tv Varney Company FOX Business March 8, 2022 9:00am-12:00pm EST
125, that is up 5.25%, stocks are mostly higher although well off of the highs of the morning. that'll do it for us, dagen mcdowell, james freeman, great to have you both thank you so much for a great show. the news continues as we see nickel topping $100,000 a ton, and markets on the move in the face of day 13 of this war. "varney" & company begins right now, stu take it away. stuart: yeah what a day good morning, maria and good morning, everyone. have we got a headline for it a new all-time high for the price of gasoline, $4.17 is the national average for regular , we've never paid more. it'll cost the average family an extra $2,000 a year. diesel has gone up to $4.75 a gallon, just a few cents short of its record high. this is energy price inflation and it will ripple through the entire economy. the price of oil going up some more, we're now at $125 a barrel
now here's the backdrop to that. a bill arrives in congress today to end all russian exports of oil to the united states. big picture, supply down, price up. also, the europeans will drastically cut the nat gas they take from russia. the russians have responded that , with a threat to cut the gas flow into europe and the nord stream 1 pipeline. president biden, he will outline his energy, his plan to tackle energy price inflation at 10:45 eastern this morning. we'll take it live. in ukraine, civilians are suffer ing the horrors of cities under siege. ukrainian fighters have stalled the latest russian advance, it is day 13 of the war, and they are still holding on. president zelenskyy addressed his nation from his own office, so the russians know where he is , zelenskyy remains defiant. according to the united nations there are now more than 2 million refugees fleeing ukraine.
investors fled the market monday , not much of a comeback so far this morning. the dow is up 22 points, but the s&p is down and the nasdaq is down another 45 points. that's as the state of play right now. interest rates, back above the 1.8% level we're at 184 right now, and bitcoin, the current price is $38,000 per coin, i should say, let me sum this up. inflation is taking off, the war grinds on, and you are waking up up to a full blown energy crisis tuesday, march 8, 2022, "varney" & company is about to begin. i've got to say this is the financial story of the week, we're talking energy price inflation. you will see it when you go past a gas station this morning. i'll repeat, $4.17 is the
average for regular up $0.11 from yesterday, up $0.55 from a week ago. this will cost the average family $2,000 per year. california is waking up to 5.44 a gallon and remember, that is regular. it's not premium. 5.44 on average. diesel now averages 4.75 a gallon and that is up $0.74 in a week. lauren simonetti with me. all right we'll hear from president biden at 10:45 this morning this is about banning russian energy coming to america. lauren: it looks like that's what the president is set to announce to hold russia accountable and he said to act alone so in consultation with our european allies, but they wouldn't be joining us in this ban. bipartisan, bye-byecameral ban, oil prices up 4% it's the pain that it creates how bad does it get you said $2,000 is the added cost energy bills this year. stuart: just energy. lauren: add 1 know us to that for inflation overall, $3,000
more in bills not a good look for democrats come december, come november in the mid-terms. we keep hearing from press secretary jen psaki about these 9,000 existing federal leases. you know what? every time there's a lease sale because blm is required to do them every couple of months an environmental group sues. stuart: right. lauren: so there is the lease sales but theophano take years to actually come to fruition so the administration president biden also needs to announce something they can do right now in addition to banning oil to get us more oil. the issue with whatever they do, whether it's something like speeding up the permit process, or constructing more natural gas terminals for exporting, it needs to be done quickly. stuart: i believe that speeding up the permitting process is part of the bill which goes to the house this morning. lauren: we'll find out at 10:45. stuart: indeed, right. now let's bring in steveer shork , our oil export of the day. steven, we ban russian oil
imports, crude goes to $125 a barrel does it eventually and quickly go to 150? >> yes, at this point. we're assigning, stuart, a 16% probability that by june, we be at $150 a barrel so what does that mean to the driver? it means that when we factor in the normal correlation plus the rollover to summer gasoline looking at a national average of 5.02 to $5.20. why is that number important? because it's the real all-time record from 2008 that is to say adjusted for inflation and of course we know what happened shortly during 2008. now, with regard to the ban on russian imports, if you live in the metro new york, boston, philadelphia area, and you're planning to take vacation this summer and fly, you better book your airline tickets today, because the monroe refinery here in south philly is the most important refinery. it is the only refinery that can blend jet fuel in quantity, and
monroe refinery is the largest buyer in the united states of russian oil, so you ban that oil , monroe will have to go out into the market and buy source oil from other places, and that means the cost to blend jet fuel is higher and that means the cost of airline tickets this summer are going to sky rocket. stuart: what do you make of this , steven. the president is working with venezuela and iran so they produce more oil to put it on the world market. what do you make of that? >> pathetic. this is an administration that would rather talk to terrorists than texans. we have yet to see any sort of olive branch thrown out to domestic production. the president in the state of the union address just came up with these lame path with regard to renewables. he had no solution, and now, what we're doing is we looked at his speech, by the way, that was one hour long, nearly 7,000 words long, never mentioned domestic crude oil and natural gas production. rather go out and i don't know, stuart, you tell me, is iranian
and venezuelan oil that much better for the environment than the oil patch here in the united states? stuart: no, it's not. we'll wait for 10:45 this morning to find out what the president proposes, that's when he addresses the nation, 10 :45 this morning, steven schor k, thanks very much indeed, sir. lauren: after the president addresses the nation he's headed to texas. why? no, he's not talking about drill , get us more oil. he's talking about veterans healthcare issues isn't that amazing? stuart: it is. very different isn't it? the white house is completing the keystone pipeline would not slow rising gas prices. watch this. >> would president biden ever undo the executive order that stops the construction of the keystone xl pipeline? >> are you suggesting that would solve the gas prices issue reporter: well you think that that would maybe affect prices faster than getting the whole country off of fossil fuels? >> i actually don't think it would. stuart: okay, well it's a
