Seniors anymore. Well have simple tricks so you never pay full price again. All that and more on the willis report, where consumers are our business. And tonight, it is a crackdown on fracking. For the first time the Obama Administration imposing tough restrictions on hydraulic fracturing. The new rules for federal lands. Analysts see the government expanding the rules to cover private land as well where the recent Energy Revolution in this country was born. Combined with obamas war on coal, the Obama Administration is determined to undermine our energy boom. Rich edson has the story. Rich . Good evening gerri. Opponents like john boehner say rules are appeasement to radical environmentalists. Opponents say they are a gift to the gas and oil industry. The Obama Administration regulating companies producing natural gas. The guidelines require Energy Companies to build wells with concrete barriers disclose the chemicals they use to extract natural gas and adhere to standards for waste water. The cost amounts to one quarter of 1 of the cost of drilling a well. The Petroleum Industry says State Government regulations instead of federal rules are more appropriate. Throughout the country, happening in a very protective way of the environment. So an effort like this is trying to create a one size fits all solution, when in fact we have variability from state to state and have state regulators doing a good job. Reporter and opposition on the other side the top democratic on the House Natural Resources Committee said in a statement, quote gerri . Gerri all right rich, when does this all go down . When do the rules take effect . These rules take effect in about three months. The Administration Says they took four years and two drafts before issuing their final rule this morning gerri rich thanks for that. Years in the making, what do the new rules mean for the economy. Steve moore, heritage foundations chief economist and Fox News Contributor joins us now. Welcome back to the show. This is a critically important part of this recovery what is the impact of the new rules on the economy . Well, gerri, the timing couldnt possibly be worse for the oil and gas industry. With the price so low a lot of the shale oil and Gas Producers are really downsizing operations because gas i think, oil the last time i checked was 45 a barrel. This is hurting the industry in the time theyre not making much profit to begin with. You nailed it gerri. This is an industry that carried the rest of the economy on its shoulders for the last six years. There would be almost no recovery at all had it not been for the huge increase in Oil Production and the hundreds of jobs created. Oil industry is saying we helped obama get reelected with the huge increase in output and this is the way he repays us. Gerri now the biggest oil produce or the planet and the biggest natural gas producer. Keep in mind, lower gas prices, who does it advantage . People who dont have a lot of money. The poor are advantaged by this. You are exactly right. There was a new study out by the brickings institution, hardly a conservative group the average family saved 200 a year because of fracking just from the lower utility costs, gerri. When you add the lower costs at the pump talking 500 600 a family of savings. A big economic stimulus no question about it. Gerri one of the few effective once. This is a test case that probably goes to private lands as well as expectation in the industry that these ideas get extended beyond public lands. Mitch mcconnell, steve i want you to respond to this hes trying to fight the war on coal and bringing the nations governors in because they have so much at stake in the war on coal, will he be successful . I live in a coal state, i live in virginia and been to the coalmining towns and theyve been decimated by the epa regulations. There is a war on coal no, question about it in the administration, and a lot of the coal producers are struggling they have dramatically cleaned up, and clean coal is here. Much cleaner than it was 20 years ago. Gerri thats right. Coal miners granddaughter, you know which side of the coin im on just full disclosure. This week talking about the war the epa is waging on the average americans talking about getting in your backyard with your barbecue and trying to regulate how much barbecue you are doing, and the length of showers. Is the epa really out of control here . Weve seen this over the last, not just under the Obama Administration but before that with the epa regulating lightbulbs, flush toilets and how much water you use in the shower and how much gas you use in the barbecue. I would say that is invasive. What about keeping the government out of the board room, the bedroom and the barbecue. Gerri steve hang time. Were going to bring in cheryl casone. Important news on the housing market. Looking at the new report that came out from zillow gerri. Its troubling, believe it or not for the first time in three years with the housing recovery, the bottom 10 of home owners are starting to become more and more underwater. Underwater is where your house is worth less than the mortgage is. You are under water. You want to sell it you are losing money. 16. 