the future of opec.e will talk about the future of opec after the drama scene in riyadh over the last 48 hours. olivia: time warner cable reporting results a few minutes ago. alex sherman joins us for the background on the phone. a little bit of a miss here. tom did see that first positive quarterly net ad of residential service subscribers since first quarter 2009. take us below the headline numbers. what is the story? alex: the story really does not have much to do with the operations of the company. part of the reason for the subscriber gain is that time warner cable drastically cut prices, which led to a big pop in numbers. the only thing investors care about is what is the m&a story? there are two things at the top of the press release. we are a far stronger company than we were. two we can create more value for shareholders. those seem absolute warning signs, triggers, headlights to selling the companies. why would he refer to five quarters ago? that is when he reached a deal with comcast to begin

they got better opec compliance.hink that has been this audi principle when you have the price decline, they will not bear the burden of adjustment alone. they're looking to see how much of high cost oil production can be put in. someone tell, come on russia, get to the table. alix: if they the question does saudi arabia's hold that title gekko quite? >> i think they made a rational decision going into the opec needing. when russia set up the shut up and said we're not cutting, they had a choice. do cut in november and you keep u.s. production going gekko are you then going to be in a situation where sick month later you have to cut again? given the reserve a have 780 billion could they be in the situation where they waited six months, 12 months to be in a better market position by pricing out some of the most high cost of production. they are looking at global coming down. looking at it benefits our take place. how much non-opec can be reset? alix: of course june meeting is approaching. number one thing you are look

. >> does that mean opec has won?ome respect, when it collapsed to the way it did i think the speed of the decline took a lot of people by surprise. i think the speed of what could be a recovery seems to have taken us by surprise. has opec won? you could say it has. gritted its teeth. took the pain of lower prices. counting producers to cut back costs if they wanted to keep their place in the markets. looks like that battle has been one by the opec producers. they're getting is to lower prices are some time to come peter have kept their market share. they're positioned themselves nicely. when the global economy starts to grow faster, they are in a strong position to see gradual price rises. that is what they need. radel rices. -- gradual rices. -- prices. >> they had never guess it doesn't suit long-term purposes to have oil at $100 a barrel. and me to return to alternative energy. >> that is the point. we need a price which is high enough to interact investment in new supply come up a so high that it chokes off the l

you know that this is opec. talking a lot of smack.market and drive these u.s. producers to drive down there rate count and out of the market. we will be great and prices will go back up. do you believe them? >> in the short term, yes. u.s. shell production is falling. we are seeing it start to fall. i do think that in the short term they are winning the opec production. melissa: then, of course, it changes. get it in the ground. the oil comes back out. the prices go back down. whatever they are able to do is just temporary. we are seeing prices at the pump rising. we are seeing a record sale on crude oil today. >> we are. it will still be a lot lower than it was a year ago. refiners will produce a record amount of gasoline this season. i am not as worried about gasoline prices. this final close on through today, this al qaeda situation in yemen has really heated up this market. almost a dollar lower on the opec news. with that headline came across we started to rally. it really turned the market around. we will be focusing on headline

we will be talking about all of the dynamics of oil, iran, and opec.reet smart" coming up at the top of the hour. thanks. stay with us. scarlet fu will have a check on the market movers on the other side of the break. "bottom line" continues in just a moment. ♪ mark: get the latest headlines on the top of the hour on bloomberg radio and streaming on your tablet and on bloomberg.com . that does it for this edition of "bottom line." thank you for joining us. on the market with scarlet fu is next. ♪ scarlet: thank you. it is 56 past the hour and bloomberg television's on the markets. with one hour to go in a quiet day, the dow is little changed. gain as many as six or two point before sliding to its low, a loss of 75. now we are pretty much at where we were at yesterday's close. meanwhile the dollar is stronger and treasuries are falling which means a higher yield for the 10-year. utilities is the worst performing sector so far in 2015. the xl you spider etf is down 6% this year. my next guest says the weakness will not persist because as investors begin