difference of opinion right there isn't it? governor mike huckabee joins us this tuesday morning. governor, banning russian oil, and that's i believe the proposal this morning, that is not going to lower the price of gas, is it? >> no, it has nothing to do with lowering the price of gasoline, but what it will do is send a message to russia. what we need to do is send a message to the world that we have an enormous level of oil & gas under our own feet in the united states. we have more than russia. that's the thing people don't understand. if you just look at what they have in texas, the permian, the eagle ford and the barnette shell play in north dakota, you've got the bakken shell play my gosh in arkansas we have the fayetteville shell play there are vast amounts of oil & gas but the federal government because they are so hell bent on having green energy that we're not ready for and we don't have the technology to fully use it,
instead of that we could be enjoying very low energy prices and actually exporting energy to the rest of the world instead of having to beg opec and other countries to please give us some stuart: on that note, while we face record high gas prices, vice president harris is pushing green energy as the solution. governor, just watch this for a minute. roll it. >> we are all in the midst of a turning point. we have the technology to transition to a zero emission fleet. we can address the climate crisis and grow our economy at the same time. stuart: you know, governor, it occurs to me that we are paying a very high price for green energy dreams. what say you? >> well, you're, as always, stu , you're exactly right. of course you are, but no, in all seriousness, when she says stuff like that, first of all you would think that the biggest
crisis on planet earth today is the climate, which you know, in and of itself, may o r may not be a big crisis at some point, but i've lived enough life as have you to know that we go through every 10 years, a new climate crisis. it's going to get cold. no it's going to get warm. no the ozone layer will evaporate and we're all going to turn into pop tarts. every 10 years, we have some new crisis and the next thing you know, if we don't do something right now, we're all going to die, and so the truth is technology is always advancing. we're doing better, we're living with cleaner energy than we have even our use of fossil fuels is cleaner than its ever been, and it's more efficient than its ever been, and we can get to a place where it be wonderful to have sustainable green energy, but we're not there yet, and
when elon musk, who has made a fortune on electric cars says we ought to be drilling our own oil , i wish somebody would listen to him. my gosh, i wish elon musk would run for president for heaven sakes. stuart: [laughter] i hear you, governor. i hear you. i wish he would come on the show and we could do a good interview great stuff, see you again real soon. thank you, sir. let's take a look at futures. remember, please, yesterday the market really did sell-off big time. the dow was down nearly 800 points, the nasdaq was down 450 or something like that, 480 i think it was. look at that. that's no bounce-back. in fact we're going further south on the nasdaq at the opening bell. we also have the cdc director says hey, don't shred those masks just yet roll tape. >> i would say put your masks in a drawer, anticipate you may need them again, and hope that we don't. people are going to welcome that stuart: well folks, you will need them if you are under five
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trey yingst is in kyiv. i understand, trey, that a russian air strike on the city of suni, left civilians and children dead, what more do we know about this? reporter: yes, stuart really disturbing news according to local reports russian air strike s overnight killed at least 20 people including children, in the northern ukrainian city of sumi. this is an area where people were trying to evacuate over the past 48 hours. it's very close to the russian border, and has been targeted by the air and ground a number of times by russian forces, as those evacuations continued to, we do have new images just west of the capitol of kyiv from zoltamir, where an oil depot was hit with a russian strike another example of the russians targeting ukrainian energy infrastructure. this is significant as we get more videos of russian forces across this country, operating from the ground and the air, these russian helicopters here new video, but it gives you a sense of the air power, the russians have brought into this country, and it's part of the reason the ukrainians are
asking for so much support in the form of surface to air missiles. the ukrainian president zelenskyy as you said today is doubling down overnight. he gave away his location to the russians and had this to say. >> i stay here in kyiv at banco va street, i don't hide and i'm not afraid of anyone. i will stay here as long as it's necessary to win in our patriotic war. reporter: this morning zelenskyy had another message for the ukrainian people, simply saying, we will overcome. stuart? stuart: trey we hear you thanks very much indeed. it's day 13 of the invasion. ukrainians appear to be holding out. dan hoffman is with us, he's a former cia station chief who served in moscow. dan, this maybe sounds like a strange question but are the russians taking something of a beating here? >> yeah, they are. they were supposed to win and they were supposed to win fairly quickly, but they've been bogged
down due to poor planning and logistics but most of all the stiff and i would say unexpected at least must have been unexpected to vladimir putin ukrainian resistance. president zelenskyy is demonstrating extraordinary leadership. nothing could be more clear to me watching vladimir putin 25 meters away from his national security council team. compare that to president zelenskyy hugging his minister of defense, and right there, in kyiv, in his office, inspiring ukrainians to grab those javelin s and stingers and fight the russian barbaric invasion with everything they've got. he's also, zelenskyy, is mobilized the international community in ways i think vladimir putin never expected. stuart: dan, can you update us on those jets supposedly in poland, ukrainian pilots going to fly from poland and use them in ukraine? we heard a lot about it. we've not seen them. can you update on what's going on with that?
