it's a best west texas intermediate, and brent crude is up almost 4%. it has a lot of us asking has oil bottomed? we're going to talk about that in just a moment. first, bob come on into the light. bob pasani welcome back from florida, by the way. >> pleasure to be back. we are just rallying in oil here. oil just jumped by 60 cents in the last 20 to 30 minutes. we're at $52. moving up. let's take a look at the arguments. my heavened, there are such arguments today. some people are against it. recount is down. capital expenditures are cut. there's been strikes in the u.s. shale sector, and we have a rare day. the dollar is weak today. that tends to help oil and oil-related stocks. this is the names you know really well. bp had some cautious comments but keeping the dividend that stock is up 2%. royal deutsche shell. royal deutsching up a short while ago. chevron below 100. these are the last couple of days. all of them have bottomed here. other sectors in the energy plays are moving up strongly today. mcdermott is up. transocean. herbing lose, one of the

bbc news, west, texas. >>> we have been asking you on facebook and twitter how the oil drop affected have had a massive response. i want to bring the comments. we have a machinist in texas saying he's gone from a 12-hour day to an 8-hour day with no chance of overtime. another says the government values the currency as reliance on oil prices meant they couldn't keep propping it up. people have lost 33% of their savings and accuse banks as people try to change money to dollars. mike says yes, oil prices are down but here in malaysia we are paying the old price. nothing has gone down except for fuel. sad and facing a tough life ahead. we are iranians are under more pressure. the major economy is based on oil experts. sanctions and oil price drops, people are under pressure. the rule is they are enjoying their lives. a range of comments there. we'll have more on the oil in business in 15 minutes time. you can go to the website, too. what's great is the calculator. it shows you how much you could win or lose as the oil price goes up or down. bbc.com/news for more on that. >>> now, absolut

the big brokerage officials are all over the map for west texas and brent crude. there's a huge disparity, the largest lack of consensus i have ever seen in my career. and in part because so many commodity analysts at varyious places slashed it. why do we care that the commodity analysts are disagreeing on oil? why does it matter that the research shops can't agree with each other or agree with themselves as the number of brokers have bearish calls on oil. yet, they're making bullish recommendations for oil stocks. well, it matters because the commodity projections are much more influential than most people think. as a given brokerage forecast oil forecast is the key input for the models that the energy analysts use to rate them one after another. and money managers rely on them for themselves to figure out the model to figure out what the companies are going to earn. but the brokerage houses can't agree on whether oil has bottomed, how low it will go and can't agree on if rapid v-shaped recovery. maybe it doesn't recover at all. it's enough to make you feel as th

we call it west texas. the eastern panhandle. north central texas. we all call a west texas. it is cold in the winter time. we have a lot of wind. >> my wife's son is stationed at fort hood. i used to go to houston. [indiscernible] >> i hope you do run. [indiscernible] >> i'm not going to go there. i will stay away from that. [laughter] [indiscernible] [inaudible] [inaudible chatter] [inaudible chatter] >> i have a question for you. i know where you stand on immigration. can we weed out the bureaucracy of the agencies -- >> there is an interesting book i want you to read. [indiscernible] it is a fascinating read about corruption in our justice system. you look at the irs, the v.a. it is a two-term presidency to get it headed in the right direction. the first way it occurs is by hiring good people that have experience, and that you can trust and do that making these agencies -- we spent the last 14 years making it effective. that's not to say it is perfect. [inaudible] [inaudible chatter] [inaudible chatter] >> now we are working. thank you very much. we got that out of the wa

. >>> west texas is far removed from big cities like dallas and houston. the land is flat and dry, dotted with the occasional oil well or cotton field. at the crossroads of interstate 20 and route 87 is a little town called big spring. out here, when the local high school marching band is invited to the state tournament, it's front page news. that front page belongs to the "big spring herald" newspaper which chronicles all the town's activities, no matter how big or small. >> i worked in the circulation department, and it was very nice. i knew all the peoples there. i'd known them for a this long time. >> very quiet baby. in 1980, crystal was living in big springs with her husband and baby. >> very quiet baby. she didn't like getting her hands dirty or feet dirty. if you took off her shoes, she would take one step and dust off her shoes. she was very, very into being clean. >> like many working mothers, crystal was often pulled in two directions. one day when the babysitter didn't show up, crystal's supervisor gave her a tough choice. >> i told my boss i d

