the international energy saying that opec fell for a third straight month and opec will fall next year. america will be the largest producer of oil by 2015. >>> boeing is saying that the world's airlines will need a half million pilots to keep up with demand. that shortage will ey affect ane and everyone that flies. >> flying through the clouds at the controls of an airplane has been be an andre's dream sincee first took a flight as a child. >> from the wings to the controls as a pilot handles the situation. i call that art. >> the 22-year-old has his private pilot's licence he is studying to get his commercial licence in florida. a pilot certified by the u.s. is highly coveted globally. >> of course i do have a concern finding a job. aviation analysts are concerned about finding enough pilots. there is a looming shortage at trying untiregional airlines. the president of the regional airline association says the flight reductions are inevitable. in autin a recent magazine artie there is no short term fix. you can't nurture and fix enough pilots to fly in a decade. a starting pilot can

the question s you do need to look out next week, when we look to the opec meeting. sure, opec doesn't have a huge incentive to cut and to keep prices at these levels. but i don't know if they're so willing to get them too low either. remember, iran is the one who needs very high oil prices. if saudi arabia gets a little concerned about iran having nuclear weapons, they may want to smoke iran out and really drop the oil price. we'll have to see next week, december 4th will be a very big opec meeting. >> i don't think you want to be short geopolitical tension. thank you very much. catch brian and the rest of the "fast money" crew at 5 p.m. eastern for plenty more on that. >>> 40 minutes left to go here. we need to mention, the markets are coming off their highs -- well off the highs of the session. now the dow is barely positive. the s&p is slightly negative. >> nasdaq is in a dog fight for 4,000. we'll see over the next 40 minutes if we can close over 4,000 for the first time since the year 2000. one the problems in the market, despite much of the day spent in the gr

while providing some relief to the country's crippling trade sanctions however it does not allow the opec member to boost oil sales for six months the deal prompted oil prices to fall and world equity markets to rise on monday as investors priced in an easing of mideast political tensions and the lift that those could provide to the global economy elsewhere a measure that would have gone further than any other developed nation to limit the compensation of banking executives was rejected by voters in switzerland over the weekend now the proposal to limit executive pay to twelve times that of a junior employee was opposed by sixty five percent of swiss voters now switzerland a traditionally pro business country is home to five of europe's top paid c.e.o.'s however opposition to excessive executive pay increase after the government bailed out u.b.s. switzerland's largest bank in two thousand and eight in march swiss voters approved the so-called fat cat initiative that gave company shareholders a binding vote on managers' pay and blocked severance packages. and finally a money spent on one's

while providing some relief to the country's propylene trade sanctions however it does not allow the opec member to boost oil sales for six months the deal prompted oil prices to fall and world equity markets to rise on monday as investors priced in an easing political tensions and the lift that those could provide to the global economy. elsewhere are a measure that would have gone further than any other developed nation to limit the compensation of banking executives was rejected by voters in switzerland over the weekend now the proposal to limit executive pay to twelve times that of a junior boy was opposed by sixty five percent of swiss voters now switzerland a traditionally pro business country is home to five of europe's top paid c.e.o.'s however opposition to excessive executive pay increase after the government bailed out a u.b.s. switzerland's largest bank in two thousand and eight in march swiss voters approved these so-called fat cat initiative that gave companies shareholders a binding vote on managers' pay and blocked severance packages and finally a money spent on one's educa

while providing some relief to the country's purpling trade sanctions however it does not allow the opec member to boost oil sales for six months the deal prompted oil prices to fall and world equity markets to rise on monday as investors priced in an easing political tensions and the lift that those could provide to the global economy. elsewhere are a measure that would have gone further than any other developed nation to limit the compensation of banking executives was rejected by voters in switzerland over the weekend now the proposal to limit executive pay to twelve times that of a junior boy was opposed by sixty five percent of swiss voters now switzerland traditionally pro business country is home to five of europe's top paid c.e.o.'s however opposition to excessive executive pay increase after the government bailed out a u.b.s. switzerland's largest bank in two thousand and eight in march swiss voters approved these so-called fat cat initiative that gave companies shareholders a binding vote on managers' pay and blocked severance packages and finally a money spent on one's educati

