maybe you guys won't blame opec for your problems anymore. they gave a speech in washington a month or so ago where he put a finer point. he said maybe you guys full text heating oil so much. what he meant in part was maybe they'll stop trying to use less of the stuff. the last thing i worry about is we are too often unable to see we not only can but should pursue more than one thing at a time. we can pursue oil and gas production in clean energy efficiency at the same time with economic security and environmental payoff. instead what you see is people focusing on taking down the other side. that's part of why we see a steady focus on the keystone excel pipeline. carter for you saw last week a bill passed in washington to slash funding for the department of energy financed research project efforts. this was an effort not only by their president, but governor romney in the last campaign. this is not the conversation we need to be having. i make an extended argument in the book of the substance for why we should pursue different opportunities.

how much sort of -- is there much spare capacity in opec or not? >> there is to the tune of 3 million barrels a day, 3% of global demand. there is some there. it is not a huge cushion. >> yeah. and meanwhile, what are the supply risks? >> well, the supply risks are multiple. right now we focus on amina, libya had a lot of interruptions to their supply, egypt is a concern, but not a big producer, yemen same thing, political issues and nigeria is a big wild card here. there is quite a bit going on in nigeria in terms of theft. political situation there is also pretty precarious. >> yeah, just one other thing we're looking at as well, iraq's oil resurgence, sort of faltering a little bit. have they underdelivered compared to our expectations? >> they have underdelivered compared to the expectations they have given to the market. i think the market has been rightly fairly skeptical about how fast they can ramp up. you've seen big up months and big down months. the issue with iraq is twofold. can you get the infrastructure in place in the south, that's

jpmorgan makes the come par i sob to opec, that says within opec, they're the people that crack as much as they can, and control the price. like saudi arabia. potash prices aren't going to zero. >> down 13%. >> this has been one of the hottest sectors in the market this year. almost affording you no opportunities to get in. finally, they came out with a just so-so quarter. you got your chance. we did that. we hit 41 and change on the stock right after the earnings. i think it works out. >> sony down 7% this week. >> tough week for sony. tough week for the japanese market in general. you saw the yen getting a lot stronger. this is a name obviously with headline. probably not risk, but with headlines with the opening involved in it. i would stay away from it right now. i think the japanese has more to go on the down side. >> biggest stock moves of the week, and biggest moments we've had right here on "fast money." the top dog of the summer, one pooch can't get enough. >> that dog is in distress. >> it looks like he's happy. >> that's a happy dog? tail wagging. thas a distressed dog becaus

>> now the mexican government reverses 75 years of bad policy and that's really bad news for opec. we're going to explain next. hero: if you had a chance to go anywhere in the world, but you had to leave right now, would you go? man: 'oh i can't go tonight' woman: 'i can't.' hero : that's what expedia asked me. host: book the flight but you have to go right now. hero: (laughs) and i just go? this is for real right? this is for real? i always said one day i'd go to china, just never thought it'd be today. anncr: we're giving away a trip every day. download the expedia app and your next trip could be on us. expedia, find yours. golden opportunity sales event and choose from one of five lexus hybrids that's right for you, including the lexus es and ct hybrids. ♪ this is the pursuit of perfon. >>> so today mexico attempting to reverse a 75-year-old mistake. new president enrique pena nieto has proposed changing the country's constitution to allow profit sharing with private oil companies. that means letting private companies come in, even foreign ones, and help mexico tap its vast oil

partner bellerose kelly in the agricultural world this is the equivalent of saudi arabia dropping out of opec and this could all result in lower food prices because farmers will pay less for their first eliza to grow their crops and pulses discounts on to the consumer at the checkout also this could mean an increase in the size of crops so people will get to enjoy a bigger soybean or less. russia could soon welcome a budget airline air a floor russia's largest airline is trying to offer flies to savvy savers as early as next year and our customers could be snapping up tickets up to forty percent cheaper than traditional allies and as it stands russia doesn't have a budget airline and flights are much more expensive than elsewhere for example a flight from moscow to davis stock in the far east of russia so a domestic flight is twice as much as the cost of a flight from moscow to new york different continent but while there might be a gap in the market the problem is budget airlines have a history of failing to take off now to a low cost airlines even over and sky express are two examples of th