9 , that is the national number. The amount americans that are underwater, if you look at a map of the United States as well, and take that next, if you look at cities its a bit of a surprise i thought there was this is the amount of homes in each of the cities under water. Detroit 21 chicago 25 . Exactly. Phoenix surprising, im from there seeing a resurgence there. It is amazing whats happening in the cities. Gerri i got to tell you, im shocked by the map. And the cities youre pointing out here. I dont get why this is happening, Interest Rates at low lows for six years now, its not paying off in the housing market. Whats happening is the bottom level of home owner is one of the lower groups of wage earners in this country. We had not seen wage growth at all. Job creation the Unemployment Rate go down were Getting Service sector jobs. The companies arent paying those bigger salaries. The middle class is become the lower class and thats the value of the homes. I will say that the chief economist at zillow said this is the new normal. Why does he say that . Because prices went up about 6 . 5. 9 in 2014 on a National Level for homes, right . A lot of ha was in the upper echelon. Think of the condos. Gerri never getting back. All the big old condos those prices are going up buts lower homes, thats where the issue is. And its troubling for the economy. Gerri thanks for coming in for that important story. Thats a big story. Thank you nar. Steve moore, want to bring you in here, what is your reaction to this . I am stunned at some of the numbers im seeing . I think cheryl nailed it in her analysis. Look at the foreclosures that happened in 2006 and 7 and 8 and 9 that was the result of homes being reduced in value, so people were under, they only had 3 or 4 down payment loans. When home lost 10 of the value, they were underwater. They couldnt pay it. This is whats strange about the story. You expect foreclosures to be falling, and yet i think the explanation is what cheryl said, incomes are not rising fast enough for people to make mortgage payments. Thats the worst scenario of all. Gerri the president likes to talk about root causes, talk about the root causes of whats wrong with the economy. Its not growing. Not reducing mortgage down payment to 3 , thats not going to help. Not keeping rates at zero for 10 years, thats not going to help. Have to have a better economy. Steve got to get you on one other topic. One quick thing on this. The 3 down payment loans they increased the number of these foreclosures because people dont have skin in the game. I hate that policy. Go back to 10 and 20 down payment and you wont have foreclosures. Gerri then have you enough money to stick around. Education for a second, we covered the story extensively this week. University of california president Janet Napolitano offmic comment commenting about students who were protesting tuition hikes in california. At very colleges shes running 5 hikes every year ad infinitum. She said i dont have to take this crap. Shes apologized for this. But people are angry and now on twitter and everywhere youre seeing comments about how shes paid 570,000. Giving out 147,000 package to relocate. I know its that kind of person at that level, you have to pay a lot of money. Look, its going to get ugly if the students cant get educations they can afford. Look i think that the villains in the store ear people like Janet Napolitano. Not because of what she said to the protesters because her job is to make college affordable. And it is an outrage. I said this so many times on the show. The biggest scam in america is how much universities are charging. The public universities and also private universities are out of control. They are not accountable. You need College President s who are going to come in, look under the hood. Figure out to save money. I truly believe if Janet Napolitano looked around she could find ways to cut expenditures of that University System 30 or 40 without any dimunition in the quality of the education, im convinced of that. Gerri we talked to Mitch Daniels of purdue, hes sliced all kinds of costens anded annual tuition hikes and said were not doing it anymore. I have an idea how can you cut costs significantly. Ask the average tenure professor to add one more class theyre teaching each professor. That would save millions for the universities, but the University Professors will never go for that. The average University Professor is teaching four hours a week. Gerri golden hand cuffs. The teachers assistants do all the heavy lifting. Theyre getting pay the 150 to 200,000. I want one of those jobs. Gerri its a nice way of life. Steve thank you. Okay. Gerri still a lot more to come this hour, including a legal debate whether Confederate Flags should be allowed on license plates. Next, colleges are forced to cut tuition to get students in the seats. One law school is taking tuition cuts to a whole new level. Stay with us. under loud music this is the place. Their beard salve is made from sustainable tea tree oil and kale. You, my friend, recognize when a trend has reached critical mass. Yes, when others focus on one thing you see whats coming next. You see opportunity. Thats what a type e does. And so it begins. With e trades investing insights center, you can spot trends before they become trendy. E trade. Opportunity is everywhere. Gerri a fascinating new trend happening at law schools across the