about europe and a slowdown in china, the company saw its international hotel bookings. shares were up 2.2% in anti

doubted in the stars is spanish noir about the starkest still and says that he's going to merge in north sea with the un international court today and ourselves is not allowed to leave ecuador. also as i spoke to a whistleblower and human rights activist craig he says smear campaigns against those revealing embarrassing state secrets have now become common practice. i think unfortunately there's a long history of whistleblowers being smeared and charged with crimes on the latest of a whistle blowing because obviously it's quite difficult for states to convict people of telling the truth about state's misdemeanors so what you do is you. have the charges very often sexual charges because that destroys the personal reputation colophon offices. units attempts to back down because it's found to sell so diplomatically isolated it most certainly did say about both in person and in writing to the government of ecuador. the very moment it was saying about fifty policemen moved into the building but not into the actual plant containing the ecuadorian embassy but moved into the fire escapes there's no

brant this hour up more than one dollar now basically supply concerns are to blame supply of the north sea crude is at a record low and sanctions affect the rainy and output so therefore we are seeing this positive trend. right well financial troubles across the globe are not hampering the moods of a limb pick champions they're taking back remind of the achievements they're taking back gold medals and governments in different countries offering different incentives for those who are stronger faster and. build the reports. the olympics is now over for the winners they have a permanent reminder of their victories a big shiny metal but what can the champions expect in financial terms when they return to their homelands well that depends on the individual and national limpid committees who award their own sports stars the us was a country with the most gold winners on the victorious at these cannot expect a bonus of twenty five thousand dollars when they get back to the states in total that is one point eight million dollars that the u.s. government will be dishing out china hasn't revealed it

it comes to brant that's the highest in about three months supply concerns as usual supply of the north sea crude is that of record a low and sanctions affect the arabian output as well financial troubles across the globe don't seem to be dampening the olympic games this year the governments of participating countries will pay millions of dollars to those who brought in the medals russia might be number four when it comes to the medals table but it's the most generous when it comes to paying its athletes artie's katie fielding has all the details. the olympics is now over for the winners they have a permanent reminder of their victories a big shiny metal but what can the champions expect in financial terms with a return to their homelands well that depends on the individual and national limpid committees who reward their own sports stars the u.s. was a country with the most gold winners and the victorious that these can all expect a bonus of twenty five thousand dollars when they get out to the states in total that is one point eight million dollars that the u.s. government will be dishing

it's about down to dinner stars the spanish lawyer about his own says that he's going to emerge in north sea with the un international court if julian assange is not allowed to leave ecuador. well laura smith also spoke with a pool with and he's a member of the u.k. independence party he believes that the us is a carrying out a vendetta against a songe opportunist foreign ministry has embarrassed the country and in the in the eyes of the world it's such a turnaround from last week where we were all so proud to be british and now this week because of the actions of one poor foreign secretary we have to hang our heads in shame i mean this whole thread made against the best legal advice of violating another country's you know territory in service of a european arrest which hasn't even been properly filled out and on a case where there are still no charges have been laid my feeling is if nobody in the british government has has the courage to stand up against you know this this european arrest warrant then the best thing we can do. is pass it on to a nation which clearly has found some courage t

filled in the north sea and on expectations of more demand for the northern hemisphere winter said all right speaking of want to take. a look to russia's long haul to scramble to join america's next. top of also get in on the ice the agreement says india would pay a premium for. tasher expensive drilling on the permafrost. needs to find new deposits fall off to regain the top spot back in fifty five or. so right back with the headlines in just one major countries to stay with us here in alt. wealthy british style. markets why not. come to. find out what's really happening to the global economy with my strong.

field in the north sea and that's one of the times will for now probably that is indeed the world markets i'll be back in about fifty five minutes. well good i'm sure the apple shares will jump up again as soon as the new i pad comes out but will be looking out for that thanks for the update ride. shortly we discover more about israel's settlement building in the west bank and why it's illegal under international law i'll bring you a recap of today's top news in just a few minutes stay with us.