does opec matter from where you sit? hans: absolutely.look at the emerging markets and a lot of the countries, they have a link to oil -- venezuela, ecuador, russia. it's part of the analysis we need to do if we need to make an investment in one of those places. on the other hand my trader just follows oil like it's religion. we have seen some volatility it is in a certain price range. i don't want to react to the iran accord because people -- who knows what's going to happen to the prices. they would probably use anything they can against iran. alix: iranian companies are trying to buy is was petroleum company. this struck me because it seems like iran is preparing to do business outside, acting as if sanctions will be lifted. what do you make of this? guest: my question is why? that refinery in switzerland is a money loser as is almost all the refining capacity in europe given the expansion of the capacity in the middle east. think a much more important move is to look at increasing sales to china. a are competing directly with saudi ar

to cut the daily production of oil by at least 5% ahead of opec's next meeting in june. that pushed prices higher senting west texas intermediate above $3 a barrel. and they are watching developments on capitol hill where a senate panel voted to approve a bill to give congress a vote on any final nuclear deal with iran. >> the international monetary fund i growth for the u.s. economy, the reason the strengthening dollar. the ifm predicts the economy will grow 3.5% this year and next down slightly from the january forecast. but the agency's chief economist still describes the u.s. economy as robust. >> it is clear that the u.s. economy is in fairly good shape and the fundamentals are good and the banks are in decent shape, corporations have cash and households have dwee creased debt. so the elements you need for sustained growth are there. >> as for europe the imf said that ethan's economy will expand with the global economy growing 3.5% in 2015, just about in line with last year. >>> the european union is ready to report abt trust charges against google and the charges c

as you say, he has been in opec for such a long time.alth of experience that he brings to the table. >> yes. he is number two. today he is becoming chairman. i know him very well as well. in terms of oil policy, there is a lot of continuity in saudi arabia. it is a different story about foreign policy because as you know saudi arabia has been extremely active in the last few weeks in foreign policy and all of these changes means to me a lot of attention and this will active foreign policy will continue and we might increase. francine: on the oil policy, what exactly is saudi arabia looking at? is it the shell gas producers that they are trying to stare down? >> in very simple terms saudi arabia has been facing the issue of losing market share, losing market share in the market of oil and in particular shale oil producer the u.s. have been growing market share. so the fact of bringing prices down to an area of $50, $60 will reduce production in the u.s. and saudi arabia will go back to the level of market share they want to have. this com

that's where most of the growth is expected to come from outside of opec.s is a type of supply that has very different economics from conventional oil. demand also is very different and there's much more natural gas competing with oil in the market including transportation and more renewables and it's a very different set of circumstances. but you're right, the saudis are increasing production and we're now facing a situation of rebalancing and reshifting of market share among producers. tim: should we be concerned about that? we've seen libyan production sort of recovering as well. antoine? antoine: libyan production has been doing surprisingly well given the situation the country is in. iraqi production has been increasing in view of the challenge the collapse has boasted the country and islamic state insurgency or campaign. yes, there's production increases for many quarters but many areas where production is at risk. guy: tim, how do you see the saudis viewing the return of iran? how will they play it? will they offset against it? do we understand at th

wanted an opec cut. [ inaudible ] which is to try to force the market to fix itself and what you dos you introduce volatility in the market so therefore alter native areas of demand you try to reduce those alternatives. also you try to force people to cut the rig count to reduce their growth and supply. since that time we've seen the rig count in the u.s. has basically been cut in a half 2,000 rigs to about 1,000. in the international rig count which i find more important we're seeing international spending down 15 to 20% this year with that kind of reduction you are seeing the force supplied discipline if the price goes 100 to 50. demand has picked up. u.s. demand growing about 4% year to date, gasoline demand growth year to date is the highest growth rate we've seen in the last 35 years. seeing those natural supply demand forces play out which makes us more constructive. >> seems to me one of the key questions is where do we stand on oversupply? focusing on curbing, some indication yesterday via gen scape maybe curbing stock piles were leveling off or declining a it tad. you don't

most opec companies need north of $85 to balance their budgets.rofile isn't consistent across the energy industry. we are seeing pockets where the companies are successful at cutting the costs and improving productivity but i don't think that's true inaggregate. >> tell us why you like anadarko and noble energy right here? >> so anadarko and noble are two of the holdings in my fund. these companies have been very successful at exploring and finding new reserves. this has been a unique skillset. the exploration track record of the industry has been abysmal. two companies that have the acreage and teams that have proven to be very, very successful at going out and developing and finding new reserves. i think that is -- that's a differentiated skillset they have. they have strong positions in the u.s. shale and i think it's a small list of companies that are going to be able to incre pleasantly reduce costs going forward. anadarko and noble have large positions where they can apply factory drilling to reduce drilling costs. seeing that consistently.

