right now west texas crude sells for less than brent. and oil from the permian is selling at an additional $8 discount to the west texas price, call it $90. that's an amazing $18 discount to the world price. $18! as permian producers duke it out for pipeline space and they're taking vast price cuts to do so. that's what is behind the remarkable resurgence of the refiners, as the refiners in the gulf of mexico are buying that $90 oil and then selling the refined product at the equivalent of $108 price. these guys are making an absolute killing that nobody's talking about. refining is a margin game and this glut of permian basin oils causing the refiners' margins to expand at a breathtaking pace. according to rbn energy, the source i use for all things energy related in this country, the discount is not going to go away for anytime soon. in fact, the price differential should get worse for the producers and better for the refiners before it gets better, because oil production in the permian keeps rising by the day. and new pipelines that c

from '51 or '52 to '73, the dollar number was $3.25 for west texas crude.r purchasing power, of course, decreased all that time, and the costs obviously escalated during that 22 years. the american oil industry had other problems. to curb inflation, price ceilings were set in 1971 by the nixon administration. james schlesinger, the nation's first secretary of energy. if we attempted to control the price of oil or natural gas based upon the assumption that a 15% rate of return was the ceiling because there are so many failures, dry holes, we would discover that it would not have been the entrepreneurial activity in the industry that was necessary to maintain any activity. the control of price in a highly risky industry will destroy that industry. we were doing damage to the industry during the period of control. world oil prices kept rising. although prices for our known oil reserves were restricted by nixon's controls, the american oil industry had one incentive-- new oil. oil found after 1972 was free to follow the higher world price. american producers he

a discount west texas to bren brent,count permian to west texas. refiners continue to make money.do not report until first week in may. keep an eye on valero. >> you mentioned yelp, keep an eye on that. jeffreys taking their target from 87 to 100. you know this name well, not just from your life as a stock watcher but inn owner and restaurant owner. >> you look at yelp every morning, you look. wow, that was a good one. i can't believe friday. oh, cramer served me, with a k. yelp is make or break. i was at the inn i co-own over the weekend, tripadvisor controls inns, you get a report for yelp. yelp app is robust. this is yellow page for the world, to be international. a company to watch. meantime what people say is the chart's bad. the chart. whatever. >> you mentioned raymond james takes united airlines from hold to buy. second biggest gainer on the s&p. >> these company have been remarkable and people don't understand, the amount of -- the earnings that they can have, in the old days when you -- they lost a lot of money. how to they don't get hurt. not a lot of competition. able

crude oil futures seeing a big pop today, both west texas and brent crude up nearly 2%.rent is under $111 a barrel. west texas intermediate over $104. that is as we are watching these events unfold in ukraine. traders are saying expect these oil prices to remain elevated until there is some sort of resolution. meantime, that fear spilling over into the gold market as well. we saw a near $30 pop in gold today. it did close over the key technical level of 1350. traders are expecting as long as the tensions continue that gold will climb higher. last but not least, i want to talk about wheat because at one point we saw a big jump of about 5% because the ukraine and russia are big exporters of wheat. we are watching that commodity closely as well. back to you. >> thank you very much for that. an update on what's happening with commodities. >>> ukrainians are very vital energy artery, carrying more than half of russia's gas exports into the european union. mary thompson takes a look at what's at stake. >> this is going to be a balancing act for russia. industry experts say the

look at what's going on in west texas and north dakota. you don't have to put any type of measure in, because there is plenty of jobs. this should be left done to the individual states. you should not compare tup lo to mississippi. we have a national agenda. this agenda is not about workers, it's about all states pure and simple. >> sasha, why should governments tell business how to run their business? >> well, i mean, it says in and it has ways going back to the industrial revolution. it's the laws we have. it's counterintuitive to think would send more people to the unemployment lines because what it would, in effect, do, is have an employer hire somebody else that could avoid extra overtime. it just doesn't make any sense. but the overtime is not, this isn't a new idea. the threshold is not a new idea. what the president wants to do is raise the threshold through mass inflation. >> gary, is that true? is that the way you read it? >> i don't. i don't know how many times we have to go back to the well with essentially, it's a parts contro

there will be rain on the west coast and west texas today. >> milder temperatures in the west and southern plains, but below freezing in the upper plains and midwest. >>> thrill seekers busted. coming up, four people arrested after b.a.s.e. jumping off the new world trade center. the wild ride through their eyes. >>> plus, what a catch, a fisherman hooks up to something big, and no one expected to see what was on the end of his line. at 15, i was addicted. by 40, i'll have lung disease. at 50, i'll die of a heart attack. dr. regina benjamin: cigarette smoke causes immediate damage that leads to health problems, even death. those who quit or die are being replaced by a new generation of smokers. i'm dr. regina benjamin, united states surgeon general. go to cdc.gov. learn how to make our next generation tobacco-free. >>> welcome back. the company behind the wildly popular candy crush saga game is expected to go public as soon as today. the swedish company hopes the ipo will put the value of king digital entertainment at more than $7.5 billion. candy crush was the most downloaded free app and

