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Money and Sports >> oil prices finish the day earlier after a suggestion that world oil supply would be adequate to meet deplanned. let’s get more opbts energy story. we are joined by bob bowdon. >> big day because of the conference in johannesburg. the saudi oil minister said today’s high crude price rts result of infrastructure constraints and bottlenecks, not shrinking world supply. >> we believe that spare crude oil production capacity will grow in the next three to four years to restore some margin of safety to all of the crude market . >> he said saudi reserves might even double. from the same podium in johannesburg, we had the exxon president giving comforting estimates for world oil supply. >> two trillion barrels of conventional oil remains to be recovered. twice what has already been produced in all of human history. beyond that, more than a trillion barrels of frontier resources like oil sands and oil shale are expected to be recovered over time. >> crude oil prices closed at the floor trading at $65.07 a barrel. down about 1%. natural gas, however, rose as middle east supplies have no bearing on it. up 1.75%. i want to show you this which is over my left shoulder. a six-month chart of crude oil prices. on the right side you see this green line here is the 50-day moving average. what we have if we can zoom in on the right side is we have circled the place—there’s the zoom. we have circled a place where we dropped a touch. on the other hand, another chart of natural gas prices for the last six months. it bears no similar relationship to its 50-day moving average. this is a six-month chart of natural gas. the green line here, the 50-day moving average, down to $10 per million b.t.u. not close to the $12.64 trading in electronic trading for natural gas. i want to check oil stocks quickly before we run out of time with exxonmobil on the day up—call it little changed. concophilips the only mover, down .6%. that’s all my time. back to you. >> thank you so much, bob. what we’ll do is talk about golf. competitive golfers will soon be able to use lasers and satellite technology to measure distances. they’ll let players use what are called range finders starting next year a.closer look at this with our bloomberg news reporter. let’s talk about how the systems work. >> similar to what we see in cars where you have a g.p.s. system that tells you where you are going, where you may be going, how to get there. gives you every tidbit along the way. how far from a specific spot to the next shot. if you are near a sprinkler head how far from there. they’ll give an overview of the shape of the hole or the course itself. it can tell you everything. you can even order lunch with this item. >> i like that aspect. lunch or a drink. >> warn you if a storm cloud is coming. every piece of information. a big help for the weekend player. equivalent of having an extra utility club in your bag. >> weekend player more than professionals who stand to gain from this? >> generally because professionals have caddies and all kinds of analysis. they have played the course several times and know every nook and cranny. this is to help weekend players to speed up play. >> what companies stand to gain? >> there’s a company in british columbia that make this system. it costs clubs $88,000 to implement. if you want a hand held version, $500 or $600. this is up to the club itself to ok, whether they’ll allow its use. it remains to be seen how foregone that will be. if it works, it could speed up play for all weekend golfers. >> allan kreda. we take a break. when we come back, get you caught up on the world’s national news headlines. also the “world’s biggest mover” segment today, the russian stock market . [upload=zip]down5924.asp?ID=44216[/upload]