and opec's power the to influence prices. >> so it's less than what it would have been had there not been this u.s. oil production. >> reporter: that extra cushion made it easier to tighten on iraq but some experts warn against being complacent. the oil still makes up the same share of u.s. economy today as it did 30 years ago. >> the market is still vulnerable today. i think that's important the for policy makers to understand that we are still one on the other side of the world away from the entire u.s. economy and back in to a recession. >> reporter: the potential for another oil shock are advocates for renewable energy one more argument for the urgent development of solar wind and other ol ternive. tom akerman, al jazeera, san antonio, texas. >>> five people have been killed in a suicide car bombing at a police checkpoint in southern afghanistan. it happened after police the stopped the attackers nea attacr kandahar. >>> a teenager tkpeulty of a gang rape of a woman last september. they are still waiting for the official verdict. the teenager was the most brutal accused in the ra

is producing so much oil that one day in the near future it may have no need for opec oil but at what costs will gin independence come? >> stocks have their first in more than a year. apple wants you trade in your old iphone far the new one. i'll tell you whether you should. i'm ali velchi and this is real money. >> the trading on friday is r settling in at $107.65 a barrel. that's in response to a resent chemical attack that killedvilleians outside the damascus. president obama told reporters friday he's actively consulting congress and others act the prospect of military intervention in syria. i have not made a final decision about various actions that might be taking to help enforce that. as i've already said, i have had my military and our team look at a wide range of options. >>> while american officials figure out whether or not to bomb syria, oil markets are freaked out that an attack could spark a wider conflict that disrupts oil supplies in the mideast. now america itself imports 40% of its demand and while that sounds like a lot it's the reverse of where we were in 2005 wher

and further weaken the opec kuntz trees' power to flinfluen prices. >> the demand on opec oil is lessthan what it would have been had there not been the reversal of the u.s. oil production. >> that extra cushion has made it easier to tighten the boycott screws on iran but some experts warn against being complacent. they say oil takes up nearly the same share of the u.s. economy today than it did 30 years ago. >> the market, in some ways is still as vulnerable to prices and that's impossible for policy makers to understand that we are still one event on the other side of the world from throwing the entire u.s. economy off of the tracks and back into recession. >> the potential for another oil shock gives advocates of renewable energy one more agent for the urgent development of solar, wind and other alternatives. tom ackerman, al jazeera, san antonio, texas. >> all right. now, if you like surprises and you like sports news, you will like this, catching up on thespots stuff. >> big names a safe progression at the u.s. open. leighton huet produced the biggest shock as he knocked out 16 t

we actually -- we know that opec is getting nervous already about how much we have here. if it weren't for the regulations and all the nonsense here at home preventing us from getting it out, then we would be energy efficient. we could be faster than people think. if the regulations coming out of washington are preventing this. >> david, what do you think? should we be less dependent on mideast oil given all that's happening over there? >> well, i think as gary pointed out earlier, we are rducing our dependence with regard to energy. and we should continue along that course of action and continue to reduce the dependence. however, i think it's a larger issue when it comes to egypt. and with regard to saudi, you know, they're not the onlial ally tha -- onlial yi supporting the military government. you have israel continuing aid to the government. on the other hand, you have the turks and qatar working with the brotherhood. we have to work with allies on both sides so we can deescalate this conflict and bring stability back so we don't have higher oil prices and the like th

if you look at the biggest moves in oil, it hasn't been predicated by opec and speculators, it's by either the federal reserve or the bank of england or the european central bank. > >but phil, those are traders. i smell speculation here. > >well, there's always a speculator, but for every speculator, for every buyer there is a seller on the other side. so that kind of evens it off when it comes to speculators. when you look at what really drives the market, does anybody think that oil would be above $100 a barrel without the federal reserve, and qe, and negative interest rates? i couldn't find one person that would think that. > >what's going on with demand? > >i think demand in the u.s. is falling over the big picture but in the emerging markets, like china, it's starting to go up but not at a big pace. the big picture of the united states has hit peak demand. our demand is gonna start going down year after year. and our production is gonna go up year after year. i think we're gonna be a major oil exporter to the emerging markets and here in the u.s. we're gonna become a lot more efficien

