the oil market is controlled by opec. opec is a cartel which owns some place close to 90% of the proven oil reserves in the world. it meets a couple of times a year to set the price of oil. oec even though they own this tremendous amount of the world's resources, although we're starting to find additional significant reserves because of this new technology being developed here, but the opec nations produce about 42% of the oil used by the world each year. so think about that. they own 80 to 90% of the reserves and produce 42%. that's not classical economics. they're not maximizing their economic return. in fact, if there's an intell t intellectual fight, but maximizes their income, they need about 94, $95 a barrel in sars to make their social payments these days. that's not my figures. that's the saudi government's figures. the iranian wod like to run the price up as high as possible in order to hurt the west. particularly during this period of time when the west is is put sanctions on the iranian regime. and in 2001, the

lock at what is going on in the opec nations .ned have had money and they wouldn't be there except for us. we talk about american exceptionalism. you can't use that term right now. >> are you saying the president is to blame? >> i think a lot of it there is an opportunity when you turn down pipe lines and don't allow drilling and go to opec and pay the exor bant prices of oil and other countries. he's allowing that to happen and i think he has a different idea of where he want to see the country than a lot of other folks and our country is in decline and not doing well. unemployment didn't go down. it is it just when people stop looking for jobs. real number is 21 percent. they said 8.2. it is very high. but if you add poem back that have begin up, you are talk being 18-21 percent. >> at some point people are disspirited and they check out. what does that do to the culture. >> that's what it is. they lost confident in themselves and their country. i think they can come back with the proper leadership. i know they can. >> you are g

would like to be able to use the authority of the united states government to take action against opecng to continue to fix prices and thereby jack up the price of oil. >> greta: what action would you take against opec? they seem to have a lot of muscle. >> well, they do. but if we give the justice department the authority, i would like them to dake legal action. >> greta: but that's like saying "boo!" isn't it? they will say, whatever, if our justice department says, you are doing something wrong -- >> a price-fixing suit by the united states government would be unprecedented and i think it would be -- a step in the right direction to give our government the authority it should have right now to take action to protect our taxpayers and our families who have hotolive with the high price of oil, sometimes set by some oligark in another part of the world. >> greta: on a 1-10 scale, 10 the most frightened, how worried are you that we are going to have a war or situation in iran that drives the prices up? >> it's a grave concern. >> reporter: >> greta: 7 or 8. >> i don't want to put a nob

also, donald trump has made comments about how opec is ripping us off. it has become more clear. as president, what would you do? >> i would take advantage of the oil resources we have here and allow additional drilling and provide licenses for additional drilling on federal lands. i would also build a pipeline from canada so we get more supply of oil here. i would take advantage of natural gas. natural gas has come into its own in a big way. [applause] it sounds like you already know about this. we have always been able to grow vertically into the ground. but now we can go vertically and horizontally. as they go horizontal lee, they can tap into pockets of natural gas, or oil. and by pushing fluid into the pie, they are able to push the oil out. that is called fragging. this technology has allowed us to get 100 years of additional natural gas. it can be piped to our transportation networks on the interstate highway for long-haul trucks or fleet inside cities. it weakened the event of our oil resources, gas resources, coal resources -- we can take advantage of our oil resources,

sony pictures is working on another steve jobs' by opec.ountry music honors its top musicians with the academy of country music awards. lady antebellum up for five awards. they're open to all nine just like the title of its album that miranda lambert knows nabbing a trophy is an honor. >>> it's a competition by cross my fingers >>> there will be and on stage wedding during the show a couple from the jersey will tie the knot while martina mcbride sings the song " mary me " you can see the academy of country music awards tonight in about our on cbs 5. meteorologist brian hackney is back with a look at the week ahead. >>> and a gorgeous day out there. the sun was out at and blue sky but it was cold. it well warm up on monday. here's a look at the golden gate bridge staring directly into the sun. you see the hazy sunshine. and clouds form off shore, it will clear out tonight and be nice tomorrow. for the next few days these are the headlines, service up sunny and warm on monday and the cool down on tuesday. temperatures renown in the upper 50s