. >>> police say a man was walking in the crosswalk on west texas street near 5th street around 9:40 this morning, when a truck hit him, he died at the hospital. the truck driver, a 57-year-old fairfield man is cooperating with investigators. police have ruled out chollas a factor in this crash. >>> in san francisco, it's happened again, another person could crossing the street is struck, this time by a tour bus. at 10:30, what the company behind that tour bus told us about the crash. >>> now new developments about a woman in a shooting. an arrest warrant issued for the victim's husband. that suspect should be considered armed and dangerous, and now neighbors fear that he'll return. ktvu's christian captain has more on the desperate search so find this man. >> reporter: the hunt is on for the castro valley father and the neighbors tell me, they're worried he might come back. flowers rest on the front porch of the home that was the scene of the shooting death. investigators say the 14-year- old daughter found her mother's body. alameda county sheriff's office won't say where she and h

the us but the operator of the troubled tom says he found a waste that temporary home in rural west texas. the waste isolation pilot plant near coles bay new mexico dispose of waste from los alamos national laboratory has been shuttered for over a month following two separate accidents. an underground car fire and a radiation leak the letter happen the figure of fourteen can affect a seventeen of its workers. now the new clio waste partnership says it is proposing to shut the nuclear waste over the border to a site in andrews county texas until the new mexico plant reopens. the texas facility has agreed until the investigations into the accidents are completed federal officials released their report on the first accident last week it says the underground fire was preventable and points to perform maintenance and emergency planning at the facility called and residents in the meantime continue to wait for the results of an investigation into the second accident. the radiation leak there were reports of elevated radiation readings in the area just last week local officials say the radiation

. >> this began as a way to control the snake population in west texas. >> they say it tastes like rattlesnaketastes like chicken. >> one thing that preserves the party. if the democrats stand with obama care and lose or listen to the manner people. we could do it in 2015. if not we'll do in 2017. >> and ted cruz said republicans can repeal obama care. >> despite efforts they have come up far short from repealing this. we'll have our gentlemen here. thank you for being here. is senator cruz overly optimistic here. >> no. it is doing to which damage to americans and kill canning jobs and going to kill americans because we are hearing stories where people are denied medical care. the law has to go before it kills more jobs and people. >> richard. >> the law will not get repealed. point blank period. beyond that point, by the time we get to 2016. if the republicans take over the house and senate and white house, the law will be seeing the benefits and it will be ultimately impossible. >> richard, this is why ted cruz' logic. he said demd-- democrats in red states that have distanced themselves fr

west texas crude, we should mention traded here.hat is moving up about $2.12 in the aftermarket sessions for a full 2%. who is loving this russian ruins? safe havens like gold are benefiting. up $29 at the moment. up 12% since the beginning of the year. you might wonder the cost of your serial they be going up. among the largest wheat exporters. trading on the chicago ward trade. a big jump 4.66%. by the way, pretty significantly. corn is up dramatically. trying to keep everything very fluid here. president obama making a comments about the crisis in ukraine saying he wants to see ukraine determine its own destiny. coming in a meeting today he happen to already have on the prime minister. peter barnes in d.c. with the latest details on how world leaders are reacting in ukraine and obviously it's reallyisraeli in prime minister. >> administration works with the allies on economic and diplomatic measures to isolate russia. president obama: over time this will be a costly proposition for russia. now is the time for them to consider whe

and there are whole areas in the state where now it's impossible to get care for the majority of west texasio grande area and also affects those women coming over from louisiana. >> we have a full screen to show 44 clinics to 24 clinics. then in september you'll be down to 6 clinics, to make it even more nearly impossible for -- given the closures in the state, this will affect the low-income women the hardest. >> absolutely. we know these are women who are already struggling. i have worked on abortion-fund hotlines for years and spoken to these women who are struggling and struggling to feed their families. and after the 2011 cuts to family planning where we lost more than 70, 7-0 family planning clinics across the state of texas, they cannot access reproductive health care. >> carolyn, you wrote an article for "texas observer" and one woman, we know that's not her real name, but she, one of the things i found so powerful about her story is we rarely get a glimpse into how difficult a decision this is for people emotionally, not just -- now we're talking about the logistics becoming incred