country. Fewer people are seeking a degree in the field. The number of applicants plung from 87,000 to 54,000 last year. Pace universities law school is launching what they call a tuition matching Program Designed to attract the most cost conscious applicants. The dean for pace law school, david laski. Thanks for being on the show. Appreciate it. Tell us about the program. In its tuition matching. If im not getting my tuition matched at your school, how much am i pay . Our tuition is 46,000 a year. Gerri wow its a good investment. When you buy a home you take a 30year mortgage because youre using that home for lifetime. Same with education, it increases earning power for the rest of your working life. Gerri at 45,000 people are not going to apply. Thats why weve launched this program. What were saying as pace has increased National Profile and drawing more applicants from around the country were saying the students coming from outside the new york area come take a look at new york. A lot of Prospective Students are intimidated by the cost of living in new york city. We want them to understand you can get a top quality education in the heart of the worlds biggest marketplace, new york city, at an affordable price. Gerri what youre saying is youre going to match a public law school tuition. Youre going to allow them to pay whatever the lowest Public School tuition is in their state. Take a looked at numbers. I think its fascinating. In 2,000, 11,000 a year to go to public law school 2. 2,000 in 2013. Private law school, 41,000. You arent that much out of bounds with whats going on out there. In 2003, it was 25000. Those numbers are shocking. Why is it so. The tech boom is attracting people into the entrepreneurial businesses and thats not a bad thing thats a good thing, but still, a law degree is about the most flexible training you can get for a whole broad variety of careers. Gerri and quickly before you go, is anybody eligible for this . How has it changed . Students with high credibles you know high test scores and gpas. Gerri you still have to be eligible. You do. We know the students are looking at state supported schools with lower tuitions. Gerri you want to be competitive trying to be competitive. You got to change with the marketplace. Gerri thanks so much for coming on the show. Appreciate it. Later on the show, bust a myth a money myth about the Senior Citizen discount. And chances are brackets busted after a day of upsets a looked at cinderella stories in the making after the break. The real question that needs to be asked is what is it that we can do that is impactful . 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Yesterday was about the father and the son steve alford, his son had nine threepointers and georgia state, what a story when you look at a father and son who won and advanced. Rj hunter gerri were watching that video, and didnt dad strain his achilles heel here, it was amazing what happened. I think peel were just in love with watching the fatherson dynamic. Legacies happen. There is the dad on the ground right there. I hope hes going to be okay. He ruptured his achilles he was on the stool and almost fell off and fell off it again. It was exciting he talked about his son and wished every father and son could experience what he experienced yesterday. Gerri i have to tell you, i hope that you realized unc beat harvard. You didnt take me seriously last time, now you have to pay attention. They had to hold on to win the game. If it were two or three minutes they would have a tough time. Gerri it was a one point difference. Talk about kentucky theyre your favorite. How are they doing . They did not look good. Played hampton in the first round. If they came out playing a really good team they would have been in trouble. They were sluggish didnt look on the same page. Took about 12, 14 minutes to get into the game. Im sure their head coach John Calipari is going use that for motivation as they get to cincinnati. Kentucky should cruise to the final four where they face wisconsin or arizona. Gerri doesnt that tell you how unpredictable this tournament really is. You cant see around the corner, think you know who the Strongest Team is it gets down to the game. You got to win it . Definitely. The underdogs yesterday from a vegas perspective were 164 covering the spread. A lot of people in vegas who wanted to pict underdog had a pretty good day. Gerri its the favorites in the first two rounds until we get to the sweet 16 and the elite 8. Couple of upsets yesterday gave cbs huge ratings. Off to a pretty good start with the tournament. All the big boys are still left. The one and two seeds are alive. Thats going to make the tournament more exciting. Gerri give me a preview what am i going to be looking at, watch for . Looking for kentucky if they bounce back and look better in the second game. Have you duke a one seed and wisconsin. Gerri a lot of the country relations that wisconsin is the type of team that could beat arizona later on or possibly beat kentucky. So watch that wisconsin game to see if frank the tank their big guy can have a big game and they get off to a good start and build momentum. Gerri ill be pulling for the wrong team duke. Ill be pulling for north carolina. You see i have a theme. Jt, thanks. Tonight on strange inheritance