we have to get away from the grip of opec because opec is destroying us. they are a worse abuser than china, if that's possible. have you to make deals with china, where either they stop with the manipulation of their currency and make it impossible for our companies to compete. they are making it impossible. very intelligently for them, but not for us. unless do you something about that. you do, you say, in it doesn't stop immediately, we are dropping a 25% tax on your product. this is nothing to do with free trade or fair trade. this is all to do with common sense. you have to stop china from systematically taking us apart. so many of the problems that we are talking about in this country including social security and including medicare and medicaid and all of the costs that we can't afford, you can afford them easily, if the economy turned around. the economy solves all the problems. >> greta: you say that these are common-sense ideas. if they are common-sense ideas, chayour theory that the president isn't doing this? he has a different plan, different

the 70s, when opec was knocking us around a bit, and the 80s, when we looked at japan and thought they would really take over the world. none of that came true. this is a resilient country, we're not in decline. >> robert kagan is a small book, the mother of america in decline. you can get it at the bookstore. great book. >> i was going to say, i think obama hasn't learned from sort of the myth of japanese exceptionalism from the 80s. and when he talks about this win the future talk, as if there's an america and we're all in it together and we can't let china beat us in solar panels or germany beat news ex ports. so all the -- stuff he talks about, laissez-faire and individual liberty, obama is using sort of nationalism and worry about america's place in the economy as an essex cues do nor damage in the form of export subsidies, more green energy subsidies some obama's idea of national american exceptionalism is that we're going to outcorporate welfare china and germ 93 is that -- >> john, there's two visions of the future and to try to modernize our educational structure right now. as

. >> she seems to be on the phone with opec telling them what she thinks about gas prices.s just taken aback. >> what? come on -- >> [ bleep ]. >> she says it again! >> they're like little sponges at that age. she heard the term and thought that's going to be useful, i'm going to use that one day. >>> the swing set at playground was my favorite thing to do at recess. this guy's got himself a 20-foot swing set and he's doing what i always dreamed of doing and trying to get all the way around. but that's how you become inside out boy. >> nickelodeon presents the story of the kid who accidentally swung over the bar and became -- inside out boy! >> is this impossible? >> it is not impossible. sounds like he's doing some sort of circus training because there's somebody -- he gets way up there. the swing is -- doesn't seem to be on the ropes. seems to have an like poles. he seems to be strapped in. this is higher than your standard playground swing set. >> oh. >> he just keeps going. >> he's got his rhythm down. >> there he goes, there he goes, there he goes! >> but wait for it.

in order for us to be able to avoid the kinds of upheavals that we have seen since the formation of opec, since the gulf war i, gulf war ii, and so many other events that have trns spired since the early 1970s. >> i'm told that this is breaking news. the justice department makes its first arrest in the bp oil spill. a former bp engineer. do you expect more people to be brought to justice? >> it's breaking news. i've been up here with you. let me just say that the united states has been committed from day one to make sure that we are holding bp and others accountable for what happened in the gulf of mexico. the department of justice, obviously, is involved in the criminal end of that. we're involved in the civil end of that with the justice department as well. and what i can assure the people of this country is that attorney general holder and our team who has been working on making sure that bp and other companies are held accountable will, in fact, be held accountable. there are laws and regulations that are on the books. as our reports have shown, including the joint investigation betw

. $2 billion for the opec and a billion in debt swaps to egypt. i'm just curious to learn from you what particular ways you see that it fund as working. >> this fund idea came out of two experiences, senator. one experience about what happened this past year when we were constantly trying to carve out money to respond to the emerging needs in tunisia, egypt, and libya. and how we could make sure we were demonstrating leadership, whether it was humanitarian leadership or in the case of trying to create enterprise funds, debt swaps, the kinds of things that would send a clear message to these new arab transformations that we were on their side. the second source of experience is what we did at the fall of the soviet union. back in 1989, for example, we had support for democracy in eastern europe where we provided assistance for hungry in poland at a $1 billion fund level. it gave us flexibility. we could be agile about it. so what we're asking here is to give us some of that flexibility. we would obviously come back to the congress and notify the co

because you go from being part of opec to the organization of petroleum, non-exporting countries. that's not where you want to be. second issue is opportunity cost because if you consider the value of a barrel of petroleum, you realize that the current method of dealing with hydrocarbons as an exporter doesn't make a lot of sense. if you drill a hole in the ground, pump out oil and sell it to somebody the value is about $100 a barrel. if you refine it, go downstream, it's worth $300 a barrel and it creates three times the number of jobs that upstream does and it's been incredibly successful in the downstream, but at the end of the day you're putting the natural resources in there and sending it half way around the world for somebody else to make something with it. if you can take derivatives and turn it into products and it is worth about their 1,000 a barrel to you and creates ten times the number of jobs than upstream does. if the problem is jobs, jobs, jobs, 3 million people entering the workforce in the next decade, then we've got to consider diversification of your economy be