west texas intermediate. there's exxonmobil. earnings, well the earnings were down 18% compared to the same period a year ago. on the conference call they reiterated their commitment to raising the dividend and that is one of the reasons a lot of people own exxonmobil. as you can see, that stock up 1%. >> volatility, back to you. >> more taxes, more spending. president obama unveiling his $4 trillion budget plan for fiscal 2016. battle lines, of course already being drawn. ayman javers sifting through the details. jane wells in los angeles focussing on one major part of the budget. defense spending. amman, you first. >> remember this is just a proposal from the president. it's not necessarily going to become law. in fact, it's highly unlikely to become law. new tax proposals, including new taxes on corporate earnings that are held overseas. a 14% one-time only teaser rate. then that would go up to 19% on an ongoing basis. also new infrastructure suspending proposed by the president here. $478 billion worth of roads and bridges,

we report now from west texas.orter: it is the middle of the night and equipment is tied up, working around the clock. whether it will be worth bringing the oil out of the ground is another question. they need to be selling at $80 a barrel and it is now around 50 -- $50 a barrel. >> the companies are announcing layoffs and small operations are laying people off every day. there is no hope of near-term reemployment. >> saudi arabia maintained production at a time when demand is falling. the resource is still looking to be tapped when the economics change. >> three months ago, there were 580 wells operating. it is down to 450. it could have again by the summer. -- halvef again by the summer. not everyone is mourning lower oil prices. consumers have more my to spend on things and that drives goes -- growth. once i have four cars in my household. >> it helps tremendously. >> does it make a big difference? >> it makes a big difference. you can spend money on other things. >> others are feeling the same thing. this farme

. >>> west texas is far removed from big cities like dallas and houston.d is flat and dry, dotted

dom is exactly right, that these stocks have been trading on the spread between west texas and brent for the reasons that he listed but when you actually go into the companies and do the fundamental analysis, particularly marathon petroleum we own and are long, these are extremely well companies where despite the fact that their raw material costs number one and almost only raw material cost has collapsed they're actually doing a great job of controlling all the other costs that go into refining fuel. so they've got great demand for their end product, they've got a collapse in their cost of goods sold and they've got good management. that's why these things are ripping in addition to the spread between west texas and brent. >> one firm on the street says -- >> yeah, go ahead, doc. >> sorry. just real quick, western refining that's one of the stocks in my portfolio, and this stock is up almost 20% since mid january, judge. it's exactly what jim is talking about. 32 to 38, now it's kind of flattish here today. we keep the stabilization going. this thing moves into the low 40s very quic

. >> i'm from west texas. i grew up shooting guns. i own a defense company. heard some of the most ridiculous accusations in the four days of testimony. i can't even describe to you how hard it is to sit there and listen to these lies being told about you. and you can't take anything. >> reporter: a judge sided with her, granting a protective order against busch, saying there was sufficient evidence of domestic abuse. but kurt busch's lawyer saying it's just not true. >> after a bad race kurt blows up sometimes, and he's had that reputation within the racing community. but it's only applied to racing. it hasn't applied to relationships. but she testified to all kinds of garbage that is not true but the judge is apparently accepting it. >> reporter: the he said/she said court battle was spurred by that confrontation in september. but driscoll told us there was one earlier incident. >> was there ever any prior incident of violence between the two of you? >> yeah. 2012. we ended up working it out. >> reporter: busch's attorney told us the allegation of violence

. >> west texas, lubbock, yes. one thing i have appreciated i have been here since 2005. came here for law school and i really appreciate the diversity and the social consciousness that we have here and i would be really honored and thrilled to be a part of that by being a part of this advisory board. san francisco especially has been so progressive when it comes to worker rights i feel like to help workers here because they have laws that support them and i would really like to be part of making sure that this is one of those laws and that we can make it work both for workers and contractors. thank you. >> thank you very much. supervisor tang. >> so just the same question i am asking everyone but if you could state some of the concrete steps this board could take to further the goals of the legislation and again because it's so new i do understand that but it's a really great opportunity to take advantage of this situation to guide what this body will be able to do so if you could address that. thank you. >> sure. one thing that is helpful to me in going forward is that