while providing some relief to the country's purpling trade sanctions however it does not allow the opec member to boost oil sales for six months the deal prompted oil prices to fall and world equity markets to rise on monday as investors priced in an easing of mideast political tensions and the lift that those could provide to the global economy elsewhere are a measure that would have gone further than any other developed nation to limit the compensation of banking executives was rejected by voters in switzerland over the weekend now the proposal to limit executive pay to twelve times that of a junior boy was opposed by sixty five percent of swiss voters now switzerland a traditionally pro business country is home to five of europe's top paid c.e.o.'s however opposition to excessive executive pay increase after the government bailed out a u.b.s. switzerland's largest bank in two thousand and eight in march swiss voters approved these so-called fat cat initiative that gave company shareholders a binding vote on managers' pay and blocked severance packages. and finally a money spent on on

while providing some relief to the country's crippling trade sanctions however it does not allow the opec member to boost oil sales for six months the deal prompted oil prices to fall and world equity markets to rise on monday as investors priced in an easing of mideast political tensions and the lift that those could provide to the global economy elsewhere a measure that would have gone further than any other developed nation to limit the compensation of banking executives was rejected by voters in switzerland over the weekend now the proposal to limit executive pay to twelve times that of a junior employee was opposed by sixty five percent of swiss voters now switzerland a traditionally pro business country is home to five of europe's top paid c.e.o.'s however opposition to excessive executive pay increase after the government bailed out u.b.s. switzerland's largest bank in two thousand and eight in march swiss voters approved the so-called fat cat initiative that gave company shareholders a binding vote on managers' pay and blocked severance packages. and finally a money spent on one's

>> i think opec has a big problem on its hands. i refer to it as a glut in waiting, because the iraqi production is surging. the saudis are producing about 10 million barrels a day. that's a record for them. consistently these iranian barrels come on the market, and all the u.s. shale oil that has been hitting the market displacing oil from west africa and opec for that matter, we're going to be in a sloppy situation beginning of next year. >> you think that's true? we're going have a glut? >> one thing the saudis have going for them is libya is off the market. >> libya is a disaster. >> and the question is are we going to get libya up and going soon? probably not considering they don't have a government and they have militias running all over the place. >> detail. >> basically you can discount libya coming back in a meaningful way. and you mention iraq. some people are very concerned about iraq. 7,000 people have been killed in iraq about this year. worst security situation in five years. >> you're saying you're skeptical about th

compete as we should with past decisions, there is a cartel that was formed internationally called opec. they control the oil market. the best way to beat cartels is to outsupply them. if we are going to be a leader in natural gas in the world, we ought to take advantage of that and lead when we can, but recognize that a free market gives the best services to people who are recipients of that. not only in the united states, but in america. with that i urge rejenks of this defazio amendment and -- rejection of the defazio amendment and i yield back the balance of my time. the chair: the gentleman yields back the balance of his time. the question is on the amendment offered by the gentleman from oregon. those in favor say aye. those opposed, no. mr. defazio: mr. chairman, on that i ask for a recorded vote. the chair: in the opinion of the chair, the noes have. it. the gentleman from oregon is recognized. pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentleman from oregon will be postponed. it is now in order to consider number 5 printed in part b of

>> i came here to not use opec oil. >> keystone will help achieve the independence for the u.s. by bringing oil from the alberta oil sands to american refineries. gasoline can be purchased by the united states. >> there is this talk about the possibility that this oil could be exported. >> yes, i have talked to all of those entities. transcanada is the facility -- facilitator of moving the oil too many refineries -- to many refineries in the united states. those refineries will make it into several products. gasoline, diesel, lubricant, we wan to gasoline. that will be here in the united states. most of it. >> how can you be sure? >> the laws of economics. it is a lot cheaper and easier in many of these facilities already have contracts for the gasoline domestically. >> he spoke to cctv america just after this u.s. state department hearing. >> agriculture is the number one industry in nebraska. are you concerned that an oil spill could take away that industry? >> there is no way physically that could happen, ok? we already have the keystone pipeline that has been pumping oil. th

