>> well, opec is, opec is really saudi arabia. in june there was a split with opec, another split.once again, the saudis wanted to increase their oil production. the iranians and the rest of the, the majority of the cartel said no. the meeting broke up and the saudi said we're going to pump oil into the market anyway. so at the moment we have seen some ways a repeat since 1977. it will be interesting to see how far they go with it. you know, russia is now a major oil producer. someone just indicated we are seeing countries in south america discovering new oil deposits. opec is to the extent what saudi arabia wants it to be. in the interest of the saudis are usually swing power. so that their power is the most important force in the oil markets in the world. >> i guess in the interest of full the closure, i must say that i am an iranian american. i've been here 52 years. the last forty years as a loyal citizen. there is a lot of resentment in this country because of our dependence on the middle east oil. and this is even before 9/11 and the terror and all the problems. we also resen

without an opec existence? >> opec is really saudi arabia. in june there was a split. another split which is quite interesting. once again the saudis wanted to increase their oil production. the iranians and the rest of the cartels of no. the meeting broke up and the saudis said it will pump market any what -- pump oil onto the market anyway. rears seeing a repeat. we will be interesting to see how far they go with it. in know, russia is now a major oil producer. we are seeing the countries of south america discovering oil deposits. i mean opec is to the extent what saudi arabia wanted to beat. the interest of the saudis they use the power so that their petropower is most important force in the oil market for the world. >> in the interest of full disclosure i must say that i am an iranian. i have been here for years. the last four as a loyal citizen . their resentment in this country because of our dependence on oil this is even before september 11th and the terror and all the problems. they also resent the fac

he represented iran in opec.am al chalabi retired from government services in 1991 during the gulf war and is now an independent consultant. i sat down with them both and asked about the growing concerns over oil prices. >> i think worries about the economic situation in the west, united states and europe and the rest of the world is really affecting the situation in terms of the oil market. >> would you say 75, 80 is a realistic floor for global oil prices right now? >> i think the answer is yes. if there is more oil coming from libya, there will be less coming from saudi arabia. the barrels can be kept by the policemen. i think the saudis play a role of balancing this market. >> are we going to have a repeat of 2008 when there was too much production on the market? >> i don't think so. i think that we've learned a lot from 2008-2009 period. i think even if there is a severe reduction in demand it can be balanced. >> i think everything will go gradually. nothing will happen all of a suddenen. >> you don't see a

that is why opec declared that ethiopia was no longer eligible for opec loan guarantees. they have not yet changed that policy, correct? yes, and the restrictions were based on the fact that american citizens still have a property claims not being met. back to ethiopia and eritrea. there was an agreement to abide by an arbitration. in the end, it is my understanding that the corporate burris decided for a major part of that in eritrea's favor. if we permitted the government of ethiopia to renege on the agreement to follow the arbiters. >> in 2003, we announced -- we helped -- we held both parties accountable to the result. >> mr. rivera's time has expired. i want to thank our witnesses for appearing before us. we look forward to your written answers. i remind the committee members that if you could join me to say hello to ellen, it is a true delight and an honor to have you with us. and the committee is now adjourned. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] >> spend this week in in knoxville, tenn. w

opec takes it out of the ground and they distribute it. be subsidizing exxon and other companies like exxon mobil is absolutely insane and ridiculous. now, as far as the plans are concerned, before we can start raising taxes this country has to get going again. i mean, i just see every -- you look at 9.1 but don't forget that's a phony number. that's a number -- >> a million more that have given up. >> how about when you give up and then you're not considered unemployed. people that have looked for a job for two years, they give up, they're not going to get a job. they take them off the unemployment number. >> you're a big employer. how many do you employ roughly? >> thousands, tens of thousands of people. >> right. how does america get people back to work? what is the best economic plan in terms of general thought process? i mean, you don't want to raise taxes. what is the simple way to stimulate growth and jobs? >> well, i have two primary ways. the first way by far is you must stop our jobs from leaving this country. we must start manuf