know, time and time again when we look at this we know the largest factor in the price of gasoline is opec, or the prices we pay for wholesale, they set output. and so it's a very, you know, we have cases to block oil company mergers when exxon was selling refineries in maine. it's a difficult process. i hear about it e from my neighbors and every time i fill up at the pump. if we find violations first, we'll go after it. >> well, i do have a view about this. and i disagree with the chairman about this particular matter. our bureau of economics is a worldwide market. and that there are very few things that we can do about it as the fdc 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 fdc is a member. to investigate price manipulators. and i would say yes. for three reasons. if they do control the market and it's a worldwide market, then anything that can be done with respect to exploration including the determination that there should be more of it will immediately be

and then extending that back into the broader financial community where opec can play a very important role, for example, in the past year they have provided $1 billion worth of new renewable energy finance. that might get you renewable large-scale projects but we need to get more of that to intermediaries that can push it down, so that's the challenge that we're working through. it's an ongoing challenge. next week at the clean energy ministerial, one of the things that the u.n. foundation is going to be doing is funding a number of side sessions that we're going to have with a range of different potential financial partners, and we're trying to work through this flow chart and figure out where do we need the interventions, and how do we put those interventions in place? terms of the u.s. commitment then, what you'll see out of a u.s. commitment, particularly an energy in rio, concerns lines that i'm talking about right now, and i'm obviously not going to say what the u.s. commitment is. why else would you go to rio? but -- but think about it from this perspective. how did we mobilize

we learned that prices went down last week, and experts predict prices will go down further soon as opec increases production and tensions with iran start to ease. one big question people are asking tonight, with so many companies doing so well, why are they not hiring more? two possible answers are, they're afraid to invest given all the uncertainty in washington, and they've learned to do a lot more with fewer people. we're about to meet a company that's proving every single day. instagram has only 13 employees and was bought today for a billion dollars. daft wright has the details. >> reporter: it's a company that a week ago didn't even have office furniture. its 13 employees work out of a conference room in silicon valley. today they're worth more than if they'd won the power ball. >> basically you're counting the number of employees on your hands. those people are definitely walking away with a lot of money today. >> reporter: instagram's founder graduated from stanford in 2006 and owns 40% of the company, giving him a net worth today of $400 million. his company doesn't even make m

combined as part of the package and then extending that back into the broader financial community where opec can play a very important role for example in the past year they provided $1 billion of renewable energy finance. so, that might get you renewable energy finance, large scale projects. we need to get more renewable finance to intermediaries that can push it down. the challenge we are working through. an ongoing challenge. one thing the u.n. foundation will be doing is funding a number of side sessions that we will have with a range of different potential financial part ner partners. where do we need the intervention and how do we put the interventions in place. in terms of the u.s. commitment, what you will see out of u.s. commitment particularly in energy in rio concerns lines i am talking about right now, i am not going to say what the u.s. commitn't is, wment its, why el you go to rio, right? think from this perspective how can we mobilize technical assistance available at critical points of intervention. whether in the small scale projects. whets whether in some forms of guarantee

been helping a russia's currency the ruble the final minutes of trading managed to strengthen by opec's versus the dollar and the buy a round up half a percent versus the euro by twenty copecks whereas the euro is weakening against the dollar. and in the final minutes of trading after that manufacturing data came in the russian markets reversed into positive territory with the r.t.s. gaining point four percent my six point three percent but if we have trouble take a look at these stocks on the russian my stocks exchange that's right and we don't have time for that i'll tell you more actually fifty five minutes to the headlines on. the. world. science technology innovation called the least of melamine stumbling around russia we've got the future coverage.