>> we sure did. you know, i've been tracking that one closely. united states has approved that plan, and what poland wants is to be back-filled. they want f-16s at least it looks like it's still in progress, but you know, times wasting here, and there hasn't been any update. i'm kind of hoping that if the next press briefing with white house press spokesperson jen psaki that maybe our own fox news peter doosey can ask that question because the ukrainians desperately need this assistance the russians are using their artillery as well as their air attacks to defer as tate ukraine's infrastructure, but they are targeting ukrainian's innocent civilians and that needs to stop. stuart: i read a magazine called "the economist" which is fairly powerful magazine, and they say they are suggesting that the cia get in touch with the russian generals who run russia's nuclear forces. keep in touch with them.
see what they're up to. make them realize that we're watching what you're doing. is that the kind of thing that the cia does at moments like this? >> it's more of a responsibility for the department of defense and the department of defense maintains regular communication with the russians at all sorts of levels at an official level. it's not something you want to do in a covert way, which is of course the essence of what cia does. to tell you from my experience at cia, our mission is recruit, spy, steal secrets no more important right now than to collect tactical intelligence on russian military plans and intentions, indications of warnings of threats to president zelenskyy so we can help his security team detect those threats and preempt them before they materialize and strategic intelligence on vladimir putin and how he sees the war going but as far as communication and work with russian military, there's deconfliction going on right now , its got to happen at the official level from dod directly
to the russians. stuart: dan hoffman, you know what you're talking about and we appreciate you being here. thanks so much, dan, see you again. >> thanks a lot. stuart: the u.s. is sending more troops to europe, lauren do you know how many we're sending where are they going? lauren: it's 500 and going on the eastern flank, so they aren't going to enter ukraine but the u.s. is also sending kc- 135, aerial refueling tankers and they are sending those to greece. the added support to stop putin 's 13-day advance into ukraine and perhaps beyond, so they are giving them some air power if you will. stuart: i wonder if the re fueling tankers so those jets can get from poland and operate in ukraine. fascinating all in the background. you never know what's going on. check futures, please. dow is up about 60, was down nearly 800 yesterday, the nasdaq continues a small decline this morning, after a big drop yesterday. the opening bell is next and we'll take you there.
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morning. that was a huge sell-off yesterday. was it the kind of capitulation selling that says this is the bottom? >> possibly, stuart i'll tell you, it is really a technically driven market in absence of clear fundamentals it's all about technicals driving this market we've talked about a level 4225 on on the s&p 500 we broke that yesterday closed below that so again, today is very important. we need to see a nice, healthy bounce this morning for the s&p if we don't see it, if it breaks down, we close again below that 4,200 level look out. 3,800, 3,900 are the next levels on the s&p, so it's not out of the question the bottom is in that if we don't hold these levels today. stuart: is this really all about technicals? we've got record high gas prices , we've got inflation running crazy high, and the possibility of a recession. it's not technical, surely it's the fundamentals of how much money these companies are going
to make. >> well stuart if it was just me and you trading in front of our computers it be about the tech any companies the problem is you have a lot of algorithms and hedge funds they have it set to trade around these technicals so i'd say the reason that got us here was about the fundamentals, it was about russia, it's about ukraine , about the fed, but in the moment, where the markets heading in the short-term, stuart it is all about the technicals right now. stuart: walk away from the technicals and answer this question. do you see a recession coming this year? >> stuart you know i am as bull ish on the american economy as anyone on your show. this is the first time where i think we actually could see a slowdown, it could p ha in the fourth quarter of this year, so i'm not ruling out a recession this year. i hate to even say that but the reality is it's the numbers and the numbers show we could see two quarters of slowing growth, relative to last couple quarters so it's very realistic we could see a short-term recession at the end of this year. stuart: so i just don't see how the market can rally substantially from here on out, if there is even remote chance of a recession at the end of the year. >> yeah, so we've changed our
outlook a little bit on where we think markets will end at the end of the year. i think this is a lot to do with what's oil going to do we're talking about the price of oil, i'm not as concerned about the price of oil today as i am about the duration of oil. if we get into the summer months , stuart and oil is still staying stubbornly high above $100 a barrel that the could push the probability up for a recession if food prices like wheat and corn and soybeans stay high that pushes the needle towards recession so again it's not good we're seeing it but it's the duration that matters. stuart: are you still pushing your investors into gold, gld, on the screen now, gone up about 2,000 bucks? >> stuart we are actually buying right now our traders have a trade, we're buying 5% gold for full disclosure we're buying the etf which is gld. i think gold will be a tremendous hedge against inflation, it's a risk-off trade it's like the opposite of bitcoin, which is the risk on trade. this is a risk off trade. we think we're in a risk off environment for the next few months. stuart: all right, david nicholas thank you very much for being with us difficult time
to be an investor but there you have it that's your job. here we go. >> [opening bell ringing] stuart: record high gas prices, and we have energy price inflation really taking off and we've got the president speaking at 10:45 this morning, eastern time that is, about what he's going to do to ban russian oil imports and speed up the permitting process for drill ers and fracs in america. 10:45 that is. the market is open, and it is already hardly changed at all. the dow industrials are up 50 points they were down nearly 800 yesterday. half the dow 30 are in the green , half are in the red. a mixed open to the market after a big sell-off. the s&p 500 somewhat similar, virtually no change, it's actually up .05%. i call that dead flat. the nasdaq composite also pretty much dead flat down .08%. let's have a look at big tech probably a mixed bag there yes it is, microsoft is down, apple
