in total as of today, we'd million barrels a day of non-opec production is out unexpectedly. that's more than we would expect, part of the reason why the market is still balanced despite the very high rate of opec production that we're seeing at the moment. so, again, it's very hard to factor in by definition as unexpected factors but i think they are significant feature of the current market. the fifth point is just on demand, demand growth is continuing. it's modest at a global level, very heavily concentrated. if you take brazil, india, china, saudi arabia, those four countries alone just as they have over the past five years, constitute virtually all of the net global demand growth outside those four demand has been falling for a long period. some specific features for tension to fukushima, on japanese demand, now expected to be falling as it has done but very strong japanese demand last year, primarily for lng but also for oil and for this year we think some of that increase is the nuclear plants continue to stay down is going to be toward oil. as of now with the 54 japa

yet it's artificially set by opec. speculators are bad but they don't have the impact that opec has. let's get them over here, fellas it's over. it's not going to continue. i can't believe obama would go into the presidency this next election because he could lose it despite george will with his more on i can statement. he would ko lose it if oil prices go up. i can't believe obama is speaking to opec. >> greta: i'm familiar with george's statement. >> he made a statement he doesn't think the republicans are going to be winning the presidency. they should focus on congress. they should focus on senate and congressional races. i think it's ridiculous. some of the polls i see have mitt romney leading. soe for him to make that statement. he is not a great one. this is not the smartest guy out there. i've watched this for years. i have watched predictions he's made, many winning predictions and negative force for the republican party. >> greta: something makes me think you don't like george will? >> but you are not going t

we keep consider we have a look at what's going on in the opec and non-opec countries to bring these things together in our monthly report. >> thank you very much. of course, the action still considers here in kuwait. for now it's back to you, chloe. >> thanks so much for that. certainly opec trying the best they can, but certainly they are balancing out issues involving the non-opec issues and that also explains why energy prices have been high, and that factor plus falling passenger growth some of the headwinds hitting asia's top airlines. cathay say they're feeling the impact. they say its cargo business will continue to remain under pressure. you've got some numbers from its earnings today. cathay lost 8% of its value last year. let's try to get some more insight. we have the ceo from cathay joining us from hong kong. thank you very much for giving us your time. your revenues were higher but profit down 60%. you attribute that to high fuel costs but you actually got a gain from fuel hedging. so if you didn't do this, the results would have been much worse? >> well, indeed. i mean

meeting, described as the worst opec meeting ever. there was concern about the u.s. government expressing concern that opec didn't step up to the table and increase supplies given libya was offline, and the saudis did. so the hawks and opec, venezuela and iran look to increase price, not volume, the saudis stepped up and said we want a balanced market, we'll increase supply. i think we're diluting the impact of opec by bringing responsible players to the g will have 20. i do think, and senator murkows murkowski, i know you've talked about this before, the iae, sharing arrangement needs an overhaul in terms of obligations and how we identify stock holding and a bnch of things that we do on a joint engage c mean, unless we make the change, that institution is very much in danger of being irrelevant. >> dr. horsnell you want to bring an eu perspective for us or british per speckive? se i h grounds to do that. i've mentioned already there are specific circumstance where is there is a foreign policy aspect and we already mentioned perhaps

. >> what about opec? >> opec has very little to do with this? >> it is not that we can set the price here. >> how about speculators? >> there may be some influence, but no one has been able to document. >> what about americans and their gas guzzling cars? >> i would not say that american consumers are to blame. >> there is plenty of blame to go around, experts say. the fundamentals of supply and demand are the driving force. there are significant disagreement over how to deal with that. the oil industry says boosting supply is what is needed. the president is pushing energy alternatives. >> we are showing you the areas gas prices and pictures. if you know a deal near you, download are new iphone app. >> your insta-weather-plus forecast -- >> scattered showers and a few thunderstorms. especially to our south. temperatures are a little warmer down there. moving over towards -- to the north, we have seen the line of showers weakening as it crosses frederick. i think that weakening trend will continue. at one time, it was a whole lot stronger, but w