currently imports roughly 20% or five million barrels a day from members of opec. the united states spends about $1 billion a day on foreign oil or $129 billion each year from opec nations. by converting to natural gas, 18 million diesel trucks and fleet vehicles which return to a central location every night would cut opec imports in half. choosing to enact no change in policy related to natural gas is the same as choosing to remain reliant on opec nations for an economic vitality. our bill helps finance this conversion. gas costs families about $2,200 more a year than it did in 2009. and this house, this chamber has talked about energy independence since the 1973 oil embargo, but the demand for energy is growing. and growing. and unfortunately opec exerts control over world oil prices and has asked that it someday be $200 per barrel. we think it affects our economy at where it is, imagine what would happen whether it reaches that level. the department of interior however estimates that we have between 86 billion and 115 billion barrels on our outer continental sh

i deal with china, i deal with mexico, i deal with the opec nations and i have many of them right in this building in terms of tenants that pay me rent and they laugh at the stupidity of us. >> you have spoken to many of them, and the two businessmen in the race are governor romney and mr. herman cain. compare and contrast their business experience and where you think it's an attribute or stronger or something more important. >> i don't want to say stronger or not stronger. they both have great business credentials. >> different or the same? >> very different. governor romney did lots of things with companies making them better, taking companies and making them better and making them work. that's a great thing. he work for companies like pulse bury and some tremendous companies and then he ran a company very successfully. so they really both have very good business credit -- credentials. >> in terms of job creation, would you look toward governor romney's experience or mr. herman cain in who do you think has the resume only in terms of job creation? >> i think both could and frankly

um repwesentndarge weti grp o d oplehat aepntgeired tor o sing le t is cntry get aippeed offo by sg opec nd e crybory els chietna, pe parffcula bmexi. u ne ec t ebolshi coun, y, arlahey' xi . ppin us. ne it har tto unbeeve.y' us to in w.e we theings aitar weouldbeake e.l the goodeal uso and w weweehe magsng a all t welde thooal upid d dewes.ea mostverylldy m tes u look id dedly caus theve a omstry m u lk up a rea yy ushe a lid ahean.ea i i ough he.herm wasteific i gheat rsonity, war guy and had gre rmasteic t ony,aruyndetin >> weadre nd at e ve colusiin of e weinteiew, we t markve tha cosif he'tew,e esntiay st ted rknew sine modha fore' ruing r esidt,es yia kno ston ad w neodor shrustrig he heidas yno a cket to e top osh ri" hehe d moes gist " poet ino op wa" we d i mo a eehstpo wnhat hs wa ing t t we sese. a you ow, tve hs l ys sg d ttsehese. u , polical con sltan sucyouse dry i setven wlih lselfon wannuc u i s thking abo ry setnnng w ilf wwas eat fore hai th anngodybo d i dn'treal havn i s t re haanyby.n y i dn'tave ybod come o i 't thalk ofavt and'd g onyb i i 'te od meyou ked to th o

-- that's what opec declared ethiopia was now no longer eligible for opec loan guarantees. they have not yet changed that policy, correct? >> because of restrictions. >> right. and restrictions were based on fact that american citizens still have property claims that were not been made. but back to ethiopia and eritrea. there was an agreement between eritrea and ethiopia to abide by an arbitration. in the end, it is my understand that the arbiters actually decided, at least for a major part of that, in eritrea's favor. yet we prevent the government of ethiopia to renege on the agreement to follow the arbiters come is that correct? >> no. we announced it was binding because the parties census of therefore we help both parties to adhere to the result. >> thank you very much. time has expired. i want to thank our witnesses for appearing before us. we look forward to your written answers, and remind the committee members that if you could join me to say hello to evelyn apoko. it is a true delight and an honor to have you here with us. thank you. the committee is now adjourned.