alphabet up, amazon down, meta platforms below $200 a share, 188 on meta right now. now, we've got this energy price inflation, we've got a record high for gas prices, susan good morning to you. what's the impact of these energy price inflation overall here? >> on stocks right now? obviously negative since this is a drag that we're seeing in west texas as you've been pointing out used to push higher and that biden russian oil ban expected later today, unilaterally i'm sure is speaking the price in the oil majors which is out performed this year and last year, gasoline record highs 4.17 a gallon higher than the record in july 2008 and here is a thing is that have you looked at the actual price spike in the price moves over the past week? you're up 15%, you're up 21% in a months time. have you seen this type of dramatic volatile moves in the
energy commodities space? stuart: its been a long long time, the gulf wars in the distant past. >> in terms of capacity, you've already lost a million barrels when it comes to gasoline refinement since early 2020 and there's no cushion. if you're going to ban oil which we are expecting later on today, you can't turn on the spigot on a time, to expect price toss go higher at least 130 i'm hearing from west texas. stuart: let's move away from energy and inflation, i want to move on to tesla, because they're down below 800. what about their sales in china? >> i thought they were pretty good, there was an acceleration from january, sequential when you see month-to-month increases up 200% as well in china from last year, and 33,000 of those 50,000-plus cars were for exports because you know, the gigafactory in berlin has been delayed hopefully it'll start production since they did get government approval, austin has been delayed but the fact you're turning out these cars in
china in a short month, in february, where they also had chinese new year and they shutdown for the entire week, i think those numbers were really good actually. stuart: i want to take off on a tangent here, susan. you know how i like to zero in. >> yes you do. stuart: i'm going to zero in on zinc. you know the story. >> nickel? stuart: nickel i'm sorry. its skyrocketed to $100,000 a ton. you can't make an electric vehicle without nickel. is that part of tesla? >> that's right because it goes into the battery as you know. nickel is very crucial and you've heard elon musk talk about that saying that nickel getting nickel is probably one of the most important factors for tesla right now, and have you seen this type of short squeeze? stuart: that's what did it. the spike was a short squeeze. >> that's right up 250% in two days, and they say this is reminiscent of remember the tin crisis in 1985? stuart: i do as a matter of fact >> so we need this historical context, because back in 1985,
they actually shutdown tin trading for four years, remember that? so this time around, because nickel has just gone vertical, the mother of all short squeezes as it's being called and this dramatic price spike they have canceled the london middles exchange have canceled all nickel orders placed after midnight uk time and they are saying look, you have a short squeeze with one of the largest chinese producers up there, because yes, you produce tin and nickel but you also have to own the tracks to hedge and right now he's losing his shirt and there are margin calls and people have margin calls on this price spike to meet those short contracts on nickel. stuart: i know it's a bit like inside baseball but this is very very important for the electric vehicle market. >> have you ever seen a chart? i was just astounded $100,000 a ton. 250%. stuart: all right, we've beaten that to death i think. tell me -- >> but a dramatic price spike like that i know it's boring,
but -- stuart: wait a second, apple, don't they have an event today? are we going to see a cheaper iphone? >> yes which is important i think to kind of get this is for the emerging markets where you have the india and china with a billion population-plus. now, the fact that this is a cheaper iphone that's 5g capable for the first time is probably the most important part, since we had the se now accounts for 12% of all global shipments and apple is coming off a record quarter in the holiday shipping period and shopping period and they need cheaper phones in order for more people to enter the market of buying iphone and then that upgrade cycle happens, when you get more money so this is more for the emerging space not only are you going to get a cheaper iphone but get a new ipad air, in case you care, and a mac that uses their own chips called the n-2 and extrapolate and kind of correlate what this means for the supply chain crisis and for the global chip shortage it means apple can weather this and that means if you have the size,
like apple does, this is how you get through some of those gluts stuart: you turned the market around it was 158 when you started now it's 159.57. >> also there's a hint in the apple invite called peak performance and some people take that as some sort of virtual augmented reality surprise which we know they are shifting towards, metaverse you know. stuart: whatever you say. >> [laughter] stuart: tell me about google buying the cybersecurity firm ma ndiant. i can understand why. >> cybersecurity, and they are paying a 40% premium so 23 bucks a share, so it's a $5.4 billion deal, kind of expecting we've been hearing this for a few weeks time, so from what i see , this is going to be, of course key for their i cloud business but google and if you have the money like the google and amazon and apple you're going to have to spend and microsoft has been doing that as you know with activision blizzard and this is the second largest deal since 2012. stuart: google has all this
money they can pay cash, they are paying $23 a share. >> 5.4 billion. stuart: why is mandate that? >> it's a good question because it traded above the offer price of $23 so the fact that it's, i still think a lot of people think this deal is going to go through and it makes you wonder why apple isn't spending their cash either. stuart: just wait. >> [laughter] well they just don't like doing that. stuart: the dow winners headed by caterpillar, unusual to see them at the top of that list up 3.7%, chevron is there, oil company of course, and 3m is on the list. s&p 500 national -- >> oil well. stuart: i can understand what's going on. >> valero energy. stuart: schlumberger is on it too. nasdaq winners dollar tree, fast enal, walgreens,paccar, comcast. >> interesting. stuart: not big names on these winners list. big board right now seven minutes into the day shows a gain of 60 points, that's it. the 10 year treasury yield moving up 1.85%. gold look at that, $2,024 per
ounce, bitcoin 38, 700, oil you've got to watch this today, 125 as we speak. nat gas actually moving lower today, down 3% go figure. the ample price for a gallon of regular we've been hitting this all day long that's the new record, 4.17 and in california you've gotta pay 5.44. despite an all-out war in ukraine and record setting gas prices, biden's climate czar john kerry insists the world must stay focused on cutting carbon emissions. we're on it. look at this headline. i came to college eager to debate. i found self-censorship instead, that's a liberal college student wrote that in a new york times of all places and liberals are turning on her, because she told the truth. will record high gas prices spark a rebellion against green energy prices? larry kudlow is here i'll ask him that question, he's next.