liz: we start with west texas intermediate in the after market session. >> this is the exploration ofhe april contract. we are above $100 but yesterday's bigger than expected build was the catalyst we could not settle above. hearing reports about july and going in and out about supply cuts. that is going to affect us also. liz: everyone is flipping out. the knicks are looking good. >> that is important too. liz: ira is looking at nba. have a great day. we need to get to new developments that have just happened in the past hour over nsa leaker ed snowden and his claims that the u.s. is buying not just on individuals and governments but foreign companies overseas. rich edson has just spoken with an intelligence official pushing back against those claims. articulate the claims that involved a brazilian oil company. >> and other broad issues ed snowden brought forth. senior u.s. official tomlinson official says any assertion the u.s. government spies on foreign companies and invaluable information to american companies is untrue after national security agency leaker ed snowden charged the

west texas is getting killed. are we looking at this thing all wrong? are you and i thinking that oil is going to go up overtime all wrong? maybe this is saying there's a big glut in america and no matter what you do you won't be able to bring the stock price up from here? >> well, you know, we're producing a lot of oil in america. no question about it. we keep focussing on america oil while the rest of the world is short oil and you'll see things that allow us to export. i think the growth rate starts slowing down. >> around the world there's a much different shortage than in the u.s. >> right. >> exactly. >> all right. it's a big deal and i did not know you -- i know that you were inquisitive. well, i guess you were even when we were down there. thank you so much. chairman of energy 21, exxi. thank you for hosting our show. >> thank you for having me back. >> guys, this stock got crushed. i don't think that's right. frankly this is a deal t numbers are going to go higher. it just seems wrong to me. exxi which wasn't pushing horrible, now have to. it's

cops in west texas say a group of thieves used a forklift to haul off an atm from a bank drive-through the machine fell off and hit the ground but the forklift picked it up again. shepard smith reporting continues from kiev after this. [ telephone rings ] [ shirley ] edwa jones. this is shirley eaking. how may i help you? oh hey, neill, how areou? how was the trip? [ male announcer ] with nearly 7 million investors... [ shirle] he's right here. hold on one sec. [ malennouncer ] ...you'd expect us to have a highly skilled call center. kevin, neill holley's on line one. ok, great. [ male announcer ] and we do. it's how edward jones makes sense of investing. ♪ in fact, they depend on a unique set of nutrients. [ male announcer ] that's why there's ocuvite to help protect yr eye health. as yoage, your eyes can lose vital nutrients. ocuvite helps replenish key eye nutrients. ocuvite is a vitamin made just for youeyes from the eye care experts at bausch + lomb. ocuvite has a unique formula that's just not found in any leading multivitamin. your ey are unique, so hp protect your eye health wi

but instead, only brings hail and lightning to west texas. >> there was a huge lightning strike, bigger and louder than normal. i thought that must have hit something, and shortly after that, i heard on the scanner that tones went out for the fire department. >> the lightning strike starts a fire at the tank facility that separates oil and gas from seawater used during drilling. the fire department arrives to find three tanks fully engulfed and more tanks that could catch fire at any moment. >> there were four other tanks that was in close proximity to those tanks that were actively burning, and i didn't want to lose all of the tanks. >> with no tornadoes to chase, drummond decides to drive to the fire and starts recording the scene. >> i thought well, you know, i didn't get that much weather video today, i'm going to go and maybe shoot some of that. they might want it for the news. >> firefighters use both foam and water. the foam starves the fire of oxygen and the water keeps the other tanks cool. after almost two hours of work, they extinguish two of the tanks and set their sights on

a lot of people are talking about this bottleneck that gives you a discount to the discount of west texasare you doing in terms of getting it to where it needs to be refined? >> well, i would tell you varies by area. can't say that we've had any specific bottleneck issues within our portfolio. we're focused in four key areas as you indicated. scoop and stack, the anadarko basin there in oklahoma. we've been able to move our product. clearly, you have to plan ahead, you've got to have gathering, transportation agreements in place, typically in each of these plays, you'll go through short-term bottlenecks. but the industry upstream, midstream, downstream tends to work through those. and it's good. one of the things we've got in our portfolio that we like, we call optionalty, we can shift capital and human resources between projects as things develop. you know, whether you're chasing the higher returns, if you had a bottleneck in one area, you can shift activity into another area to take advantage of it and continue to execute on our plan. >> would you be plowing back the chinese money when

