i would do things to opec. opec would not exist if not for us because we protect these countries. we protect them. south korea would not exist if not for us. and, yet, we sign a trade agreement that is so bad a alcohol would -- a child would laugh at it. and it is absolutely insane what our leaders are giving away to other countries. absolutely insane. >>neil: do you think or openings are limited because of how much money we owe? in other words, we are in deep. and as a result we are in deep to these guys? >>guest: we get deeper and deeper and we get weaker and weaker and something has to happen now. we don't have the luxury of waiting years. something has to happen now. why did we send an entire fleet including one of the largest aircraft carriers of the world to forth korea to protect south korea without them paying us? why aren't they paying us? they make hundreds of billions a year on us and we just send our fleet over there to protect themst for what reason? why are we protecting them? let them pay for protection. >>neil: so, who gets, president hu gets off the lane, and say

right well i think it's behind closed doors i think some of the big hitters in opec particularly the saudis are panicking because they understand that the current price level is unsustainable that it threatens global economic recovery and that from a long term investment perspective they're better off with prices closer to where the supply demand fundamentals dictate they should be which is in the seventy five to eighty dollars range i mean as the e.i.a. said we've got commercial crude oil stocks well above the five year average so so stocks are a comfortable high level i don't see that these current high prices are supported by the supply demand fundamentals which tells me that speculators are really driving a premium right now ok you still the thunder out of my land my next question here ok then why is only one hundred dollars here why is it hovering there i mean it looks like everyone on the panel thinks it's not a good idea it's damaging even for the producers in the long run all right let's say we're all in universal agreement how do we get to this place because fundamentals was

even for the oil exporting countries like the saudis in the middle east and russia that's why the opec member nations are ramping up production right now although kind of quietly because they're starting to panic a little bit because they understand that these high oil prices in the ninety's even up to one hundred dollars are unsustainable and really threaten the economic recovery that was just starting to show some signs of life here in the united states the federal reserve has been flooding the system with with money and all of this threatens to be racked with with creeping higher oil prices well i'm going to be a little bit more contrarian and angus i go back to you i mean what is the difference because in preparing for this program everyone's looking at what happened in one thousand in two thousand and eight then the recession had very high oil prices and is the backdrop of this whole discussion is that we're seeing it happen again it could wreck the recovery what is the two thousand and eight in two thousand and eleven the same or if they're not how much how different are they. i

people take advantage, like china, like opec. i mean, we make nothing here anymore.e make nothing in this country. china makes our product. we are rebuilding china, jimmy. we're rebuilding china because so much of our product -- when i build a building, half of the products i order have to come from china, not that i want to do that. and you look at what opec is doing to the price of oil, every time our economy gets a little bit better. now it's up to $92 a barrel. get ready 'cause this is the same thing that happened last time and they bleed -- they really suck the blood out of you, as a country, and -- >> jimmy: what is it based on? >> i hate to see -- i hate to see, jim, what's happening to this country. we're just no longer that great place that we were. we're not respected. our leaders aren't respected, and it's something that bothers me very much. >> jimmy: wow. so you might just do it, but -- [ cheers and applause ] can -- if you do run, can you please make your running mate a "real housewife"? [ laughter ] i just think that would be a good idea. >> i'll think

countries we're looking at opec that has fair production capacity of six million barrels per day and of course we're looking at supply that's relatively decent heading into two thousand and eleven we'll see a lot of production coming out of russia colombia china and more importantly brazil so these are factors that we need to contend with before we could rise the way we did in two thousand and eight when spare production capacity was virtually nil inventories were extremely low and the refining system didn't have the ability to refine what opec could produce then. the best performing arts a class last year was precious metals and the best among those was palladium but analysts believe this rally is not yet exhausted despite doubling in price in twenty term forecast from japan's standard bank and credit suisse highlights continuing demand from the auto industry as car sales in china gain momentum metal was also being sought as an investor a safe haven and the european debt concerns and the u.s. printing money the lady is currently trading at around eight hundred dollars an ounce just

