china, worse than everyone, opec.y are truly ripping us. and you know, i wrote it down is coming over here today -- would've many people in the cars cars that my gosh, look at that. he didn't use the word gosch, but i'm going to use it. $4.54 a gallon for gas. it is going to go much higher, folks. get used to it because we have nobody the cause of opec. they are only there because of us. we protect them. we have nobody that cause up opec and say, that price better get lower and up better get lower fat. we have nobody that does that. [applause] they have a free reign. they have a free reign and the amazing. the other day there is a small lake in the alaska pipeline. i said watch, opec will announce an increase. they did. they announced an increase. any time there's a problem. egypt -- vehicle situation in egypt, people in the square. opec announces an increase. anytime there's a problem they announced the nobody says anything. nobody says it's unwarranted. anyway, so you have to watch opec. you have to tell opec, those

anyway, so you have to watch opec.pec, folks, those prices are coming down, and they're coming down fast. and we're not going to be paying $7 and $8 and $9 which, believe me n a year or two from now you're going to be paying there as sure as you're sitting there because we have nobody to talk to them. this morning i'm leaving new york, and germany is buying the new york stock exchange. can you belief it? [laughter] i thought it was kidding. i said, is this april fool's day? germany, major company in germany is whying the new york stock exchange -- buying the new york stock exchange. how about the somali pirates? now, you know, that doesn't really pertain to us. how simple would that be. give me one good admiral and a couple of good ships, we'd blast them out of the water so fast. [cheers and applause] so i have a reputation for telling it like it is. i'm known for my candor, i've had a lot of great victories, and i may be willing to put that to work. i mean, i wish that, frankly, i wish there was a candidate that i saw

in fact, the increase in the opec production is interesting because ngl is not subject to the opec production restraints. as a country like katar that is producing a lot of natural gas liquids can sell those and it doesn't appear as a part of its quota, but yet it has a real impact on the market and that is what i was referring to what i said it could help keep prices down. .. >> that's correct. one the implications of our, you know, reassessment of the shell gas resource base has been for significantly lower prices that we're projecting. so the -- the average wellhead price of natural guess doesn't get above $5 per million btu until after 2020. when is significantly lower. towards the end of the period, it gets up to $7. you may recall it was at least a couple of dollars per million btu higher than that. the implications are in the electric power sector relative to other technologies. natural gas has had several other advantaging in terms of low capital, quick construction, lower conventional pollutant emissions, as well as lower co2 emissions which aren't subject to regulations but decision

in fact, the increase in the opec production is interesting because ngl is not subject to the opec production restraints. as a country like katar that is producing a lot of natural gas liquids can sell those and it doesn't appear as a part of its quota, but yet it has a real impact on the market and that is

and other members have said they're ready to step in to compensate for leaving expert losses now how opec cope with a storm are you think. libya is very easy to deal with only exported about one point five million barrels of oil per day and fifty five trillion cubic feet of natural gas now it's very high quality crude oil but it can easily be replaced now apparently the news that we have now is that not all. sports have been completely stopped and i think one thing that differentiates this type of term or with the turmoil in the past in that people that want change realize that won't be like the west or not they're heavily dependent on the income derived from hydrocarbon production so whatever come seen they realize that they can't just stop producing now natural oil prices i think going forward will have stepped up but if we were thinking that we could use prices in the range of around eighty five for the next two three years it would probably be ninety five to reflect the uncertainty you know exists in the market now one point thinks million barrels of oil but there is monitor opec has

lydia es el séptimo país más importante de la opec.en el precio del crudo que luego del fin de semana de protestas aumentó a 105 dólares analistas temen que el precio del crudo puede alcanzar 107 dólares. y esta situación pasó a egipto y luego en libia. y se contagia a otros grandes países. en miami, vanessa hauc. telemundo. >>>josé: vamos a la primera pausa, al regresar el nuevo rostro de los campos estadounidenses cada vez hay más patronos hispanos. y aprenden inglés por motivos de salud. y si ya lo habla, pues entre más idiomas mejor. según los expertos. y vicky peleas, la acusada d >>>josé: el legislador anuncio que presentará una propuesta de ley anti indocumentados le negarían servicios médicos que no son de emergencia. bebitos no nacidos y sus madres no recibirían servicios pre natales. en illinois, por cierto. un legislador ha presentado una propuesta similar. y nosotros en telemundo lo tendremos al tanto de los esfuerzos. la próxima vez que se siente a la mesa a comer. considere que posiblemente los vegetales en su plato. vien