he overcame the factions, he was remarkable, he was funny, he came from west texas, only jewish family in stamford, texas. he grew up in an area where they thought hanukkah was a duck call. my wife was from the same town, charlie strauss ran the dry goods store there. he loved politics and liked political reporters, he loved life and was offered this business and he gave the democrats a winning hand in 1976 and worked with ronald reagan and bush as well. >> woodruff: thank you both. you're here every friday. we're grateful. mark shields, david brooks, thank you. >> woodruff: now, how the people in eastern ukraine are reacting to the russian takeover of crimea. chief foreign affairs correspondent margaret warner is in donetsk tonight, where loyalties to both ukraine and russia run deep. >> warner: shoppers strolled through the donetsk citi mall last night-- a gleaming island in this gritty industrial hub of eastern ukraine-- to tunes of piped-in pop music. until, exactly at 6:30, a small flash mob of ukrainian activists materialized, waving flags and singing the national anthem. but the

right now, west texas intermediate is up 1.75%. comex gold up better than 2%. nat gas down 1.33%. take a look at the week chart right now, up better than 4% on the trading session. why? because ukraine and russia are large exporters of wheat. let's get some trades on this. our traders are jim urio and anthony grisante in new york. jim, i will start with you. what's your best trade given what we have seen and the moves we've seen already in some of those commodities? >> i think it's oil. remember this. even if people are saying buy the dip and this situation will come to some sort of settlement in the next couple days, markets don't forget immediately what drove them to that spot. the market move can sometimes take a lifetime of its own. i think crude's up to 108, 110 because the market will remember oh, yeah, there's geopolitical risk and it's hard to be short crude. i expect that to be the best trade. >> anthony, do you agree? is there a trade higher on the list for you? >> i agree with jim only because oil was strong even before any of this started. there is high demand for our

west texas intermediate over $103 a barrel. anthony, i want to get your take on crude. indicalicate situation in cra ukraine. >> even though the situation is happening in cr ing iing in ukr though russia is the world's second largest producer. it doesn't look like it's in jeopardy. now you have oil is probably going to come back on the market soon. i think the market is a little over priced right now. ism looking forward to trade down in probably the 101, $100 level. >> if he is right, you're out $100, $101 a barrel. still elevated. at what point do the high oil prices impact the economy a little bit? >> two things there. one is we've grown accustomed to these levels. 103 is not much difference between 99 and 102. it depends on what got us there. supplied issues from a global disruption, that's one thing. but there's also an element to this story that's real live economic expansion. look at the ism numbers yesterday. it was good. especially when i the weather. i don't think it's not very much is the answer for that. >> for more on ukraine and the impact on commodities,

he was there talking to about 100 people most of them from all over the nation, west virginia missouri texas and just again as soon as the spring meeting, last year they drove 332 billion miles and it is 93 million to the sun. we need to lower our greenhouse gases not just here in the states but globally. >> all of the major scientist if i can bodies are telling us we are taking grave and catastrophic risks in the way we are doing things. we are checking the weather but we will not be able to change our mind and say okay we can do just that. we are setting in motion the presence of greenhouse gases that will be around for hundreds of years. other than that, i hope you are having a good day. >> a lot of laughs from the crowd there and one of the other big topics was the call fond why, drought -- california drought and people need to protect the water and it's $100 billion toll rich entry. the goal is tow reduce green how the -- goal is to reduce greenhouse gas emissions. live ktvu channel 2 news. >>> the crash ended inside the building and police said this nissan altima rear-end had a car and

west texas intermediate, brent slipping, and we see speculation that the situation in the ukraine couldose a risk to oil supply. finally, gold -- let's see if people are looking for safety. we do not see much of a change in gold, but a tiny, tiny, tiny bit of a bid. alix steel has a look at the top stories. >> standard chartered reported its first drop in full-year profits in more than a decade. the london-based bank that gets most of its profit from asia rose down $1 billion last year as bad loans increased. .hina declaring war on smog in a speed equivalent to the state of the union, the chinese premier said pollution is a major pop him and he plans to address the problem by removing high emission cars from the rose and closing close fire furnaces. the nfl is talking about game,ng the rules of the awarding seven points for a touchdown, and giving teens the option for an extra point -- extrathe option for an point. that comes after teens missed only five of 500 extra point kicks last year. >> it is time for the big number -- $2.6 billion. that is how much the top dogs in private equity