, and that was right, opec declared ethiopia was now no longer eligible for opec loan guarantees. they have not yet changed that policy; correct? >> because of restrictions. >> right. restrictions were based on the fact that american citizens have property claims not met, and now back to eat ethiopia. there was an agreement between them by an arbitration. in the end, it is my understanding that the arbiters actually decided, at least for a major part of that, in artra's favor, and yet we have follow the arbiters; correct? >> no, in 2003, we announced the party said so, and so therefore we held both parties accountable to the results. >> thank you very much. the time expired. i want to thank our witnesses for appearing before us. we look forward to your written answers, and i remind the committee members if you could join me to say hello to evelyn apoco, it's a true delight and honor to have you here with us. thank you. the committee is now adjourned. [inaudible conversations] [inaudible conversations] [inaudible conversations] >> thank you, mr. chairman. thank you for being here,

. >>> crude oil prices fell nearly a dollar a barrel after opec cut its demand. cartel also predicts no growth in demand next year. opec says the weakening world economy is taking its toll on man, especially in developed nations. >>> debit card rewards are getting harder to find. rewards fell 30% over the past year. analysts say the government's new cap on debit card fees is leading many banks to eliminate their rewards program. >>> and dollar thrifty is taking itself off the rental car market. they plan to remain independent. avis dropped and hertz didn't drop its offer. in new york, i'm alexis christoforous. >>> a local charter school is once again being recognized for its dedication to healthy education. monique griego is there, as halfstead students headed to the white house. >> reporter: kids can't always control their excitement. but for these students, the frenzy is for good reason. >> because they're going to the white house to meet the president and michelle obama. >> kevin counselor is from hampstead hill's academy, who hopped on a bus. >> she's trying

and i believe that opec and the oil companies are in absolute cahoots.rrible that you say that. i love you, republicans and i'm more conservative than all of you, but for exxon-mobil to be getting subsidies and to be paying not that much in tax relatively speaking is ridiculous. >> what about people like you? millionaires? >> i don't mind paying more tax. but i think -- and i'm not talking about myself. we have a terrible economy and the word fragile is a good word. we have a fragile economy. if you start playing around with tax increases, i really think it could lead to a disastrous result. it's a bad time to raise taxes on people. people aren't doing that well. even rich people. some are doing well. it's a bad time to raise taxes on people that provide work. if you could turn this economy around, whatever anyone's paying right now, first of all, they're paying much more, they would make more. the then that really solves the problem is a good economy. you can't have a good economy when china and opec and virtually every country in the world is ripping u

and i believe that opec and the oil companies are in absolute cahoots.ies is beyond me. they say that's terrible that you say that. i love you, republicans and i'm more conservative than all of you, but for exxon-mobil to be getting subsidies and to be paying not that much in tax relatively speaking is ridiculous. >> what about people like you? millionaires? >> i don't mind paying more tax. but i think -- and i'm not talking about myself. we have a terrible economy and the word fragile is a good word. we have a fragile economy. if you start playing around with tax increases, i really think it could lead to a disastrous result. it's a bad time to raise taxes on people. people aren't doing that well. even rich people. some are doing well. it's a bad time to raise taxes on people that provide work. if you could turn this economy around, whatever anyone's paying right now, first of all, they're paying much more, they would make more. the then that really solves the problem is a good economy. you can't have a good economy when china and opec and virtually eve

opec produces 30 million barrels a day. world produces 90 million so 30 is in the 90, the total is 90 million. so, 1.7 million was taken off and back up to 300,000 and they will take it on up to ... i don't think you will get to 1.7 million. historically the mature oil field dozen not go back to the level as they were when shut down. >>neil: will the oil prices go back to the highs that seem a distant memory now. or what? >>guest: well the global market is north sea crude not west texas immediate so when you look at the world look at north sea. >>neil: which libya had a more direct impact? >>guest: well, it just meant the saudis cut back and made room for libya and lebanon i can't goes off, said difficulties produce more and it is taken care of. so it balances very fast. >>neil: we could produce more but it has been a problem but what do we do now? >>guest: in the united states? >>neil: yes. >>guest: we are producing now, if you want to produce more --. >>neil: well, governor rick perry, you endorse him or you like him? >>g

