here to ceo plain is the senior economic adviser for the american petroleum institute, and this is moredence that it bimeds on an earlier study talked about in may and highlighted the harm that ethanol can do. i'm shocked. tell me more. >> right. well, we are having new results today, coming out showing it affects the fuel distribution system. this means your fuel gauge can show that you are mostly full when you are actually empty, or, more seriously, the components of the fuel distribution system can break, and in which case, yourself not getting fuel to the engine, and that's potentially very serious. if you can imagine that happening to you on the side -- on a highway, for example, or any other road, so we're very concerned about this. there's millions of cars, potentially affected. epa knew there was ongoing research into this, and they went ahead own okayed the use of this fuel knowing full well this research was ongoing. it's potentially very harmful to a lot of people. melissa: i want to slow down to people understand. what we're talking about now, because i was shocked about the

that is according to the new data from the american petroleum institute. a moment too soon. >>> ukraine and shell will reportedly sign a major shale gas deal next week. the $10 billion agreement will develop ukraine's vast shale gas reserves, believed to be the third largest in europe. >>> natural gas futures lept to a new six week high. cold weath forecast, falling inventories and expectations for rising demand have sent natural gas higher for six out of the past seven sessions. melissa: next own "money" the ratings for oprah's lance interview are in. is it a growth hormone for her own struggling network needs. oh my. how much have you spent so far to avoid the flu. was that purell bath i took this morning a huge waste of money i don't know. seems it was worth it. we'll give you a shot of reality coming up. do you ever have too much money? melissa: unless you live under a rock you know lance armstrong admitted to oprah he took performance-enhancing drugs during all seven tour de france wins. i don't know why lance is coming clean now but oprah got a huge r

here's the headline today in the newspapers online from quoting the american petroleum institute's president saying industry poised to help u.s. economy grow further in 2013, but warned about more taxes op companies, gas and industry companies, that that would hurt their ability to help the u.s. economy grow. talking about jobs. >> guest: the petroleum industry, and the big oil companies love getting tax loopholes, and again one of the myths to solve in the popular conversation here in dc is the idea that these big companies are the job creators. frankly, they had a decade to create jobs. they failed. giving them billions of dollars in dax breaks does not result in jobs, but moving the money overseas. every once in awhile, they hire a hundred people. i could hire more than a hundred people with billions of dollars. giving these guys more tax breaks at the expense of our grandmothers on social security, medicare, and medicaid is not the solution. you know, the best way to create, solve the deficit issue is to create millions and millions of jobs for regular people. we could put a million peop

>> guest: the american petroleum institute, a trade group in washington, made their spunup communications machine that seizes every opportunity and they're political allies did the same thing. but i think that the underlying question about alternatives and exxonmobil is, they're a corporation, they can pursue whatever business strategy they want. the question is, as a country, do we want to create subsidies and incentives for a shift to alternatives and a loan program that ended up with sew lynn contract providing it, why wouldn't we? if you look at it, we have been talking about how everybody in this country shares an interest in the lowest cost energy possible, consistent with a sustainable environment. that's the dilemma. you want the lowest cost energy but you also want to achieve your environmental goals. we may not define those goals the same way but if you talk about a rapid shift and costly shift from cheap coal and oil and gas, to more expensive but cleaner renewables, you better have a good reason to do that. now, the reason that is the most compelling in the world we live in to

the american original. for over three decade, the sharpest in part by american petroleum institute. >>> thanks to the votes of democrats and republicans in congress, i will sign a law that raises taxes on the wealthiest 2% of americans. >> cliff averted. or at least half a cliff. in the senate, the vote was 89- 8. get this. vice president joe biden and republican senate minority leader mitch mcconnell negotiated the compromise that permitted the senate vote. the house was tight. 257-167. here are some elements. income tax rates on the wealthy, up. individuals who make more than $$400,000 per year and couples who make more than $450,000 per year. these americans will pay nearly 5% more in income taxes. capital gains taxes and dividend taxes, up. for those same high earners from a current 15% to 20%. income tax rates unchanged for everyone else. the rates stay the same. unchanged. but middle class citizens will take a tax hit. not in income taxes but higher payroll taxes. social security payroll taxes up 2%. on average, an extra $1,000 a year will be paid into social security by workers who make $50,000 per y