countries we're looking at opec that has fair production capacity of six million barrels per day and of course we're looking at supply that's relatively decent heading into two thousand and eleven we'll see a lot of production coming out of russia colombia china and more importantly brazil so these are factors that we need to contend with before we could rise the way we did in two thousand and eight when spare production capacity was virtually nil inventories were extremely low and the refining system didn't have the ability to refine what opec could produce stand. out so i can look at the markets u.s. markets on the final half hour of trading more street is trading up half a percent biggest jump in u.s. industrial production and rising retail sales that's all being offset by high inflation the news that china is raising bank reserve requirements to try to cool down its economy so limited in europe stocks ended the session mixed and flat miners were largely low on weaker commodity prices however a.r.m. holdings was gaining five point three percent at the close after results from inte

countries we're looking at opec that has fair production capacity of six million barrels per day and of course we're looking at supply that's relatively decent heading into two thousand and eleven we'll see a lot of production coming out of russia colombia china and more importantly brazil so these are factors that we need to contend with before we could rise the way we did in two thousand and eight when spare production capacity was virtually nil inventories were extremely low and the refining system didn't have the ability to refine what opec could produce than. all right but what about what about demand do you agree with the prediction from the u.s. energy department that global oil demand will be increasing at almost twice the pace as also the international energy agency. prognosis that they think that demand will grow by one million barrels per day this year this year what do you think about that. certainly all demand will keep on growing last year we had a big catch up from the recession lows of two thousand and eight two thousand and nine we should be growing probably in the a

increase is driven by the rising cost of crude oil, nearing $100 a barrel, an amount opec calls realistic. no wonder there's fear of $5 a gallon gas. commodities analyst phil flynn disagrees. he points out the u.s. is actually exporting more gas than it's using due to decreased demand. >> we're going to be using new kind of cars, electric cars, better technology, better mileage. we'll probably never consume as much gasoline as we did before the economic slowdown in 2007/2008. >> reporter: and if you think fuel prices are bad, just try taking a trip to the grocery store where just last month fruit prices jumped more than 15%. vegetable prices went up 23%. dairy products are up nearly 4%. meat, poultry, eggs and fish up 5.5%. two big factors that florida cold snap damaged tender produce and the floods in australia are slowing wheat exports. add to that the increased demand for food in the developing world. what remains to be seen is how these price hikes impact the economic recovery. the more money americans spend on food and fuel the less they have to spend on anything else. cynthia bowers

increases driven by the rising cost of crude oil nearing $100 a barrel an amount opec calls realistic. no wonder there is fear of $5 a gallon gas. >> we are almost at 30 cents. >> reporter: an commodity analyst disagrees pointing out the u.s. is exporting more gas than it is using due to decreased demand. >> we are going to be using new kinds of cars, electric cars, better technology, better mileage. we will probably never consume as much gasoline as we did before the economic slowdown in 2007, 2008. >> reporter: if you think fuel prices are bad just try taking a trip to the grocery store where just last month fruit prices jumped more than 15%. vegetable prices went up 23%. dairy products are up nearly 4%. meat, poultry, eggs and fish up 5.5%. two big factors that florida cold snap damaged tender produce and the floods in australia are slowing wheat exports. add to that the increased demand for food in the developing world. what remains to be seen is how these price hikes impact the economic recovery. the more moneys americans spend on food and fuel the less they have to spend on anyt

>> opec will not increase production any time soon pushing gasoline to over $4 per galp, and i think that will seriously damage both the economy and obama's political fortune. >> jillian some. >> markets will get more and more nervous in greece about the crisis and that will increase the effect of the meaningful market and potentially even the debt. >> on the birds and the fish, i predict the world will not end on may 21, 2011 or within calendar vogeico, committed to providing service to its auto insurance customers for over 70 years. more information on auto insurance at geico.com or 1-800-947-auto any time of the day or night.