. ♪ out in the west texas town of el paso iphone love with a mexican girl ♪ >> ♪ i went to sleep in detroitn fields ♪ >> ♪ abeline, prettiest town i've ever seen ♪ >> ♪still after all this time, you're on my mind ♪ >> ♪ move your lips a little closer to mine." >> jim reeves, the man with the velvet touch. you will enjoy some of country's greatest vocalists performing songs i can still break your heart. >> ♪ you got leaving on your mind, tell me now, get it over ♪ >> ♪ i'm lonely. >> ♪ take the ribbon from my hair, shake it loose ♪ i'll keep faling in love until i get it right. >> that is tammy wynette in 1973. one of the things that makes this such an incredible viewing experience is that we get to see them right when they're recording the song that makes them famous. some of them became superstars including a very young willie nelson. >> ♪ well hello there. it has been a long time ♪ >> ♪ how things go for you today ♪ >> another artist is my favorite singer of this collection. i may be biased because she is my wife, connie smith. >> ♪ all over me. the hurtin is all over, all over my body ♪

expecting west texas intermediate to fall in the near time, right online with a two-year average.rection from its high this year. the story a strong growth will lead to supply. >> you disagree? >> i don't disagree with that, but i do think one of the concerns i am focused on from a macro perspective is if we do get a spike in geopolitical risk premium in oil, brent, not wti, --you can see the price go up, particularly, in japan, once the yen starts to weaken again, i'm concern on the macro side. wti is a u.s.-specific phenomenon. you have to watch it carefully. stockhael, what are your x -- one of your stock picks is zynga. julie has been digging deeper into the online gaming company. >> it has had a nice bounce back and people have been betting on a turnaround fueled by the ceo who came over from microsoft. in part, the company and the shares have rallied after the company announced staff cuts and that it was buying a mobile app company. part of the bed does have to do with the migration of -- part of it does have to do with the migration of mobile, gaming on mobile. the chart lo

. >>> ginger, you have strong winds out west, texas? >> yeah, strong winds. my headline, a humongous haboob. this is all dust. this is what it looks like in the neighborhood. just see the blue sky here. and this is what it looks like on the road. the picture was from amarillo. this is from lubbock. and this is from colorado, all those tumble weeds, so high they can hardly get through. cars were covered. so, yes, 40 to 60 miles per hour winds. but now that storm is moving to the east. with it comes rain from detroit to pittsburgh. buffalo and new york city will get it in tonight and most of the snow staying just to the north. that's the bik picture. >> and it's time to celebrate the last official day of winter. we start spring tomorrow and i'll talk about what you'll see coming up in the next half hour. >> thank you, ginger. >>> coming up on "gma," some breaking news. a big bombshell just breaking in the trial of oscar pistorius. what the prosecution just revealed in court this morning about closing their case much earlier than expected. >>> mick jagger speaks

west. of course, texas snuck in there. seattle rounds out the top five. e markets have the shortest sell times and home there's sell at or above asking price. the issue in the west is that low supply. texas though very hot right now. all the markets there. for mostly a really boring reason. and that is just a booming economy. now, when we look at the best markets for buyers you're more in the midwest and the east. in these cities homes sit on the market longer. there are more price cuts and homes generally sell for less than asking. chicago and tampa in that mix because they still have a lot of foreclosures in those markets. as everything does become more local in the recovery it all depends on supply. we're hope that more supply comes into the housing market as we get into spring. but again, we're still well below those norms and that's what's keeping that pressure on those higher prices. and weakening affordability. scott? >> okay, diana. thanks so much. let's bring in someone who knows what home buyers want. dottie herman is the president and ceo of dou

the u.s., speaking by video conference at the music and technology meeting south by south-west in austin texas. he called for more awareness for cyber security, and said the technology says it needs to expand encryption services. edward snowden is living in russia to avoid u.n. prosecutions for dealing with this. >> the pentagon was accused of interfering in brigadier general case, where he sexually assaulted a captain. he was pushed to plea to show the military was cracking down on sexual abuse cases. the defense team must decide whether to keep going with the plea. legislation will oppose half-a-dozen changes it the way the army handles changes. the bill enables them to have a say in whether the matter is heard in the civil or military court. the house will take up the measure. >> inside the venezuelan opposition. what one leaders says needs to be done to avoid a civil war in his country. al jazeera uncovering new numbers into pan am flight 103. who may have been behind the lockerbie bombing a century ago. >> and marijuana - generating multi-million tax revenue for colorado. >> this is a loo

he's featured this week at the south by south west festival in austin, texas and chris tried one of the>> you have seen it beat contestant on jeopardy. >> watson correct. >> now super computer is beating the world greatest chef in the kitchen. the. >> so this is an experiment where we take and go beyond what we did with the watson that beat beat jeopardy. >> food truck in downtown austin south by south west sign next to ibm truck says welcome to cognitive cooking and that is what it is. >> some people say that creativity is really the kind of crowning achievement of human intelligence. can computer help people to be more creative. >> how exactly well it's simple really. for a super computer. >> essentially train it by giving it a giant cook book, 35,000 recipe. >> now watson the jeopardy champion is watson the recipe a master. jeans the here's how it works. you pick a key ingredient and cuisine. what you want to include and then watson creates millions of recipes. >> every single one brand new. never seen before recipe. >> customize the recipe for diet needs. michael with the institute