. >> can opec do anything to slow down the move in oil?think there's a limited amount that opec can do right now. if you really look at spare capacity, around the world, there's very little that's part of the reason we're seeing prices rise. >> do you think prices have bottomed there? >> really, they cont reflect cost today. it's equivalent to $15 a barrel. natural gas is much cheaper than oil right now. and it's a function of the dramatic expansion supply that we've seen. the industry has invested rapidly. and that's been great for consumers, great for industrial demand as we have a surplus. over time, i would expect those prices to rise because as we deplete those wells, we'll need to drill new ones and 250 natural gas can't be sustained. >> in terms of the access here in north america, tell me about the access in the gulf of mexico. and are there areas? le 85% off limits thorax sounds like a huge number. the real issue is in the eastern gulf of mocks co. we have vast acreage of land offshore that we can access and develop. we have the o

opec does.rk on the price of oil and eventually get gasoline prices down, you have to attack transportation fuel. 70% of all the oil used every day in the world goes to transportation. nobody mentions that. okay. so, you get -- you put natural gas in there, which is the cheapest energy commodity today, put that in there on a heavy duty trucks, and, yes, you can do something about the price -- bring down the price of diesel, gasoline, they're one in the same and natural gas can do that. you know, it's -- i'm obviously frustrated. and so it's -- it's -- i don't understand why they don't understand. >> frustrated with the pickens plan in terms of getting it through legislation, you know, about a week ago "the wall street journal" came up with an op-ed that said boondoggle, this idea of getting subsidies for natural gas. you had a response to "the journal" today in a letter to the editor. you want to talk a little bit about what you found, the problems you found with their editorial? >> well, the ed

we don't want to be dependent on opec.ran shutting off the straits of hormuz. we're in a perilous situation. >> we're going to use 90 million barrels a day this year, a record. we'll use more oil this year than we've ever used. >> only because oil prices went up the way they did last time that the renewables had traction. when you endorsed the pickens plan it was because of the high oil prices that people were saying, hey, this is viable because we invest in solar and we invest in wind and natural gas. and the problem is people have very, very short memories, christine. short-termism problem is a problem. governor richardson, always a pleasure to talk to you. thank you for being with us again. >> thank you very much. >>> listen, next week we're not going to be in the studio. we're heading out on the road. you'll want to pay attention to where we're going. i love that my daughter's part fish. but when she got asthma, all i could do was worry ! specialists, lots of doctors, lots of advice... and my hands were full. i couldn'

opec is a criminal price fixing violation, they set output. if it was done by companies rather than by nation s, and so, it's a -- you know, we have brought cases to block oil company cmanagerers and -- company mergers and were insi insisting on divestiture. i know you hear about it when you go back to -- back home, i hear about it from my neighbors and from you know, every time i go fill up at the bump. we are working on it and we will they go back to the pump. >> i do have a few about this and i disagree with the chairman of the this particular matter, our bureau of economics has open pointed that he said that it's a worldwide market and that there are very few things that we can do about it as the ftc with respect to supply and demand. that said, the question is, for me, at least, whether the president can do something about it, besides simply appoint a task force which the ftc is a member, to investigate price manipulators. and i would say yes, for three reasons. first of all, i think that if the forces of supply and demand do control this

. >> can opec do anything to slow down the move in oil?think there's a limited amount that opec can do right now. if you look at spare capacity around the world there's very little. saudi arabia is increasing production to make up for some of the reductions in supply that we are seeing as a result of the turmoil in north africa and iran and there's precious little spare capacity. that's part of the reason we are seeing prices rise. >> do you think that prices have bottomed. >> prices have come down to, they don't reflect cost today. they are at 2.50, which is equivalent lent to $15 dollars a barrel. so natural gas is much cheaper than oil and it is a function of the expansion of supply. the industry has invested rapidly on private lands to increase natural gas production and that has been great for consumer and industrial demand as we have a surplus. over time, i would expect those prices to rise because has we deplete those wells we will need to drill new once and 250 gas cannot be sustained in the cost structure in the country. >> in ter

, that is what you got to do is stop the opec oil and quit giving money to the taliban.e are paying for both prices of the war. >>neil: would that mean ruling out as the president has, with the green technology and solar, et cetera? >>guest: of court not. those are resources we need to develop. get on your own resources in america and your economy will recover. there is not a country in the world on their own resources that isn't doing well. as long as you are going to depend on the enemy for your oil, your economy will struggle, and i can tell you, opec sets the price for gasoline. >>neil: i understand that, and you would support the president's efforts, then, he says go for everything. his critics say everything but when it comes to traditional energy, fossil fuels and that sort of thing and you say they are wrong and the president is right? >>guest: no, i'm telling you that wind and solar, you cannot make it work because it is too expensive. so, in time that will, all those will come into focus. i wouldn't want to spend a lot of money right new on developing something