an amount opec calls realistic.wonder there's fear of $5 a gallon gas. >> we're almost at 30 cents. >> reporter: commodities analyst phil flynn disagrees. he points out the u.s. is actually exporting more gas than it's using. due to decreased demand. >> we're going to be using new kind of cars, electric cars, better technology, better mileage. we'll probably never consume as much gasoline as we did, you know, before the economic slowdown of 2007-2008. >> reporter: and if you think fuel prices are bad, just try taking a trip to the grocery store where just last month fruit prices jumped more than 15%. vegetable prices went up 23%. dairy products are up nearly 4%. meat, poultry, eggs and fish up 5.5%. two big factors that florida cold snap damaged tender produce, and the floods in australia are slowing wheat exports. add to that the increased demand for food in the developing world. what remains to be seen is how these price hikes impact the economic recovery. the more money americans spend on food and fuel, the less

the way to ninety nine to one and best of all is that the rule in what you want to use the existing opec piece in the soviet era is the museum provides. and john martin enters here in our teen around ten minutes time. well that brings us up to date here on our team member of that there's our web site r t dot com where you can find more on any of the story that we cover for you here and right now we will take a look what's happening in the world of business in just a few moments. hello and a very warm welcome to the business bulletin russia has become world's third largest country in terms of international reserves after china and japan russia's results grew nine percent to twenty ten to almost four hundred eighty two billion dollars daily reports international reserves in the world's top ten countries rose around thirteen percent last year the share of the dollar has continued to decline the central banks diversify assets to meet uncertainty over the greenback dollar knowledge comes from only six to the central reserves come to seventy percent at the beginning of the century. following i

losing half a percent prices are falling as saudi arabia's oil minister says opec oil supplies by two percent this year to meet their covering to mount off the global economy. now one seat too many russian air companies are being forced to remove seats to avoid have to texas russia counseled some users on foreign made airplanes depending on the number of seats they have having done the most number of carriers have resources just throwing out as many as two dozen chairs to qualify those seven on the plane has just lost three rows the c.e.o. says this will save them a significant amount on a monthly basis will save substantially over a billion u.s. dollars in our in our cost base obviously that would increases the number of increases. and i think we continue to hope that this is essentially a short term measure and not by. the high profit tomorrow. in the market that we can reduce all those twenty one seats and go about two hundred eighty. russia's largest sugar producer resound grow is once again trying to hold an initial public offering and inside source claims the company's going to

there are 12 board members on the opec accord. -- board. these guys control the price of a barrel of oil. by the end of the summer, they may bring that price up to $150 a barrel. he had a good point. china is controlling their prices, bringing their prices down. he said he would tax their products coming into the u.s. and make american prices godown by comparison to china's the prices. when we ship our products over to japan and other countries, they put tariffs on our products, but when they send their products to the u.s., it just goes through. guest: let me talk about energy policy. part of the problem we have in this country is our strong dependence on foreign oil. we are at the mercy of opec and other foreign producers and their price setting. one thing we have to do is try to become as independent as we can from for oil, develop domestic sources of energy, like natural gas, but also alternative sources of energy, like wind and solar. that will give us more control over our energy future. with respect to tariffs, one thing that we are

and have about $3 billion plus without raising taxes or our trade deficit or sending more money to opec. i hope this is something this congress considers and this president has an open mind to dealing with to create jobs without creating more deficits. i yield back. the speaker pro tempore: for what purpose does parch connecticut rise? without objection. >> tonight the president of the united states will stand in this chamber and discharge his constitutional obligation to address the state of the union before the congress. i understand many of my colleagues will be sitting 25g9 together in a bipartisan way. i think that's a good thing. what i really hope though is that we get common sensical about where we are tomorrow. as we talk about the economy that we agree we should cut regulars regulations which serve no no purpose but to stifle industry but should not attack the rules which keep our air clean and our water drinkable. we can and we must reduce the deficit and get our fiscal house in order but do not try to persuade the american public that we can fail to invest in schools, in rai

but the administration's moratorium says no to american oil and yes to opec. we don't have to borrow $900 billion from china, run a massive trade deficit or raise taxes. the revenues and leases from offshore exploration can bring up to $3.7 trillion in federal revenue, slash our deficits, clean up our air and water, increase renewables and rebuild our crumbling highways and bridges all while creating millions of jobs and trillions in economic output. i hope my colleagues will join me as i reintroduce the clean energy independence act so we can work on securing american jobs using american resources. stop talking, start building. i yield back. the speaker pro tempore: for what purpose does the gentlewoman from california rise? >> to address the house for one minute and to revise and extend. the speaker pro tempore: without objection. mrs. capps: mr. speaker, i rise today to speak against the reckless attempt to repeal the affordable care act. the new law has already put in place critical protections to help our families across this country. i want to tell the s