der spiegel reports the nsa and gchq had gotten into the opec computer networks. found the typical customers for the information was the cia, department of energy, and others who praised the agency for confirming what had suspected for years. secretary of state john kerry has declined to elaborate on his beliefs regarding the assassination of john f. kennedy 50 years ago this month. during an interview last month, kerry indicated he supports the idea of a conspiracy. he was questioned about those remarks on sunday by david gregory. >> final question before you go. you gave some comments in light of the assassination of , the 50thkennedy anniversary, which have now been broadcast and reported on. in those comments you say, to this day, i have serious doubts that lee harvey oswald acted alone. that would certainly be surprising to a lot of people if those were your views. would you care to elaborate? >> no, i just have a point of view. i will not get into that. thinknot something i needs to be commented on, certainly not at this time. >> do you think the conspiracy

dleer clearly with more supply coming in the market, if opec doesn't reduce production, oil price will go down. no one talks anymore of the price of oil being $150 or above. a few years ago we were talking about that. now we're seeing price falling $90 if not below that. a delicate matter. i went public in saudi arabia by asking publicly and very bluntly the saudi ministers to the income of saudi arabia and don't be dependent on oil only. >> what should they be diversifying into? >> saudi arabia has a lot of commodities. magnesium, silver gold all all kinds of commodities underground. i think this has to come up and put money in tourism, other areas that could be a source of income for saudi arabia. >> this is very important information you're giving us. your highness, we'll take a short break and hear about prince alwaleed's investments. prince alwaleed will be back in a moment. what are his hottest investments right now and does he think the market is due for a pullback like carl icahn told us. >>> welcome back. let's take a look at shares of twitter, now at $41 and change. the stock

that volume is greater than the volume of output from five of the opec countries. the u.s. and canada will will be really tied together in terms of energy. you look at the disruptions in the middle east and the instability there. people kind of need to keep in mind energy security too, the reliability of supplies. host: canadian government lobbying washington this week and the washington post taking out a half page ad canada canada america's largest oil supplier united states brings them more from canada. david is waiting to talk to you -- guest: that is interesting. i think i found recent years people assume that all of our oil imports comes from the middle east. but canada is by far our largers supplier. host: david from louisiana, democratic caller. caller: i like to make a comment. in regarding to ethanol, this is a really disastrous thing. few mileage decrease to almost 15 to 20 percent. i happen to be lucky in my area. i have access to non-ethanol fuel. i can put the ethanol in and get the 22 miles but if i put in the non-ethanol, i get 26 to 28 miles per gallon. the

that volume is greater than the volume of output from five of the opec countries. the u.s. and canada will will be really tied together in terms of energy. you look at the disruptions in the middle east and the instability there. people kind of need to keep in mind energy security too, the reliability of supplies. host: canadian government lobbying washington this week and the washington post taking out a half page ad canada, canada america's largest oil supplier united states brings them more from canada. david is waiting to talk to you -- guest: that is interesting. i think i found recent years people assume that all of our oil imports comes from the middle east. but canada is by far our largers supplier. host: david from louisiana, democratic caller. caller: i like to make a comment. in regarding to ethanol, this is a really disastrous thing. few mileage decrease to almost 15 to 20 percent. i happen to be lucky in my area. i have access to non-ethanol fuel. i can put the ethanol in and get the 22 miles but if i put in the non-ethanol, i get 26 to 28 miles per gallon. the

while providing some relief to the country's crippling trade sanctions however it does not allow the opec member to boost oil sales for six months the deal prompted oil prices to fall and world equity markets to rise on monday as investors priced in an easing of mideast political tensions and the lift that those could provide to the global economy elsewhere a measure that would have gone further than any other developed nation to limit the compensation of banking executives was rejected by voters in switzerland over the weekend now the proposal to limit executive pay to twelve times that of a junior employee was opposed by sixty five percent of swiss voters now switzerland a traditionally pro business country is home to five of europe's top paid c.e.o.'s however opposition to excessive executive pay increase after the government bailed out u.b.s. switzerland's largest bank in two thousand and eight in march swiss voters approved the so-called fat cat initiative that gave company shareholders a binding vote on managers pay and blocked severance packages. and finally a money spent on one's

