yeah, no, this is the end of the opec cartel.s is their swan song, neil, and they alienated their biggest customers over the years, and this will be a major thing. sandra's right. i give opec maybe ten years. this is the worst -- neil: to way. i love you dearly, but we forget about the fact -- by the way, this has been signed on before in the early 80s when oil and gas was cheaped. they survived that nicely. they have a way. >> they survived the 1990s because chavez came into power to help them adhere to cartels, but those days are over. neil, let me tell ya, when you have the biggest consumers of diesel fuel in the yaits -- united states saying we're not buying your product in five to ten years, but going to natural gas, we don'ttneed your oil, that's going to be huge. when you have every major corporation in the world looking to the united states to rebuild factories because they lock in cheap natural gas, who needs opec oil? this is the most significant change in the energy industry probably in the last hundred years, and, by

that is holding us back. >> is that why opec's number down. jay carny mentioned this. this green energy initiative is much more important than everyone watching the show having lower energy billings. or employment. >> this is for adam and his buddies let us eat cake moment. >> there is not an elitist bone in adam's body. >> who cares if the working class people are not working. >> you said you would never go to north dakota. >> we have in new york state, you know, we should be fraking here. >> and why don't you -- you owe him an apology. >> adam in all seriousness, is there a connect between our going with frake opec now screaming? >> there is no question. in the span of a few short years we have gone from being concerned and dependent on opec to being close to achieving energy independence in the united states. >> what has done that president's push for solar that hasn't panned out. >> no. >> or turning another eye on fraking and sort of letting that go and letting that do its thing? >> no argument. opening up. vast north american reserves much natural gas and oil com

that is holding us back. >> is that why opec's number down. jay carny mentioned this.his green energy initiative is much more important than everyone watching the show having lower energy billings. or employment. >> this is for adam and his buddies let us eat cake moment. >> there is not an elitist bone in adam's body. >> who cares if the working class people are not working. >> you said you would never go to north dakota. >> we have in new york state, you know, we should be fraking here. >> and why don't you -- you owe him an apology. >> adam in all seriousness, is there a connect between our going with frake opec now screaming? >> there is no question. in the span of a few short years we have gone from being concerned and dependent on opec to being close to achieving energy independence in the united states. >> what has done that president's push for solar that hasn't panned out. >> no. >> or turning another eye on fraking and sort of letting that go and letting that do its thing? >> no argument. opening up. vast north american reserves much natural gas and oil compl

>> opec. >> neil: daryl hannah is. no one has looked at splash, hello. >> we saw it this week, in a report and retail sales report, imagine if we could unlock all the energy we have here. that is one of the things that is holding us back. >> neil: is that one of the reasons that opec's numbers are down? >> of course the president as jay carney said this week, this green initiative is much more important than anyone watching the show having lower energy bills. this is what hollywood is saying. >> this is right for adam and his buddies let them eat cake moment. >> neil: there is no an eliteist bone -- you would never go to north dakota. >> i'm going to tell you this. we have in new york state, we should be fracking here and putting all these people out of work to work. >> neil: adam, in all seriousness, is there a connect between are going full fracking and opec now screaming? >> there is no question, in the span of a few short years we were very concerned about being dependent on opec to achieving oil independence in th

>> the price of oil is set by opec, no two ways about it.f the price is not high enough, theyey will reduce the supply is way it works. they tell you continually they have to have $100 a barrel or more to meet their social commitments. that means to pay the people in their country because, over 50% of the people in saudi arabia do not work. so it all makes sense. i don't have any problem with saudi arabia. they're an opec country of course but i don't have any problem with them how they price because th make it very clear to us what they have to have for their oil. it is up to us to figure out how to manage our own resources in this country. >> boone pickens, always a pleasure. such great insight. thanks so much for coming on. >> sure. thank you. melissa: he's the best. time for the fuel gauge report. natural gas futures hit their highest level since september of 2011. speaking of natural gas. new forecasts predict frigid cold in the midwest and the northeast for the rest of march. that raised expectations for natural gas demand. iran's oil