would you like me to give that as well since the other document was rejected opec's -- that was rejected? president goh: unless there is a motion from the commissioner. >> there is a submission of other documents as well. president goh: again, it would require a motion from the board to consider additional materials. no. >> than the motion is from commissioner fung to adopt the findings as amended. president goh: aye. vice president garcia: aye. commissioner peterson: aye. commissioner hwang: aye. >> the vote is 5-0. findings are adopted as amended. >> should we move on to item five? president goh: we should take a few minutes to clear the room. >> are you suggesting president goh: please call item five. >> appeal 10-094, versus the mta. it's the appeal of denial of a regular taxi medallion. the matter was continue to allow the parties to submit additional information. and >> we can give each party 3 minutes. starting with mr. murray. >> good evening, jarvis mrray wi -- murray with taxi services. the only issue that we need to take a look at is whose evidence to you believe? we believe t

opec is concerned but will not be boosting output. they say that suez canal traffic is not endangered and there is not an oil shortage. unease about egypt is spreading to markets in that the middle east. this is affecting the markets in europe. for more, we go to the frankfurt stock exchange. >> it does not seem to fit together, the situation in egypt and investors being in a buying mood in the equities market, but that is what is happening. investors are very concerned though. they are watching the monitors for development in egypt, and they are asking how quickly political stability can be reinstalled, because they know that is important for economic stability, for oil, for oil prices, and for the world economy. they did react to some good news. news from the deutsche bank, a profit downfall is being adjusted very well indeed. >> let's take a closer look at some market indices right now. staying in frankfurt, the market closed up word. blue-chip are also up. the dow jones went upon -- went up to overpower -- to over 12,024. >> the g

we expect the german institute for economic research -- we asked if -- if she thought opec should get involved. >> i think they should involve soon because we need some signals for the market. because right now if libya stopped oil production we would lose a significant amount of oil supply. the market is in expectation it could become more difficult. it would be really helpful if they could increase the capacities of other nations. >> the libyan crisis is sending stocks high. we have this report on the day's trading of the frankfurt stock exchange. >> this has an impact on the stock market shares. the higher oil prices leading to higher costs. although the worries are still strong about the outcome, they could recover harsh losses pushed by strong gains on shares of car and truck producers. vw wants to reach the top position earlier than once thought. >> let's take a look at some the closing numbers. teh dax closing slightly lower. in new york, the dow jones is lower and euro at $1.36. german consumer confidence has made its highest level in three years. the consumer confidence index

people take advantage, like china, like opec. i mean, we make nothing here anymore.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 about that. >> jimmy: i think it could be a good idea. >> i'll think about that. >> jimmy: no, that's cool. i'm

they are afraid that the revolution in libya will spread to other opec countries that the u.s. actually relies on, because california refineries do not use oil from libya. now, the last lundberg survey came out a couple of days ago and that had us with prices jumping a dime in the past week. the next one is coming out on sunday. we'll see where the numbers are. but again, the real evidence is when you drive down the street and see very depressing signs like the one here behind me. >> i tell you, anne, i hope our cbs 5 news van doesn't need gas. that could be triple-digit bill right there. >> reporter: we use a lot of gas, i'm sorry to say. so yeah, that's going to come out of our raises probably. >> anne, you're right. anne makovec in south san francisco. thanks for joining us. >> 50 bucks to fill my honda. enough said there. >>> lawyers for wikileaks founder julian assange says they will appeal a judge's ruling that he is to be extradited to sweden. a bridge judge ruled he can be sent to sweden to be tried for sex charges. his lawyer says he won't get a fair trial and might be