many of these people were forced to do with opec to go up it was there but had a coconut trees sugarcane crop so they won't have an income. but they could use some of the damage coconut tree to build little hot but it's really a shortage of beautiful work and even though it is very resilient or people up. this doesn't look like the kid to go home the very near future christensen to believe that the thank you very much click here. vietnam is also suffering the effects of the storm at least nineteen people died there in floods and landslides caused by heavy rains. the worst hit area was the lead in the province in the center of the country. the raging waters of submerged and destroyed many homes and cut off entire villages the situation has been aggravated by the need to release large amounts of water to relieve pressure on down. well fresh clashes have erupted in the libyan capital tripoli after more than forty people were killed in fighting between militiamen and the city's residents on friday. as funerals were held the united nations mission to the country and the libyan prime minister

and kuwait that they are producing at record highs and those are the three who are members of the opec cartel who can adjust their production in defense of a price target so i think that's the bar for out there that's going to hold up the price of oil and prevent one of the more radical scenarios of all price falling and us guess the other thing to say is that it's still some way before we actually get additional rein in oil coming back onto the market that's the interesting thing to me here in this is this is part of the geopolitical dynamic here i mean if beyond this interim agreement. really in oil comes back on the market here again the ricochet effect here comes here because you know the saudis are now could be equally like it for many other reasons is because not just oil but russia will have to deal with that too because it will be lower pressure on iranian oil coming to the market well i kind of agree with jake up i also tried to keep track of the prices and my impression is that all prices are driven up not just by absence of the product on the market but sometimes they're dri

but remember, if it drops too far, opec steps in. opec sets their state's budget based upon oil price and as long as we are dependent on foreign oil, we're at the mercy of opec's pricing strategy. >> i thought a lot of the reason that it was coming down is because we had discovered so much more here in the united states with fracking. >> that helps. that helps. but putting it in perspective, we're up from five million barrels a day in 2007 to up to 8 million barrels a day but still using around 18. >> but there's so much more in the reserves than we ever thought here. >> there is. it's vast. what many people don't understand is how huge it is and how long it could last but here's the rub, shale formations also have a high decline rate. and so from an economic standpoint it's wonderful because you have to keep putting more money in to get more oil out and that's good for the economy. from a production standpoint, you go crazy trying to maintain the higher production rates because the decline rate is so high and you have to spend and s

and kuwait that they are producing at record highs and those are the three who are members of the opec cartel who can adjust their production in defense of a price target so i think that's a bomb out there that's going to hold up the price of oil and prevent one of the more radical scenarios of all price falling and us guess the other thing to say is that it's still some way before we actually get additional reining oil coming back into the market that's the interesting thing to me here in this is this is part of the geopolitical dynamic here i mean if beyond this interim agreement arabian oil comes back on the market here again the ricochet effect here comes here because you know the saudis are not going to be equally like it for many other reasons is because not just oil but russia will have to deal with that too because it will be lower pressure on rainy and oil coming to the market well i kind of agree with jake up i also try to keep track of the prices and my impression is that all prices are driven up not just by absence of the product on the market but sometimes they're driven o

sen opec markers were trying to repair a leaking tap into an explosion happened. it's huge and has ordered an all out effort to save the change the vipers you well i'm still recovering from a near death experience getting settled the iraq war only smash and down like entering a store smoke was blocking our eyesight and you know weren't around i thought i would be killed right there this layout. we're going by car does seem to explode as the glass shattered. he jumped up and i was almost thrown out when it fell back down and broke bones in my feet my friends are in serious condition after suffering head injuries. this is stuff like this think this might sound as if those injured in his death makes posting this but it costs also caught and he are right outside the icu. on the steps to wait in line to that first moment out their beloved wives are coping and outside hospital to see his policy statements. emergency workers are working around the clock to re store electricity. much harder however will be restoring faith in the safety of the petrochemical industry they a

and kuwait that they are producing at record highs and those are the three who are members of the opec cartel who can adjust their production in defense of a price target so i think that's a far far out there that's going to hold up the price of oil and prevent one of the more radical scenarios of all price falling and us guess the other thing to say is that it's still some way before we actually get additional rein in oil coming back into the market that's the interesting thing to me here in this that this is part of the geopolitical dynamic here i mean if beyond this interim agreement. really an oil comes back on the market here again the ricochet effect here comes here because you know the saudis are not going to be equally like it for many other reasons is because not just oil but you know russia will have to deal with that too because it will be lower pressure on iranian oil coming to the market well i kind of agree with jake up i also tried to keep track of the prices and my impression is that all prices are driven up not just by absence of the product on the market but sometimes