half million barrels flow through suez canal on a daily basis, which represents approxamilty 8% of opec's out put on a daily basis .and, any disruption is certainly keeping a bid under the market. if we do see violence die down over the weekend we should see the market move lower coming into monday. yesterday, president obama broke from his vacation to call for an end to the violence. he also cancelled the bi-annual joint military training exercise with egyptian forces. investors are pushing up the price of gold. gold futures shot up $32 dollars yesterday as an economic protection play by money managers and investors. consumer demand for the yellow metal is up 53% from last year. cnn money reports there's rush around the world with consumers buying jewelry, coins and bars of gold. most of the demand is coming from china and india. although gold rallied yesterday- gold futures are down from last year's $1,800 high giving some gold bugs a bargain. profit woes from walmart played a role in causing stocks to stumble yesterday. the retailer's sales slipped point- three-percent as consumers hel

closely watching because syria is not a big oil producer, is there violence spilling over to like iraq, opec's second biggest producer that tied that significantly to syria. >> reporter: gold went up hitting an 11-week high. bond prices went up for the same reason, too, pushing interest rates lower. the ten-year yield down. many in the investment community believe military action is inevitable for the u.s. to maintain credibility. >> clearly, if chemical weapons have been used and that's a big if, i believe, the united states has to do something. the president has drawn a line in the sand and for the united states to have credibility, they have to october. >> reporter: if u.s. does not act they think north corkorea a more will be em boldened. >>> also adding to investor jitters today, the u.s. will hit the borrowing limit in mid october and may not be able to pay it's bills. raising the debt ceiling, the nation's borrowing limit could stir things up in washington. john has more from the white house. >> reporter: susie, i interviewed secretary lu this morning and he said yes, we'll negotiate wi

shale oil threatens to derail the future of opec.traders focusing on the headline from the international energy agency in terms of what they're looking for for overall global supply and demand and what they're saying in terms of global oil demand is they do expect it to accelerate in 2014, although their forecast is a little less than it was in the previous month's report. they're looking for an increase of 1.1 million barrels per day bring the total consumption to about 92 million barrels per day next year. despite the fact they're seeing an increase in comp sumption, supplies may may outpace demand. if you look at where nonopec supplies will stand, nearly 55 million barrels per day, north north korea contributes about 40% of the growth that we're seeing there according to the international energy agency, and they're attributing most of that growth to canada. but keep in mind as we look at the rise in north american supplies, there's a lot of question about what this will mean for opec. we have seen a number of disruptions to opec s

if we get sustained price levels, are we likely to see any reaction from saudi arabia or opec?k if we continue to -- if the situation normalizes a little bit, i think there is a risk that this market would sell off by $10 quite easily. we have seen prices rise over the summer. speculative interest is high. we're coming into the time of year where demand is going to slow seasonally anyway. some of the disruptions we have seen elsewhere, libya is the main concern at the moment, but other disruptions should start to ease off a bit. we come into a period where there should be enough oil, so unless we -- so also the market is well aware that higher oil prices for a sustained period is hurting growth and that's not what we needed at the moment. saudi arabia may try to make an impact if prices remain too high for too long. >> very quickly on gold, still above $1400 an ounce. again, is this -- is this like oil, could it also be sold off fairly quickly? >> i think oil is slightly different. we have seentiment change over the last month. the institutional selling that needed to be done b

no, this is -- if this speaks to anything it speaks to the fact that we are beholden to the opec and the arab countries setting these prices for us. this is the market at work. this is the monopoly of those countries setting prices. if this says nothing else to us, we need to ween ourselves off our addiction use to use bush's fay mu phrase and develop reliable and renewable sources of energy at home. if nothing else there should be another wake-up call. we've been getting wake-up call after wake-up call. we did see egypt in july when things blew up and a lot of tu mult, gas prices did tick up, 10 cents, 20 cents in some places. any time there's tu mult in the middle east there will be market and why we need to start developing renewable sources here and alternatives in the longer term. >> john, we could get into energy policy and all that, but right here, right now, we saw that the gross domestic product, our best gauge of the economy, was actually revised upward. do you think this is going to take a hit out of it? >> look, we can get into an energy policy but, of course, we don't ha

but if you read the actual discussion in opec, it was not just for that. it was because they were very angry at the fact that this new dollar imperialism had screwed up commodity prices, and they said we have to import things from you. your prices are going up, but our oil is kept, to their mind, unnaturally low. so this pressure from the third world was the second reason the g7 was formed. the story i wanted to tell was from the '70s. how this g7 grouping but also the oecd which was formed in '61, the organization of economic cooperation and development, europe and america 's secretaries, essentially. you know, to discuss how to deal with the commodity debates and things like that, how to deal with, basically, with stabilizing commodity prices, you know, to make sure that countries that produce say only cocoa get a fair deal for this one crop that they're exporting. and they're not entirely manipulated by the mainly european companies buying the cocoa-making chocolate and selling us chocolate. selling back chocolate to the countries that produce cocoa. so

