Well. Crude Oil Yesterday you saw wti back up 50 dollars for the First Time Since october. Now you see wti is down close to 1 . 49. 04. Couple big stories. The news just breaking in the last half hour. Eight auto makers issuing 12 million rerecalls. And more recalls are expected to be announced in the coming days. That is one of those stories that just continues. Also g7 leaders issues a warning overnight. Saying a british vote to leave the eu would seriously threaten the world economy. In a statement the leader said a brexit would reverse the trend towards greater global trend and investment and the ensuing job creation. And that back and forth between paypal founder peter thiele and gawker ceo nick denton continuing last night with denton writing an open letter. Thiele launched a decade Long Campaign against gawker after the blog outed the founder as gay. Denton called thiele thin skinned and challenged him to a role about the denton has begun solicits bids for the sale of gawker. Looking apparently over gawkers books for the possible acquisition and were going to have the opportunity to talk all about this with the man himself nick denton at 7 30 a. M. Eastern. Give him kudos for coming in. Really good letter. Compelling. Fascinating letter. Convinced me in this sense that given the coverage that you usually do get of Silicon Valley. The absolute glowing i dont to use any untoward words but what normally an interview is in silk there is a line though. Outing someone as being gay and showing pornographic tapes. If you are going to have an organization that does things like this there are going to be times where they go too far. Shouldnt there be that is the question too. He was given the nobel prize yesterday to now im giving a pulitzer to denton. And there are you know. Im taking a hard line no i [inaudible]. Since it is going to be a subjective decision as to whether you cover it or not. You hope that the person that is in charge has is somewhat reasonable about how far to push it. You cant guarantee it but you cant game the system where you are not able to go far at certain times against people in power. You would rather instead of pulling your punches sometimes you are going to punch too hard. Other cases there are people who wouldnt have the funds toe stand occupy a gawker to take on the fight. Your position of power very smart there is a high electrophi level of snark. Tattler is a damn good name for a magazine. And remember he ends up doing gown naflaming in. Wheelchair. They feed on scavengers but by cleaning all the rotting flesh it helps with the decomposition. And it is not a pleasant thing to watch or to do. I dont know where im but i will because [ inaudible ]. Arent we . You have got to leave it alone. You may go too far but it is better than not going far enough. I do think when and if something goes too far there is potential redress in courts. I dont think there is something wrong with that. The question is well healed and how that how would work but were going talk to nick denton about in in little over an hour. Snarky. A skill weve developed well around here too. Yeah. Donald trump marked the moment by offering to debate not Hillary Clinton but rather her primary opponent Bernie Sanders. As long as she can get 10 million to go to charity. And ive head one of our guys wrote a good piece why trump would do this. If you have a huge media event and not i also heard him relishing the idea saying he would love to take on Bernie Sanders. And you could see him being kind of sympathetic and saying you have made a lot of good points on hiry. And where does hillary does [inaudible]. Why do if it if hes not going attack her . And then for me, im not going to endorse a candidate, ever. But when i saw him celebrating with mcdonalds fries and a diet coke i came very close to say im throwing my weight behind this guy. True american. All he needed was hes got the coke. Hes got the mcdonalds. Just finish it off with an apple pie and a hot dog. Those people were fired up. That is one of his states i think. Energy rich north dakota. Did you watch any . People are fired up. He gets people going and he is pretty funny about some of his enemies. Hes pretty funny. Thats what i said earlier. We still need to be politically correct but there are a few openings here and there now yeah, right. Outlining his planzs for Energy Industry he said he would approve the keystone xl pipeline reverse obamas decision. And said he would cut regulations to make oil and comments are in sharp contrast with Hillary Clinton and Bernie Sanders both support a return towards Renewable Energy sources. Its both. Well they switched to Climate Change. I think Climate Change is better. You know, certainly not falsif falsifiab falsifiable. And democratic Hillary Clinton is responded to a government watchdogs finding that she broke government rules when she used a private email server. This is what she said to a press Pool Reporter yesterday. This report makes clear that personal email use was the practice for other secretaries of state. And i know that because it is well known. It is pointed out in the report. But it was still a mistake. And as ive said many times if i could go back i would do it differently. I know people have concerns about this. I understand that. But i think voters are going to be looking at the full picture of what i have to offer. My life and my service and the full threat that donald trump offers our country. Clinton said that the fbi even at this point has not scheduled an interview with her and shes hopeful that the investigation will soon be concluded. And finally martin shkreli. Is making it known who he plans to vote for in november. Throwing his support behind donald trump. You might think trump would go no no. But some would say bring it on. In a tweet last night shkreli says i havent been called by the trump camp but i support him versus hillary. Adding that he should pick an experienced oh