west texas crude spiking 7% to settle at $63.05 a barrel, increase of 19% in three days, a move that, by the way, has lifted energy shares very sharply. brent crude also rally. >>> two federal reserve officials out today with two different take ons when to raise interest rates. first, there's the president of the minneapolis federal reserve, the ronya who said should keep interest rates near zero this year raising rates too soon he said could slow job growth. on the other side is james buller the president of the st. louis fed who said he'd like to see the federal reserve drop the word patient from policy statement to give the central bank more flexibility on when to start hiking >>> another reason for today's rally on wall street was news the auto industry's winning streak continued into 2015. january auto sales up 15% compared with just last year. the annualized rate of sale now more than 16 million vooeks the highest in nine years according to auto data. general motors saw sales jump 18%, ford up 15%. below some estimates. chrysler sales up 14%. shares of all three companies higher

it's down -- we use the west texas crude number when talking about oil. bounce it up to 40s. quickly ran back to the 50s recently. people are looking at that as sort of a natural flow. if you're expecting to go much lower than 2 bucks-- >> can't stay low for too long. >> too many players need the money. saudi arabia, they have their problems with the the cartel, the people who drive the cars so to speak. at the end of the day, it's starting to affect the market. the stock market is negative now with oil prices. >> could it go up $250 a barrel again? >> it is the pendulum swing type thing. we've increased our oil supply out of the u.s. dramatically. out of any country, we're producing more oil on a percentage country, increased. now we're a major player. that will probably permanently -- i hate to use that word but for a long while push down prices. >> let's talk about housing now. some really interesting developments. if you go from 2008 when there's just an ungodly am of house that you could ge -- amount of house that you could get and overfinance if you took the risk. every

west texas crude off 82 cents to $52.34. brent up a penny at $60.22. it was natural gas prices up 4% on below normal temperatures. how about below zero temperatures in much of the eastern part of the country? >>> as of this evening, no agreement between dock workers shippers out west on the west coast ports despite an earlier report to the contrary. tom perez gave both sides of the deadline today to end the month long labor dispute or take the discussions back to washington. go back to the principal's office. as jane wells reports, deal or no deal things won't get back to normal anytime soon. >> reporter: talks did continue today, but there was no deal as far as we know. despite weeks of negotiations by secretary tom perez and come to this. bb&t capital markets claim kfc flies chicken wings to china. flying them and auto makers paying to charter importers from asia to here. fuji paying extra $6 million for air freight according to bb&t. bed, bath and beyond with a growing line of retailers saying sales may take a hit because of the warehouses and store

west texas crude continues to widen.e sense of oil markets like she always does area will be back. >> we continue to count to the opening bell. we are halfway through. it's time for our deep down. demand and lower prices west texas crude is $12 cheaper than europe. alix steel has a story on this gap. this is based on wti crude demand in the united states. that gap is widening. >> the speed with which it happened is a record. it widened by $7.5. it was a significant change in the market. it was the same. we are looking at supply and shale production is at an all-time high. at the same time, surpluses are building rapidly. refiners are following by the right side -- wayside. you can see cushing is 130 million. refineries are in turnaround season. they are using less crude and that is adding to the supply here in the united states. >> how long will this last? >> people want to know the last barrel goes into cushing and they say they can't take it. the situation in europe is different. it is exposed to global supplies and op

the energy sector was helped by a 3% rise in west texas crude. it is now up nearly 20% from its lows last month. brent crude back up above $60 a barrel actually above $61 for the first time this year. both benchmarks have now risen for three consecutive weeks. >>> what's behind the broad based run-up and is a sign the bulls will stay in control? dominic chu reports. >> reporter: it may not feel like it for many investors but we are once again at record high levels in the stock market. at least when you look at the s&p 500. the broader large cap stock index set a record high today, led by energy stocks behind oil prices and a slew of other companies that hit record highs as well including coffee giant starbucks. home improvement retailer home depot and toy maker hasbro. so will this upward move continue and will it get more people interested in buying stocks? uncertainty about global risks holding some investors back but if that changes, that could help the bull run continue. >> right now, we have some possible resolutions to things. we have russi