expressed hope that oil producing countries would respond to rising prices pointdipoint pointing out that opec has ample production capacity. >>> indonesia central banks raised interest rates for the first time in a few years in order to tame inflation. bank of flesh decided to push up this year. consumer prices continued to climb. in january the consumer price index rose 7.02% from a year earlier. central bank has been trying to hold down interest rates. that's because of concern that an increase could trigger a rapid influx of capital into the country and a later outflow could deal a blow to the economy. bank indonesia last raised the key rate in october 2008. >>> this week we saw positive trends in economic data as well as gains in the stock market. but how stable is the global economy. our reporter spoke with the professor at the university and a foormer -- former advice finance minister to get his outlook. >> recent economic data have been pointing to the possibility data may be finding stable ground. this week we kicked off with positive production figures in japan followed by positive m

and traders are insulated their pockets against fierce that revolts in libya will spread to other opec companies. that means you will continue to pay the fear premium. >> i'm going to stay on this motorcycle. >> but laughs aside, analysts fear that this will hurt consumer spending. that is not good news here in the bay area already dealing with a sluggish economy. >> speaking of consumers and fear and maybe anger when those quarterly reports come out, tens of billion of dollars in profits. >> yeah, there will be a lot of anger. >> robert liles in oakland. >>> a direct order from the commander in chief to attorneys. stop defending one federal law. why the obama administration is stepping, not spending, anymore time defending marriage. >>> a bus full of kids kidnapped and bauer read a live -- buried a live. the people who did it in jail for more than 30 years. do they deserve to be paroled? >>> would you want to come face to face with a convicted killer? >> you guys murdered my child. >> coming up next. east bay to remember two teens wh >>> hundreds of people gathered in the east bay to

expressed hope that oil producing countries would respond to rising prices pointdipoint pointing out that opec has ample production capacity. >>> indonesia central banks raised interest rates for the first time in a few years in order to tame inflation. bank of flesh decided to push up this year. consumer prices continued to climb. in january the consumer price index rose 7.02% from a year earlier. central bank has been trying to hold down interest rates. that's because of concern that an increase could trigger a rapid influx of capital into the country and a later outflow could deal a blow to the economy. bank indonesia last raised the key rate in october 2008. >>> this week we saw positive trends in economic data as well as gains in the stock market. buhow able is the global economy. our port spoke with the professor at the university and a foormer -- former advice finance minister to get his outlook. >> recent economic data have been pointing to the possibility data may be finding stable ground. this week we kicked off with positive production figures in japan follow by positive manufacturi

would you like me to give that as well since the other document was rejected opec's -- that was rejected? president goh: unless there is a motion from the commissioner. >> there is a submission of other documents as well. president goh: again, it would require a motion from the board to consider additional materials. no. >> than the motion is from commissioner fung to adopt the findings as amended. president goh: aye. vice president garcia: aye. commissioner peterson: aye. commissioner hwang: aye. >> the vote is 5-0. findings are adopted as amended. >> should we move on to item five? president goh: we should take a few minutes to clear the room. >> are you suggesting a break up a few minutes? president goh: a break of five minutes.

oil futures charged to two and a half year highs on concerns violence in libya could cut more of the opecmbers output and potential spread in the region. on wall street, earnings from several retailers will give investors a report on consumer confidence and the latest data on home prices. overseas this morning, japan's credit rating was downgraded from stable to negative over rising concerns about its growing debt. the ceo of houston based power plant firm dynagee has resigned after a buyout offer from billionaire investor carl ikahn fell through. many deal cheese chesapeake manager will sell a shale field to bhpbilitom. bankrupt rental chain blockbuster has agreed to be bought out by a group of investors for $290 million. rupert murdock's newscorp is buying his daughter's tv news production company shine. that's for $674 million. it produces the hit show "the biggest loser." in the first report, the nation's muly minted watchdog agency will give the nation's largest lenders a positive report card today, finding banks have eased up on rate hikes for credit cards and now have more consumer

. >> libya is the number eight largest, in terms of opec countries, and taking 1.6 million barrels off the market, and having it done in a hurry-- it's going to be a while, or it's going to take some time for them to put that kind of oil on the market. >> susie: traders say if supply worries persist, crude oil prices could easily climb well above $100 a barrel in the coming days and weeks. higher crude costs have already fueled an increase in the price of gasoline at u.s. pumps. today, regular unleaded averaged $3.20 a gallon; a year ago, it was selling for $2.60 a gallon. but it's still a long way from 2008 highs, when crude came close to a record $150 a barrel and gas averaged well above $4 in some areas of the u.s. oil analyst sam margolin says the big wild card in global oil markets right now is whether the middle east turmoil spreads to saudi arabia. >> that's when concerns would really start to fuel about a shortage-- not just in europe, which counts on the libyan production more than anybody-- but in the u.s., as well, to which saudi arabia is a real important trade partner >> s