good here is some advice in martin. No response from trump yet who has previously called shkreli a spoiled brat. Im not sure that trump would embrace this endorsement. Someone has a poll of whos going to be Vice President and i looked to see whether they had any inside knowledge and they dont. They are talking to expert about who and they rank them as if they know something. Foggy follow yeah. Who was your pick . I dont know. Kind of boring but ohio is a good state. He wants somebody who does understand washington. But partman said he wont. Corker. Knows his way around. He would look really short next to donald. We would. I think donald is like 63. The irony is donald would actually think about that as an issue. Hes smart enough to think about. This day and age things like that dont matter. No i think they do. I think donald trump would think about that. And i think others might not. Does it apply with a man against woman. There is historic precedent for height and. Height and height and width. Height. Height. Height, hiekt. The futures are looking up this morning. Dow futures up 0. Lets look at whats been happening with the 10 years because of course all these questions circulating about what the fed will do. We saw those data numbers that came out at 8 30 yesterday that were pretty decent numbers and all of a sudden people were thinking maybe it was more likely once again that june is in play. You can see the 10 year note is yielding 1. 825 percent. In terms of the dollar lets check out currencies and you will see the dollars up against the euro. Dollars down against the yen at 109. 66 and gold prices down slightly by less than 2. Crude oil back below 50 a barrel this morning. We had another analyst on we dont go right to 60 at this point. Do we think we test 40 and even below that. Were at the critical junction right now. The high back in october was 50 minneso 50. 92. So if we get a failure here we would have a double top on the chart from a long distance. Like i said were at a critical juncture. So technically yeah i think we could go back down. Cologne, sneezing i dont have any cologne. Do you use soap . Yeah. Wait a minute. Youre complaining he uses soap. No joe namath stuff. Brut joemt so the funds have moved up with the move back to 50. The drop in u. S. Production, were down 800,000 barrels now from last year. Its been a heck of a fall and theres been heck of an aband abandonment of shale plays in the u. S. There were counts that have zero. And you have done good jobs f covering things that have brought this down. I think some of the excitement around the rally recently has been some of the trouble in nigeria in particular which is curious to me. Because the market didnt even need those barrels am times last year. There were scores of their tankers sitting on the open seas going nowhere because there were no no buyers for it and the other thing i worry about is the asian economy because they are key to the demand argument you hear about. And china is in the process of doing to the global arefining industry what they have done to the steel. They ever producing 150 of their daily needs. And they are a net exporter. A net exporter of diesel fuel in particular that has also been causing a glut in the asian markets. Yesterday you mentioned north dakota. New york times take is more drilling in few rules. He disappointed me though. I thought he was going to promise to get saudi arabia to pay us to take their oil. You know . Negative Interest Rate environment, maybe they should. When everything is upside down. With the wall. And there is appeal to the notion of the United States being Energy Independent and not shipping billions of dollars to the middle east year after year after year. Is that possible . Id argue that from a north American Perspective we are Energy Independent. Would be. Not at all. But as far as opening up new federal lands i dont know if the obama industry didnt do a favor by holding back some production. Prices have gone even lower if we had more production online from federal lands. Administration gets criticism for not having Energy Policy it. Did produce 26 oil a few mon moments there. It is the industry. They repurpose technology to do a wondrous thing. And the other thing you will hear talk now in the political season from both sides how we havent built a new refinery in decades. The fact of the matter is weve expanded the ones weve had tremendously over the past several years so another reason why at times we get oversupplied and why gasoline inventories are highest levels in years. Crude oil still 80 year high inventories and and diesel fuel a enough of a cushion right now that nothing bad should happen and of course too we are exporting more and more amount os of fuel. Whether crude oil nor or more and more national gas. We are the Number One Oil producer in the world now. More than saudi arabia. More than russia. We have a lot going for us in this sector. 50 or that area holds in terms of crude what mahas the industry been doing . Has it given a real reprieve to the industry . Obviously market has celebrated this idea that no one is any longer on death row in terms of bankruptcy. Weve already seen hedging in the market back when we crossed to about 40. And i hope they will be taking advantage of this new price level and i hope it will save the bacon of a tear of companies that would have gone under for sure, mike. I think the other thing is it is not like when these companies go bankrupt the stuff is still there. The infrastructure is still there it is just someone is going to pick it up on pennies on the dollar and still be able to use would th. Would that be the way to do it is this. You dont want to lose the wildcat spirit. We need that money. We need that capital and we need those jobs to be created so you wouldnt want to ruin a thing like we saw in 199 when i was in this business and those are the more traditional wells that got capped, filled with