you wouldn't be middle-class at an opec meeting. (laughter) but i guess it's nice to know even if republican voters know who the real mitt romney is, mitt romney doesn't. (laughter) we'll be right back. (cheers and applause). >> jon: welcome back to the show! now, if you've been following the news, you know that former sitcom star turned macadamia farmer roseanne barr made headlines when she jokingly called for the beheading of anyone making over $100 million a year who wasn't giving some back. she was kidding! but it didn't sit well with a certain morning show. >> my question is why do we care what roseanne barr says? i mean, i don't really... why do we give so much attention to these celebrities and what they say? >> jon: hear, hear! i am sick to death of these celebrities telling us what to think about politics. let me just fast forward to fox and friends morning show exactly 1:15. go. >> joining us right now to break down the 2012 g.o.p. field is country singer superstar hank williams, jr.! (audience reacts) (applause) >> jon: i

but because they look at what's going on with china, with opec, with india, with mexico, with so many- with everybody. the entire world is ripping off the united states. we don't make good deals anymore. it used to be years ago we'd never make a bad deal. we were smarter, tougher, better. we had all the cards. and now, we never make a good deal. >> how much of this -- i'm going to back to this later the foreign aspect of this but how much is done to america being weak? >> we are weak. we're pathetic and stems from leadership. it's very simple. >> how many leaders? how far do you go back? >> look. i was never a big fan and proud of you and the job you did and thank you celebrity apprentice and donald trump. the truth is you have done a good job and you know me. i have never a fan of george bush. >> i remember you telling me once he put back america 50 years. >> well, he put it back a long way so i was never a fan but we have taken it to a whole new level with obama. obama could have straightened it out. now it's gotten so bad it's not just deficits. we're not respected. we're at a leve

but the fact is i was really heavy on china and opec and doing great in the polls. i don't understand why more people don't pick it up other than the lobbyists got to him. >> >> said at the beginning of call by 2015 according to the international monetary fund china will ellipse the united states as the number one economic super power of the world. now, this halls profound implications because this will be the last presidential election when the united states is the premier economic super power of the world. one thing ronald reagan understood, you have to be the economic super power if you want to be the military super power. >> i have always wondered and i'm still wondering why presidential candidates don't team up and make their ticket up well in advance of the primaries. >> and so i would ask you both the question would you consider a trump bachmann ticket? or visa versa? >> well, i don't think that's what we are here for tonight but i will say this, the i have gotten to know michelle very well and other candidates it's a far cry from what we have in the white ho

about education, they talk about all these things, but the fact is we can never be great again if opec is going to raise prices of oil. they sit around a fastball and they raise the price of oil every time the economy gets a little bit better, and it drives the economy to get worse. and china and so many nations, we don't make good deals n the good ole case, we made all good deals. we were the smart ones. now we are the dummies. we have leadership that's not smart, and we are the dummies sitting around the table. everybody makes good deals against the united states. and that has to stop. so what i said, and i represent a lot of people, and that's why people want my endorsement because i think i do have millions of people with me in that way, they are smart. the public is smart. they see what's happening to our country and if we choose the right person, i'm all for it, and i will be the happiest guy in the world, and i spend to endorse somebody i believe. but if we doan, if we choose somebody who is not right, and the economy continues to be bad, which i think we will because we have le

you wouldn't be middle-class at an opec meeting. (laughter) but i guess it's nice to know even if republican voters know who the real mitt romney is, mitt romney doesn't. (laughter) we'll be right back. [ male announcer ] at&t and verizon charge you extra for going over 2 gigabytes of data. t-mobile slows down your data speed. with sprint you don't get charged extra and you don't slow down. and you get unlimited data, text and calling to any mobile -- for only $79.99. the best unlimited plan...wins. make the most of unlimited data with a brilliant screen on a pencil thin phone. introducing the samsung galaxy s ii epic 4g touch. trouble hearing on the phone? visit sprintrelay.com. ♪ sent her back to collegeng galaxy s ii epic 4g touch. ♪ co-signed her credit card -- "buy books, not beer!" ♪ ♪ but the second that she shut the door ♪ ♪ girl started blowing up their credit score ♪ ♪ she bought a pizza party for her whole dorm floor ♪ ♪ hundred pounds of makeup at the makeup store ♪ ♪ and a ticket down to spring break in mexico ♪ ♪ but h