>> you're right on the mark, chris, this is not about obama, this is about opec.he price of oil is set by a cartel of opec sheikhs who determine how much oil is available on the global marketplace on a global basis. honestly, our consumption has gone down 7% in the last year during the obama presidency but the price keeps going up. we're at an eight-year high on production in the united states. we're at a 39-year high in natural gas production in the united states. we're at a 12-year low in terms of how much oil we import into the united states. when george bush left office that year, 2008, we imported 50% of our oil, under obama we're only importing 45% of our oil. a complete misunderstanding of how the global markets work, how opec dictates the price of oil, is something mitt romney just doesn't understand and he's holding himself out as some macroeconomic maestro when, in fact, this simple fact of life on the planet is something he just does not understand at all. >> congressman markey, look at this chart. we've got this chart up on the screen now. we've passed

the fundamental problem that we have here is that we're too depnd ent on our oil imports from the opec countries and we too vulnerable to the price instability in the global market. so i'm not sure how we can argue that approach duesing more oil here at home and lessening our dependence on opec oil wouldn't make a difference. it just seems to me to make sure to have as much a cushion as we can because i think we recognize that the cushion that is available within the world markets is one that we're not entirely sure. senator schumer has asked that saudi arabia crank it up a bit so that we can get more from saudi arabia. how much spare capacity they have. i think this is one of those things that causes the volatility that we see. i want to move off that subject for a moment and bring up the issue that i raised in my opening comments and this relates to the legacy wells that were drilled again from 1944 to 1981 when the government drilled more than a hundred wells. they have only plugged and properly abandon about ten out of 137 wells. when i was in the legislature giving my address, a r

>> i think there's a limited amount that opec can do right now.f you look at spare capacity, around the world there's very little. >> what would your expectation be in terms of gasoline prices this summer? do you think they stay elevated? >> i'm not good at predicting prices. if you look at the price of gasoline today, three-quarters of that price is crude oil. so whatever happens to the crude oil is really what's going to happen to gasoline prices. about half of what's left are taxes. >> what about natural gas prices? let me ask you about that. do you think prices have bottomed there, without asking you to be predicting where the market goes. are you surprised by the level of natural gas prices? >> well, i am a little bit surprised. prices have come down to really -- they don't reflect cost today. they're at $2.50. which is equivalent to about $15 a barrel. natural gas is much cheaper than oil right now. it's a function of the dramatic expansion supply that we've seen. >> tell me about access for chevron and your colleagues in the business, and g

with japan, with yoo you were, to get them to work on opec countries.sed to be criticized, ali, when i was energy secretary. i'd go around to the opec countries to the saudi arabias and say the price is too high. actually at the time it was about $25. i'd say increase production. and generally the opec countries in those days were in the mood to help us, but they're not anymore. but there are no short-term solutions, but the fact is, this president, this president there's been an increase in domestic oil and gas drilling. >> governor richardson, thank you. i'm ali velshi with this week's fortune brainstorm. >>> and we'll return to our coverage of the strong storm system that's causing thunderstorms right now in some states. irepor ireports, and the eyewitness accounts next. i love that my daughter's part fish. but when she got asthma, all i could do was worry ! specialists, lots of doctors, lots of advice... and my hands were full. i couldn't sort through it all. with unitedhealthcare, it's different. we have access to great specialists, and our pediatr

it is opec.he saudis announced under pressure from the obama administration, to begin producing more oil. to put it into the marketplace so that wall street speculators don't continue to tip consumers jump side down. because of the fear of a cut-off from iran as president obama tries to stop iran from getting a nuclear weapon. so because of the administration's pressure, opec is saying they'll produce more oil and we'll see it at the pump. >> thank you so much for your time. we'll keep an eye on those hearings. >>> there's a lot going on today. here are some things we thought you should know. secretary of state hillary clinton gave her stamp of approval today on a new effort to confirm amelia earhart's fate. she vanished in 1937 while she was attempting to become the first female pilot to circle the globe. >> earhart may have been an unlikely heroine for a nation down on its luck but she embodied the spirit of an america coming of age. and increasingly confident, ready to lead in a quite uncertai