that to me is the first time we heard out of opec for a long time. the other side in support of that the eia saying they're looking at production in the u.s. while it's going to be growing next year and in 2016, they're down -- >> you're a buyer into this oil stability rally? >> absolutely. i'm not a buyer week to week. i'm a buyer 3, 6, 9, 12 months is nigh time horizon. >> our next guest says you should not trust the rally in oil. tom, it's always great to have you. why not trust this move? >> i think oil is still in trouble. i think maybe at best, it balances or starts to balance in the third quarter. in the second quarter, it's very rough. now, we had a build overnight reported by american petroleum institute. it speaks to a big deal tomorrow. i think oil continues to be sloppy, particularly on the crude oil side. i would disagree with the notion that brent may have seen its highs. what we're seeing is record investment money flow into brent on the long side and that scares me. >> highs or lows? i'm sorry. >> highs. a lot of buying in brent. much

like opec, for example, still pumping heavily. number of folks in opec still pumping. unfortunately down. let's see if they'll take my credit card here. and so that has, you know, reduced supply. that, of course, has some impact on -- it's not a debit card. has an impact on the amount that's out there. put my zip code in too. yeah. enter. got you. the other thing, real rig counts in north dakota, take a look at the numbers on that. did i get close enough? oh, there you go. i have to do this all at once. drill rig counts down 26 fewer rigs last week than this week. for some reason, that's not working. lori: jeff, while you figure out how to pump gas because i know it's pretty tough to do that, give us perspective on the rig counts and why it's so influential on oil and all the markets that react to the price of oil. jeff: yeah. it's less us production puts less oil into the system. us is a big producer right now. and so, you know -- >> is anyone behind you waiting for gas? jeff: you know, i don't know why this doesn't want my thing. lori: don't get frustrated. jeff: i'm

opec said the demand is higher than they thought. liz: do you believe opec? >> yeah, it's crazy.on't know. that's a situation where we don't know. they're constantly lying. i agree with you. at least the momentum going to the upside for oil at the moment. the russell 2000, down today. the phrase, go big or go home. look, it doesn't always apply when it comes to stocks. that russell 2000 while down today, it's been the leader of the pack this week hitting all-time highs two days in a row. if you're looking to actively manage your portfolio, meaning getting in there and looking at specific names, small caps can make you a lot of dough. eric marshal. here to tell us exactly which small cap stars to be buying right now. (?) your fund, three-year performance, 20% over three years. the five-year looks very strong. 19%. i have heard time and time again, the small cap run is over. is it now? >> no, we don't think so. the market at the all-time highs, you have to be selective. you have pay attention to valuations and pay attention to what's going on in the businesses. the small cap space

you have said before opec is the enemy, but can you ignore opec? mr. pickens: iran is not opec.these are forces you may not respect, but you have to face them. mr. pickens: why do we have to face them? the united states has plenty of resources. we do not need middle east oil. we do not need it. i do not think the president or john kerry understands that. i cannot think they understand the oil market. i do not think they understand the oil business. i think what they understand about it if they don't like it. -- what they understand about it is they don't like it. why do we open the keystone pipeline? stephanie: you do understand the oil business. how you think we will be at 70 dollars a barrel by the end of 2015 and $100 by the end of 2016? mr. pickens: ok, for oil, we now have in the united states we now have a little over 700 rigs 702 rigs. so you have cut 900 rigs -- stephanie: it's just supply and demand? mr. pickens: what's going to happen to you when you shut those rigs down, supply will go down. wells drilled now in the shale with multiple frack jobs they declined very ra