as for oil prices more broadly, west texas intermediate $52.14 a barrel and brent crude fell $2 a barrel. shares of boeing soared to a new high today after the company's ceo said it will return significant cash to shareholders. dow component also addressing shareholder concerns saying that as it transitions developing the new 777, production rates won't take a hit. boeing up almost 1% today. caterpillar discussed some not so reassuring news. the heavy equipment maker investigated by authorities regarding the movement of cash among its u.s. and overseas subsidiaries. according to a filing the company believes the probe won't have a material effect on its financial position. >>> well now to the west coast ports and the economy. deutsche bank said it will subtract a full percentage point off fourth quarter gdp and as the labor secretary tries to broker a deal to end the month's long labor dispute, goods and cargo containers just sitting there stacked everywhere in the yards, out at sea, disrupting billions of dollars in international trade. jane wells was out on the water for a closer look

west texas intermediate dropped 5.5% to $48.17 and brent also fell. the price of a gallon of gasoline is going in the other direction. it's up 77 cents in california over the past month due in large part to the torrance refinery fire last week. >>> tomorrow midnight is the deadline to fund the department of homeland security or risk a shutdown of the agency. the senate has yet to vote on its bill that would provide the needed funding and the house's next move is still in question. >> president obama told a left wing blog he opposes senate filibusters. but he sat there like a bump on a log watching senate democrats filibuster the debate on this bill. so we're waiting to see what the senate can or can't do and then we'll make decisions about how we're going to proceed. >> john harwood in washington covering this story tonight. that's amusing language, john, but if there's no funding tomorrow night, what happens, what happens at the airp i be limited fallout that will be visible to the public tyler, because most homeland security employees at functions a

west texas intermediate crude up 75 cents, $53.53 and brent climbed to almost $63 a barrel but it was the massive fire from a derailed train carrying crude that got people talking once again about how to safely transport the commodity. jackie deangelis has more. >> reporter: two more big accidents involving trains carrying oil over the holiday weekend. the first occurring in canada's oil sands. the second derailment taking place in west virginia yesterday. no serious injuries have been reported but the second accident 25 cars derailed. 20 burst into flames. that csx train was carrying crude from north dakota that's the heavier more flammable type of crude that sparked a debate and action by the national transportation safety board to propose new rules to overhaul crude by rail safety standards including heavier duty cars and slower travel speeds. and while the new safety rules are still being discussed and await approval, the industry is preparing for them already beginning to halt older rail cars but the csx train involved in the accident was actual a newer model car leaving some wit

by session's end, west texas intermediate dropped $1.36 to just below $50 a barrel. brent also fell more than $1. the oil prices fall back below $50 a barrel gas prices are going in the other direction. jackie deangelis explained why. >> reporter: crude prices are back under $50. but retail gas prices are on the rise. up 26 cents in one month to $2.30 according to aaa. it's true crude prices and prices at the pump generally move together. take for instance what we've seen over the last year crude falling 50% and gas prices down $1.11. but the two don't always go hand in hand. several factors can cause oil and gas to decouple. >> you've got the driving season coming up. the price of the product and the crude diverge from one another. basically for the seasonal turnover. >> this is the time of year refineries go offline for maintenance what it means is that crude inventories will build, because refineries use oil to make their products. in addition while it's difficult to imagine at this point spring is around the corner so time for the switch from winter to summer ble

west texas fell 5% finishing the session just above $50 a barrel. brent also lower and as the debate continues over whether oil prices have bottomed for now, falling about 50% in recent months today, j.p. morgan weighed in saying oil's collapse is almost over. this counters yesterday's note when you told about from citi that said oil prices had further to fall maybe even to $20 a barrel. let's bring in kevin book for his take on oil prices. kevin, welcome. clear view energy partners. who's right, chase or citi? >> well it's not for me to judge whether they're right or wrong. history will do that for all of us including oil forecast but what's clear about the divergence in opinion, not only you need two sides to make a market which is part of the fun but also so much uncertainty about what's going to happen given the unconventional supply and how quickly it might retreat from the market. >> kevin, that is one of the differences in your notes that you pointed out. this time the volatility in oil, the big swing to the downside is different than swings