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stuart: we all got a big shock when we woke up this morning and drove past the gas station to see an extraordinary gas price surge. larry kudlow is with me. do you think we'll see a revolt against green energy policy? i'd love to see it. larry: i think we will. you know, polls have shown for quite sometime that people do not want to end or even think we can end fossil fuels, particularly oil and natural gas i mean, the biden green new deal stuff has never played, its never been a winner and i think with these high prices you're going to see a revolt. there's going to be a revolt about a lot of things, stuart, coming up but on radio over the weekend my friend dan cliff
ton said it's going to be an energy election. i mean, here is the odd thing, i don't understand this. instead of going to these dictators who are russian client states like iran and venezuela, why doesn't president biden and his team sit down with the great american energy business with the fossil fuels players, they are the best in the world. by the way they produce the cleanest fuel in the world and they're highly efficient and he should just end the war. why not just say to these people , open the spigots as wide as you can, as fast as you can, full throttle. we're going to give you access to leases, and pipelines, you know, this stuff about in the first year, they have had no onshore or offshore permits. that's extraordinary. so this is going to change and i think people, they are going to be very angry at this. stuart: well the president appears at 10:45 this morning.
we're told he's going to ban russian oil coming to the united states, but we're also told he's going to speed up the permitting process and make some changes to the regulations, at least that's going to be proposed. that is a step in the right direction, isn't it? larry: yes, it is. absolutely is. of course he should never have had this jihad against fossil fuels in the first place but yes if he does what you've just suggested, i will applaud it tonight on my show and i'll support it but its got to go, you know, again, full throttle. you know, you could have a lease , this is what madam psaki missed yesterday. you can have a lease but the lease is just the first step in a long process of developing, you know, finding, producing, and then pipelining oil & gas, so if you're saying yes to some lease, but then you're saying no to drilling, no to pipeline, then it's all self-defeating.
now, i think people know that. by the way, it would help for jobs, it would help grow the economy, which is the american industry. we are the best in the world. we have to go back to independence. stuart: but look we're facing much higher interest rates by the look of it. we're facing much higher inflation. surely, we're also facing a recession at some point, this year aren't we? which is awful for the democrats and the election. larry: yes, well, i don't know if the recession comes this year or next year, but we're in a pickle. there's no question about that. the federal reserve is going to have to takeaway the punch bowl. they should have started many many months ago. you know, you could though look at the supply side of the economy. i mean, for example, this administration in its first year in office according to douglas holtsegan and his american action group increased regulation, stu, by over
$200 billion worth of new regulations, and a lot of that is in the energy sector, so on the supply side of the economy, why don't we deregulate business , let business produce more of everything, including energy. stop talking about tax hikes, and let's let america be competitive. i think the trump tax cuts should be made permanent. you know, deregulation and lower taxes would increase the supply of just about everything. that means you'd have rising demand but you'd have more supply. that's counter-inflationary so besides the fed, the regulatory and tax policies are very important, and for heaven sakes, stop all of the deficit spending you've got an omnibus bill coming up, stu, supposedly by the end of the week, that will raise spending enormously, without any regular order, without any public hearings in congress, i mean it's just, it's an absolute travesty of the process and the policy.
stuart: you're asking for a complete revolution in policy and you haven't got a prayer of getting it until such time as the democrats no longer hold office. that's the way i summit up, and i'll bet that's what you're going to say at 4:00 this afternoon. larry: the cavalry is coming, stu, you just have to have patience. stuart: alert the media, 4:00 this afternoon, larry kudlow on this network. great stuff, larry. thank you very much, sir always appreciate it. >> thanks, stu. stuart: we told you about shell buying russian oil at a big discount. well they got a lot of backlash so what are they doing? lauren: complete 180 they are abandoning russia and then apologizing for that steeply discounted purchase of russian oil just a few day ago so they are now doing three things and doing them in phases. they will no longer buy russian oil on the spot market. they will shutdown their service stations and their aviation fuel operations in russia and they are cutting their investment in financing of nord stream 2 going
a step further, sending profits from remaining gas that they do process to help ukraine. stuart: they are out. lauren: they are out with a major, i'm sorry. stuart: totally out thanks very much lauren. i'll talk to the acting ambassador to ukraine, america's ambassador to ukraine talk with her about war crimes, that's coming up, later. first though, the threat to natural gas supply is right here in america. hackers targeted u.s. firms, right before the russian invasion. lydia hu has the story, after this. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. have you ever met a transgender kid? there is no atmosphere that is the same as playing a sport with your team.