when prices drop, they start to lay down rigs and sometimes we jokingly refer to it as the redneck opec. it kind of works but there time it is a little bit different. because when you drill for natural gas you get natural gas liquides in a lot of these wells which are very valuable and that is lowing-- slowing down this program of getting things back to normal. >> tom: the other difference about natural gas is it moved well beyond just the gulf coast production. we've got mean shale natural gas in the dakotas, in pennsylvania t has become a much more competitive environment? >> absolutely. and they think the shale finds are all over here. it has a great long-term future. domestically proud. it's clean burning. but you look at it right now, price around 2.25, a lot of the breaking on these projects is around $had. >> tom: big difference. let's talk about the other petroleum product, crude oil here, in the lower 48 state whence we take a look at this chart of lower 48 oil production, since before the bp oil spill, production has been trending higher. it's 59 a multiyear high now but so ar

it's about opec, oil companies and wall street speculators. we could take four steps right now that could address this situation. one, deploy oil from the strategic petroleum reserve as rosa delauro said. last week when the french government said international talks with the united states and others were proceeding to deploy the reserves oil dipped by several dollars just on the mere threat of using this weapon against speculators. the strategic petroleum reserve is to wall street speculators what kryptonite is to superman and republicans oppose this uniformly. they believe that the oil market is a free market. it is not. two, we need to stop wall street speculators from their yearly gains that turn the oil market into a crude oil casino. last year house republicans tried to slash the budget for the commodities futures trading commission, the agency that serves as the cop on the wall street oil speculation beat and the republican majority has moved legislation intended to delay the reforms by the democratic congress that would diminish the pow

like other opec and services, these costs of these actions could be supported by fees in a way that actually make up making money for u.s. taxpayers. while low cost and some cases revenue-generating, these self-interested growth-oriented ideas taken together would require significant but a manageable increase in u.s. foreign assistance. today such assistance represents about 2% of foreign aid, which, of course, is less than 1% of the federal budget. doubling these programs in the next couple years to implement the strategies that i have just mentioned would represent an affordable and yet politically realistic contribution by the united states in this area. and we urge the u.s. government to do that in the context of rio. so we are incredibly fortunate to have with us here two incredibly distinguished individuals to reflect on and provide their own perspective on opportunities for u.s. leadership on sustainable energy for all and in specifically with respect to rio. carlos pascual is the u.s. special envoy and coordinator for international energy affairs and the president's nominee to be the

out of sparks in a wacky get out i love these chinese banks who give you know they take the bankers opec and like to kill them that's a deterrent death is a deterrent now speaking of technical violations we have some more technical violations from another big day you and me you kill me over here there's good tickle violations we're going the goods i don't need new technical violations good so this approach of the third ok if i could park anywhere oh what i do is to lose money on what has been given to go back to that's me i don't need to carry out a lot of well these are technical violations from the other big. mystery is a bigger group bob. paul says look good for. the low it's j.p. morgan's day we die where god is the the ships. this is like a little blow in there the. dollar j.p. morgan said to transform treasury to prop trading this is again brings us back to glass deagle j.p. morgan chase and company chief executive officer jamie diamond has transformed the bank's chief investment office in the past five years increasing the size and risk of its speculative bets according to five fo

what people don't understand is when these companies get this big and bank of america this is back opec or america show you going out of business and see a thousand and eight they made it's two catastrophic decisions back during the crash one was to acquire countrywide which is the giant subprime lender and the other one was the one money when they were essentially forced to acquire merrill lynch so they had these two gigantic albatross around their neck but instead of putting it out of business it had to be conversely had the opposite effect the company got so big so artificially big because of these acquisitions and now we couldn't let it go out of business and now we're stuck with this company and essentially no matter what they do no matter how many different kinds of ethical misdeeds they get an involved with we really don't have a choice anymore but the slap them on the wrist kind of hope to get better and continually bail them out and this is this is what we tried to show in the piece we sort of just listed all the different things that they're involved with from municipal bond g