and traders are insulating their pockets against fears that revolts in libya will spread to other opecntries that the u.s. relies on, so that means you'll continue to pay the fear premium. >> i'm cheap on this motorcycle. >> reporter: well all smiles aside, analysts fear that this fear premium will hurt consumer spending and that is not good news here in the bay area considering we still have a struggling economy and, ken, alarming unemployment. >> yeah, robert, i bring up a good point. those pumps don't say libya gasoline, it says shell and chevron. >> reporter: not at all. >> those are u.s. companies. >> absolutely. they are still making tens of billions of dollars. >> dollars. >> i was going to say we'll see what the profits are in the next quarter if all this makes sense. robs liles, thank you. >>> here is something we don't see in the bay area. a snowplow getting ready for what promises to be a cold, wet, and possibly snowy next few days. caltrans has a few of those on standby, this one in marin county. roberta, everyone is talking about snow at sea level. >>> i love that, that sn

there is enough oil in the market and that the current situation does not warrant intervention by opec. oil traders are speculating on potential supply disruptions. >> german companies have begun evacuating their employees from libya. winters hall has already flown 130 of its staff out. oil production in libya buyoff has already been cut back here that could pose problems for germany because the north african country is a major supplier. last year, germany imported goods worth 3.1 billion euros from libya. oil and natural gas accounted for most of that sum. in the opposite direction, germany exported around 1 billion euros worth of products to libya -- mostly industrial machinery d electronic technology. the unrest in libya has led to concerns about future supplies of oil and put upward pressure on oil prices. on monday, a barrel of crude rose above $105 for the first time since before the global financial crisis. >> the unrest in north africa also hit global shares on monday. we have this wrapped of the day's trading. >> avoiding any risk disrupting, guideline for investors at the sta

this efficiency improvement will keep $9.9 billion from being sent to opec countries. section 1746 of this continuing resolution, the republicans have proposed cutting funding for implementation of clean air act. which is the law that has made these vehicle efficiency investments possible. americans cannot afford, madam chairwoman, to send more money to i will libya and iran. i urge my colleagues to reject this attack on the clean air act and i yield back. the chair: the gentleman from virginia yields back the balance of his time. the clerk will continue to read. the clerk: page 19, line 10, title 3, procurement. aircraft procurement, army, $5,254,791,000 to remain available for obligation until september 30, 2013. missile procurement, army, $1,570,108,000 to remain available for obligation until september 30, 2013. procurement of weapons and combat vehicles, army, $1,461, 086,000 to remain available for obligation until september 30, 2013. procurement of ammunition, army, $1,847,066,000 to remain available for obligation until september 30, 2013. other procurement, ar

member of ope opec. oil speculation is rampant with new threats of supply disruptions there. libya produces nearly 1.7 million barrels of crude oil a day. take that much off the global market and analyst say pump prices could sky rocket. >> you lack at government who country that has the largest oil reserve in the continent of africa and mainly exporter. >>reporter: bp and shell gas company pulled their employee family out of libya. bp has also stopped on shore drilling operation. >> we are monitoring the situation in libya very carefully about where our employees are. make sure that they are safe. >>reporter: now some experts are predicting that in the next 7 to continue days consumer will sea prices rise even more. allen wong abc 7 news. >> well there is no break yet in the bay area. cold snap. this is live look at san francisco from our camera at mount sutro. beautiful view obviously. very clear night. and here in the bay area that means it is a cold night. check out the cal-trans camera in the sierra. there is no new snow so no chain restriction at this point but it's fre

. >> reporter: many traders say they're not particularly reassured by opec's promise to open the spigots if trouble in egypt affects global oil supplies. oil prices were already on the rise, even before the political unrest in egypt. since the summer, oil futures prices have surged 30%. and many industry experts think prices are headed higher. the european oil benchmark-- brent north sea crude-- is already trading above $100 a barrel. analyst fadel gheit says u.s. crude futures could soon hit that level, if turmoil in the middle east escalates. >> that is the biggest fear that the market has. that could have the possibility of supply disruptions. and in that case, oil prices above $100 will be only the beginning. >> reporter: on the other hand, if the situation in egypt is resolved quickly and peacefully, traders predict oil futures could plunge $6 or $7. what's clear is that the direction of oil prices could have big implications for the global economic recovery. >> rising oil prices will definitely stifle consumer spending and consumer confidence, and that is negative for the economy.