you can see gusts in the 40 to 50 miles per hour range, fire danger from iowa to west texas, parts of arizona and new mexico, too. your local weather forecast in 30 seconds but this morning's forecast brought to you by clare tin d. >>> and coming up, oscar >>> coming up on "gma," oscar pistorius speaking out in court for the first time as the prosecution rests its case. >>> also judge joe brown sentenced to jail after a courtroom outburst. >>> plus nick can n posting pictures of himself in white face. what he's saying this morning. you get sharper, clearer vision... and unlike ordinary lenses, nikon eyes lenses resist scratches and reduce glare. plus, walmart offers a twelve-month replacement guarantee. break or damage them, and we repair or replace them at no charge. and we now have nikon eyes sun lenses, so you can enjoy nikon eyes sharpness and clarity outside. ask about our second pair savings. nikon eyes lenses available at walmart. try our delicious new fresh mex bowls with chipotle or margarita chicken. all served with a bowl of soup, like our new southwest chicken. chili's lun

just look at west texas where 15 people died in a chemical explosion, or look at west virginia where a chemical spill contaminated the water supply for 300,000 people. by taking preventive action, we can help communities avoid similar disasters, and i intend next week to mark up a bill, it's the pan chin bill that he wrote -- manchin bill that he wrote with senator rockefeller and myself, the chemical safety and drinking water protection act. i really do pray we can get that done next week here in a bipartisan way. we'll get it done, but i'm hoping for bipartisanship. pause when you have chemicals -- because when you have chemicals or that are not regulated and they're sitting on top of a drinking water supply, look what happened to that town economically when their drinking water was destroyed. and i think we need to act. i also want to thank epa for proposing a rule to clarify the jurisdiction of the clean water act. many colleagues on both sides of the aisle along with dozens of organizations including ducks unlimited, the teddy roosevelt conservation partnership, the farm bureau,

we have the three grids that go across the united states and east and west and texas. since then we have not spent money to deal with this, right, bill? >> no, we haven't spent the money. in addition to this current report there was one that came out in 2007 by the national research council and there they actually at first, that report was classified. but department of homeland security saying it was too sensitive to release. later on it was declassified. basically what they're saying is we have an explosion here. >> the reason why we don't spend the money because we have anachronistic culture of what is infrastructure. white house says we need to build roads and bridges. yes, that is infrastructure. but our real infrastructure is technology infrastructure that can connects this company and energy infrastructure which we've done nothing. that is where we should be spending our money. not making the fdr one lane wider. melissa: seems like, ian, you can speak to this but we're really vulnerable to cyberattack. i know from covering the middle east and energy there, that i

we appreciate the situation in texas, west texas. identifying what happens when there are outliers who are allowed to exist without our recognition of there being there. industries made significant investments in responsibly accounting for and also creating the kinds of protection systems that have been called for underneath the program. it has been three years since it has been reauthorized. there have been breakdowns to be sure. a legacy that has not been too .roud there's been significant progress in the course of the last year. efforts to look at criticisms that have been taking place, and to address those in a proactive sense. we have introduced legislation to reauthorize the program. i want to ask whether you believe that is a bill you can support. >> i have reviewed hr 4007. it is a good bill. i am supportive of that. my folks tell me we wish we could extend it longer. scheme thatgulatory we have put in place. i agree with you that it has gotten better. that stems from an appropriations measure. not an authorization measure. i

beautiful parts of the world, one i urge everyone to get familiar with is the big bend country of west texas. the rio grande river, the canyons, it is an amazing place and i urge everyone to get familiar with that part of the world as there's nothing like it in the entire united states. thank you, madam speaker, i yield back the balance of my time. the speaker pro tempore: for what purpose does the gentleman from georgia seek recognition? >> request unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is recognized for one minute. >> thank you, madam speaker. the american people have not received the answers they deserve from the i.r.s. lois lerner appeared before the oversight committee last week and refused to provide insight into her i.r.s. actions in this case. mr. collins: how can the president claim there isn't a smidgen of corruption in the i.r.s. targeting scandal -- the investigation is still ongoing. if the president believes the i.r.s. did nothing wrong, instruct them to cooperate. if lois