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don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. stuart: can you believe this? hackers targeted american natural gas companies, and they did it just before russia invaded ukraine. lydia hu is with us. what's the story? reporter: hi there, stuart it was a two-week back in february if you can believe it hackers gained access to more than 100 computers belonging to current and former employees of 21 major energy companies that export liquefied natural gas like chevron, kinder morgan and eqt. according to a report from bloomberg, this was the first stage in an effort to infiltrate
the energy industry happening on the eve of russia's invasion of ukraine, as there were warnings about the growing risks of cyberattacks. senator marco rubio said yesterday that this is going to be an ongoing threat. >> there is cyber attack against this country and this commercial sector, it's the private sector that's going to see it first not the intelligence community and i think this time of heightened tension everyone should be more vigilant and their thresholds for worrying about whether they are under cyber attack should be lower. reporter: now new york city is on ultra-high alert for cyberattacks as the city agents have seen more breach attempts. senator gillegrand met with the nypd yesterday to discuss but stuart as we look to protect our critical infrastructure the experts say these attacks are going to continue and going to intensify and what i found to be really interesting about the attacks on the natural gas companies, they targeted mid- level employees both their
work computers at the office and at home. this really illustrates that this is about all of us. we all have to be vigilant. stuart: a remarkable story, thanks very much indeed. i just want to put the price of oil up on the screen, because in the last few minutes we've taken a leg up north, we've gone higher. we're now at 128.29 per barrel, that is up $8 today, 7% higher. watch out gas prices, i can't see how they will not be going up even more. still ahead, brian kilmeade, kayleigh mcenany, bill bennett, gas buddies patrick dahon all on the show and at 10:45 eastern president biden announces new action against russia, the 10:00 hour of "varney" is next.
coin, not much action in the cryptos, 38-7 is the price. gold, action there, has gone to $2046 an ounce. 45 minutes from now president biden announces actions against russia. now this. four months ago the world's leaders gathered in glasgow, scotland, for cop 26, the climate conference was they waived their virtue flag and promised phaseout fossil fuels. a cold winter, vladimir putin's war and the failure of renewable energy combined to crash the climate crowd's bubble. there is a mad scramble for fossil fuels. our president is offering iran a nuclear deal in return for oil and negotiating with the venezuelan dictatorship to get some of their oil too and considering a visit to saudi
arabia to pass the begging bowl in person. what are we doing? we are realizing cream policies caria heavy price that consumers and voters may not be prepared to pay. in germany, 180, they are going back to call and nuclear, costs $7.20 for gasoline in germany was at home record high gas prices which will cost the average family an extra $2000 a year. the white house can't explain what they will do about it. time for everyone to regroup. america has to get our own energy, the greens have to accept we need fossil fuels and democrats have to understand if they go into the november elections with $5 gas they lose. second hour of varney just getting started.
i want to come back to this, the most important point on the financial markets is the price of oil, 12789 as we speak on the highest i can remember in many years. it may be going even higher. we have heard the uk, the brits, we believe, we have reports they will have an announcement they too are cutting off russian energy going to the brits. that's contributing to the price of oil. what are the implications of this gas price shock. >> if you look at the yield curve. we will see them not raise interest rates because we could have a recession on our hand and we will see more. other shows for talk about $150 a barrel coming up soon in the
wild outlandish one is a. the answer is in our own backyard, we don't want to face that fact. it is revolution versus evolution. i want to make the case this is a better energy. don't force me to pick something that's not ready for me yet at all they do when they do that is drive up the thing you need most witches fossil fuel, wind and solar can't take the energy pool. is anyone willing to make this leap of faith to say if we are driving this bus called the us economy, an outsider comes in, we don't have any more wars, you've got low energy prices, energy independence, low food prices and put an establishment guy back in, high energy prices, we are not energy
independence, medical tyranny. so much you can make an inference from and a lot of it, you can't make the case to the american people they are not going to move over. why are we not banging out the doors to electric vehicles showrooms? or solar panel showrooms? why are we not banging on the doors to the windmill showrooms? it is not ready and a haven't made the case to the american people. stuart: are you a trump guy? you want to see him come back? >> i am a trump policy guy. he can be abrasive to a lot of people and that is not good. if you put what he did on a piece of paper and take his name off the top i am all for it. stuart: you see a problem for the democrats this november? are they going to lose the senate and house? >> i think they will. it is indefensible what they've been doing with our energy policy was we have an answer. they are not stupid people. they have the answer here and refuse to do it because once
again this is what the overarching thing is, they know better to do what your money than you do. they know what is healthier for you than you do. they know better about energy than you do. they force it down your throat at all costs and that is the problem. we are not ready to abandon fossil fuels. stuart: i think the greens have a chokehold on the democrat party and that is why democrats can't come up with a rational energy policy. that's my opinion. >> they have to listen to them now. that's how they got in. they can't abandon them. that is why he is sitting where he is setting. stuart: come back next week. how about this? europe's natural gas shortage has revived talks of the eastern mediterranean pipeline. it would carry gas from the mediterranean sea near israel to europe. what did chevron say about that pipeline?
warner: last year the biden administration told greece and cyprus it is no longer supporting the pipeline, to allow future exports of electricity produced by renewable energy, a major recalibration by the west to find alternate sources of russian energy and right now it can't come only from renewables. chevron is up 4%, ramping up protection in the permian basin by $60,000 a day, exxon by 100,000 barrels a day, both stocks are surging. the uk does plan to announce a ban on russian oil imports and the eu reportedly aims to cut russian gas dependence by 65% this year. those headlines push the price of oil up.