data exchange company is down to comic con for an ma as well as senior management companies like the opec oil cartel. leeds intel's der spiegel that the company would not have authorized the creation or the use of a fake linked in profile and was not notified of the alleged activity so it looks like networking in the uk is a new meaning the way. on the weekend hundreds of people across california and texas streets demanding justice for victims of police brutality the emotional marches were sparked by the thirteen year old doubt that the death of thirteen year old andy lopez he was killed last month anyone shot and killed by sonoma county deputy eric jailhouse who was holding ag doll house that they feel is holding a toy gun and that resembled an ak forty seven assault rifle. our teaser mongol and i was at the protest and enjoy it and he brought us more the other the road that goes with you in los angeles in several places to sleep much and taken to the streets demanding justice for and you know this too but you need to be an iraq war veteran eric gill house shot thirteen year old and guil

exchange companies belgacom come for and mock as well as senior management companies like the opec oil cartel linked in tells der spiegel that the company would not have authorized the creation or the use of a fake linked in profile and was not notified of the alleged activity so it looks like networking in the u.k. is a new meaning anyway. over the weekend hundreds of people across california took to the streets demanding justice for victims of police brutality feel emotional marches were sparked by the thirteen year old death the death of thirteen year old andy lopez he was killed last month and he was shot and killed by sonoma county deputy eric gelhaus who was holding gelhaus says that he was holding a toy gun that resembled an a k forty seven assault rifle parties were among the lindo was at the protest and he joined us more. five. man from santa rosa california to here in los angeles and several places in between the marchers are taking to the streets demanding justice for and you know pads sonoma county deputy in iraq war veteran eric go house shot thirteen year old and you know

roaming data exchange companies like belgacom com fome and mark as well as senior management in the opec oil cartel it's a technique known as quantum inserts where servers are placed in shortage of spots so they can intercept and redirect targeted traffic to a fake website faster than the legitimate service code responded wellington tells der spiegel that the company would not authorize the creation or use of a fake linked in profile and was not notified about the alleged activity so it looks like networking in the community anyway has taken a new meaning. well over the weekend hundreds of people across california took to the streets demanding justice for victims of police brutality. here motional marches were sparked by the death of her ten year old and it lopez last month and he was shot and killed by sonoma county deputy eric hill house while holding a toy gun at that resembled an a k forty seven assault rifle artie's or mongol endo was at one of the weekend's marches in los angeles and. five. from santa rosa california to here in los angeles and several places in between marches are

because the demand for opec oil next year is likely to remain subdued. it's likely to fall by yet another 1 million barrels today. it will be very hard for opec next year to balance out the market and to stay at the current price. i would rather think the price is between $100 and $105 would be more fair in the current conditions. >> meanwhile, we've seen wti fall. we saw another build in inventory yesterday. and the spread between brent and wti widening. is it going to widen more or is it going to narrow from here? >> actually, the spread is having a life of its own. right now, it's around $1119. you cannot justify it by any fundamental factors. basically, the u.s. market for wti and the brent oil market are delinked completely at the moment as the arbitrage possibility is not enough to provide the flow of wti towards the coast and then to release the oil products from the u.s. to the world market. i think that the most obtainable level in the future would be probably $5 rather than $15 or $90 right now. but it's very difficult to say when it happens, i

that volume is greater than the volume of output from five of the opec countries. the u.s. and canada will will be really tied together in terms of energy. you look at the disruptions in the middle east and the instability there. people kind of need to keep in mind energy security too, the reliability of supplies. host: canadian government lobbying washington this week and the washington post taking out a half page ad canada, canada america's largest oil supplier united states brings them more from canada. david is waiting to talk to you -- guest: that is interesting. i think i found recent years people assume that all of our oil imports comes from the middle east. but canada is by far our largers supplier. host: david from louisiana, democratic caller. caller: i like to make a comment. in regarding to ethanol, this is a really disastrous thing. few mileage decrease to almost 15 to 20 percent. i happen to be lucky in my area. i have access to non-ethanol fuel. i can put the ethanol in and get the 22 miles but if i put in the non-ethanol, i get 26 to 28 miles per gallon. the