you wouldn't be middle-class at an opec meeting. (laughter) but i guess it's nice to know even if republican voters know who the real mitt romney is, mitt romney doesn't. (laughter) we'll be right back. ♪ music from mobile [ can opening ] baby: pshhhht! [ imitating can open]ng [ soda pouri]g baby: wooosh! [ imitating soda pour ] baby:rapping/beatbox ] [ can opening ] teen: pshhhht! [ imitating can opening ] teen:rapping/beatbox ] friends: wow! [ can opening ] cee lo: pshhhht! [ imitating can opening ] ♪ be free and express yourself. ♪ ♪ do what comes naturally. cee lo: be yourself. be refreshing. be 7up. (cheers and applause). >> jon: welcomeack to the show! now, if you've been following the news, you know that former sitcom star turned macadamia farmer roseanne barr made headlines when she jokingly called for the beheading of anyone making over $100 million a year who wasn't giving some back. she was kidding! but it didn't sit well with a certain morning show. >> my question is why do we care what roseanne barr says? i mean, i don'

organization could protect the interests of the world's biggest crude producers but it would not be rival to opec then as well as grand ambitions for oil production in january it said it had thrown saudi arabia is the country with a largest proven oil reserves has been pushing foreign partners to increase investment into its a resource rich orinoco belt russia as part of their projects and the joint venture is expected to start production in may. the russian energy giant gazprom as obtained a license to explore one of the country's largest undeveloped gas fields the reserves of coal victor field estimated that up to two trillion cubic meters enough to meet world gas demand for eight months earlier this year gazprom bought the siberian deposit from russian british joint venture to b.p. a nearly nine hundred million dollars. all right i'll be back in around fifty five minutes time with an update the headlines are next with a nice on r.t. . a very warm welcome to you this is your news today protesters on the wall street center they have to. leave the sentence a good chance the chief says it's a good

organization could protect the interests of the world's biggest producers but it would not be a while to opec and as well as grand ambitions for oil production in january it said it had a role in saudi arabia a country with launches open or reserves has been pushing foreign partners to increase investments into its resource rich now we know the gold rush is part of that project and the joint venture is expected to start production in me and russian energy giant gazprom has obtained a license to kill one of the country's largest undeveloped gas fields their reserves of coverage to field are estimated at up to two trillion cubic metres enough to meet world gas to man for eight months earlier this year gas from both the siberian deposit from the russian british joint venture tainted a.t.p. pro nearly nine hundred million dollars. so for me this hour joins me for me to do next hour for more business news here on. it was created to serve public interests to inform and to entertain. these days there's nothing easier than opening a new media outlets but there is nothing harder than revoking its lice

the senate what president obama's half a trillion dollar plan to create jobs and opec has cut his global oil demand growth forecast citing with economic outlook and industrialized nations. and stock markets are mixed across asia hong kong hong kong gains of chinese banks of searching losses connected to weak results of us all in the name giant old core and just not for europe's bailout fund expansion japanese edging lower hunter is down two percent and comer make an income four and a half percent that's off to the firms halted production in thailand due to the flooding in the country. and in russia demise of so slipped for a second day we're treating about point five percent in moscow the r.t.s. is struggling to stay above the waterline that is just on much. some of the business news from north mall stores check called outside archie dot com slash business. on. a very warm welcome to you this is your news today protesters on wall street since they are. essential to get the chance to see the good books the status of the human experiments good to. see if we pursue approximates wrong you su