we saw about a $2 slide in the west texas intermediate price today.issue was the department of energy in a bit of a bearish crude inventory report for last week. 1.4 mildinn barrels, a little more than traders were expecting. also the fears of geopolitical problems are subsiding a little bit. and last but not least, weakness in equities today. it seems like it was the perfect storm to sell crude and that's what people did. traders saying they expect these prices to stay elevated. there is strong demand domestically and globally for our refined products and that should keep the prices over $100 a barrel. back to you. >> thanks very much. the nuclear regulatory commission recently approving licenses to build two new nuclear reactors. the first new approvals in this country in more than 30 years. critics calling attention to the disaster tistill going on in fukushi fukushima, japan. our next guest says nuclear energy needs to be the future. >> christine todd whitman is co-share of the case energy coalition. >> glad to be with you. >> i understand, you kn

ye anne kelley's lawyer has a reputation for being a deal maker, when it comes time as we say in west texas to be the guy who seems to do just that. >> we will have you back as i'm sure this unfolds over the next few weeks and months, the story in a holding pattern until we maybe see some documents or get a ruling from the judge. my thanks to former prosecutor paul butler and criminal defense attorney brian wice. what the scandal in new jersey could mean for someone named bush, that's next. aflac, aflac, aflac! ♪ [ both sigh ] ♪ ugh! ♪ you told me he was good, dude. yeah he stinks at golf. but he was great at getting my claim paid fast. how fast? mine got paid in 4 days. wow. that's awesome. is that legal? big fat no. [ male announcer ] find out how fast aflac can pay you at aflac.com. my sinuses are acting up and i've got this runny nose. i better take something. truth is, sudafed pe pressure and pain won't treat all of your symptoms. really? alka seltzer plus severe sinus fights your tough sinus symptoms plus your runny nose. oh what a relief it is with a super fast roller brush that pick

meantime, west texas intermediate trading just under $100 a barrel.ing a little pop from the strength in equities. that trend now reversing as well. i want to switch gears and talk about nat gas because we saw some selling pressure today. yesterday first day of spring, warmer temperatures are here so traders are selling even though the models are saying we could see some cold early next week but keep in mind i spoke to someone at the cme who told me volumes this year even though we saw a lot of volatility were lighter than last year and last year was a much more mild winter. go figure. i also want to point out this is a political hot button right now. a lot of people talking about the u.s. exporting natural gas to help boost the market and keep that market more stable when tensions like what's happening in russia and ukraine spiral a little out of control so keep that market more stable. that's one of the hot topics people are talking about when it comes to nat gas. back to you. >> "usa today" out with an editorial saying the west can turn the tables

west virginia. meanwhile, in texas and louisiana, thunderstorms are leading the concerns about possible tornados. >> still ahead, bracketology 101, the science behind the march madness matchups. >> >> axelrod: it is starting to get madder and madder as we move close dore the ncaa basketball tournament, the brackets will be set tomorrow night and then the great national pastime of trying to pick the perfect bracket will begin. now we don't want to say it is impossible but let's put it this way, warren buffett is offering a billion dollars to anyone who can get every game right. joining us now is david and college math professor tim chartier, i assume mr. buffett's money is safe. >> well i wouldn't say it is totally safe but i would say it is secure. what goes in to picking a team a over team b? >> you developed a set of algorithms to help you in that process? >> yes, we look at all division one games and that is 5,000 games between 350 teams to figure out the dynamics that we think are predict if the. >> and so what are the factors that help you select one team over another? >> well, one important on

that massive blaze at what appears to be an apartment building under construction just west of downtown houston, texasat fire broke out about 12:30 p.m. local time at the 2500 block of west allis near montrose. so far, we have not received any word of possible injuries or firemay have started that happening in houston, texas. it is 26 minutes past the hour. that means bloomberg television is. here is senior markets correspondent julie hyman on a day the markets are trending higher. >> trending a little higher. there was a mix of economic data this morning between new-home sales and consumer confidence. take a look. investors are indeed buying. we are just off the highs of the day. we did have some of the best performers of the last year or so and even beyond that. now it looks like we are seeing a comeback. energy stocks leading the gains. walt disney may save up $1 billion from makers studios that creates you to videos. it gives them -- youtube videos. they meet their performance targets, disney will shell out an extra $4.6 million for the company. also keeping an ion carbon -- carnival. they are for

>> what's so fascinating -- >> a dad from west texas. >> i used to get bucked off those ponies all theow not to get bucked off the next time. >> you call it a humbling experience. we don't agree about anything, so i won't go into that. although i do have an equal pay question coming up, fair warning. you say it's humbling. i want to know, what was the most gutting thing about it? if you could be deeply personal for a moment. you seem to be very comfortable sharing. and it is an insight you have that nobody here at the table has, that experience of putting yourself out there. >> standing up in front of 4 million people and performing the way that i did in one debate was a very humbling experience. it was. i think we've all had lapses of memory before. again, i will suggest to you what i have been through physically, mentally and ill preparation. preparation for whatever it is in life is really important. and i did not prepare well enough to run for the presidency of the united states. looking back on that, i will admit that. >> and how did you feel the next day? how did you keep going?