as far as iran and other things go we will have an opec meeting left -- next week and no one is paying attention to it in north america because north america is more insulated. we are producing more crude, added additional crude to counteract the 1.5 million barrels a day we lost when sanctions went into effect on iran in july of 2012. we are becoming much more insulated against horrible things happening in the middle east. dagen: should we be celebrating in a more time? >> there are a lot of things to celebrate and be happy about. it feels good, it will continue through 2014 but as the giants fan, the giants lost and the cowboys won. i don't have that here today. dagen: that is one thing we can agree on, we both paid the cowboys. breaks my heart that they won. >> it absolutely does. it is satan's team. dagen: it was great to talk to you, thank you so much. dagen: let's talk about some sports, jason kidd paying their hefty price on the court. for get paying big bucks at metlife stadium for the super bowl, the nfl announced a free day for games overseas in london next year. its slogan i

opec ramped up its production. if they keep doing this, they might not be enjoying these nearly triple digit oil prices for very much longer. there's still a lot of uncertainty when it comes to investing in the individual energy stocks. liz: good to see you both. talking about oil. adam: were going to talk about health care now. new heat on capitol hill over the botched rollout of health.gov. website. we will tell you what she said to senators who arr furious about the flaws in the few formal care act could be delayed. liz: we could be just minutes away from what the twitter ceo and his management team think social media company is actually worth. this kind of out of their hand at this point. we'll bring you very differing opinions of what will happen to @he stock after it makessthe trading debut tomorrow. at od, whatever business you're in, that's the business we're in with premium service like one of the best on-time delivery records and a low claimsat, we do whatever it takes to make your business our business.

countries in the world, not just saudi arabia, which is the low-cost producer but pretty much all of the opec producers. that puts us at a disadvantage should prices fall. >> right now prices are down because of international sanctions but it has 170 billion barrels stored on tankers around the world. >>> michael eaves is here with sports. here to talk about concussions in sports. >> reporter: yes, but not football, john. >> right. >> reporter: ten former nhl players filed a lawsuit complaining that the league exposed them to unnecessary danger. they seethis comes after the nhd a lawsuit to pay its players. >>> in may of 2012 derrick rose tour ligaments that kept him out of the playoffs and the following season. the full recovery could take six months. kobe bryant signed a deal thatly keep him the league's highest paid player. he has yet to play a game so far after tearing his achilles tendon back in april. we have more news coming up. >> interrupted on immigration. all right. how the president responded to hecklers in california. plus vanishing act, saving the gulf shoreline. ad guests on al

it just indicates the opec way that the dearborn heights police department has dealt with the public from the outset of this tragic killing. >> and what is the explanation for this man not being arrested? >> his whiteness is the only explanation i can come up with. justification. de facto. we know the dearborn police, dearborn heights police department is an all white police force. i've no idea what the conversation was when they --ived at is porch at 4:40 5 hours after it it appears -- this is the latest that we got this call yesterday, the 911 dispatch was released. from herrlier reports autopsy that she died at 2:45. we have a call coming in from 911 dispatch at 4:45. what happened in those two hours? thatve reports initially her family was told her body was dumped. this could be a of us could ima. i believe in 19-year-old unarmed teenager in gun down, being shot in the face in the middle of the night on someone's porch seeking help is tragic enough. >> i would like to turn to comments made by cheryl carpenter, an attorney for the homeowner, who spoke to michigan radio. >> there w

., and it's now the single largest source of imported oil, far more than from any opec country. to meet that demand, a new pipeline has been proposed to bring the oil directly from canada to refineries in texas. but there is growing concern about the environmental impact of that pipeline and of the oil sands in general. [ticking] our next story takes us to the continent of antarctica. scott pelley uncovers startling physical evidence of how global warming is already starting to heat up our world when 60 minutes on cnbc returns. ♪ ♪ you get your coffee here. you get your hair cut here. you find that certain thing you were looking for here, but actually you get so much more. when you shop at these small local businesses, you support all the things that make your community great. the money you spend here, stays here. in this place you call your neighborhood. small business saturday is november 30th. get out and shop small. maestro of project management. baron of the build-out. you need a permit... to be this awesome. and you...rent from national. because only national lets you