be you ask the senate blocked president obama's half a trillion dollar plan to create jobs and the opec has cut his global oil demand for a full cost citing weak become only outlook in industrialized nations. and stock markets mixed across asia in hong kong gains of chinese banks up offsetting losses connected to weak results of u.s. i would mean a giant corps and just not for europe's bailout fund expansion japanese stops are edging wojo and is down two percent antechamber make a nickel four and a half percent that's after the funds bought it production in thailand true to the flooding in the country. less than an hour before the opening bell here in moscow there are some markets closed on. a negative note on tuesday after several sessions surprise the most of stop the one percent and the arch as last three quarters of science banking stocks and toil may just war among the main losers. so we have time for now you are today it's your stories and analysis you can catch cold outside archie dot com slash business. and discover it's be easy. to. communicate with the old. test yourself and b

let's have a look at the markets now all prices are heading alps after declining following opec's decision to cut its global demand forecast light sweet is trading at over eighty five dollars kyra while brant is at one hundred ten dollars per barrel and stocks in the u.s. are makes down concerns that slovakia might not approve expanding the european bailout fund the dow is trading lower a day after it jumped three hundred thirty points its largest increase since august eleventh and the nasdaq is at the moment trading point seven percent in the black here in stock markets closed mostly in the red on concern over slovakia the footsie and it's likely lower weighed down by losses for the mining sector copper mine either for gasteyer was among the worst performers dropping one point six percent as couple prices calling several days of gains all the commodity stocks posted similar losses you raise in natural resources drop two point three percent germany's dax bought the negative trend to end point three percent and the black. and russian markets closed in the red after several consecutive sessi

former empire focusing on challenges such as the fragile goodluck economy and climate change between opec summit bring new products and cobbler. saudi arabia has named its new crown prince last week of a previous thread tyrannous to live in the us who is known for his conservative views regarding this and the king the seventy eight year old also favors a harsh stance against islamic militants reigning king up to those eighty seven years old has had a number of health problems over the last year. that's taken the six years during which time there been delays drama and scandal and moscow's historic bolshoi theatre is one of the reopening today after overhaul the team's economy which over has had a first look ahead of the glittering performance. the red and gold curtain will raise for the paris time in six years at the legendary bolshoi theatre revealing a restoration that runs as the most meticulous and expensive in the theatres history and over seven hundred million dollars the restoration was directly supervised by the kremlin which sits nearby built in eighteen twenty five the theatre wa

the senate blocked president obama's half a trillion dollar plan to create jobs and the opec has cut as global oil demand growth forecasts citing we could konami industrialized nations. and stock markets are mixed across asia and hong kong gains. of chinese banks offsetting losses connected to weak results of u.s. alinea giant alcoa. for europe's bailout fund expansion japanese stocks to educate lower home to is down two percent antechamber make a nickel four and a half a cent that softer the thumbs halted production in thailand due to the flooding in the country. and in russia the why is six has slipped for a second day retreating point four percent at the start of trading in moscow and there are little changed two tenths of percent. we're marking the losses unless someone else time for you here on our. website our chief business. move. back here with our z. here's a look at the top stories the u.s. charges to radians with allegedly plotting to kill the saudi arabian ambassador to washington as part of a major terror attack american officials say they're committed to holding iran ac

let's have a look at the markets now oil prices are heading out after declining following opec's decision to cut its global demand forecast like what it is trading at eighty five dollars a barrel while brand is at one hundred ten dollars per barrel this hour the u.s. stocks a mixed on concerns that slovakian might not approve expanded european bailout fund the dow is trading lower a day after it jumped three hundred thirty points its largest increase since august eleventh the nasdaq has climbed nine point seven five points and european stock markets closed mostly in the red as investors awaited the outcome of a crucial parliamentary vote in slovakia the footsie it was likely slightly lower weighed down by losses for the mining sector a couple minor out of augusta was among the worst performers dropping one point six percent as copper prices falling several days of gains other commodity stocks posted similar law says for the eurasian natural resources dropping two point three percent the german dax bucked the trend of the negative trend to end point three percent higher with drugmakers ris