i went to saudi arabia for this crisis summit we were having with opec and the u.s.y secretary to talk about the fact that we had so much demand for oil and not enough oil. this was the time we were talking about peak oil. and here as you said, because the price was so high, people were ill willing to go out and innovate and experiment. we came up with idea of shale and fracking and now we have domestic oil. i wonder, are we doing enough now to preserve this and to nuture this revolution so we don't go back? >> well. well the industry has responded to get from where it is alberta, and north dakota to get where it needs to be. we invested rail are cars and transportation for the oil. we redid refineries to for this specific grade of oil. soil. the problem is, and we can just go back to that theory. i never believed there was a peak oil geologically speaking, but government the coil. policy people oil. as we can see now with the gains continue to be played with keystone which is such an easy decision to make to g that oil to where it really needs to be, the industry is

venezuela one of the strong players in opec, as well. we'll keep our eye on what opec does, too. >> i'm less interested in the benefit we get as americans than i am for the people there of venezuela. they have great opportunity there and we should help them achieve it. >> not a great endorsement for socialized health care for cuba. >> we'll keep you updated on the death of hugo chavez, dead at 58 years old. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. >>> this is a fox news alert. fox has learned that venezuelan president hugo chavez is dead. he passed away this afternoon. we don't know exactly when he passed away, dead at age 58. as we get more information we'll bring it to you.

so we go to the opec. they are old friends of mine.hey think we are the stupidest people on earth. they cannot believe what they are getting away with. the energycome capital of the world easily. havei say is this -- we to start building things. we have to start manufacturing and not just taking care of people. that is not manufacturing. that is money going out. we have to bring money in. this country needs to start building things again. we had to take back our jobs from china. we have to take back our jobs from other places. [applause] when apple talks about apple building all of this stuff and how we are also proud of it, they build 100% of their products in china. china should be more proud of apple that we are to be honest with you. we have to start manufacturing and building again. we have to make america great again. sold.ur problems will be thank you. it is a great honor. thank you. thank you. [applause]

our growing declined on opec is a funny way offshowing it. our dependence on opec is easing.al-gas access is increasing. we are kind of in thehe proverbl driver's seat more than folks say. what do you say? >> well, not yet. particularly now while the administration continues to wage a war on coal. a lot of the natur gas that we would produce i think would simply be used for gas-fired plan instead of coal-fired plants. the administration has tried to pu them out of business. would like to be in more of a position on oil and gas or exporting changes in the balance of payments. this is the kind of lowering of energy prices on a global basis that really would be an enormous stimulus. neil: i'm sorry, would you forbid china to buy any natural gas or gas companies here elevating it to national security? >> i would not do that yet, but what i would do is use it as a lever to open up the chinese market and stop discriminating against foreign investors and the like. neil: always a pleasure. thank you. lawmakers from slamming a bank that raked in 21 billion last year. that is like me g

. >> opec's new forecast today, raising their forecasts for non-opec production and their own market slipping for 2014. >> we'll be doing 7 million barrels a day in this country and there's a lot of stuff and chatter about how canada wants to send 4 million barrels a day to the united states. >> we only need 8 million barrels and where is this stuff going to go? canadian oil sells for $60 and change whereas brent is so high and of course, our gasoline is priced up at brent because of the mismatch of the non-federal policy on energy and everywhere we don't need it. we don't have keystone yet and we can't get the refiners and they used to have the right oil and they're all for heavy oil. >> you mentioned two problems that require the federal government to have a response. an energy policy and an immigration policy. neither of which yet exists. >> no. 6:30 dinner is sacrosanct at the white house, and we know when we have congress people on they seem to want to spitball each other and throw mud. i don't see the consensus developing. everyone thinks the market can take care of itself. you

. >> some people said we're kind of opec of maple syrup. we have 42 million pounds in the reserve in the warehouses. >> did you just say you have a strategic maple syrup reserve? >> yes. >> do you feel the word would collapse if the syrup stopped flowing? >> yes, because you know maple syrup is a comfort food basically. >> where the syrup flows, crime follows. >> 18 million dollars worth of maple syrup was stolen from a storage warehouse. >> police recovered vehicles, electronic lifts and scales and they seized a warehouse. >> yes, syrup related crime is exploded against canada with criminals becoming more brazen every day. >> it was apparently siphoned from the original containers and distributed through underground channels and ultimately across the border. that's a lot of maple syrup to shove up your ass. >> you wouldn't do it. would you drive it. >> of course, that makes sense. he wasn't going to get it go unpunnished. >> i thought this say joke. it's impossible. >> do you think sending a message by stringing a thief up by a maple tree?