now it appears those situations -- north sea production is coming back, as was planned. iranian export situation is being dealt with by higher supplies from other countries. and it looks as if, although it's very hard to tell, that a literal explosion in iranian situation is less likely than we might have thought a few weeks ago. on the other side of the balance, as you alluded to, the economic outlook if anything seems to be getting less and less positive as time goes by. so, demand is softening, although it's still growing for oil. prices should slide. >> what slightly worries me is if we have -- the weakness of the economy we have with brent, albeit for reason neil points out for these, what happens when the world economy recovers? >> the recent increase in oil prices is having a further dampening effect on economic. we saw weaker reading in u.s. economy, i think due to gasoline prices. i think further increases in headline inflation don't prevent central banks to raise interest rate thes may be -- >> is energy going to be a stabilizer -- is it going to be a choke on

the state-controlled oil company said it discovered a high quality oil reserves off the north sea, off the coast of southern norway, which contains an estimated one a hundred and 47 millionto 270 million barrels of oil. >> about 30 earthquakes hit seven california. most of them small to moderate sized. the strongest magnitude 5.5. only minor damage reporters of four. no reports of injuries. seismologists say even more tremors are expected in the coming days. >> one thing we rarely have to worry about -- but can't say never because we had recently. >> it is one of the things, i was watching a special on the earthquake that hit japan about a year ago and i said, one thing i've never experienced as an earthquake. then i said, wait a minute, i did experience one about a year ago. first of all, let's look from our rooftop camera. a little bit of clearing off to the west. still fairly gray and cloudy morning with areas of thick fog. also some spotty, light showers in charles county. a bit of light brown hair and their mainly in charles county. 54 in winchester. frederick, 58. dense fog advis

just take in the north sea they have a couple of oil fields shut for maintenance. that has caused a pop in the crude price. the fire at chevron facility, 42 cent as common in california offer the last six days. it is that kind of year thing that can happen that could spike things. i think the economy is too weak because gas prices are too high. had a correlation between high gas prices and weak economy. >>neil: okay, john. try to have a good weekend. good to see you. and seniors hate paul ryan's medicare plan so much why do some hope he kicks some ass? >> he saved the olympics and made our country proud. that is duty. >>neil: you are watching paul ryan holding a campaign rally as we speak. the big challenge is coming tomorrow. that when he takes the medicare fright to the villages, a huge retirement village in florida trying to fend off attacks he is throwing granny east -- off the cliff. my guest is thought worried about throwing granny off the cliff. she 187 years young does not take kindly to the attacks attad joins us from warren, ohio, where she ran into ryan

north bay hills. we have sprinkle and that is a picture we can overnight. tomorrow seahad festival the san francisco. partly cloudy in the afternoon but mostly cloudy early in the day. get mailed in the afternoon up to 65 degrees so get out sample the great vendor food cool breezy in the evening. here's 7 day forecast after tomorrow cloud dissipate we have sunny skies on sunday monday. high pressure climbing back up to about 90 inland then tapering off that the 80's during the week. >> excellent thanks very much. >> larry here with all the sports tonight and talk baseball. >> the giants trying to back into first place tonight. comingers lost. that's good news. no problem. matt is news. no problem. matt is oh, come up tonight at 11:00. woman wins ugly back yard contest to get a free garden make of. but 11 months later still unfinished. 7 on your side michael look noose what happened. >> you hear from the clown literally the clown who had steve jobs stolen i-pad. 7 news at 11:00 over on channel 7. weird story. larry is here. >> you spared me the clown parting shot. speaki

but he's been trying to risk getting home in the north sea everyone is going and over. he had done that once and they wait for years literally for an opportunity to get through the channel eventually he doesn't do that and he goes through denmark and it's at the time that england is about to bomb copenhagen and they take everyone that is english and throw them in jail, doesn't matter who you are. so it was inadvertent. but i think clearly there is one guidebook of his library that survived the fire. he makes a margin and one of the things i found most serious was a sort of direction about where he should buy his canoe if you are going to go into canada, and i thought that is so strange that he is actually that interested in the logistics to travel over here. but i think was mostly seasickness and then the other question which was also in a lot of ways smithson himself and how short the directive was it makes it possible for every secretary to sort of have their own interpretation validated. they can meet smithson do whatever they want. so, everyone has done things that