unlike fair trade coffee, fair trade oil, conflict free oil is the same price as opec oil.would encourage politicians to make the right choice and encourage refiners to source oil from peaceful democratic countries instead of buying from, frankly, american enemies. i love the u.s. and canada relationship. connell: sure. label the pumps. we appreciate it. we will have you back again. we will have more energy talk coming up. fracking is a big thing. jeff flock is doing some reporting on that. just looking at what interns are paid on wall street gives you the idea the responsibility it places on these college kids. it may have helped lead to the death of an intern for bank of america. some winners on the s&p 500 today. ♪ [ male announcer ] these days, a small business can save by sharing. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] ...office space. yes, we're loving this communal seating. it's great. [ male announcer ] the best thing to share? a data plan. at&t mobile share for business. one bucket t of data for

and we could see a significant supply disruption but not just see area we are talking about but an opecing record production out of saudi arabia. what happens to the major oil-producing nations when you get triple digits slices, $110 a barrel oil they want to produce more of it so there are pumping more oil but opec production is down, iraq and nigeria, a supply decline but as i hand it back the looking at oil at $100 on track for the best monthly gain for august in over a year, something to keep in mind, prices down, still a significantly for the month. connell: we are back above thanks as always, sandra smith from chicago. not just syria in the oil market but syria is not the only major decision president obama faces in the next few weeks. his choice for who will replace ben bernanke as chair of the federal reserve is another big one. the afl-cio head whaling in, his view of who will do a better job when it comes to the fed's dual mandate, here he is. >> history would indicate that she is for a more balanced approach and a better approach than larry is because if he continues to say w

co-founder of the fuel freedom foundation, a nonpartisan, painted dedicate a break in the addiction to opecng barriers to competition. he joins me now. we have met before. he basically made millions of dollars in tech. you know what it's like to be in a country surrounded by a whole bunch of countries that a you. we have been paying billions of dollars for oil from countries that hate us. is there a new moment for us to fiially be able to chase this? >> i think so. there is opportunity that finally we have the resources. in the past everybody talked about solutions that were sometimes more expensive. over the last few years will has become so expensive and natural gas so cheap. we can actually use products that we made from natural gas to replace oil or gasoline. dennis: the total u.s. oil bill is about 700 billion per year apparently. half of that is foreign, have local production. of course local production is actually up which is good news. but you think the answer lies not in producing more oil. the biggest answer is natural gas. explain. >> well, it's wonderful that we are having more

. >> in the heat of the 1973 arab israeli war, the countries that dominated opec clamped an oil empargo the west that's when americans first learned what it is like to cope with long cues at filling stations. and the u.s. president first set the goal of making america energy self-sufficient. >> by the end of this decade, americans will not have to rely on any source of energy beyond our own. >> four decades later the u.s. still depends on imports. but president obama says the surge of domestic crude protection together with more fuel efficient vehicles is putting energy independence within site. >> we are finally poised to control our own energy future. we produce more oil at home than we have in 15 years. >> despite stricter sanctions against crude and recent supplied disruptions in libya, iraq, and nigeria, american consumers are hardly feeling them reflected in what they pay to fill their tanks. >> gasoline prices at the pump in the u.s. this summer are virtually at the same level they were one year ago that largely reflected the studiness in crude oil globally. >> thanks to the dram

but what if neighboring opec neighbor iran gets involved? could oil spike to $150?ng up. >>> plus, the smart watch race. it's on. samsung will leave its unveil next week beating apple to the punch. speaking of which, okay glass, now operate. google glass is finding its way into one operation room in ohio. is this the wave of the future? >>> we'll begin with the top story this morning, that's obviously syria. the white house saying that action could come as early as tomorrow. let's bring in nbc's chief foreign correspondent richard engel for more. richard, we appreciate your time, as always. the markets looking for any clues about timing here. give us your best intelligence where you are. >> reporter: well, i think the best intelligence is that first we have to watch the u.n. process a little bit more. there is today a u.n. security council meeting under way. it seems unlikely that we're going to get a security council resolution because russia opposes any military action against syria. but what we could see is u.s. officials saying, we tried the process, but once ag