., and it's now the single largest source of imported oil, far more than from any opec country. to meet that demand, a new pipeline has been proposed to bring the oil directly from canada to refineries in texas. but there is growing concern about the environmental impact of that pipeline and of the oil sands in general. [ticking] our next story takes us to the continent of antarctica. scott pelley uncovers startling physical evidence of how global warming is already starting to heat up our world when 60 minutes on cnbc returns. ♪ ♪ ♪ ♪ [ passenger ] airport, please.nks ] what airline? united. [ indian accent ] which airline, sir? [ passenger ] united. whoa taxi! [ british accent ] what airline, then? [ passenger ] united. all right. [ spanish ] what airline? [ passenger ] united. ♪ [ mandarin ] which airline? [ passenger ] united. [ arabic ] which airline? [ passenger ] united. [ italian ] where are we going? [ passenger ] united. [ male announcer ] more destinations than any other airline. [ thai ] which airline do you fly? [ passenger ] united. [ male announcer ] tha

. >> at what point do prices keep going down where opec, meaning, saudi arabia, says all right, boys, dial back the production tap, prices are getting too low for our standards? >> it's a great point and keep in mind that saudi arabia, for example, who's kind of really in the front chair on this thing, they need expensive oil to run their budgets and their economy. 92% of their budget hinges on oil and after the arab spring they bailed a lot of countries out, spent a lot of money and here's an interesting thing, by 2018 if you look at the numbers almost 20% of the oil that they produce will be used domestically not exported meaning they could be in a financial crunch. they're going to keep pricing the price of oil up. we have $10 in the price of oil due to iran so if that gets resolved and the crude starts flowing mid to late 2014, we've got an oversupplied market and the prices could come down. it's interesting to see what saudi arabia does at that point. >> even if there is a resolution we hear that, you know, oil isn't going to flow any time soon. thank you for joining us. andy and

there will be supply issues many coulding from opec. a lot more reliance and brent crude as opposed to wti. on our end, wti is congested right now. with the price going down below the price point of producers they will start, or they will stop refining as quickly as they have before. so long story short, below the break-even point. i think we see the bottom of gasoline prices. david: what a great forecast, guys, a great wrap-up of the week. good stuff. >> smart people, successful people. bob doll, teddy weisberg, larry shover. david: have a great weekends, guys. >>> china's lenovo is number one in the global personal computer market. it wants to dominate the wireless phone business. they're into fablets. giving us a exclusive a sneak-peek at a phone not yet available. you will see it here. liz: they are hot in smartphones. the chinese love them. also, what's the best way to get publicity for a brand new product like that superhot rainbow before it was superhot? well getting baned in schools might help. rainbow's coast owner and creator.

if $1 goes to opec and the other dollar goes to macy's. bulls don't want oil to go too much lower because then you would see the whole oil and gas patch get hammered. we can't lose that cohort. it's too hasn't. still, it's huge to see gasoline at a two-year low as it was today. there is some gibberish. major positive, though. what does it mean? take the average rate on a five-year certificate of deposit. which according to rate watch is right now 0.82%. do you know that's the same it's been for ages? but the five-year treasury is now at 1.4%. so you subtract the 0.85 from the 1.4 and realize you have a huge net interest margin for the banks. every time they issue these crowd-pleasing cds and use the money to buy treasuries. we know wells fargo, they are gloomsters. hey, guys at wells, stop it already. you're starting to really make me unhappy. the banks make the best kinds of money on cds and fees. they have no risk and a ton of reward. that's why every time the interest rates go higher the bank stocks go higher better the actual margins o

opec production is down. and now saudi arabia is getting angry over iran. simply put, the middle east is a mess. let's try to figure it out. joining us is chief economist at tygress financial partners. you've got a lot of titles, but you've been to the region, spent a lot of time there. you know what's going on. i can't figure out -- when i hear that now saudi arabia is rattling its sabre over iran, i'm thinking who's on whose side? what's the puzzle piece here? >> you bring up a very good point. iran, from saudi arabia's standpoint, iran is the most essential threat. >> in what way? >> well, they are seen as funding and supporting the shia fundamentalists in syria, in libya, in egypt, obviously hezbollah. well, that's a threat to saudi arabia. >> but that's not new. >> no, you're absolutely right. it's not new. you're absolutely right. but it hasn't stopped. but in iran has been able to do this kind of involvement when their economy is on their heels, what happens when their economy gets better? what happens if the u.s. or the west decides to take some of