part of this rally that's being driven is on concerns of supply in the north sea.f maintenance going on in the oil fields there. you're not getting the normal amount of oil you would. the obama administration could make -- it is political, but they could make a plausible cause that because of north sea production snafus, we need to release barrels here to get more oil onto the global market. they do have plausible cause right there. >> stephen, thanks for your time. appreciate it. >> thank you. >>> a very heartfelt ringing of the opening bell today. we're joined by mr. america's cup, dennis connor, recently voted america's greatest sailor by his peers. welcome to the program. congratulations on ringing the bell today. >> simon, thank you very much. it was a great thrill and honor to be here. >> so you won the america's cup four times. >> yes, i have. >> which means -- >> thanks for not mentioning i lost it a few times, too. >> you lost it and you got it back again. >> the queen lost it in 1851. >> you lost the cup but you managed to win it back again. >> i did. it

couple posing for wedding photos and the groom decided to surprise the bride, throwing her into the north sea was cold and choppy, but the good-natured bride kept smiling. she said her husband has always been a prankster and she is already plotting her revenge. there you have tthe best of the rest. coming up, it is that time of the year, whether you think they deserve it or not, congress takes its summer recess. but did something come up? did the house just change its plan? news from capitol hill is next. ♪ [music plays] ♪ [muc plays] ♪ [music plays] strumming♪ isn't it time you visited the places where time stops? and where the good ole days include today? then you belong at bass pro shops' fall hunting classic, our biggest hunting event ever. your adventure starts here. by what's getting done. measure commitment the twenty billion doars bp committed has helped fund economic and environmental recovery. long-term, bp's made a five hundred million dollar commitment to support scientists studying the environment. and the gulf is open for business - the beaches are beautiful, the seafood is deli

are we worried about north sea and areas of canada? >> i would be worried. rising gas prices, depas is tied to oil . as long as you have growing demand. price was gas will go up and why we should as obama say pursue green energy and do what romney is proposing and that is scaling back regulation and developing more possibilities for traditional. >> rich. >> maybe you can't start your car with a wood mill. but you can drive it with a dog on top. >> we really have to leave it on that note, don't we. >> hear what the stars are saying about neil cavuto's convention. >> he's incredeble >> and world will know. and there is immense thrill. >> they are pretty bad ass. i wouldn't want to mess with them for sure. >> i bet he's bad especially when it come to protecting your green. >> and tune in on august twenth . 4:00 p.m. eastern time on fox . we are back at 8:00 p.m. on business. and track the market and political action. up next here. a bakery owner is taking heat for not taking foot stamps and why it is sweet news to the economy. at purina one, we believe small th

couple posing for wedding photos and the groom decided to surprise the bride, throwing her into the north seathe good-natured bride kept smiling. she said her husband has always been a prankster and she is already plotting her revenge. there you have tthe best of the rest. coming up, it is that time of the year, whether you think they deserve it or not, congress takes its summer recess. but did something come up? did the house just change its plan? news from capitol hill is next. . we built the first railway, the first trade route to the west, the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. one that's working to attract businesses and create jobs. a place where innovation meets determination... and businesses lead the world. the new new york works for business. find out how it can work for yours at thenewny.com. orgdoes your cauliflowernic have a big carbon footprint? not at all. that's great. melons!!! oh yeah!! well that was uncalled for. uhh... mr. gallagher. incoming!!! hahaha! it's wasteful. you know jimmy. folks who save hundreds of dol

their jobs in the gulf of mexico, they have to leave their families and travel to africa, to the north sea, to montana because they know one thing is that the country they grew up in it is god, family, and work. they don't sit there waiting for the government to give them a check or feel sorry for them. they go to work. and they leave but it is sad when i have to go to africa instead of working in the gulf of mexico. are you an investigative branch or are you a policy-making branch? we are both. >> i would swear you are petitioning to become the secretary. your answers are all about policy. they are not about investigation. we have a gentleman ask you whether you felt that the safety standards that the private industry was implementing were enough. that is not your scope. your scope is whether or not -- and just now you entered -- is about how proud you were of the work that was done from moving from agency to agency. that is not your job either. your job has impeached your character. earlier you said that you are interested in the job of the inspector general and to meet the president to