off of opec in the big picture. >> yeah, i absolutely agree.at this is the most important issue facing the country to do. august of the arguments line up to line up with the keystone pipeline. it creates jobs. it doesn't create hundreds of thousands of jobs. it creates jobs. i must say if i had a miserable job creating record like president obama, i don't think i would be scoffing at anything that created jobs. i just want to underscore one other thing which is by obama's own reasoning which is this concern about climate change, his argument doesn't hold up, because the oil is going to flow. if it doesn't flow to us as charles has argued, it's going to flow somewhere else. so, there is no reason not to do this. and it, indeed, can help us achieve some amount of independence over time with with other things from a region that is always unstable. doesn't make sense to oppose it. >> bret: another thought from the panel on another big story when we come back. will understand. oh...no, it's actually my geico app...see? ...i just uh paid my bill. did

saudi arabia, the largest supplier of oil in opec, has backed opponents a serious president -- syrian president bashar al-assad. iran supports assad. >> if they start to affect iraq 's main crude exports, that is $2 billion a day potentially at risk. that is my big concern. i think an attack on syria is likely. not possible, it is probable. iraq is a wildcard, particularly the south. that would be my top worry. >> experts say oil markets have already begun to price the risk of military action as a u.s. strike inches closer to the middle east. >> we are taking a quick break here. coming up, brazil's central-bank fights for him... -- fights for another interest rate increase. details when we return, and so much more. stay tuned. >> welcome back to biz asia america. brazil is dealing with inflation. they have raised rates there for the fourth time. our guest now joins us from new york, the former deputy governor of the central bank of brazil. now the head of research on emerging markets. i apologize -- technical difficulties here. we will try to get him back in a moment. we will talk abo

right there they have iraq, the second biggest oil producer in opec. they have major waterways, straight of hormuz, suez canal. it is about conflict in the neighborhood. a third of the world's oil comes from the region. any time there's a disruption, that makes oil markets very nervous and the price of oil goes up. >> oil markets are tough to predicts. if you were to say how this all translates for viewers at the pump potentially? >> right away you're going to see a couple cents, we already know that, because the price your gas station pays when they buy from wholesalers, we have seen it go up a bit. one thing on our side, it is labor day. that's the time when demand tapers off. all of the driving you do in the summer to see people, do things, that's going away. so that could work in our favor. what you want to watch is how much the price of oil goes up and for how long. if it goes up $10 and stays there for a week or more, that's when we're in big trouble. that's what to watch. >> big picture, what it means for the economy. >> not good. none of those

natural gas would help our company break its addiction to opec.ner points out that from a seasonal perspecttive, natural gas experiences a meaningful low, either in late july or early august. it then starts to spring back. utilities start stocking up the commodity for the coming winter, to heat. that's still the biggest use. natgas builders tend to build it ahead of the season than waiting for it to come. it arranges an uptick every year. at the same time, garner knows speculators like to get bullish going into hurricane season, as a bad hurricane along the gulf coast can shut down production causing prices to spike. then, of course, there is chartnado. check out the daily chart of the price of natural gas futures. look at this, gas prices come dramatically oversold. look at this, it is like it never lifts its head. when any security gets oversold, a swift rebound can blow out all the shorts. as of last week, large speculators the big investors were holding 125,000 contracts. guys, that's extremely bearish. i almost fell over when she showed this

would be surprised to here it was mainly financed by the united arab emirates, the leading nation in opec as far as natural gas exports. >> we're going steal their bacon, that's what's going to happen here. there's no question about that. these hollywood guys instead of standing up for america would rather stand up for abu dhabi. chesapeake energy, okay, major fracker driller, okay, great company, they gave how much? $26 million to the sierra club to attack coal plants and god knows what else? chesapeake energy trying to blame and bribe the sierra club? do people know this? that's incredible. >> that was a four year effort called beyond coal from about 2006 to 2010. of course when you shut down a coal plant it's usually replaced by a natural gas tur bin driven plant. there's a pretty much one for one market share issue there. so probably made good business. the irony is once they were called interest and they stopped paying the sierra club the sierra club turned on chesapeake and went after natural gas too. >> sure. we've had michael bruin on here many times. leapt me ask you what do you

liz: down the road, andy, what will influence the oil market, if not arab nations and opec nations?well the biggest thing i see out there is china. we have really an interesting phenomenon going on where chinese imports continue to rise and u.s. imports continue to decline. by 2014, i see china being the biggest oil importer in the world and we're going to be more focused on their economy to drive oil prices than here in the u.s. liz: this is a double-edged sword here, right? don't we want to benefit from that and be one selling the oil? talk to somebody like charlie monger, the vice-chair of berkshire hathaway, he says why would we use up our resources and soak those up and give them away when we should be conserving them and using the other guys? >> we're certainly not giving china our resources. what is happening as our oil production increases we're able to reduce imports which helps the trade deficit. we're creating more jobs in north america. now we have raw material advantage on crude oil and natural gas. ashley: david, let me bring you in on this particular topic. what is yo