the other part is what happens outside of opec. there is a story going on underneath this. production outside the u.s. is starting to decline. volumes are coming off. we've got wells -- tom: do you buy lower for longer? like 1986? guest: i don't think it's a 1986. we are not going to see a recovery like we saw in 2008 or 2009. we don't think -- we think by the time we get to the end of 16, we will be in the mid to upper 70's. olivia: do you have to wait for a cathartic move? guest: i think that's a really good question. tom: it's tuesday. i'm done. guest: we had to strip so much as the exploration budget. what we are setting up for is a. time beyond exploration. do you let things get lower? tom: what we doing on twitter today? olivia: i think it's a big day for jamie dimon. jpmorgan earnings are coming out. what are you looking for in the bank earnings this week? tune in at 7:00 for jpmorgan and 8:00 for wells fargo. ♪ tom: single best chart. olivia: this is near and dear to my heart. holy moly our weddings expensive. if you just received another invitation, put aside some

and here at fourth and mission you know we do special things as janice said we're getting ready to opec our first enterprise students will be selling they're back wares to the public and fund for this help to underwrite the program but also teach students how to assimilate in the with that when they become part of businesses part of the best of the best things i get to do as chancellor get to boost by my faculty we have a wonderful faculties along with the students and staff and administrators i'd like to acknowledge our president virginia perez (clapping) it's her responsibility for the daily operations of our centers as well as the campus along with jessie lee our center dean (clapping) you know this is really probably the best job i've ever had and the best job because of you and because of the partners we have both with the mayor's office and the unified school district the university in the city and our elected officials with great pride i get to introduce her again leader pelosi is just perhaps the stanch it best ally we've had and she's been doing it a loojt to help the instituti

the report is out and the iea says opec's supply -- they see opec's supply jumping the most in four years on saudi surges or beget we had a story saying iran is the latest country to jump on the bandwagon, asking for opec production to the cut. nymex at 54 brent 59. china's economy is in the spotlight with all global economic indicators pointing to a deepening slowdown. stocks are headed for their biggest drop in weeks. bloomberg's chief asia economist joins us now from beijing. tom orlik. gdp came in target on 7%. the data actually disappointed. what should we read into all this? tom: i think that is right, francine. there was some good news. the premier said he wanted 7% growth for the year. in the first quarter, he got it. gdp coming in at 7%. there was also bad news. a lot of the monthly data was disappointing, in particular industrial output which is the main monthly measure of growth. it slumped in march. the lowest level since the financial crisis. if you look at the headline, it is reassuring, but the markets are paying more attention to the high-frequency monthly data. what that

opec has not cut back not even by a drop.pite the fact that it's pumping into one of the worst bear markets in years. some people actually say that opec is trying to drive newer american shale companies out of business by keeping oil prices so low. that means they can't compete. jenna: a story we're going to continue to watch. lauren, thank you very much. >> thank you. jenna: don't miss lauren on our sister network, and if you don't know where to find fox business in your area, log on to foxbusiness.com/channelfinder. jon: new details about the jury selected this the murder trial of accused colorado shooter james holmes. the group is made up of 12 jurors and 12 alternates, 19 women, 5 men. holmes, as you probably know, is charged with murdering 12 people, wounding dozens more in july 2012. he faces the death penalty in colorado if he's convicted. wendy patrick is a trial attorney and a veteran prosecutor, brian claypool is a criminal defense attorney. before we get to these jurors brian, you say that the prosecution has a tou

to me it is a great way of dealing with our immigration policy with opec.it seems a little bit crazy that you should let an oil market govern how much money is going into your innovation policy for vehicles, traditionally oil prices go down people start buying less fuel-efficient vehicles and a lot of money flees the fuel efficiency and oil alternative sector. and that is graded very damaging cyclicality within these spaces. the carb mechanism of establishing mandates with a market attached to it really allows california to set its own innovation policy rather than opec sets the u.s. innovation policies. >> in the last couple minutes we have, this is a book and credible research. you've got things inside that on the u.s. china japan, industry. great storytelling, great personalities, and very important narrative it's not going to ask you to go out on a limb or maybe to go out at the very end of their very long extension cord and tell us what you think people will be tried in 2025 or 2030 the people in this room and the people watching on c-span and the peop