the american petroleum institute increasing supplies much less than that. hat number at 10:30. we're also watching the gold story. really, it is platinum that is gaining momentum this year. and the supply issues continue in south africa. hundreds of miners there have gone on strike at anglo american platinum. that is the world's largest producer of platinum. and about 20% of its production will be cut this year, due to some profitability issues. they're trying to work through those. workers very concerned about the conditions there. we'll see what impact that has further in that supply situation. back to you. >> thank you very much, sharon epperson. coming up next, your chance to weigh in on jpmorgan cutting jamie dimon's compensation in half in wake of the london wales trading losses. and speaking out on the debt ceiling showdown. as we head to break, look at the early movers here on wall street. are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a rang

jack gerard is the president and ceo of the american petroleum institute. he joins us from d.c. vironmentalists get hold of this idea that we're polluting lakes with cancer-causing chemicals, they will kill the pipeline all over again. what say you? >> well, stuart, i think a couple things. first of all, when you look at that study that came out just yesterday, the canadian environmental minister very quickly pointed out that those levels that they found in those lakes are within canadian guidelines, number one, but number two, they are about ten times less than the same levels in urban lakes that are far away from the oil production. stuart: okay. >> so what they are talking about here, it is really trying to create an issue where there isn't an issue. and it's really unrelated to the determination around keystone. the question for president obama is keystone in the national intrelss -- interests? we clearly believe it is. prime minister harper of canada has said repeatedly it is a no-brainer. there will be those that try to confuse the issue. this shouldn't confuse anymore. stu

. >> the president of the american petroleum institute, jack gerard, gave his annual state of energy address yesterday. in it, he called and increased energy exploration and production to improve the u.s. economy. the api represents 470 oil and natural gas companies. mr. gerard's remarks are followed by a q&a session with the audience and the press. >> thank you, marty, and thank you, ladies and gentlemen, for being here today. we are honored by your presence, and greatly appreciate your participation. happy new year to each one of you. and i look around the room. i see a number of distinguished guests. and it pashtun in washington, everyone is distinguished as we all know, and we would like to take the time to introduce everyone. however, in the interest of time we can't do that today. though knowing as a look at many of you here today, knowing that many of you have a key role in energy policy debate, and hopefully what might happen over the next year or two as we consider the truly game changing opportunity we have here in the united states, as relates to energy, specifically from o

of course, the api, the american petroleum institute, already forecast a big build in gasoline suppliesnging in addison armstrong, the senior director of market research at tradition energy. in addition to your 2013 report, i've got to ask you about the huge build in gasoline and what that means for prices, and prices at the pump. >> it looks like things will be going lower. we had a big stock build in the fourth quarter already. gasoline unprecedented build there. demand continues to be very poor. so i think prices are definitely heading to the down side. >> let's talk about your outlook for crude oil for 2013. we heard from the energy department yesterday, the eia put out the short-term energy forecast saying we'll see a 25% jump in crude production by 2014. what does that mean for prices? where do you see them this year? >> we see prices basically being pretty flat this year. maybe a little bit higher, just based on problems in the middle east. that's the only risk we see in the market this year. as a matter of fact, if we were to see a resolution in the conflict in the middle east,