stuart: $128.54. thanks very much. back to stocks which caterpillar is up 4%. lauren: jeffries upgrading them, this turmoil in eastern europe reshapes the commodity market and forces a decade of reinvestment, and it is a beneficiary. stuart: i imagine gold stocks are doing well. lauren: tracking those prices higher, south africa's two biggest mining unions plan to strike starting tomorrow. stuart: how about ali baba? warner: we've got a loser down 3%. a new low. jack ma and group reportedly delaying their ipo because of beijing's tech crackdown. stuart: i can't remember where ali baba was but it was getting to 300 and now chopped off at the knees.
lauren: the high was $220 and then below. stuart: thanks. florida breaking away from the cdc saying healthy kids should not get the covid vaccine. listen to what the white house said about that. >> let me note that we know the science, the data and what works, the most effective steps are in protecting a range of ages from hospitalization and death. it is deeply disturbing, spilling conspiracy theories out there and casting doubt on vaccinations when it is our best tool against the virus and to prevent even teenagers from being hospitalized. stuart: deeply disturbing. we have with us sean duffy. what do you think? do healthy kids need the jab?
>> i think jen's sake is pulling this information. if you are a healthy child the risk of getting sick or dying or being hospitalized is very low, almost nonexistent. i don't think all the risks are fully known yet. if you are a parent, why would i vaccinate my child and subject them to risk when they don't have significant risk of being hospitalized, look at florida, ron desantis has been fantastic and going against the cdc and the white house time and again and they criticized him but in the end run desantis was usually right and when history looks at this they will commend him for trying to protect kids from a vaccine they don't need. stuart: they vilified him from day one they vilified him, his policy unmasks, vaccination, keeping distance, he abolished all of that and they came down on him like a ton of bricks.
>> his economy roared, if you look at the results in florida they are no worse off in covid cases with their economy was fantastic because they didn't have lockdowns and masks, let have freedom again, that is why aoc and others went to vacation in florida because in some part of their hearts they still like freedom and saw that in florida. stuart: florida is fun. what did you pay for gas today? >> i didn't fill up, last time was $4 a gallon and i got my exxon stock cheap, sold at 75 and checking myself because it is at 90. i didn't see the gas boom on the horizon and the war in ukraine. stuart: i don't think many people foresaw what happens in the energy market and the price
of energy. thank you for being with us. can you put the big board, the s&p and the nasdaq up again? we are falling out of bed again. a lot of red ink after 40 minutes worth of business, 200 on the dow, down in the last 24 hours 1000 points off the dow industrials, and on the right-hand corner of the screen, 12859. there are some navy seals who don't wish to be vaccinated and it is going to court. sounds complicated but what is the story? >> it is a long drawn out process. with 2 dozen unvaccinated navy seals might be forced to get the shot. the white house is asking the
high court to overrule a judge and upheld the lawsuit against the pentagon mandating vaccinations lose the department of defense, they are a health risk when deployed and they could compromise their military mission. monday we will know more. it is drawn out but nobody is talking about covid much these days. stuart: gas has gone up and oil is up $9 and there is a war over there. ukrainian this refusing to back down. russia ramping up attacks on key cities. how long can a holdout? i will ask the you fraser dimension advisor to the administration. we will hear from the president, the news is coming thick and fast. go for a run.
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serious allergic reactions may occur. watch me. stuart: until a couple minutes ago stocks extending their losses was a couple minutes ago we were down 250, now they are down 60. there is still red ink but not as bad as 10 minutes ago. microsoft and apple down. alphabet up. amazon down. look at meta platforms was that stock being cut in half from its high, down 189. the price of diesel skyrocketing. truckers paying hundreds more to fill up their tanks. kelly o grady in los angeles. truckers are paying more. that means the cost of goods going up more too.
>> reporter: i want to use the canary in the coal mine example, commercial trucks run on diesel. the carriers don't eat that cost, the supermarkets, auto manufacturers and that hit consumers. to break that down the national average for diesel jumped $.74 from a couple weeks ago, a record high in summer of 2008, 58% higher than a year ago. imagine you are a trucker, tanks are 200 to 300 gallons, truckers paying 899 to fill up, now that spiked to 9425 and for small carriers that could mean the difference between staying business and quitting the industry. they are unable to hedge fuel prices like a large carrier can. truckers move everything so you're not just getting hit by
the impact, but the feeling that dependence on foreign oil at the store. >> so much of american goods with necessary items, a highly sensitive industry, to spikes in energy costs directly reflected immediately. >> reporter: this isn't just affecting truckers, they use diesel as well if you are planning summer travel expect sky i airline prices and do something about our national energy policy. stuart: well said. i don't see it coming. i want to bring in timothy milana video.
the video we are seeing. if ukrainians holdout and when, how do you come back from that. >> ukraine devastated some cities, race to the ground and i have friends -- i am in southwestern suburbs and from where they are, in some villages northwest of kyiv when the russians passed through they destroy the village to make sure there is no resistance. it is going to be massive reconstruction effort. we are talking about trillions
of dollars. people don't realize crimea annexation or 2014 war east of ukraine of the estimates there -- multiplied ten times by 20. stuart: why do you say china is the winner in the long run? >> china will pick up the slack. what i mean by that, russia will continue to trade because they are an open economy. they have demand for what they have to offer. that goes through china. i teach in the us. china is a player.
if china steps in, then russia is done. china will support to counteract sanctions in multiple ways by providing that and russia will go on because it can move either way. stuart: you are probably stuck in ukraine. we wish you the best of luck. hard to understand why they are doing this but mcdonald's is still open for business in russia. lauren: they haven't answered any calls for comment. a lot of fast food chains are there too. local franchises, it is not
corporate's decision. that's not the case with mcdonald's because all of their restaurants in russia operate and the region is 9% of total revenue so that would take a big hit. bank of america is concerned about a drawn out conflict spreading europe because that will have a huge impact in donald's sales. they -- all these sanctions, how do they get the ingredients. good question. how do they stay in business. the national -- the national average for a gallon of regular, $4.17. will we see $5 gas? i ask gas buddy guy patrick d hahn in the next hour. president biden will announce a ban on russian oil next.