down by mirrors their production by a million barrels and they'd be ciro effect on gas it's up to opec it's up to the international oil markets it's up to the big oil companies we could drill ourselves to oblivion and have fracking in and the excell pipeline in every polar bear out of alaska but that will not change the price of gasoline by three cents it's nuts to even talk that now despite all this greg there are some proponents to fracking people say it creates jobs allows five to drill for our own natural gas and in turn makes us more competitive it can give us an ad job or china and we have some examples of here are some some of the arguments for why people are supporting . we did sign on and. not sorry that we did some squatter town is kind of a poor town and so a lot of people did get work and they got jobs and they're making money so to me that's a plus so to make of that argument greg here folks in pennsylvania who say they have benefited by fracking and their town per se there's nothing wrong with oil and gas drilling but you have to remember the argument well this creates jo

we delude the impact of opec by bringing responsible players in the g20. senator, i know you talked about it before, that the iea sharing arrangement really needs an overhaul in terms of obligations and how we identify stock holding and a bunch of things we do in joint basis, how we engage china and india. i mean, unless we change, that institution is in danger of being irrelevant. >> do you have a e.u. per perspective? >> i'm not grand enough to do that, but there are circumstances where there is a foreign policy aspect and mentioned the one that surprises people that the biggest supply inturption today is the situation in south sudan, and, so, again, i'm sure that's something which state is fully aware of with a 345eu -- major oil component on that, and endorsing the comments working with the ief, working for howard's team's working with improving the transparency of the global markets is always an extremely good thing. i think one thing to say also is the iea and the role of the iea, i think there has been a drift in recent years for energy policy's tha

, in fact even before the formation of opec. >> wealthy -- will this meet the strategic threshold? >> i will have jay answer that question because he has worked more specifically on that issue. >> as no, the president has said, as the secretary just said, that he looks at all options. and all options remain on the table in terms of a strategy to deal with the near-term issue of high gas prices. but we're not going to talk about the spr with any specificity, and i would simply note that the president is very cognizant of the impact the the high prices at the pump are having on american families, that they may struggle to make ends meet. it is a reminder of why it was so important to extend the payroll tax cut, which by putting an average of $1,000 extra in the paychecks of the average american family's is helping those families, 160 americans, helping them deal with higher oil and gas prices. he is making sure that the department of justice has reconstituted the working group that is going to make sure there is no fraud or speculation, no price gouging taking place in the country as

this is not about obama, it's about opec. the price of oil is set by a cartel that determines how much oil is available on the marketplace on a ongoing basis. the price keeps going up. we're at an eight-year high in oil production in the united states. we're at a 39 year high in natural gas production in the united states. we're at a 12-year low for how much oil we import into the united states. when george bush left office we imported 57%, and this year we're only importing 45 of our oil. so this understanding of how the global emergency markets work, that is how opec picks the price. it's something that romney just doesn't understand and he is holding himself out as a macro economic maestro, but the fact is it is something he does not understand at all. >> congresswoman, i want you -- and congressman markey, we have this chart on the screen now, it's evidence that oil is a global product and prices are set based on factors outside of the united states. the price of gas in the u.s. here at home runs almost exactly in sync wi

and let's get off opec, because who needs opec? we have all the energy we need.s, 20 years, 30 years. but that's what we need to do. >> john hoffmeister is founder and chief executive of citizens for affordable energy and former president of shell oil. thank you for joining us. >> thank you. >> we don't like to wait for it. 20, 30 years, people say, no. >> we're affording it to china and india right now. we're selling it. keystone is all going to go overseas. a big factor in this that no one is talking about is vladimir putin made a lot of promises for his re-election and his economy depends on taxing the oil base out of russia. >>> mitt romney is getting a couple of big endorsements from a former president and maybe from his future vice president. we'll see about that and talk about that straight ahead. >>> the affairs, texts, big fall from the spotlight. we're talking to tiger woods' former coach. he has a new tell-all book that some say should never have been written. my playlist is chris brown "forever." ♪ >> that's off roland's playlist, milk & sugar. >> mil