supply disruptions in the north sea and the fears about what the israel may do with iran.113 in the last week, it is up 3.7% in that time. what's that done to gasoline? as we all know, up 2.5%. wouldn't it be nice if we paid that price in the futures? taxes and additives and much higher than it is right there. this is what i saw. as we saw earlier. with the grains and everything. corn prices continuing to move higher here. some of the crops are just lost. because of the drought conditions. so here we are at record prices up 36% in the last three months on the price of corporate. so beans looked a little better. i'm no farm expert but come from a family of farmers. up 13%. prices not going as high because of the crop may be a little -- in a little better shape. as important today, he is what the dow has done. down about 90 points at noontime. we have come back a little bit. and down 44 points right now and the yield on the ten-year also picked up a little bit here. and we are at -- 1.66%. here is the thing that caught my attention, though. with all of the fears about energy

but having said that, the two main drivers are lack of -- lower north sea oil production, as we go through the summer, as well as the premium that the market is putting in for iran as we've lost 1 million barrels a day of sales from that country that have to be made up elsewhere. >> andy, how do you want to play this? do you play it just through the refineries or do you play it with some of the offshore drillers, where they're seeing shut-ins and they already have significant pricing power. does this drive the pricing of that particular segment in the industry? >> well, i think the refiners still look very good. especially the inland refiners. there has been mention about valero, holly frontier as well as tosoro and others like cvr and calumet specialty chemicals. they're all benefits. >> your assessment of the situation with vens sway la and the refinery explosion there? >> i can tell you that on saturday the venezuelan oil company was out there looking to buy gasoline cargoes off the gulf coast as well as the east coast. it's going to be a pretty bad situation given the damage in their s

then that north sea outage continue.cerns about supply in europe. contrast that with the crude curve here which is fairly normal. we've got very light trading here, not that much more movement. a lot of traders actually saying a part of the problem was the fact that the wi-fi was out so they couldn't use their hand helds. but overall people on vacation. not a huge move there. we've been watching the gasoline prices which are up about 30 cents according to aaa over the past month. part of that here fueled again by shortages of that refinery fire in california is going to cause a big accident. and then, of course, the ethanol price move-up over the last month. we're seeing a little bit of an ease-up in terms of grain prices. we had a little bit of rain over the weekend, but nonetheless folks are still watching the corn crop yield continue to fall. back to you. >> yeah, the corn crop report on friday, not good news. bob pisani is on set. we were talking if political tea leaf reading was a sport, we've got go to the hmos for

both north korea and south korea and you can see right now we have a front just stalled out across south korea, it's being enhanced by a new tropical depression, which has formed in the yellow sea, and that front is going to be heading up towards the north anyway so more heavy rain to be coming, talking about 200 miters or so in the last 24 hours and if the storm, typhoon bolaven heads up to the yellow sea that could spell disaster. as it is before we get to that st we're looking at a very serious situation with these two typhoons in the western pacific. we have another tropical storm to talk about, let's go to the eastern caribbean sea and talk about tropical storm isaac, which is now just up towards the south of puerto rico. it looks like it's going to head toward hispaniola making

currency and the name of the dutch disease comes from holland in the 1990s where they had a lot of north sea oil and it became over valued where it hurt the domestic manufacturing sector. australia has this mining boom and overvalued currency has meant it's hurt australian manufacturing and export sector. australia is a country that's exposed two large be bubls, china commodity boom which is huge and iron ore prices have risen by a factor of ten since 2000 and a domestic property bubble which australia having most of the expensive cities in the world. the housing bubble has started, the bust has started so prices are going down very much in the uk in 2007 or the u.s. and at the same time we're seeing that the main exports from australia, iron ore, coal and steel essentially, the prices are going to the floor. >> we saw that last week from the australian mining, saying the boom is over. so they will try to correct with that. do you agree with that assessment? >> countries can't grow at the rate china has been growing especially when you look at fixed assets. china has grown at bubble like pro