iran has assumed the presidency of opec and the rigs are leaving the goal for foreign countries like cuba, brazil and mexico taking american jobs with them. this isn't speculation. it's happening. my colleagues from the gulf can attest to the economic pain felt by people and businesses do to this administration struggling moratorium. production in the gulf of mexico has already fallen by more than 200,000 barrels per day and is predicted by the energy information administration to fall by more than 500,000 barrels per day by 2012 to date every barrel we don't produce from the gulf means more lost revenue to the federal government, more lost jobs in additional transfer of american wealth to hostile nations. i believe in american ingenuity, and i know that we can get this right. the answer is to address what went wrong and make smart reforms and allowing drilling to resume. the stakes are too high to give up. our economic competitiveness, american jobs and national security our online. with that i recommend is believed to recognize the distinguished member. >> i thank you very much and

iran has assumed the presidency of opec and the rigs are leaving the goal for foreign countries like cuba, brazil and mexico taking american jobs with them. this isn't speculation. it's happening. my colleagues from the gulf can attest to the economic pain felt by people and businesses do to this administration struggling moratorium. production in the gulf of mexico has already fallen by more than 200,000 barrels per day and is predicted by the energy information administration to fall by more than 500,000 barrels per day by 2012 to date every barrel we don't produce from the gulf means more lost revenue to the federal government, more lost jobs in additional transfer of american wealth to hostile nations. i believe in american ingenuity, and i know that we can get this right. the answer is to address what went wrong and make smart reforms and allowing drilling to resume. the stakes are too high to give up. our economic competitiveness, american jobs and national security our online. with that i recommend is believed to recognize the distinguished member. >> i thank you very much and

ahead of us that the drop in oil prices, the reduction in oil production raised in accordance with the opec agreements, and now we have overcome that, we are moving upward. in addition to that financial crisis we saw drops in investment rates, we saw climate change, the energy crisis, electrical energy crisis as well as inflation and i have some data here. here we have the gdp statistics. these are exact data. i try to make sure they're fixed values. the gdp was $88,597,000,000 in 1998. in 2010 it was $257 billion. this is a proximate -- statistic. here we have the chart that reflects the variants in gdp from 1970 up through 2010. here we see we were almost at 0% growth rate. then we saw an increase and then we had the crisis in 2003 with a major drop. then we had a spike. we reach that peak. we continued to have high growth levels and then we had a drop in 2009 to-3.3. in 2010, it was negative 1.9. but we are now moving up. in this first quarter we should be back in positive growth level. this is very important and i ask that we undertake joint efforts between the public and private sector

i was in the white house with president nixon when opec raises heck. i wrote a lot of those early speeches for president nixon and ford declaring we were going to become energy independent. that was 40 years ago. we were at 30% dependent on foreign oil at that time. now we're 60% dependent on foreign oil. those speesms were -- speeches were very effective. [laughter] the point is that is one area after another where the partisanship and the special interests have blocked our capacity to deal with the problem. here we've been almost 40 years. .. of these problems i think use the phrase of the gathering of problems they are all coming down on us at once and we've got a choice. either we are going to deal with them now and compete with china or we are going to surrender these problems and going down as a great nation temple. and so i think the reason this moment is here and why it's so important it's not just because we are tired of what's going on it's because the country is on the edge. if we don't deal with these problems now we are going to condemn ou

iran has assumed the presidency of opec and the rigs are leaving the goal for foreign countries like cuba, brazil and mexico taking american jobs with them. this isn't speculation. it's happening. my colleagues from the gulf can attest to the economic pain felt by people and businesses do to this administration struggling moratorium. production in the gulf of mexico has already fallen by more than 200,000 barrels per day and is predicted by the energy information administration to fall by more than 500,000 barrels per day by 2012 to date every barrel we don't produce from the gulf means more lost revenue to the federal government, more lost jobs in additional transfer of american wealth to hostile nations. i believe in american ingenuity, and i know that we can get this right. the answer is to address what went wrong and make smart reforms and allowing drilling to resume. the stakes are too high to give up. our economic competitiveness, american jobs and national security our online. with that i recommend is believed to recognize the distinguished member. >> i thank you very much and