text sr2 for opec. sr3 for president obama. sr4 for republicans.ng you the results at the end of tonight's show. ok, guys-- what's next ? chocolate lemonade ? susie's lemonade... the movie. or... we make it pink ! with these 4g lte tablets, you can do business at lightning-fast spes. we'll take all the strawberries, dave. you got it, kid. we have a winner. we're definitely gonna need another one. small sinesses that want to grow use 4g lte technology from verizon. i wonder how she does it. that's why she's the boss. because the small business with the best tecology rules. contact the verizon center for customers with disabilities at 1-800-974-6006. >> bret: now to a worst case scenario for america. the threat that a foreign power could significantly damage the u.s. military in a time of war through cyber space. chief intelligence correspondent catherine herridge has new information on how concerned people are. good evening. >> thank you. not mentioning iran, russia or china by name, the f.b.i. director say the cyber threat is one of the serious thr

he would get opec to behave. would you see a change in places like you wouldn't believe. number two, he would let people drill. he would let people take out the natural gas and the gas and the oil right under our feet in this country. he would have approved the pipeline which we don't need if we allow number two. and let us drill in our country, but to not allow the pipeline from canada not only in terms of bringing the oil, but maybe almost as importantly the jobs. i don't understand politically it would have been great for him. he doesn't allow the pipeline, that is real negative for him. to think that the president actually made the statement last week that the president of the united states doesn't control oil and there is nothing you can do about it, if that is case, we need somebody else. the president, right president could have a huge impact on oil. if they don't get the price of oil and knrn down, we're going to have another depression in this country like we had three years ago. >> you are critical of this green energy program. look, solyndra has been unmitigate

so we continue to go to opec.laughing at us all the way to the bank and between opec and china, we have two very, very friendly enemies, believe me. >> donald, when it comes to natural gas, would you like to see the government do more to encourage that specifically, to replace oil and carbon? >> well, they're doing nothing. there are certain little sections that are doing. they're having the trucks and cars made adjustable soap th thn take the natural gas and it's working out well at $2 versus 4 and 5. in my opinion you're going to have gas at $5 or $6 a gallon. if that happens with motorists, i don't see how obama will win this election. >> donald, doesn't mitt romney still have to clarify his differences between romneycare up in massachusetts and obamacare? it's going to be a big issue. he's being criticized, moderates, conservatives. doesn't he have to tell the public exactly how he's going to change obamacare and why it's not the same as what he did in massachusetts? >> well, larry, i think he's done a good jo

they can't control what they pay pay in opec had when they import. they can't control.and that the price is the price on the world market. right now there is plenty of supply here think don't need to buy right now. they are looking down the road a year. and they are also exporting now to china. american oil, refined here and found here. it's going to china and other countries. 4% of it now. and when you were energy secretary it was no percentage. that didn't happen. the oil companies do have and correct me if i am wrong, they have room in the pricing. >> they do. and they could do more refining. they could do more renewable energy. they could take a number of steps. look, the way the president is talking makes sense. we need more diversity of our energy supplies, increase fuel efficiency in our vehicles. diversify our transportation sect. renewable energy. mandate 20% renewable in every state. i think the key, bill, is natural gas as a bridge vehicle. find a way to move to natural gas, which is plentiful, which is clean, make it a bridge to renewable energy. increase oi

tremendous power, including doing a number on opec, like they wouldn't even be there if it weren't for has tremendous power over the price of energy. but over the price of oil and gasoline. but his sound bite that he has absolutely nothing to do and no power over the price of gasoline -- is a disaster for him. when he made that statement, i said, boy, they have to copy that one. and the other one is the secretary of energy, totally descrafterous. >> greta: looking at the administration, how do you think the vice-president has done? biden? although, being a vice-president is not a job that is very visible. secretary of state, hillary clinton? >> i think biden has been a very loyal person to be honest with you. i think he has been a good vice-president for the agenda that they set and he has been a very, very loyal person. hillary clinton is a terrific woman. i am biased because i have known her for years. i live in new york. she lives in new york. i really like her and her husband both a lot. i think she really works hard. again, she's given an agenda, it is not all ofure her, but i thi