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Market briefing -- Ellen (slow) Interview: Former Fed Governor Ben Bernanke we joined by michael mckee and with him from washington, former fed governor ben bernanke who now heads the white house council of economic advisors. mike? >> thank you very much, ellen. thank you very much, chairman bernanke. alan greenspan speaking today says he worries about asset prices falling because we have been in a long period of stability and perceived low risk. do you have the same concern about what he calls euphoria in financial markets ? >> i don’t want to make a judgment about asset prices in general. he talked, for example, about house prices which have gone up quite a bit. i think to take that as an example, i think house prices are primarily reflecting strong economic fundamentals, low rates high economic growth. but looking forward, i think it’s also true that house prices can’t continue to rise at double digit rates forever. they’ll flatten out at some point. in that respect i think i’m consistent with the chairman. >> i think his basic point no matter what the investment that investors at this point aren’t pricing in enough risk. do you think that is the case, that people have gotten a little sanguine about how good the economy has been for a tphrpl of years? >> hard to generalize. you look at stock market , risk premiums there seem quite normal. p/e ratios seem quite normal. the economy has done well. it’s looking strong. i think that we’ll get over this  the effects of the terrible disaster notice gulf coast and i think by next year we’ll see stronger growth in the economy. i think the economy is doing quite well. >> you mentioned chairman greenspan’s comments on the housing market yesterday. he said that while there is some maybe froth in the housing market , froth in the mortgage markets , americans are generally well capitalized and could withstand an economic downturn and slowing in price increases. do you agree with that? >> people have a lot of equity. the other fundamentals are good. job creation and income. i don’t expect to see any really sharp breaks in the consumer spending. i think we’ll see continued growth in consumer spending. >> i know you won’t talk if you are a candidate for fed chairman. hypothetically, would you want to take over a fed short two members? it’s a clever way to ask when will you fill the empty seats on the fed. >> i don’t know when they’ll fill those seats. i don’t have the information. i’m not a part of that process. >> yesterday energy secretary bodman said expect gasoline shortages given the refinery outages in the gulf region. could see many of the refineries down for a month. what are you expecting and what, if anything, account administration do to mitigate that? >> well, rita did not appear to do lasting damage to refineries which is good news. we have four refineries damaged by katrina. it will take some months to come back. the government has been constructive in trying to improve the gasoline situation. we released crude oil from the strategic petroleum reserve. we worked to bring in more gasoline imports from abroad. we have done appropriate regulatory waivers where necessary. i think the actions together with the recovery of the private sector will bring the gasoline situation under control. i expect to see gas prices continue to fall. i think within a few months they’ll be back where they were before katrina hit. >> what about prices for winter heating? gasoline futures are up since last year. that could hit hard in the cold months, couldn’t it? >> natural gas prices are up. it reflects not so much lack of raw material but the fact that some processing plants that convert the natural gas into usable gas have been damaged by the hurricanes and it will take time to repair. there will be increase. there has been increase in those prices and they’ll increase burdens this winter. >> anything the administration is looking at to try to help with that? >> we’re consulting with the private sector. we are talking with our trading partners to do everything we can to find solutions. i think we’ll have to ask people to conserve and try not to waste energy where possible. >> we have seen all kinds of estimates for what the federal government might spend in reconstruction of the gulf region. the working figure seems to be $200 billion. that was something that bill frist just tossed out there. are you accepting that as the figure or is there some other number that the administration is working with? >> no. we don’t have a number. we have looked at the costs of some of the near term aid to see srabgees. bigger costs, important costs are in the repair of the infrastructure. we’re looking at that. it will be some time before we have reliable estimates on what those costs will be. >> a lot of people are concerned about effects on inflation of all this additional federal spending we’re talking about. do you anticipate that we’d see spending of an amount that would boost inflation? >> again, i don’t know what the spending number will be. i’m not that concerned about inflation other than the fact that energy prices are having a direct effect on headline inflation and overall inflation. i think core inflation is under good control. it’s about 2% over the last year. inflation expectations seem to be well managed, well controlled. as long as the fed stays vigilant which i’m confident they will, inflation will stay under control. >> we did see a big drop in part because of the rise in fuel prices and consumer confidence. do you think there’s any connection to the way people are going to be spending going forward? >> well, consumers got hit with a double whammy. they saw images of the disasters on television or were in the gulf themselves and gasoline spiked up after katrina. i think both of those things will pass. obviously we’ll get recovery and stablization in the gulf. gasoline prices will come down. the other fundamentals are pretty strong. income, jobs, house prices and other asset values. i don’t think we’ll see any significant break in consumer spending. i think they’ll remain vibrant as we go forward. >> thank you very much. white house economic advisor ben bernanke. thank you for joining us. back to you, ellen. >> thanks to you and to ben bernanke. we take a quick break and come back and look at how the currency market viewed alan greenspan’s kphpbts today. we find out what may lie ahead for the dollar. we’ll speak with greg anderson, foreign exchange strategist at a.b.n. amro. 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Storms in Gulf of Mexico Upending Oil Industry

The price of crude oil fell from two-week highs in New York Tuesday, after a record surge in prices Monday. The price fell on the hope that Hurricane Rita, which is expected to hit the Gulf Coast, would veer south, missing most of the Gulf regions' oil refineries. .

After AccuWeather, a private forecasting service, predicted Hurricane Rita would veer south, away from the area's major refineries, crude prices eased from more than $67 dollars a barrel.

NY Stock Exchange Dealers had feared a further setback to the U.S. energy industry once Tropical Storm, now Hurricane, Rita, hit shore.

On Tuesday, OPEC agreed to make two million extra barrels of oil a day available, in an effort to reassure markets nervous about supplies for the winter and storms along the U.S. Gulf Coast.

OPEC President, Sheik Ahmed Fahd Al Ahmed Al Sabah OPEC President Sheik Ahmed Fahd Al Ahmed Al Sabah said OPEC will do what it can to help the market.

"We believe that the two million, what we have, this is our whole extra capacity until December,” said the sheik. “We know this will increase because there is a lot of investment on-stream, but at least what we have now is ready to be in the market and I hope this will affect the prices positive(ly)."

An oil platform ripped from its mooring in the Gulf of Mexico rests by the shore in Dauphin Island, Alabama What could affect them negatively is a direct hit by Rita on the Galveston and Houston, Texas area. The extent of the damage caused by Hurricane Katrina to offshore oil platforms has become clear in the past few days. A preliminary count found 140 damaged platforms in the Gulf, more than 40 beyond repair. Oil production in the region is already off by 24 million barrels.

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5-9-29rm/million2-01-3.rm

The Millionaire Next Door Most of Dr. Bill's nonmillionaire neighbors have no household budget. They do no consumption planning. As a result, they have no restrictions on their domestic expenditures except one--the upper limits of their income. Yet these are the very types who are prone to whisper criticisms about frugal neighbors such as Dr. Bill.

Mr. Norman is an executive who lives in a $400,000 home in Dr. Bill's neighborhood. His household income last year was in excess of $150,000. But he has next to zero invested in anything other than home equity, motor vehicles, and a corporate pension plan. Mr. Norman's household has a net worth of under $200,000. Mr. Norman and his wife are each fifty years old. So are their neighbors, the used vehicle-prone shopper, Dr. Bill, and his wife. Bill earns only about half of what the Normans earn. But Bill's household has a net worth that is nine times greater than the Normans. Can this be possible?

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