and he did that by strengthening opec. de that by forging renewed aligns with oe neck nation like iran, libya -- >> and he nationalized the oil. >> renationalized them. >> right, right. >> the other question is now that we have sort of renewed control of our industry, which created a tremendous battle internally, what do we do with those revenues now coming in? that's where you see the rise of social programs and a renewed consciousness about what should an oil industry do, which is basically to provide for it's citizens. >> you also see a centralization of power, right? obviously, oil is part of that. once you control oil revenue in a country that's entirely dependent or largely dependent on that oil revenue, you have power, but also consolidation of -- he packed the court, expanded the number of people on the court, he under -- he passed laws that could give fines to opposition media. i mean, there were -- michael -- >> they very often, do, yeah. >> you wrote a quite critical piece. you're not a fan of him. i thought it

melissa: i was down in venezuela for a opec meeting not too long ago. we were for a lot of meeting corralled at gunpoint. it is a military state and now you see the leader of that the, you know, passes away? there's a power vacuum.% what do you think happens now and what happens to oil prices? >> well, right now, melissa, what i think will have a nice easy transition over to the vice president maduro. what we've seen and what we've heard from him in the past leading up to this event because obviously this was not a surprise event, is that he is just fit in that same mold, political ideology of essentially taking the state-owned oil company,pdvsa, which was a well-run company up until 2003, when the attempted coup which chavez came back and blamed pdvsa who was anti-chavez at the time, he purged all of the expertise of that company and as your previous guest john just said, he pretty much turned the state oil company which sits on a significant amount of the world's oil into the industry joke right now. so essentially the fear now is, chavez probably had

country, latin america opec country.housands of barrels come to the united states from venezuela. when you have a man who for 14 years was able to change the entire structure of a country, now that he's gone, the people that he left to try and keep his regime afloat have really 30 days to tie things up. and the opposition has 30 days to try and convince voters that this time it will be a free and fair election and that they can really give another perspective to a country that, for the past 14 years, has really been immersed in a gut wrenching division of society, as steve was talking about. >> and jose, you make a really important point that i think we should explore more, steve, which is this, the reign of hugo chavez was made around hugo chavez the person. >> this is a personality. this is a real-world version of avita. this is a passing of someone, you can see it in the streets, their love for that man is genuine. what's strange is most thought we'd have chavez messing with us for a long time. he looked at himself as

but we got to get to personal car to really break opec's pricing cartel power.g we can do that. >> dave schweikert , very important point the personal car will epa stand in the way? so far epa has been pretty good about fracking. they have been good about shale revolution. >> will the regulatory hurdles grow, stay where they are? i had some folks in my office talk about doing distributive generation using natural gas. >> what does that mean? >> it means the small turbine electric generators that are very efficient and can be very small packages and one of the reasons for doing it? they were saying they were having such difficulty doing line sightings it might be easier to do one here, here and here in companies that have electrical shortages. there's a lot of dynamics moving here. our job is not to regulate them out of the growth. >> i don't think the obama administration is regulating them out of the growth. i was interested in him saying enablers stopping them. you can blame the administration for this. it has to be a cooperative effort. that's what the presid

the central government of the vatican has always been quite opec. opaque-- he is considered a man of the poor. he used to take the public bus to go to work. there is a lot of hope pinned on him. >> thank you very much. israel has a new coalition government. hardy has reached an agreement with yesh atid. let's get more. times ofr of "the israel website, good to have you with us. a deal was reached in the 13th our. reports of a lot of wrangling taking place. what do you make of this? has beenink netanyahu weakened? >> the tale emerged pretty much when the white smoke was billowing out of the vatican chimney. it coincided with the new pope. it took much longer than finding a new pope. netanyahu is weakened. he will be running a four-party coalition. he is somewhere near the center of that coalition. yeshs made a deal with atid, a central party. there is another party further to the left and another party further to the right. it is not the coalition he really wanted. he has some quite strong rivals within his cabinet who will be looking to make life di

maybe they will have to face each other at an opec meeting in may. opec is all on. most compliant before a meeting or when demand is relatively low. they are not selling off. on the concerns about cyprus. some stable prices there. the biggest story is in the grain markets. there is a kickoff to the summer planting season. not on the planning side as much, but really on the carryover. the biggest surprise is corn. a few weeks ago, with the corn market, people were paying a dollar over the price. they could not find anywhere. the supply is much higher than average. limit move to the downside. corn coming out of nowhere. back to you. melissa: the markets are taking a string of weaker data inside. it was barely missing the estimate. initial jobless claims rose by 16,000. the pace of business activity in the midwest unexpectedly slowed down this month. my next guest is not concerned. joining me now is senior u.s. economist at deutsche bank. why are you not surprised by today's data back just because we have a temporary cold snap does not mean that spring is not on its wa