. >> from opec titans to tebow, the new list of time magazine's most influential people >> i was surprised that the man came and hit me >> a young basketball player attack on the court possibly by a coach. why the suspect might get away with it >> division for the future taking place today. groundbreaking for the new 49ers stadium >> suspended sherrif ross mirkarimi speaking out. 49ers stadium >> suspended sherrif ross mirkarimi speaking out. coming up,,,,,,,,,,,,,,, at grocery storesreedom this quarter. cash back thank you. activate your 5 percent cash back. >> a new look at the place that the 49ers will soon call home >> i pressure is building which means warmer temperatures for us across the bay area into the '80s. it look at or 7 day forecast coming up >> a wind advisory on the san mateo bridge >> it is nearly 530 now and will long-awaited ground breaking for the new 49ers stadium in santa clara gets underway today. it will be at the construction site near the great american theme-park. today's groundbreaking follows years of planning and negotiations. >> for all intents and purposes g

opec supply held near 3 1/2 year supplies. crude revised down slightly. totals fell in february compared to the historical average of 38.8. oil supply holding near the highs. spare capacity at the lowest level since between you 8. all of those to keep oil prices at he's extended levels. our guest coming on says ongoing supply worries will keep supporting the oil price. also coming up in today's program, google prepares to relax its first quarter earnings. we'll have a look at how it will shape the earnings season. black rock is reportedly planning to launch a new electron being trading platform. and we'll find out the lodge willic behind the timing of the launch in 30 minutes. first up, let's bring you up to speed with global markets. >> take a look at the asian session. positive handover from europe and also the united states was one thing and the interesting thing is that the world bank skied to trim its growth expectations to about 8.3% from an earlier forecast of 8.will%. yet the markets took in vid. and the property sector seems to be turning around

it is about opec. the oil companies, and wall street speculators.e could take steps right now that could address this situation. deploy oil from the strategic purpose -- petroleum reserve as well as [unintelligible] last week, the u.s. and others -- oil dipped on the mere threat of using this weapon against speculators. the reserve is to speculators what kryptonite is to superman. republicans opposed this uniformly. they believed the oil market is a free market. it is not. we need to stop wall street speculators from their yearly gains that turn the oil market into the crude oil casino. last year, house republicans tried to cut the budget for the commodities futures trading commission. the agency that serves as the cop on the wall street oil speculation be in the republican majority has moved the legislation intended to delay the reforms by the democratic congress that would diminish the power of wall street trading firms to manipulate the market. wall street's lobbyists have gone so far as to suit to block these reforms. you should be fully are har

it is about opec -- oil companies and wall street speculators. we could take four steps right now that could address this situation. one, e. coli oil from the strategic petroleum -- deploy oil from the strategic petroleum reserve. when the french government said that talks with the united states and others deploy from the oil reserves, oil dipped just on the mere threat to use this weapon against speculators. the strategic petroleum reserve is to wall street speculator is what kryptonite is to super man. republicans oppose this. they believe the oil market is a free market. it is is not. two, we need to stop speculators from yearly gains that turn to the crude oil market into a casino. last year, republicans tried to slash the budget of the commodities futures trading commission, the agency that serves on the top of the speculation at beat. the republican majority has moved legislation intended to delay reforms by the democratic congress that would diminish the power of wall street trading firms to manipulate the market. wall street's lobbyists h

in order for us to be able to avoid the kinds of appeals that we have seen since the formation of opec, since gulf war one and two and so many events that transpired really since the 1970's. >> i am told this is breaking news -- the justice department makes its first reston the bp oil's bill. a bp engineer. do you expect more to be brought to justice? >> breaking news. i have been up here with you. let me just say the united states has been committed from day one to make sure we are holding bp and others accountable for what happened in the gulf of mexico. the justice department obviously is involved in the criminal part. we are involved with the civil and, with the justice department as well. what i can assure the people of this country that attorney general hold their and our teams that have been working on making sure bp and other companies are held accountable will in fact be held accountable. there are laws and regulations that are on the books. it that are reports have shown, including the joint investigation between our department and homeland security -- there were a number of

. >> the gas price is controlled by opec.om opec is $125 a barrel. wti, which is our local crew in the united states, west texas intermediate, it's $100, $105. it's $20 cheaper. we have the cheapest energy in the world, did you know that? >> i did not know that. >> okay. the global price for oil is $125. the united states, $105. so we're 20% under the global price. and we're crying about it. second, we have the cheapest gasoline in the world. we're at $4. and europe's $9. and natural gas is the real bargain. it's $2. you've got beijing at $16. mideast, $15, and europe, $13. >> you've talked about natural gas for a very, very long time. >> i have. >> it looks like the rest of america has caught up with you. >> they finally are getting the picture. >> finally have. do you think the environmentalists, though, are going to get in the way of the type of exploration that makes a big difference? >> if you look at the california model, the reason they went to natural gas 20 years ago in california was because of air quality. it's 30%