he games a game called anti-monopoly because he is upset about the opec oil car tells. this is him and his son on the left. he feels monopolies roots are negative and he wants a philosophical game. this is a drawing one of his sons did. it is very '70s. ralph nadir and that kind of public service lawyers are the heroes of the game. he hears from parker brothers attorneys saying you cannot make anti-monopoly. and that kicks off a ten year legal battle between ralph and his family and parker brothers and they rip a part trade right patton and copyright law and that is more detailed in the book. as part of the lawsuit, everybody else thought he was the inventor of the game but he starts to find out the roots go far back and finds layman who is an elderly man living in pasadena and finds charles todd and hunts down the quaker players. this is ralph's notes to find out who went to school with who and who knew who and reverse engineering the monopoly story and winding back and trying to find the thread between the game and the patton. these are the quakers and shhome passed a

missile history was an accident and he is really upset about the opec oil cartel's him and this is a of him and his son. he feels like the reviews are really negative, he wants to make you more pleasing version of it. this is a drawing that one of his sons had done, it is very 70s. ralph nader and the nader raiders and that extent of the public service lawyers are the heroes of the game here and took not long before he hears from them saying that. so this kicks off a 10 year legal battle between them and parker brothers. and he starts to find out that the roots go back far back. he finds an overly man living in pasadena and he holds a finance board. and a lot of them passed away after he was putting together chase. and so he makes this point that he did not live in atlantic city. charles todd lived in philadelphia. and one thing they are trying to look at when you're trying to prove something like plagiarism is what are the odds are the same person needs to stay there twice. and ralph in his case tried to find a copy of the board that has a word notley in it, most people had testifie

right now opec's strategy is working. share they lost over 2014 when non-opec suppliers raised their output when surprises were extremely high. >> let's talk about levels here and how you forecast it. i know the estimates are all over the map. at 8% gain last week and the highest level of the year what are the next price targets that you are watching? >> from a technical perspective, we -- we kind of went through the main resistance level over the last week so now many market participants are looking for whatever that next technical targets is. from our perspective the fundamentals do win out, and we see the second quarter as the weakest overall for the market. we'll have to definitely mark to market the recent rally, but it definitely doesn't change our fundamental view that we sue downside risk. >> you're not buying this idea that production has peaked in the u.s. and will decline in the latter half of the year? i know there's not a direct translation necessarily, but explain what you see for u.s. production in the seco

. >>> opec reporting a sudden surge in march oil production. that extra supply being added to an already oversaturated market weighed on the commodity but then prompts in yemen and then closing at a high of $61.75. oil and gas production has quickly become oklahoma's largest industry but now some scientists are questioning whether the increase in earthquake activity is related to part of the fracking process. morgan brennan reports from craig, oklahoma. >> struck prague oklahoma was the largest in history. >> everything was shaking and it was scary. >> and though highly debated, many point to the energy industry as the culprit. because the number of earthquakes rattling oklahoma has urged. the state averaged one to two quakes per year and now it is one to two per day. >> they increased in 2009 and in just a few stated and a few places in colorado southern arkansas and texas and oklahoma. >> they say most can be linked to oil and gas production. but not fracking but the disposal of wastewater the toxic byproduct disposed of in the ground, in wel

opec members including iran and libya, urging the group to support prices.rude advanced for a fifth day in a row but prices still 45% lower than a year ago. global layoffs are at 100,000 and are going up. morgan stanley is still on the block. ceo james gorman has set the bank is committed to selling this business to cut capital and improve the returns. the bank had a deal in late 2013 to sell the unit but it fell apart because the u.s. bank -- stan druckenmiller is anticipating surprises. and improving chinese economy, rising oil prices and a hands-off approach to interest rates by the fed. he made the prediction in an interview. druckenmiller does not like the look of the greek debt crisis. >> the banks do not own greek debt anymore. draghi has q e. e at his disposal. if there is contagion, he can contain it. i do not get this theory about how greece flushes itself down the toilet and puts itself through misery and everyone else does that to. a more rational response is to go to reform and become more embedded in europe. betty: i thought misery loves compan