texas. go out west and put this behind us. coming up on fox animation, domination.ver on fox sports 1, a member of the truck race because of the weather move live on fox sports 1 from martinsville, virginia, in just a few minutes. six different winners over six races. on this day it belonged to kurt busch. for our entire crew of pit reporters, jeff hammond, michael waltrip and our production crew i'm chris myers. thanks for being a part of nascar on fox and have a great week. see you next sunday. -- captions by vitac -- www.vitac.com we are! fox sports! to survive this because not only was this a once-in-a-lifetime experience, it was also near death. this could have killed him. >>> nick? >> yes. >> i feel pretty excited to have you sitting here for tech time. >> it is exciting. >> i'm excited about it because evidently our man super z has a surprise for us. wouldn't let me see it. this is like the blind leading the blind here. let's bring in zach. >> hey, zach. >> hello. >> we have no idea what you're about to show us. am i going to like it? hate it? run? scream? cr

we're watching brent and west texas intermediate mixed this morning.ing to rebound off of the lows that it saw yesterday off of that china export data, but now back below $101 a barrel. traders are eyeing tomorrow's inventory report. they do think we'll see a build of about 2 million barrels and that's pressuring the price this morning. py also want to talk about nat gas futures because we saw them higher earlier on. traders saying they expect march to see record storage withdrawals because of colder temperatures to come but right now giving back some of those gains because here in new york city it's a little balmy outside compared to what we've seen over the last few days and weeks. finally, let's talk about the metals for a second because gold was higher on tensions in the ukraine. it's still higher actually but giving back a little bit off the 1350 level that traders have been eyeing really closely. last but not least copper also seeing a bit of a rebound today. this is off of the lows that we saw from yesterday and the lowest prices on copper that

i think you're probably going to see some downward pressure on west texas intermediate and your naturalrices over the summer. partly because you're turning on a lot of what they call the tight oil that comes from the shale boom, these shale deposits. >> all that sets us up for what -- i mean, there's a lot of -- you would think more tailwinds than headwinds to get to the 3% number. unless there's something we're not thinking about and we just wouldn't know at this point because of the weather. >> well, i -- look, if you say what do i worry about the most, i'll get back to those mortgage applications because they have been very weak. i think they're going to pick up. they picked up last week. but in the next month or so, if something was to go wrong, it would be that we start to get indications that the spring selling season for housing is not going to be a good one. i think it will be a good one, but that's what i worry about that could go wrong in the near term. >> and i guess external things, like over in europe and ukraine and whether, you know, the low inflation or deflation in euro

let's start with crude oil futures and talk about west texas intermediate, lower today but trading over $101 yesterday a bit of a bearish inventory report wringing these futures down a little bit. in the meantime, i want to talk about brent because it's trading slightly higher now, the boe and the ecb leaving rates unchanged. there appears to be strength in global equities as well. note that the spread between brent and wti coming in over the past month about 25%. so, it shows you that u.s. crude is in navin favor and demand fo refined products from this country. let's talk about nat gas for a moment. it's been a choppy trade. up one day, down one day. today we're seeing a little bit of a pop but we're saying between 450 and 460 and that's what traders are expecting to see in the short term and they are watching this morning's storage report at 10:30 in the morning. we're expecting to see a draw of about 135 billion cubic feet, less than what we saw this time last year, but higher than the five-year average of 105 billion cubic feet. last but not least i want to talk about gold futures

we're seeing declines in the energy pits west texas intermediate and the crude brent across the pondopolitical tensions are easing a bit. we are watching wti prices hovering around the $103 a barrel mark. we did settle above that level yesterday. we are going to get the department of energy's weekly report on crude inventories and we are expecting a build in supplies of 1.5 million barrels and traders will be following it closely but they are also watching the equity markets and considering this morning's adp report as well as they are trading crude oil futures. i want to switch gears and talk about nat gas, because we'll hit a high of 37 degrees in new york today, and that feels quite warm compared to what we've seen and we're seeing the futures trade lower this morning. it's been a very volatile trade, but the traders expect it to decline a little bit if the temperatures continue to warm up slowly but surely. last but not least i want to talk about gold prices because we're trading pretty much flat to down today. traders saying their eyes are on the jobs report friday if we get a w