venezuela is an opec country and sells oil to the united states. and with president obama's cabinet nominations adding up, senate confirmation hearings are underway. yesterday the senate intelligence committee approved john brennan as head of the cia. the banking committee holds its first hearing next tuesday for mary jo white to be head of the sec. our trader today is jared levy with zacks.com. jared, where is your party hat? it's big news today. congratulations! you are part of this historical moment. let me ask you, though, are we now into the irrational exuberance zone that alan greenspan warned about years ago? > > you know, there are a couple ways to look at this. some folks are saying - and this is the truth - that a lot of retail investors haven't yet gotten into this market yet, they are still reluctant. and if you buy that and you believe that retail investors are now going to storm in and push this market higher, then we aren't irrational yet. but at the same time, you have to realize investors - not just u.s., but around the world - hav

what's happening in the state of north dakota which now produces more oil than ecuador which is an opec nation and the renaissance of what's happening in northeast ohio, for example, and in texas, so oil and gas from new sources definitely happening, as well as the deep waters of the gulf of mexico. >> i think a lot of people might be concerned that the unlocking of those assets in natural gas and oil shale will pose very serious environmental threats. what do you have to say about that? >> well, i think it has to be done this year talking about hydraulic fracturing, nickname of fracing, but it's a technique that actually has been around and used since the 1940s so it's not something new. it's just how it's being used today, and i think, you know, something unknown that's happening way under the ground, so it's easy to paint sort of a sensational picture about it, but it's an unbelievable tool for moving rocks slightly apart and putting sand in between it so that you unlock these natural gases and done responsibly i think this will be something done all over the world now in the coming

proven reserves of two hundred ninety seven billion barrels that's more than saudi arabia according to opec however the country is very dependent on oil wealth with oil bringing in one thousand five percent of export revenues after decades of under-investment venezuela's state oil company is in trouble chavez used it as a cash cow for his social spending programs even as reserves have increased and his rule production has fallen by twenty five percent the announced upcoming elections are being watched closely by oil companies across the world if chavez is vice president and announced access certain occulus madeira wins it's widely predicted things will continue much the same however if the opposition's enrique capri less wins there is perceived to be a chance of change in modernization the us helped build then as well as oil industry but now only the u.s. company chevron still has assets there after all the others were thrown out during nationalization in the one nine hundred seventy s. despite its stormy relationship with the chavez government the u.s. still buys over fifty percent of them

they want important i think the venezuelans are going to continue to strengthen organizations such as opec which plays to their advantage and they're using the revenue to extraordinary thing just look at the economy one hundred billion in one thousand nine hundred seventy billion now millions of people out of poverty this is a very modern society with seventeen elections many more than in the previous forty years old where frail. with a citizenship which is extremely conscious active and participating this is something that he led the process transform the society for the better there is no question about dr francisco during his thank you very much for your time here on r.t. much appreciated that dr francisco dominguez secretary of the venezuela solidarity campaign now we are of course interested in your view on what awaits venezuela had to r.t. dot com and vote in our own line poll to let us know what you think will happen following the news of chavez's death let's go and have a look and see how the vote is going right now as i say you can visit our web site r.t. dot com to effect this pi

joining us for more, the former opec governor for venezuela now ceo at hq.novito. >> thank you very much. >> off the bat, we were going to talk about the oil market, but how much does this complicate what you think needs to happen for vpz's industry to get back on its feet? >> yes. actually, i mean it's going to be happening is that the constitution will be followed step by step by the government. and they're clear on what's stated by the former officials for the government and the president in charge. according to the constitution, the national electoral council has to call for an election soon and the late for that election will be established and then after this, they will be candidate from each side. so the process, which we had last year, will be -- i mean, happening again. probably in the shortest time than it was before because it's based on the incidental situations. >> right. now, who would you -- >> let me take the opportunity to say that i mean we, all venezuelans, actually we are -- i mean, in mourn because of the passed away of our president. al