. >>> the turmoil in libya, a major opec supplier, has the price of crude soaring.his morning in asian markets, it reached $93 a barrel, a jump of almost $7. u.s. crude futures are at a 2 1/2 year high. analysts worry further unrest especially if it spreads in the region could lead to even higher costs. >>> where oil goes gas usually follows. aaa says the national average is now at $3.17, that's up a nickel in just the past two weeks. some analysts say it could be $4 a gallon or more by memorial day. >>> wall street gets another round of corporate earnings today with macy's, home depot and walmart among the big names to report. most traders are expecting bad news from america's biggest retailer. walmart is expected to post its second straight year of declining domestic sales. analysts blame the company's decision to raise prices on many items last year. a departure from its core strategy. still, the company's stock has added dt >>> here's a look at the weather in some cities around the country. new york, sunny but 32. miami, sunny there, 82. big difference. chicago,

opec has promised to open the spigots to make up for any lost production. but as erika miller reports, it's fear of bigger disruptions and worries about the type of oil being pumped that has the markets so nervous. >> reporter: quick, what's the largest oil-producing nation in the world? if you answered saudi arabia, you are wrong. ( buzzer ) that country is actually number two after russia. the third-largest producer may be even more surprising-- it's the united states, followed by iran and china. libya is the 17th largest producer, with less than 2% of the world's supply. saudi arabia already has started to increase production to compensate for the loss of roughly a million barrels per day of libyan oil. but oil expert jeff mower says there's an even bigger worry than making up for lost libyan oil. >> there is a concern that what if this spreads? i imagine that's part of the crude price rally recently. what if this spreads to other countries, some place like saudi arabia? >> reporter: for the oil markets, what's important is not just the quantity of oil,

about is this contagion going to spread to bigger oil producers, libya right next door, member of opecl of the oil flowing through the suez canal. the region is important to the oil-producing community. it's not so much about egypt but much bigger than egypt. >> i guess many people will be wondering what's going to happen to the price of oil. >> that is the question and uncertainty usually means up unless it's a question of demand and we're not talking about demand now, we're talking about a supply disruption in the offering. >> the protests opposing a policy is a question for obama's administration, both there antonio and hillary clinton are being criticized for being slow to grasp the upheaval in egypt. muammar back has long been an ally. -- mubarak has long been an ally. andrew lot of has more. >> for 30 years the u.s. presidents have come and gone but it's always been the same egyptian president coming to visit. is barak obama the last u.s. leader to host hosni mubarak. maybe that's what the white house thinks but is not saying so yet, but instead is talking about an orderly transi

traders are insulating their pockets against fears that the revolts in libya will spread to other opec countries that the united states relies on. at 5:00, anne makovec will have a live report in berkeley, where prices are almost $4 a gallon. >> ouch. that hurts. >>> travel in china is booming so much so that the government is planning to build at least 45 new airports in the next five years. the price tag? expected to equal $230 billion. cbsmoneywatch reporter ashley morrison checking the overseas markets this morning. >> reporter: most asian markets saw a drop off. hong kong's hang seng and japan's nikkei both down by 1%. the price of oil rose near $99 a barrel. today wall street gets a look at the jobless claim numbers. wednesday was day two of the biggest sell-off in months. the dow was down 107 while the nasdaq dropped 33. >>> foreclosures are driving a slight rebound in home sales. according to numbers released overnight from realtytrac, foreclosures accounted for 26% of all home sales last year. in 2009, it was higher at 29%. a record number of foreclosures has forced home price