. >> with his father was assigned to san antonio douglas attended the west texas military academy. >>eople said he was standoffish but they also said he to be very friendly. >> and 60 years of age he applied to grover cleveland for the appointment to west point. despite a barrage of recommendations including governor and former secretary of war, he was turned down. his father suspected switching from the democratic party urge him to favor. >> i think his mother and father major there was no doubt. spirit the following year he was turned down again by a republican president mckinley. as the author of the biography old soldiers never die. >> if they put in the work they would get to the top. oliver: february 1898 under mysterious circumstances douglas macarthur scored 93.3 on the west point admissions exam the highest scorer. much of the academies were southerners. >> was the resentment because his dad was so successful? >> yes. this southerner's represented maybe 40 percent of the cadets maybe four or five you wanted to continue fighting the civil war. oliver: like many others macarthu

today, west texas crude look-ups surpassed it. so we do a lot of stock ticker look-ups.into the oil interviews, too, particularly the experts saying it's a dead cat bounce and a lot of interest in radio shack as well kelly. >> what did you think of mashable alan? >> i thought it was interesting. the old media new media debate always intrigues me because i'm sort of both. >> yeah. >> and i think each can learn from each other. but it was a fascinating interview. >> agreed. curious for your thoughts. alan wasser at headquarters. >>> we've already seen plenty of volatility to last a month. we're going to look ahead to more earnings and more big moves in these markets when we come right back. >>> welcome back to another big move today on wall street. the dow was up 300 points. february, we're asking our panel here, are we going to see more of this volatility these triple-digit swings ed? >> i think this might be the beginning of a little bit more positive tone than we had in january. earnings although there have been some big disappointments, they're actually on balance. com

everyone in the west texas, so many people are like seeing the best winter ever but not in new englandicting a new england baby surge come december. over -- from this valentine's day weekend. >> makes sense. >> anyway keep warm new england. bill, thanks. >>> coming up on "morning joe," a powerful message from the community as thousands turn out to honor the three lost in this week's shooting in north carolina. we will speak with the sister of one of the victims and hear how the family is holding up. democrats and republicans come together to confirm the president's pick to head the pentagon. we will tell you who did not want ashton carter to get that job and why. that and much more after this. stick around. ♪ and i get a lot in return with ink plus from chase. like 60,000 bonus points when i spent $5,000 in the first 3 months after i opened my account. and i earn 5 times the rewards on internet, phone services and at office supply stores. with ink plus i can choose how to redeem my points. travel, gift cards even cash back. and my rewards points won't expire. so you can make owning a b

the fertilizer plant explosion in west, texas. the blowout at the deep water horizon in the gulf. the san bruno pipeline rupture. all fatal events burned into the minds of witnesses. >> you could see it happening in front of you. like watching an accident in slow motion. >> reporter: he says they are exampling of what can happen when osha's whistleblower protection program fails to meet its mission. he has worked as a whistleblower investigator for the past five years in region nine, which covers four states and game. guam. he examines complaints have workers who have been fired for speaking up. the program addresses 22 areas ranging from corporate fraud to pipeline safety to nuclear power. when someone blows the whistle, people in the government should pay attention. >> absolutely. >> is that happening? >> no. >> reporter: shortly after starting his job in 2010 he discovered what he called mismanagement in his office and pressure to clear cases quickly. >> i was told by my supervisor just conduct an interview and dismiss it. >> before knowing any of the facts? >> correct. >> repo

west texas intermediate october $50 a barrel.ket finally hit bottom and start to recover? >> radioshack is on the verge of filing for bankruptcy. who will end up with it stores? >> we are talking to the most top-performing headphone managers. -- hedge fund managers. welcome to the second hour of "market makers." >> we are going to start you off with the bulletin. ford and general motors posted the biggest auto sale gains last month. cheaper gas means americans are snapping up pickup trucks and suvs. the gmc truck brand gained 29% in terms of sales. ford's got light had its best january in 11 years. shares of office depot are up as much as 21% today. staples and office depot are in merger talks. the activist investor star board capital has been pressuring both to pool their resources. they have stakes in both staples and office depot. a warning about dietary supplements in new york. the state attorney general's office has accused for retailers of selling fraudulent product. they did not have the herbs named on the labels including

