[talking over each other] >> definitely the opec nation. four dollars per gallon of gasoline.have gotten used to $4 or $3.83 today, which is ridiculous. the difference between a dollar 83 and listen to this number. it is $400 billion per year, more money coming out of the american taxpayer, out of our buying power and the economy. and in this case, 50% being sent to the middle east and working its way for our own economy. that's a lot of money that we don't need to be removing from our buying power, especially now neil: i would think in that environment we would be shooting through the roof. maybe it is a slowdown that you talked about. but certainly, that would normally jack up prices. right now we don't have any of the major producing countries involved. pakistan produces no oil. so the major producers are not involved. if you bring in the questions. absolutely -- i don't think any of that is what happened. i think at some point, the u.s. is where you stand up and say, okay, we have burned our flag, enough is enough. maybe flaxen drones to pakistan and the embassies and say,

china, opec nations with another option. right? how could that not reduce demand for our debt? >> it probably -- it could. again, depends on how they're doing sterilization he promised or said he promised and obviously this has to be passed by the ecb board tomorrow. but let's say it happens. i think you are right that there would be an increased, a decreased demand for treasuries. >> don, we know that mom and pop have been buying up a large number of u.s. treasuries. the data has shown that and scarily enough the fed was a buyer of 61% of our debt last year. your clients, right, fairly successful individuals, how's their demand been for u.s. treasuries and is there a risk of the theory i expoused? >> i don't think that the current plan of draghi is euro bond but to purchase existing debt of governments to ensure that interest rates don't rise as they come to market and under pressure. >> that's right. the reason i pitched this is looking at the numbers in my view and written this before is that i don't see where enough money comes from in the budsen bank. >> we have to have a

in particular, china and the opec nations. they're getting absolutely rich dealing with the united states because we have people that are incompetent and don't know what they're doing. >> in terms of domestic issues, the fed and bernanke say rates are going to stay exceptionally low until 2015. you surprised fwha? mid-2015. we're talking about three years of these low rates. why would anybody be in a rush to do anything with when you have plenty of time? >> they're creating phony numbers. they're doing it through stimulus. the stimulus, many people would say, is the worst thing that can happen. the dollar will go down in value. inflation will start rearing its ugly head. i think probably those two things will ultimately make for change. we'll see what happens. inflation will happen. the dollar will go down. >> what's your take on this market, donald? you said you had some investments in this market. market up 200 points. nice reaction to the fed today. >> well, i bought a lot of stock. in fact, i did it through cnbc. what do i

so the opec nations have stepped up. two and half million barrels of spare capacity.'ve got to disagree with one thing that phil said. i think there will be an spr release. it will be politically driven. the rationale, with the u.s. imports dependence down so much we don't need to hold the same amount inventory that we did previously, and that could be part of what you're saying to the part of the strategy to continue to put the pressure on. lower prices. certainly lower exports. empoverish the people. the effects ultimately don't matter. lori: as we all know, a temporary impact on the oil market. >> but this will not be released. this will be the way they used to sell surplus metals. the u.s. government used to have vast stocks of metals and other materials of the idea that we may have to fight at 2-front war. they would put out oil every single day. offered every single day until they sold off. the figures are in the tens of millions of barrels. now relative to imports. lori: let me bring it back. if what he says is true then they have lost their power. if we have e

the biggest oil companies are those operating as single companies, opec -- in opec nations. and what would this president do? he would do what he has done repeatedly. he would help foreign countries. he would help the bigger folks, the bigger oil companies. i'm sure it would have benefited the fat cats as he calls them on wall street, but it would have put out of business, 94%, 95% of oil and gas wells in america. that meant everybody's price went up. how sad is it that up of the few promises, it may be the main promise that he kept, was to drive up the cost of energy in america. now, i love having quose from people who talk -- quotes from people who talk about congress being the worst congress that they can recall when -- especially republicans, when the body at the other end of the hall that is not -- has not fulfilled the obligation that they are required by law to do, and that's pass a budget. not in over three years. how are we going to get anything done in congress when we got a senate down there controlled by democrats who say we are not going to do our job? and we ar

national average at $3.80 a gallon on gasoline. that's up 14 cents from this time last year. donald trump is putting much of the blame on opec.e what he said this morning on "squawk box." >> you know, the gas rein prices continue to go up. that's going to be a real negative for them. i can't believe they haven't told opec, give us a few more months but opec just isn't behaving. opec can't wait. they are so greedy. they just keep going. and they don't care. they'd love to see obama get in. they are dying to have obama get in. they can't wait that extra 70 days. >> we get reaction from a man who knows a thing or two about the oil market. former shell chief jon hofmeister. thanks for joining us. >> thank you, maria. >> so you've been calling for $5 a gallon gasoline. are we going to get to that price this year the way things are going? >> probably not this year because the economy is too soft. but it's not a question of if. it's just a matter of when. the underhighing factors are the following. imagine china's having the lowest growth rate it's had in a long time. europe is in recession and the u.s. is flat as a board. yet we're

together in a new strategic energy partnership, our three nations could become the world's new energy superpower alliance. to compete with opec. let's create an energy supply built to last. with our north american allies and finally make opec and middle east -- middle eastern dictators irrelevant. and that's just the way it is. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentlelady from texas seek recognition? ms. jackson lee: address the house for one minute. the speaker pro tempore: does the gentlelady ask unanimous consent? ms. jackson lee: i ask unanimous consent. the speaker pro tempore: without objection. ms. jackson lee: mr. speaker, just recently it was announced that 50 million americans experience food insecurity and experienced it in the last year. what that means is that families in the united states suffer without food. predominant number of those are single parents and children. what are we as a country if we allow children to go hungry in this particular great land? i just came back from africa and saw children who were hungry but yet we we

nation's dependence on imported oil. i will remind my colleagues, this is our choice here. it is within our power to free ourselves from reliance on opec oil. this past few months, i have had an opportunity to visit our oil resources in the gulf of mexico, in north dakota with back ann shale, up in alaska with the offshore as well as anwr and national petroleum reserve and marcellus shale. we have learned one thing for sure. there is no scarcity of resource here in this country. technological breakthroughs allow us to access these resources in a safe and a reliable manner. this administration may talk a good game on oil production, but words and actions are entirely, entirely different. our problems result from a federal government that has actions and inactions that indefinitely delay if not prohibit in many cases access to our energy resources. mr. president, we are not running out of energy. what we're running out of are excuses for continued reliance on opec. a senator: mr. president? the presiding officer: the senator from wyoming. mr. barrasso: mr. president, just yesterday, the white house went out and applauded the fact that sa

nation's dependence on imported oil. i will remind my colleagues, this is our choice here. it is within our power to free ourselves from reliance on opec oil. this past few months, i have had an opportunity to visit our oil resources in the gulf of mexico, in north dakota with back ann shale, up in alaska with the offshore as well as anwr and national petroleum reserve and marcellus shale. we have learned one thing for sure. there is no scarcity of resource here in this country. technological breakthroughs allow us to access these resources in a safe and a reliable manner. this administration may talk a good game on oil production, but words and actions are entirely, entirely different. our problems result from a federal government that has actions and inactions that indefinitely delay if not prohibit in many cases access to our energy resources. mr. president, we are not running out of energy. what we're running out of are excuses for continued reliance on opec. a senator: mr. president? the presiding officer: the senator from wyoming. mr. barrasso: mr. president, just yesterday, the white house went out and applauded the fact that sa