according to the american petroleum institute, oil and gas companies already account for 9.2% of all -- 9.2 million american jobs, and pumped more than $500 billion into our economy. this is just the beginning. over the next 20 years, energy can create millions and millions of additional jobs, spread out all across the country. in the last few years alone, shea elected that he has created 1.75 million jobs. between now and 2035, we can double shale economic impact, double the number of jobs and generate a cumulative $2.5 trillion in new government revenues. to achieve these benefits, we need to safely opened up new land for exploration. we are foolishly locking away too much of our resources on land and off the coast that we should have access to. we need predictable and their regulatory environment. the federal government shouldn't pick the winners and losers, or subject energy projects to endless and duplicative views -- reduce. such roadblocks have stymied vital products, like the keystone pipeline, and that must be built. we shouldn't stop epa's -- we should -- shouldn't have said

according to the american petroleum institute, oil and gas companies already account for 9.2 million american jobs and pump more than $500 billion into our economy. over the next 20 years, energy can create millions of additional jobs, spread all across this country. in the last few years, shale activity alone has created 1.75 million jobs. between now and 2035, we can double shale's economic impact, double the number of jobs, and generate a cumulative $2.5 trillion in government revenues. to achieve these great benefits, we need to safely open up new land to exploration. we've foolishly locked away too much of our resources on land and off our coasts. we need a predictable and fair regulatory environment. the federal government shouldn't pick the winners and losers or subject energy projects to endless and duplicative reviews. such roadblocks have stymied vital projects like the keystone xl pipeline, which must be built. we should stop epa's senseless and ideologically driven battle to ban the production and use of coal. we should continue with the next generation of nuclear power pl

american petroleum institute. >>> as a congressional staffer in the 1980s he helped negotiate the deal between president reagan and tip o'neill to save social security. under president clinton, he presided over three budget surpluses in a row. so for all the talk out there about deficit reduction, making sure our books are balanced, this is the guy who did it. three times. >> the white house chief of staff, jack lew, was nominated by the president this week to replace outgoing treasury secretary timothy geithner. lew is a democratic veteran of washington, 30 years of service. currently he is president obama's chief of staff. earlier lew served as his budget director, and in that job he raised republican hackles. in fact, jeff sessions of alabama, the ranking republican on the senate budget committee, has already said he will try to block mr. lew's confirmation, notably over a statement lew made two years ago. lew was then omb, office of management and budget director. "our budget will get us over the next several years to the point where we can look the american people in the money th speaking to this, senator ses

the full year. bring in jack gerard ceo of american petroleum institute. sharon is with us as well. you've got a big story with keystone, increasing natural gas and oil production especially in north dakota. what is your outlook for oil and gas this year, sir. >> we completed our american energy report we just released an hour ago, in fact. what we're showing here in the united states is a game changing opportunity. i just returned from the middle east. the topic of conversation around the world, europe, asia, middle east and elsewhere is what is the united states going to do about their energy poll sichlt our potential here is a game changing proportion, be it natural gas, oil, the formation in north dakota or keystone xl pipeline bringing more from canada. we believe the state of energy is very positive. the real question will be will regulators or policymakers intervene to stymy that potential. we really have the chance to move epicenter of oil and gas right here in the united states and we're hopeful that will happen over the next few years and decade. >> the administer lisa jac

american petroleum institute president jack gerard says energy is fundamental to america's future, and more domestic production only translates into more economic growth, jobs and government revenue. his comments came during the apis annual state of energy address tuesday here in washington, d.c. after his remarks mr. gerard took part in a q&a session with the audience and members of the press. this is about an hour 18 minutes. >> thank you, marty, and thank you, ladies and gentlemen, for being here today. we are honored by your presence, and greatly appreciate your participation. happy new year to each one of you. and i look around the room, i see a number of distinguished guests. in washington everyone is distinguished, as we all know, and we would like to take the time to introduce everyone. however, in the interest of time we can do that today. though knowing as i look at many of you here today, knowing that many of you have a key role in the energy policy debate, and hopefully what might happen over the next year or two as we consider the truly game changing opportunity we have here in the united states, as it relates to energy, and specifically from our vantage point the oil and natural gas industry. be