we call it west texas. the eastern panhandle. north central texas. we all call a west texas. it is cold in the winter time. we have a lot of wind. >> my wife's son is stationed at fort hood. i used to go to houston. [indiscernible] >> i hope you do run. [indiscernible] >> i'm not going to go there. i will stay away from that. [indiscernible] [inaudible] >> i have a question for you. i know where you stand on immigration. can we weed out the bureaucracy of the agencies. [indiscernible] >> it is a fascinating read about corruption and is in our justice system. you look at the irs, the v.a. it is a two-term presidency to get it headed in the right direction. the first is by hiring good people that have experience, and that you can trust and do that making these agencies. we spent the last 14 years making it effective. that's not to say it is perfect. [inaudible] >> now we are working. thank you very much. we got that out of the way. it is good to be back here. it is a little chilly. this is spring? anyway. it is a beautiful day today. let's leave it at that. i got up this mornin

west texas intermediate wti -- the supply picture has not changed yet. >> therein lies the problem for u.s. talk had another record built last week. the largest four-week build on record. they are still producing even if there is no demand. that paints a very grim picture. the board of directors will be meeting on friday to find a replacement for the current ceo. it is unclear if she will remain at her post until then. there have been accusations of mid-level executives at the company inflating project prices and using the money to pocket for themselves and for kickbacks for government individuals to help wrap up the project faster. that is at the core is what is going on. the current president of brazil wears -- was the chairman of petrobras until 2010. will she be implicated? are there any accusations that might run up the chain to her? >> who were some of the candidates and -- in line? >> the company has a massive amount of debt, what are the $5 billion. -- $135 billion. reduction falling 9% year on year. this company cannot go to the public market. it cannot sell bonds until it rep

rent is seeing its best three-day rally since 2009 and west texas intermediate is back about $50 forhe first time in a month. the theory is oil companies are curbing production, but is this just a fake out? has oil hit a bottom? >> no. this rally is deathly a fake out. we've got numbers from baker use a sci-fi .5% decline in the u.s.. that got some traders who were short caught. it's really been about covering the short positions so it's a piece of fundamental news and a trigger of technical buying. a lower count may come into place and may replace capital expenditures from companies. when will that have an impact? >> some say i have no idea. it's going to happen at some point, we don't know when. one analyst pointed out 80% of production -- the rigs shut in last week were vertical drilling, not fracking but older place which is a little more difficult to ramp up. it's not the juicy production we are used to and that's why we see production higher now than it was eight months ago when you saw oil eight months ago. >> how is this impacting the price of oil? >> wrongly. about 10% of re

we have winter weather advisories posted now into the texas region west texas, central texas.is is our next weather maker we're going to be watching. for now if you're traveling across the northeast, you really need to be careful. back to you. >> that's for sure. thank you so much. >>> nascar star kurt busch lost his first appeal. that after nascar suspended him indefinitely for the domestic violence case. the judge said he almost surely strangled and beat his ex girlfriend last fall and according to the judge's ruling, there was a substantial likelihood the judge said, of even more violence from him in the future. will carr has more on this developing story from our los angeles news room. >> reporter: hi. definitely strong words from this judge as he issued a protective order in this case. this is a story that's had a lot of strange twists and turns. his ex-girlfriend patricia driscoll, says he was battling alcoholism and depression leading up to the night of the alleged abuse. he fired back said he believed she was a quote trained assassin and he was afraid of her and claime

we call it west texas. the eastern panhandle. north central texas. we all call a west texas. it is cold in the winter time. we have a lot of wind. >> my wife's son is stationed at fort hood. i used to go to houston. [indiscernible] >> i hope you do run. [indiscernible] >> i'm not going to go there. i will stay away from that. [indiscernible] [inaudible] >> i have a question for you. i know where you stand on immigration. can we weed out the bureaucracy of the agencies. [indiscernible] >> it is a fascinating read about corruption and is in our justice system. you look at the irs, the v.a. it is a two-term presidency to get it headed in the right direction. the first is by hiring good people that have experience, and that you can trust and do that making these agencies. we spent the last 14 years making it effective. that's not to say it is perfect. [inaudible] >> now we are working. thank you very much. we got that out of the way. it is good to be back here. it is a little chilly. this is spring? anyway. it is a beautiful day today. let's leave it at that. i got up this mornin