following a difference that would create a situation in which prices would really skyrocket if another opec country ran off line so you lost a million barrels a day it is offline from libya if algeria which is also having trouble it is aren't that would bring saudi arabia right up to its capacity to to substitute the volume then you would see i'm not sure two hundred twenty i think that's probably an animist trying to get headlines but maybe one hundred fifty that that which is still pretty high. now the situation in the middle east has prompted others around the world to speak out against their government's policies and the u.s. is no exception for many thousands in one northern state protesting against benefit cuts later this hour the president asks people on the streets of america how they feel about those on ordinary incomes paying for the mistakes of others. for the that type of coverage. we it would not be either of these things either of the middle east things or the things going on with the states would be quieter so to say or do you think that people in the middle class are respons

energy majors are the main drag of oil is dropping to eighty six dollars a barrel this is because opec has announced increasing production this will be driving prices even further lower gas from the aft is therefore down two and a half percent investors are worried that the refinery will suffer most of the russian anti-monopoly more forces fuel prices no drug maker pro tech is down three percent despite reporting twenty ten revenue rising one point one percent because it fell short of expectations. to levin's to growing plant or shell pipe as stopped in upcoming initial public offering due to unfavorable market conditions the company had planned to sell around thirty percent of its shares and then my sexuality is in london stock exchange in a bid to raise up to eight hundred twenty eight million dollars now this predicted the i.p.o. would have. valued the company between two and two point seven billion dollars. rather says it lost twenty one million euros from its involvement with the russian comic up to us last year but that was down to the first with after returning a profit of thirt

ways in which prices would really skyrocket if another opec country fine so you lost a million barrels a day it is offline from libya if algeria which is also having trouble if it weren't that would bring saudi arabia right up to its capacity to to substitute for bali and then you would see i'm not sure two hundred twenty i think that's probably an animist trying to get headlines but maybe one hundred fifty that which is still pretty high. meanwhile there are fears italy could drown under a wave of illegal immigration from the instability in the middle east thousands of refugees have already reached the country's island of lampedusa leading the government to declare a humanitarian emergency what is your piskun of reports now on how locals are dealing with the situation. eighty miles off the cost of not perfect the tiny italian island of one has relied on fishing and tourism for its main sources of income but for the first time in years the boats on. meds are dry but that's because you can't work they're always out here we haven't gone out to sea for twenty days now since the recent upr

the international energy agency called on opec to draw on excess oil capacity to make up for long-term losses of libyan supplies. now the saudis said they could also do that. that is definitely what markets are watching today, but futures are higher this morning after wall street closed well off its lows yesterday. asia markets were also higher overnight. europe is also in the green. and today we look ahead to a revision of fourth-quarter gdp. it will show the economy grew a bit more than previously thought last fall. we also get news on consumer sentiment and earnings from jcpenney. the dow closed down 37 points to 12,068. the nasdaq composite rising 14, that was the big winner, that was tech. 2737 is where we closed. >>> and good news this morning on a friday. i mean, why not? a new survey from consulting firm hewitt associates shows workers will get the biggest pay increase since the start of the financial problems. earnings were up 2.7% last year, but it is shy from the 3.7% average from before the recession. >>> and companies are turning to the web and social media to generate buz

the big major fields are in rapid decline saudi arabia is saying oh no we don't have any problems so opec is effectively dead they cannot lower the price of oil anymore by flooding it the market with oil because if it peak oil two thousand and seven global peak oil so now that whole foundation of power for saudi arabia is being taken away from the big sheikhdoms and all the princes and there are thousands of these frick and princes all over the world they're tame it billions to keep these guys rolling around in their rolls royces for what so they can sell overpriced gas to american s.u.v. drivers well that's all over with you got to get real jobs now guys i suggest you apply them at your local mcdonald's with this information transmitted in this wiki leaks cable took place in november two thousand and seven when sadat husseini a geologist and former head of exploration at the saudi oil monopoly around co he met with a u.s. diplomat said this was during the bush administration remember when cheney kept on dick cheney kept on flying over there to saudi arabia and set out all hussein he told

volume the difference that would create a situation in which prices would really skyrocket if another opec country ran off line so you lost a million barrels a day it is offline from libya if algeria which is also having trouble if it goes offline that would bring saudi arabia right up to its capacity to to substitute for the ali and then you would see i'm not sure two hundred twenty i think that's probably an animist trying to get headlines but but maybe one hundred fifty that that which is still pretty high. i have got plenty to come this hour including our weekly snapshot of opinion from the streets of new york. middle class are responsible at all for where the economy is that right now now it's it's wall street and bush. their president is on the streets of got from to find out what people think about the tax man in america. we collate founder julian assange has turned people along to the court ruling ordering his extradition to sweden on sex assault charges so in their baseless and that he was not a proud trial that he's lawyer and that of looking at why he's being sent for trial whil