if $1 goes to opec and the other dollar goes to macy's. i think it's one for one in terms of the spending department. # bulls don't want oil to go too much lower because then you would see the whole oil and gas patch get hammered. we can't lose that cohort. it's too hasn't. still, it's huge to see gasoline at a two-year low as it was today. fourth, we're getting a better yield curve. oh, there's some gibberish, right? major positive, though. what does it mean? take the average rate on a five-year certificate of deposit. which according to rate watch is right now 0.82%. do you know that's the same it's been for ages? but the five-year treasury is now at 1.4%. so you subtract the 0.85 from the 1.4 and realize you have a huge net interest margin for the banks. every time they issue these crowd-pleasing cds and use the money to buy treasuries. we know wells fargo, they are gloomsters. hey, guys at wells, stop it already. you're starting to really make me unhappy. the banks make the best kinds of money on cds and fees. they have no risk and a t

[inaudible] the 1973, 1974 oil shock and oil price hike led to a shifting of financial power from opec and that same oil price help trigger the recession in the middle years of the decade that carter had to grapple with as well. it's just very interesting to see how he was able to succeed or how he was able to approach these challenges to american prosperity. >> host: kathleen rasmussen as the years went by 77, 78 etc. to to see the focus of the economic policies change? >> guest: is certainly did change. for example one of the administration challenges was the trade deficit. we have trade deficits and this is what we have. this is an annual phenomenon or the united states but in fact when carter came to office this was very new. the united states had only experienced its first trade deficit and 1971. it was a new phenomenon with which the adventures that to grapple and in the nixon ford of administration the u.s. pottered between trade deficits but by the time carter comes into office a trade deficit takes on its more permanent character. initially the administration isn't quite sure

do know that a big part of the international pricing and production is conducted by a cartel, namely opec. the last figure i saw was about 45% of the international market. well, when you have 45% control by one entity, you're going to have some price pressures that are coming, indeed, you probably have some speculation. . this is part of what the underlying bill does and the bill we'll have ton the floor tomorrow does. the only way to beat cartels is to out-produce them. the whole idea if you have somebody that controls a big part of the marketplace the way you beat them to out-produce them. this bill allows america to out-produce our foreign competitors. this amendment adds nothing to da. i urge rejection of the amendment and yield back. the chair: the gentleman's time has expired. the question is on the amendment offered by the gentleman from oregon. those in favor say aye. those opposed, no. in the opinion of the chair the -- mr. defazio: i ask for a recorded vote. the chair: further proceedings on the amendment offered by the gentleman from oregon will be postponed. mr. hastings: i mo

security tent has opec sides a noisemaking devices inside. sides and a noisemaking device inside. guest: they in the white house know that people are constantly trying to listen to president obama and his top aides. there was a debate when obama came in office about his blackberry. , like most of us, is very attached to their blackberries and iphones. they found a way to encrypt it so he could keep it. is a sign that this is what nations do, the united states probably does more because we are better at it and spend more money on it, but everybody is spying on everybody. that is why when obama travels, he needs to set up these closed areas where he can make calls and have conversations that he thinks no one else can listen to. host: american security officials demand that their bosses, members of congress and military offers take such precautions when traveling abroad. john in cleveland, ohio. go ahead. when the leaders of this country, democrat and republicans, put one hand on the bible and swear to defend the constitution against its enemies, foreign and domestic, and then they g

and how they view this agreement, how they view the iranians going forward and their relationship in opec will tell the tale over the long haul. they can remove from the marketplace any amount of production that the iranians put on it. >> how does that affect the oil industry in the u.s.? >> very little. we have become in the course of the last year and a half a more independent oil producer and less reliant upon the supplies in the middle east. we have a number of resources that we've been digging into, increasing our own production by 600,000-barrels a day and maybe another million and a half barrels over the next three years. that's an enormous step that forward toward energy independence that relies less upon barrels in the middle east. >> iran reserves are the fourth in the world. how could the overall supply be effected? >> it doesn't in the short term. in the long term, you have increased ability for the banks to fund to release funds for production. with the sanctions, you will get production from iranian oil companies and outside independent oil companies. >> >> disgraced italian