. >> even though opec would like higher prices, they have acknowledgment that when demand goes up, priceoes down. >> i think we'll see demand destruction in the market pulling down those demand numbers and they'll have to do something out of saudi arabia to adjust if the price starts to fall. to a point where they can't sustain their budget numbers. keep in mind pre-arab spring, $8 3 oil is what saudi arabia needed to maintain those budgets for all those social programs and subsidies. they're nearing $100 to maintain those same budgets. things are getting squirrely in saudi arabia. they're concerned about what's happening in america, and i think rightfully so. >> thank you for joining us. what we're seeing in the markets is that the dow is losing a little steam going toward the close. 20 minutes left. down by 43 points. >> talk about market headwinds. we're going into a long weekend ahead of what's traditionally the worst month for stocks. now the developing situation in syria is causing more worry. >> coming up, we'll find out how experts are investing around all of this uncertainty. a

advantage of those other international partners in the international city of vienna, some of them, opeco will be playing very critical roles to broader global peace efforts in the coming years. >> senator kaine, thanks for the comment, i couldn't agree with you more. we have a trimission in vienna. there are three missions there, united nations and then the oece and the bilateral relationship, the embassy of course an other international organizations that are there and working with them is going to be very important if confirmed. i know that i and colleagues at the trimissions will be working with those agencies. >> great. thank you very much. thank you, mr. chair. >> thank the gentleman. let me just follow-up on senator kaine's question going to austria again. and its international role as a place where energy policy is created. ask you about natural gas in austria, about, 51% of its natural gas comes from russia and, one of the issues of course that we have is ongoing effort by russia to use natural gas as an economic weapon and as a result, a political weapon. the central european g

iraq is the second biggest oil producer in opec.lion barrels a day. they have seen a big increase in production with investments from folks like bp exxon and royal dutch/shell. they have all gotten in there and really stepped things up. so the fear is a conflict begins in syria, it impacts the oil from iraq going out around the world. there is libya to think about in the neighborhood. they have seen production drop by 60% because of internal conflicts. that is sort of the flipside of that coin. that is a big concern as well. because they're a big contributor. with all the traffic around the area. we're not just talking about us. this is oil to asia where they're seeing a bit of a slowdown and europe as well. bill: here at home we've watched this huge production boom by way of fracking. so we're not entirely insulated from this,. >> we're not. bill: by any measure. >> your point is correct. it has helped a lot. as soon as october our own internal production should exceed imports. that is the first time that happened since 1995. bill:

opec declining its production because of what we're seeing out of libya. eye on next week. a quick check on the metals. we saw a stronger dollar pushing gold under $1,400 earlier. we're hovering around those levels. traders don't want to make too many decisions before the holiday weekend. back to you. >> thanks very much. let's take a closer look at what might be the impact of a more protracted perhaps conflict. >> there's a lot of discussion. i want to note, today is the last trading day of the summer. i pointed this out on the open. we had done pretty well this summer consider ling all the stf we had to deal with. all the gains we have had this year occurred up until memorial day. we were up 15% at memorial day. from memorial day to labor day, we are essentially flat which i think is pretty good considering we had to deal with the fed taper talk, with the issues in the united states. not bad. put up the s&p 500 and i'll show you what i mean. we're basically -- there we go. right like that. that's exactly on the flat line. let's talk about syria. first, t

they have iraq second biggest oil prouser in opec and turning out 2.throw million barrels a day. and any time you can so a disruption, it is not depend for the one- third of the world's oil. and the sea waves and the strait of her mos there and suez canal. and any disruption can cause a problem. >> a lost folks wonder what it means next time they fill up a car. will this impact at the pump? >> it already has. and triple a said the price at the pump went up to $0.02 last night. that's based on the big jump in crude oil already. and we have laebor day on our side. we see demand scale back. you stop driving around after summer is over. you are just taking people to school. that decloip in demand is very helpful. it will blunt the impact. but the problem is if it becomes a prolonged swagdz in the pump. >> and how much impact will spark more of that conversation about co stone and fraking. and they are calling on them to focus on what is going on here at home. >> you have people saying we have crude oil production at 22 or 23 year high. why is this impacting us at all and seeing gas p