down the difference that would create a situation in which prices would really skyrocket if another opec country went offline so you've lost a million barrels a day is offline from libya. algeria which is also having trouble it is lynette's one point eight million barrels or more. saudi arabia that would bring saudi arabia right up to its capacity to to substitute the volume then you would see i'm not sure two hundred twenty i think that's probably an analyst trying to get headline but maybe one hundred fifty that that which is still pretty high i want to say on this you mentioned saudi arabia and they really kept calm promising to kick up oil production i know you've written about the fact they already have but to what extent can they keep doing this i mean if there's an arrest continue it . this is the this is the question one one question that i'm exploring today is why is saudi arabia so nontransparent the the single fact that has that has allowed or oil prices to go through the roof over the last week and then all the way down which we've seen since the end of the day yesterday is t

raising up to one hundred fifty dollars a barrel again while supplies are still moving relatively freely opec says it is ready to meet any shortage in supply when it happens but some sectors are definitely impacted surging oil prices are a big challenge for airlines for example and energy prices to turn. what could have been a very profitable year into a very complicated year and transportation has always been particularly vulnerable to rising oil prices with all sorts of businesses affected from supermarkets to manufacturers or fortunately high oil prices likely to hit ordinary consumers while it's true let's listen to what analysts are saying. because all prices have a knock on effect to the cost of. most items because of course you need energy to. to make products and deliver them to shop so. if prices continue to. that will have significant inflation pressures. on europe and the world. rising oil prices really like a tax on consumers which will force many to do vigils to pay more at the pump to fill that tanks and it will leave them with less disposable income and money to buy other stop

in the three previous sessions and oil rises to near eighty seven dollars an asia as reports show opec but amid growing crude demands. here in russia both mines are trading lower for the third day the r.t.s. is losing over a percentage of the market is point eight percent lower energy majors are a drag with gazprom of mccall losing the most. russian stocks declining slightly wanted to one and all price inquiry which. we will produce this is most likely temporary think the russian stalks or whether structure for however i think that few domestic frames are going to be played by mr stores tuesday food inflation real very deeply in their goods if you have inflation of circuit thirty percent which is expected for this year and the market is expected to strengthen it's hurting exporters but it's been in the midst of the mystic where's. all the north america is recovering from yesterday's losses caused by another unexpectedly strong inventories report in the united states the report showed gasoline supply was at its strongest for twenty one years brant crude for delivery in march is extendin

ground in the three previous sessions or rises to near eighty seven dollars and asia as report shows opec output amid growing crude demand. and here in russia the r.t.s. is low in the first minutes of trading the benchmark is losing point three percent this hour energy mages are dragged with gazprom i look all in the red the markets is still closed and here you see wednesday's closing figures pushing the indices down energy majors suffering from a fall in oil prices. we see you russian storms. well i think slightly in line with all price and correlates to the will produce this is most likely temporary think the russian stocks are quite a structure for however i think that few domestic frames are going to be played by mr stores tuesday food inflation real very deeply in their goods if you have inflation circuit three percent which is expected for this year and the market is expected to strengthen it's scorching exporters but it's been refusing domestic domestic wares. staying with oil oil and north america is recovering from yesterday's losses caused by an unexpectedly strong inventories r

with respect to opec and china, they are two separate situations.y have to be more intent -- we ought to be more independent in terms of our sources of oils in order to be independent of opec. independent with our military, but also what we are paying them. owns about 21% of our foreign debt, a truck -- japan about 20%. we need to deal with living within our budget here in order to reduce that. also, we need to deal with the balance of trade problems and also about the export of jobs to china by other manufacturers. that is not a federal policy, but the policy of many of our corporations. that is a hard thing to do because corporations go where employment is the lowest amount that they have to pay. private schools versus public schools, this nation was built, broglie the last 150 years especially, on public schools. your local public school gets about 7% from the federal government. the rest comes from local taxes on property, income-tax than other sources. in idaho -- it varies tremendously from state to state. i am from oregon. almost 50% of the p