venezuela was one of the founding members of opec.he massive oil industry in uncertain territory. the national oil production dropped 25%, he fired 18,000 workers at once, debt climbed to more than $30 billion. he fired them because they struck. what does his death mean for oil worldwide? what is the trade? joining me now, mark maki. good to have you here. let's explain right away, you go to all kinds of transportation, as in the pipelines moving up and down, north dakota, alberta, manitoba, all of these efforts and you have how much incapacity? >> as you look at our system, the mainline which basically runs from western canada down through the western provinces through the great lake states in the u.s. roughly 2.5, 2.3 million barrels on that system depends on what is moving through the system at any one point in time. the heavier the crude, the less the capacity. very major construction projects underway to expand that court or to move more oil sands, more from north dakota and the midwest all the way down to the gulf coast of the u

if they could pay opec open the white house tours again. thanks for that. we love hearing from you.ck update. less than that of you have the irs wasted 60,000 of your taxpayer dollars to make a training video parodying star trek. today the original captain kirk, actor william shatner, disgusted so, i've watch that video. i am appalled at the other waste of u.s. tax dollars. the irs has apologized. hilarious. shatner reacts. finally, waste and fraud and abuse. the receipts from joe biden's recent european trip showed just how much was spent on his travels. his staff was not allowed to drive themselves around london. as a result he paid nearly $320,000 to a british limo company and more than 40 and 59,000 for one night's stay in the city. the trip to paris was now much cheaper. 585,000, nearly one-and-a-halff million dollars j

we are also looking at these reports about russia and south africa coordinating an opec type group.hat the traders have been following. it has lifted prices a bit as well. >> interesting. very interesting. the commodities losses have been the gains for the stock market. >> today, it's essentially, this is kind of odd. six days of risk off behavior. i know the overall behavior is up. yes, that's what has been going on all day today. we see financials down, industrials down. so there is your leadership group. auto parts a little bit weak today. i scredit suisse had limited upside. as you can see here. pinnacle foods continuing to hold up. great day for them. 29 million shares. opened at 22 and change. that $20 was the high end of the range. >> a couple big winners to take care of. traders telling me further optimism around the companies franchise, that's what is helping the shares move to the upside. and take a look at biogen, up 4%. its third drug getting approved by the fda, but its first oral pill is estimated to bring in $1.1 billion in sales. the big question is can this stock co

and could we see uncertainty in opec? how far does this go?he fifth-largest oil exporting country in the world. phil: not as far as you would think. the one-time it would have sent shockwaves throughout the global oil market. not so much. in a weird way that goes with chavez's legacy. he made venezuela and oil exporter a secondary cost because of the production under venezuela. year after year after year. instead of being a major oil producer, the production actually fell. he squandered what could have been the famous oil run in history under the leadership the price of oil went from $10 per barrel to $147 per barrel and he did not take advantage of it. david: he is right on target. replaced all the competent engineers and leaders with his cronies. he was a crony and socialists. you put all of his people in a commanding positions in the economy and they ran it into the ground. putting them in positions these people had no ability in and rent all these industries primarily oil industry into the ground. gerri: it is not just oil, it is also gold

it's slightly less according to opec but higher according to iea. >> you need to lower down the capital structure. financials remain compelling. it's going to be more and more difficult to find catchup names but at the same time the bond markets have rallied. >> in u.s. news, president obama will be back on capitol hill today meeting with house republicans behind closed doors. he met with senate democrats tuesday and following the meeting house speaker john boehner will hold a press conference at 1:30 p.m. eastern. the charm offensive comes as the new poll shows americans are taking a dimmer view of president obama's policies. holds just a 4% edge over republicans on who the public believes will handle the economy. senate democrats will unveil the budget plan at 2:00 p.m. eastern. first proposal since 2009. senate budget committee chairwoman patty murray authored the plan which cuts the deficit by $1.5 trillion over the next 12 years. the plan is the democrats answer to paul ryan's proposal which claims to balance the budget without tax hikes. >> balancing the budget is not an end. it's

and because we have a system, you get caught up in that in some opec visionaries don't have a volume and range -- there's no way they can survive under the current fee-for-service system. there's something larger at it got to be part of any system. >> i think what's really interesting come is being held plants making sure that they can help physicians who want to stay in their offices a single practitioners are one other part tichenor and giving them support in terms of coordinated care so that physicians don't have to do all that sells. >> we just need to ensure medical care for everyone. >> will take the next question, thank you. very important point. >> unexercised teleology major and we seem to be talking about prevention and wellness in a very vague manner and we all seem to talk about it only from the perspective of stopping a disease that's happened from progressing to a catastrophic disease. but the incentives to prevent this from happening, diabetes, high cholesterol, things like that. we have some incentives in the way of exercise programs, both with policy and subsidies to