. >>> opec taking aim at nonmember countries.rages and how they closed today. >>> protesters are active at an activists summit. this is on cnbc's hot list. adam wasler joins us with the details. >> it was oil, act viflivism and food. opec came out with a bulletin this morning saying here we are, being nice and stable keeping regular production levels in some nonopec countries. okay, that's u.s. and canada just go in and start charging and everything like that. the fun part about this story and the writeup is all the comments underneath of all our readers saying, hey, opec welcome to capitalism okay? that's one. another one, you don't see this at an investor conference all that often. the 13-b monitor active passive investor conference got hit with a protest. a bunch of people walking in holding signs saying hedge fund billionaires, pay your fair share. okay. they were taking aim at some of the guys there that tend to invest in fast food outfits and protesting the minimum wage level. they wanted $15. we got video and readers have

there has been a $20 barrel and opec is still around. basically everyone who got it wrong.they come back to hunt you. i have a nice 1 -- the way you can raise money nowadays. everyone is into crowdfunding. you can also buy bonds that potentially pay you in time. you have heard of the burrito bond that was launched in america. we have seen the u.k. hotel shock a lot pain chocolate -- hotel chocolat pay in chocoalte. now you are can be paid in beer. it's all about micro brewing and different types of craft beer. this one, you can get 7.25%, or you can get 9% interest if you take it in beer. mark: "countdown" continues in the next hour. ♪ mark: japan hold kuroda holds from a stimulus boost, betting the impact of cheap oil will soon fade. >> raising rates. the fed leaves open the possibility of a second half hike as brazil puts its benchmark rate for a fifth time since octagon. >> greek exit signs, a poll shows a majority of analysts believes that it is in the cards. the eurozone sets a new sunday deadline for a deal. >> we get numbers from some of europe's biggest companies. w

he makes this he makes this game because is upset about the opec oil cartel. he feels like monopoly's roots are negative. he was to he was to make more philosophically pleasing version. they drop the game. this is a drawing or the sons of done. are done. it's monopoly backwards. very 70s. ralph nader comes up public service lawyer they are the heroes of the game. not long before he hears from parker brothers attorneys you can't make anti- monopoly. that kicks off this ten year long legal battle between ralph and his family and parker brothers. they report they report all these different aspects of trademark patent and copyright law and all that is much more detailed in the book. but as part of his lawsuit like everyone else he thought -- he starts to find out that the roots go back far far far far far back. he he finds dan layman, now an elderly man living in pasadena. he finds charles todd. he has done the quicker players. i know i know this looks like organic chemistry notes but it is actually trying to find these photos of monopoly players to find out who w

coming out in opec right now.ook at the amount of oil going into storage in this country right now. you've got to say that nothing is going to stop the shale boom in the long-term even priced at this level. shale will prove to be remarkably resilient. that means the u.s. will move increasingly to domestic security energy over the next 10 years. that has to be dollar positive. i am not particularly concerned about whether we see the dollar softening in the short term, but relative to what? the euro? we could still see a greek exit. it is still an uncertainty in the u.k. right now. certainly in the yen, given what we've seen in the japanese data. a lot of that you could put down to bad weather, i think. frankly, it is not -- it is hard not to be a dollar bill -- the dollar bull. lisa: frankly, i think everyone is a list. how much of as a bride can this have definitely would have to be a massive surprise to the upside to think it is not -- how much of a surprise can this have? it would have to be a massive surprise t

it will still take an active opec meeting bigger production cuts.is week was interesting. we forgot this on the side. we had saudi arabia wrapping up airstrikes in yemen. about a 24% increase in trade in the straight off of yemen last year so that area becoming much more important for global supply, about 4.7 billion barrels of oil a day. will you take $85? a note today saying it hit $85 in the second quarter. it does expect a pullback later in the year saying production has plateaued and is expecting a decline perhaps in may. mark: what is on "street smart"? are you going to fight someone else? alix steel: i have a bruise from yesterday, so i'm not in the fighting mood. i will talk to michael buffer let's get ready to rumble. also, the former ambassador to china jon huntsman, will be on the show talking about the relationship between the companies and a film he is in. mark: alix steel with "street smart" at the top of the hour. scarlet fu will be back with "off the charts" on the other side of the break. ♪ mark: welcome back. the nasdaq finally mov