oil products always exported out of the united states, even when we had the deep east reliance on opecoil. it does make us more energy secure. what was the first part of that? i did not get it written down. one of our democratic talking points that i would also disagree with. of overtook med because that is just the bullet points that the environmentalists are putting up. host: the corporate tax rate. corporate tax rate. i disagree that the effective tax rates are the lowest in the world compared to other flat taxes around the country. major companies in the united states -- were just in omaha, nebraska, taking effective tax rates in the 30's. we had testimony in front of my committee -- i chaired the manufacturing and trade we had atee -- and manufacturer of car parts in michigan's testified that they wonder why they don't just move across the border to canada which has a 15% flat tax. that is a real-life story of how our tax code is actually hurting manufacturing. host: catfishkim tweets in -- very good. good questions. i actually met with our u.s. dealmakers and transcanada on using

reports from the agency and opec raising demand expectations. the crude oil just short of 106. in the overnight session electronic session continuing the rally at 106.17. part of th the late rally. the futures, it is exploding right now, everybody is buying the front end, selling the back end. the traders are very worried about being short over the weekend or the demand will be very strong right now, demand is so strong you will not put oil away. whatever the reason, we are seeing it extend right now. you have to really worry what will happen on monday. a lot of times a late rally like this, nothing big happens over the weekend you sell off hard on sunday. if something does happen we could keep going. tracy: the news from child lived lifting copper prices, right? >> i tell you what. three weeks ago everybody wrote china off for dead. you get the strong data and you look at inventories falling all over the globe. we has inconsistent drawdowns in the stocks in london. in singapore. if nobody is using copper, where is the supply going? off to the r

i would like to see us get off of open caps -- opec oil coming to the united states. the study from the state department as well as others show that we would have tens of thousands of construction jobs and then according to the state department study as much as 42,000 spinoff jobs during the construction. >> host: when you look at the map and you see how it bisects, what is the impact? environmental and other impact? >> the environmental impact is the focal point right now and there have been the environmental studies done. the main study and then the supplemental the change their route your nebraska and the whole point was to study the ecological impact and we found that there would be minimum. canada has added a safety precautions into the pipeline to ensure or do their best to prevent any leaks and if there were it would be smaller than other pipelines. >> host: republican from nebraska, the phone numbers are a on the screen if you would like to participate this morning. from cresco pennsylvania, on the republican line. please go ahead with your question or comment

increase, with the saudi excess capacity, we're really pushing to keep -- there are some at opec pushgh as it is. i think it would go down. because there is not enough strength in the global economy with china going through its debt issues and so forth to really push the price from a demand standpoint. the supply is the issue. u.s. demand remains weak. europe grand is weak. so frankly this would be a wonderful opportunity to start shifting the industry to plan b. and that would be u.s. dominating the global supply of nags gas, using natural gas as a transportation fuel, get off this reliance on the middle east. >> do you you see a time anytime soon where we tap the strategic petroleum reserve? >> i think only if price really spikes at the pump. i think there is enough populism in this administration that they would use strategic petroleum reserve to affect price. >> what would the number have to reach? >> i think probably in the $5 region, high $4s, $5, then i think we'd see a release of the reserve in order to try to placate consumers and take some of the angst away. but it would not

this as several members of opec struggle to maintain production due to unrest and infrastructure problems. >>> shares of priceline.com trading at a 14-year high this week, the online travel discount company reported second quarter results that beat on both the top and bottom lines thanks to a spike in bookings. joining us with the numbers, scott kessler, senior equity analyst. is priceline going to be the first thousand dollar a share stock? >> well, we think so. at least the first one we have seen in quite some time. we raised our 12-month target price last night to $1,125. and in premarket trading, as i'm sure you see, the shares are within 1% to 2% of $1,000 already this morning. so, yes. >> how is it going to get there? >> what is interesting about priceline is i think surprisingly to a lot of people this company continues to execute and it is not based on the domestic u.s. economy or demand for travel-related services, it is really predicated on international, with a preponderance of gross bookings activity in europe. that's surprising to a lost people given the economic and fiscal c