cement, never to return again. That is different celtal of fish. Next Going Forward with the highers price is weve talked about the drilled uncompleted wells that tlz there are several hundred thousand barrels of the production just sitting and waiting. Does the weekly numbers out of the government show an up tick in production back over say 8 Million Barrels a day as we go forward here. Does this price recovery regenerate that. But for sure the industry was facing ruin below 26. Also that was scaring the daylights out of the fed this low price. I would argue it was good and low gas we were laughing to the pump. This is going to stabilize things and hopefully get them back on track. Have a great weekend. Have a great weekend and rest of the summer. Were not well im just so excited that its here. G7 leaders gathered in japan. President obama making an historic visit to hiroshima. Akiko fujita has more on the story and joins us. Good morning to you. Well this was certainly an emotional moment for the 180,000 atomic bomb survivors who are still alive. Seeing a sitting u. S. President visit that very site where the u. S. Dropped an atomic bomb 71 years ago killing 141,000 people. He didnt offer an apology but he did talk about the larger vision for a Nuclear Free World saying specifically we have a shared responsibility to look directly into the eye of history. In the image of a Mushroom Cloud that rose into these skies, we are most starkly reminded of humanitys core contradiction, how the very spark that maps us as a species, our thought, imagination, language, tool making, our ability to set ourselves apart from nature and bend it to our will. Those very things also give us the capacity for unmatched destruction. The president spoke with some atomic bomb survivors shortly after the speech. This was a speech carried out live across all networks here in japan. It wasnt without controversy. Japans neighbors, china and south korea criticizing Prime Minister abe for politicizing this visit, as they have failed to confront according to china and south korea, as japan has failed to confront their own atrocities committed during the war. This also at a time when there is increasing unease here in japan about the direction that the Abe Administration is going in. Specifically pushing aggressively to roll back that pacifist clause in the constitution to the Japanese Military can take a more active role. Akiko, thank you. Coming up a new government report linking cell phones to cons ner lab rats. Plus a tie at the National Spelling bee. Well show you the winning words after the break. Skons business. G big for small youll never get charged data overages, ever. Get your own 24 7 dedicated business account team. And with double the lte coverage in the last year you can get more done in more places. Right now get 2 lines with 10 gigs each for just a 100 bucks. And for a limited time get a hot spot free, yeah free. Switch your business to tmobile work today. Welcome back to squawk box. Were in the chairs for a closer rook at some of the buzz stories of the morning joseph. No. Were not . I want to talk about santoli. Hes over there. He hears you. The three of us. Hes listening. The keeps i love mike. I do too. Were on tv. Its okay. And mikes right over there. But we cant go to the chairs. We only have three chairs. Im leashed rights here. This is unbelievable i looked at him. He was like this. Like watching us. Put us back in split screen so mike can play. There. Mike i apologize. And if you have any comments on anything we want to hear what you have to say on this stuff, okay . There is not a fourth chair. Join the conversation. You can come over and you can sit right here. Not like least not camera friendly. Look at that guy. Im tett erred here. Sorry. At the time this is the spelling bee. 11yearold and a 13yearold outspelled field to win. The Third Straight year cochampions have been declared. The winning words. Here we go. Feldenkrais. And the next word. Gesellschaft. And the other word. Type of social relationship in this new world. Gue guess. Do you want to throw in a challenge . Spell albuquerque. Ooh that is tough. Albuquerqlbuquerqu albuquerque. Where are the sounds effects . We need a ding ding. Why is it a tie . Do they run out of words . You go through so many words. The kids are that smart. You cant stump them. They gave them hearter words trying to make them a single winner because its been double winners three times in a row. I agree keep going until someone drew screws up. But a tie. 11yearold and a 13yearold spelled words we never heard of. Like meet the parents. Remember ben stillers trophies. Hes 13th. 9th place finish here and they got them all. These kids deserve it. Oh youre so nice. One kid. Id give it to both. Why cut it off at two. Alarming news to report at super bugs. Doctors say they have found evidence of a bacteria that is resistant to the type of antibiotics used as the last resort. Researchers have been keeping watch for these type of bacteria by analyzing samples found in patients. They found an resistant strain of e. Coli. It is resistant to the drug colistin. Now the centers for Disease Control is investigating how the woman may have contracting the bacteria in the United States. Antibiotic resistance has been blamed for at least 2 million illnesses and 23,000 deaths annually. I guarantee we can find another way to kill bacteria, but then you got to make it. This is we got to start. And need to stop using antibiotics on such regular scoreses. And me and my zpack addiction. Im not addicted but maybe once or twice a year ill take the zpack. Invariably you get a infection of some sort. I know everybody is taking them for cold body naturally gets over it. Couldnt have been Washington State or something . It was pennsylvania . Right here. I believe and prove me wrong. I believe that borders new jersey in certain parts. Im not going say for sure. No it does. Did you know that . You pr