mexico, and the united states we could have a north american petroleum export group that is bigger than opecarlie: that is all true. at the same time you know that there are a lot of people in the country who are worried about climate change, and they believed that fossil fuels have contributed the assault on the environment. that is another debate. that is the argument. steve: the ice bridge melted. climate change has been going on a long time. we are talking about how to make a geopolitical change to reinforce or establish -- charlie: a relationship with china. steve: and everybody else. charlie: leverage that in order to -- steve: it changes the world. charlie: thank you for coming. it is a pleasure to have you. your sense of pursuit of excellence is remarkable and it has been a part of who you are for a long time. in terms of so many areas of life, and medical developments, as well as great art, and building a great company. all of those things in terms of your love of art has been something to the much admired. steve: thank you. charlie: steve wynn thank you for joining us. see you next

and it has put opec into chaos. it has undermined vladimir putin and put the u.s. stronger position of internationally -- internationally. that is the same volume. when citibank came out with a report three or four months ago talking about only stationary batteries, stationary batteries shifting into our utilities and other power companies, being adopted by countries like saudi arabia and japan that currently burn a lot of oil to shave the peak periods of burning oil to create electricity. it just stationary batteries moved into the market, and they had a forecast of how many, how much penetration stationary batteries would penetrate and by the year 2020, 4 million barrels a day of current low consumption would be removed from the market. it is the mirror image of adding the 4 million barrels a day. what you would have if shale oil -- and there's the debate going on right now about how real this shill oil revolution is -- shale oil revolution is. the bears say this is it. you're watching it. it is wednesday over next year. in the bowl say, actually not. this will b

opec continues to pump. saudi arabia has had record pumping.oing to keep the spigot open. but in the us, in north dakota, for example where it costs more to get the oil out of the ground there's not as much incentive to pump at lower prices. the supply has gone down. it's pretty much supply and demand. less of it out there. gerri: higher prices at the pump this summer? is that what i'm looking forward to? >> yeah. i think that's the way all arrows are pushing right now. take a look. this is rush hour, by the way, in chicago. oh, not pretty. i'm driving home. if you look at the drill counts, for example, the drill rigs out there -- i mean -- so there you go. gerri: you know i got to tell you, i think this qualifies as almost texting and driving listening to jeff like this. i think we're having a few audio problems. jeff, thank you for coming on the show today. appreciate your time. susan somers is here to dish her new book. and luke brian and miranda lambert were big winners in the acm. did you see it? it was pretty impressive. all the highlight

a "wall street journal" report says that iran's oil minister has called on opec to reduce oil protectionat least 5%. marco rubio is less than 24 hours into his presidential campaign. find out what he did. president obama he is heading to number 50. can you guess which one he has not been to yet? at the end of the day it is all about money. ♪ [announcer:] what if one stalk of broccoli could protect you from cancer? what if one push up could prevent heart disease? [man grunts] one wishful thinking, right? but there is one step you can take to help prevent another serious disease- pneumococcal pneumonia. one dose of the prevnar 13® vaccine can help protect you ... from pneumococcal pneumonia, an illness that can cause coughing, chest pain difficulty breathing and may even put you in the hospital. prevnar 13 ® is used in adults 50 and older to help prevent infections from 13 strains of the bacteria that cause pneumococcal pneumonia. you should not receive prevnar 13 ® if you've had a severe allergic reaction to the vaccine or its ingredients if you have a weakened immune system, you may have