north. scoop ul the sea breeze, make it stronger as we wrap up the weekend. temperatures inland towards the tri-valley, dublin, danville, highs in upper 70s to near 80 today. temperatures cooler heading towards tomorrow. so we'll have a full look at an interesting forecast coming up. >> thank you, rob. new this morning highway patrol is trying to figure out what led to a deadly car accident in concord. two cars crashed after 10:30 last night on highway 4 near the sill la cilano way off-ramp. calls are tipped off the chp to a black honda swerving across the highway at varying speeds. then someone called in reporting one car in the highway center divide and another off the side of the road. the hoyway patrol reports that at least one person died in this accident. >>> this morning, investigators are trying to piece together what caused a man who was recently laid off to carry out a deadly shooting at the empire state building. two men are dead, nine people injured. and now new york city police are releasing surveillance video. we have to warn you, it is not easy

their jobs in the gulf of mexico they have to leave their families and travel to africa, to the north sea, to montana because they know one thing, that the country they grew up in, it's god, family, and work. ok? so they're not, they don't sit there waiting for the government to give them a check for -- or to feel sorry for them and they leave. but it's sad when they have to go to africa or leave the gulf the i don't understand. are you an investigative branch on a policy making branch? >> we are an audit and investigative branch the >> because when i close my eyes , listening to you answering the other questions, i could swear you're auditioning to become the secretary. you -- they're all about policy. you had a gentleman that asked whether you felt that safety standards implemented by private industry were enough. that's not your scope. and just now you answered and talked about how proud you were about the work done working from mms to bms to desi the that's not your job. so unt -- unfortunately i think your testimony today has impeached you, has impeached your character the because ea

the bay area was, it will not affect us the clouds and rain but it will help to enhance the sea breeze. the northay will be looking at fog to mark as well. it will begin to clear by 9:00 a.m.. third fifth >> upper 70's and low 80's and the north bay. fees here is a look at the 7 day around the bay. as we get closer to friday, saturday and sunday look for more sunshine. >>catherine: one of the stars of late night take a pay cut. >> nbc is cutting costs after tonight's show. the talk show has laid off 20-25 staffers. jay leno is also taking a significant pay cut in order to prevent more job losses. when a jet is picasa schedule on hold while her husband is recovering from a motorcycle accident. louis >> of the expendable the top of the box office. last week's number one film one legacy slipped to seventh place. take that from back but we which in my judgment solve couple and i made of that is a way whatever it [ taste buds ] donuts, donuts, donuts! who are these guys? oh, that's just my buds. bacon, donuts. -my taste buds. -[ taste buds ] waffles. how about we try this new kind of fiber one cereal?

that's strong sea breeze. west north west at s fo. definitely a sea breeze in place. mainly mid 50s and even upper 40s. a little cooler after saturday's tropical clouds and the big fog bank on sunday. does look like the fog will burn off sooner today and warmup. i don't think you'll notice it by the beaches. 60s, 70s. and inland mid 80s to upper 80s and low 90s. warmer temperatures will continue into tuesday. thursday, friday look to be the warmest to hottest days. still a little on the warm side but cooler to the up coming weekend >> retailers are covering promotions but aren't limited to school supplies. back to school promotions are a bit of a stretch. worldwide stereos offering deals on speakers and head phones say they are not for music but top quality audio for lectures. beach bum tanning says it will help you look the best for first class and pro flowers is offering 15% off so you can buy flowers for your teacher. >>> one year since s -- in the financial markets. drive up u.s. interest rates pushed the dollar down and pushed investors into close. the dollar has

a few showers toward the north and the black sea region, you'll be seeing pop up thunderstorms. it's going to be the heat that's the severe weather to watch out for in europe. i know it will be spreading right along the mediterranean. 43 degrees in madrid and getting up into the upper 30s in parts of southern france. london getting up to 27. a look at your last three days of the london olympics. you can't ask for beater forecast. here is your extended forecast. >> that's all for this hour. thank you for watching.