>> we think opec has very little ability anymore to influence prices for the simple reason that saudi the cartel leader, the one that has the swing capacity to make things change, make things happen, has effectively told the market we're going to let prices do the work that we once did. so we're going to let prices balance supply and demand. that's not a cartel. that's effectively just a market finding an equilibrium price level as opposed to having a constant adjustment of volumes as they did for many years. >> yeah talk about a seat change. that's incredible. thanks so much for your time. see you later. >> thank you. >>> when we come back it certainly has been a rough year for tesla. the stock, though sharply higher today, it's down about 10% for the year. will that change now that the company has announced it is breaking a sales record? more on that after the break. >> the cnbc real-time exchange market snapshot is sponsored by interactive brokers. so what's going on today? news alert! message! email! calendar update! most of us admit to being overwhelmed by information at work. th

number one is opec and what opec can do. and number two is you can buy expropriation insurance. and why should taxpayers be on the hook here instead of the private sector where these companies, if they fear expropriation in country x, why shouldn't those companies buy that insurance to protect themselves? instead it sounds like t.a.r.p. 3 or? government bailout for these companies in the developing world. >> well, let me just say this. i can't support the amendment's attempt to strike language from the foreign investment negotiating objectives which you've described to a degree. i'm prepared to vote on it. do you want a roll call vote or -- you'd like a roll call vote? clerk will call the roll. >> mr. grassley. >> no. >> mr. grassley no. mr. crapo. mr. crapo no by proxy. mr. roberts. mr. roberts no. mr. enzi no. mr. cornyn. mr. cornyn. mr. cornyn no. mr. thune. mr. thune no. mr. burr. mr. burr no. mr. isakson. mr. isakson no. mr. portman. mr. 30r9man no. mr. toomey. mr. toomey no. mr. coats. mr. coats no. mr. haller. mr. haller no. mr. scott. mr. scott no. mr. wyden. mr. wyden n

and it has put opec into chaos. it has undermined vladimir putin and put the u.s.n a much stronger position of internationally. that is the same volume when citibank came out with a report three or four months ago talking about only stationary batteries, stationary batteries shifting into our utilities and other power companies, being adopted by countries like saudi arabia and japan that currently burn a lot of oil to shave the peak periods of burning oil to create electricity. it just stationary batteries moved into the market, and they had a forecast of how many, how much penetration stationary batteries would penetrate, and by the year 2020, 4 million barrels a day of current low oil consumption would be removed from the market. it is the mirror image of adding the 4 million barrels a day. what you would have if shale oil -- and there's the debate going on right now about how real this shale oil revolution is. the bears say this is it. you're watching it. it is going to be over next year. and others say actually not. , this will be going to 2020 and onto 2030 or

>> this is like a raisin opec.raisins out there, they promote raisins and have reason website that, recipes for raising keeps the price table for the benefit of reason farmers not so much for the benefit of consumers. >> uconn stop laughing or crying. this isn't about reasons but rights. does this protect personal property, not just land, and we have seen eminent domain. >> the feds want almost three quarters of a million dollars from this guy. >> that is right or four years of his raisin crop. >> the growing controversy over exemptions for vaccinating children, others say not vaccinated and child with other children at risk, now a key vote on the issue with that story next. e new asia inspired broth bowl from panera bread. our hero is the soba noodle. (mmmm) which we pair with fresh spinach (ahhh) mushrooms (yes) and chicken raised without antibiotics. (very nice) then top with a soy-miso broth. that's the ticket! and if you're feeling extra adventurous try our delicious thai chicken salad only at panera bread. fe

i think they probably are upset in some of the non-opec production growth that we've seen in the oil shale you describe in north america is one piece of that probably russian production and certainly i think you're looking closely at the iranian sanctions if they get lifted. it is a multifaceted strategy but i think underground in what they're saying is we're not going to be the only ones cutting back when we're oversupplied in the marketplace today. we'll protect our market share. >> i want to ask you your take in terms of the u.s. and its ability to export oil and gas production. >> we're on the cusp of a tremendous opportunity for our country, with the slight oil revolution, the economic benefits coming through the national security, the geopolitical benefits can be quite dramatic. the one policy that the u.s. has that gets in the way of that is oil exports and we were just talking about saudi arabia. their favorite oil policy is the lack of exports from the u.s. there's a reason why they're not selling their crude for market prices and willing to discount the crude and bring it i