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oil up nearly $10 a barrel. as we speak, oil is at 12938. the oil producers going higher. the product is more expensive and make more money, up go the energy producers. the financial company jpmorgan down a little bit. lauren: what they said is news. there head of markets is the markets are too treacherous to update their first quarter outlook for trading revenue and turbulence spread to fixed income in equities. earlier they said trading revenue was down 10% but likely worse, they suspended their forecast. stuart: we reported on dick's sporting-goods. lauren: they are the biggest sporting-goods, record fourth-quarter and full-year,
they provide an upbeat forecast and investors like that. stuart: is called involved in a takeover. strategic oil alternatives, with 20 different partners, two previous bids turned down by kohl's. talking to a lot of people. stuart: kohl's has moved heaven and earth to make a comeback. it is never quite worked and they have 20 partners to see if that will work. lauren: struggling department store to say the least a. stuart: kroger's is a grocery store. i always get them confused. in a few minutes we will hear from the president. we expect him to announce a ban on russian oil.
hillary vaughan on capitol hill. >> reporter: this is on the heels of a deal brokered yesterday between the top republicans and chairs of the senate finance committee and the house ways and means committee reaching an agreement to put forward a bill that would ban russian oil imports but also revoke them of their favored nation status allowing the president to raise tariffs on russian goods. late last night a source telling fox there was movement from the white house to stall this effort so the white house in the president correct and announce their ban on russian oil imports was i had a chance to talk to senator wyden, the chair of the senate finance committee, big player on making this happen.
what the president is announcing is the end product of what they negotiated between republican colleagues and democratic colleagues in congress today. we expect the announcement any minute from now. speaker pelosi told her democratic caucus then she's planning to move forward with a vote on the house bill to ban russian oil imports. one important note on this which wasn't just banning russian oil imports, it was part of the bipartisan package and the trade factor, not only revoking their favored trade status but kicking out of the world trade organization. stuart: sounds like a complicated effort to kick out russian oil from the united states. that is the bottom line eventually. here with me now, not seen this guy in a long time. where have you been. good to see you. i know that you were an
investment in russia, this was some time ago. do you think it is worth putting any money in there again? >> i used to be a partner in the russian investment fund in the late 90s during a similar collapse in the market. some client assets, very small locations because stocks are down 98%. i have a few small allocations to russian stocks, in the late 90s the russian stock market collapsed, 96% to when they defaulted on their debt, long-term capital management funds, the stock index went up 67 times from then until the peak bubble in 2008 which was
coincident to high oil price. that is where oils come from. when the stock market is down like this, this is a very odd situation where the stock market is worthless and oil is over $100 a barrel. this is lucrative to russia. whether we been this, the money will go to the country and unless there's a blockade which there is not going to be, the 12 that we want. stuart: what about the morality of putting money into russia? >> the world didn't hate russia, they did it to themselves, defaulting on debt. you could do business there. no one wanted to. 1 to $3, trading a few million
dollars for the next few years. this time they are the world's pariah. and the resin exposure. who is going to own russia stocks. and and shareholders reports, run the pension for california and middle east sovereign wealth funds, they are going to earn this money. vladimir putin, he is mad because he lost his territory with the soviet call lapse. lost the territory of state assets, they were mostly sold off cheap with a lot of scandal
and these companies and the state will do that. it was in a capitalist way with general motors. and to reappear steak and rebuild the sovereign wealth fund of the nation. if that was a goal of vladimir putin we are doing the opposite which is driving stocks down. stuart: don't be such a stranger. see you soon. tech companies ramping up support for ukraine. which companies are doing what? ashley: donating directly to ukrainian relief efforts and matching contributions a. and doctors without borders.
google providing $10 million to humanitarian aid groups as part of a broader announcement, investing 700 million to expand its regional office in warsaw, poland. facebook will donate $5 million in debt to various agencies and $10 million worth of ad credits to help nonprofits fund raise on its platform. ibm encouraging employee donations donating half $1 million to relief agencies in the czech republic and poland, salesforce says the company and its employees are donating an additional $2 million to nonprofit relief groups working in the region and twitter says it is matching employee donations and will make direct contribution to a partner organization. stuart: 2 million ukrainians fled the country. we are on the ground in slovakia with the latest report
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stuart: alternate, we are waiting for president biden coming in five minutes going to announce new sanctions against russia. you will hear him and see him when he begins speaking a couple minutes was we have a refugee question. 2 million refugees fled ukraine. half of them are children. connell mcshane talking to some of the families was what are they saying to you? connell: all over the place, the third border crossing today. this family came in a few
minutes ago, over the long trip and the stories one after the other, 2 million refugees coming in are just amazing. another family is coming in to a mountainous region that separates slovakia and ukraine. to give an idea what these people go through, on multi-day journeys. >> we want to live a peaceful life, we don't want to be like kyiv. we just want to live a peaceful life. we came here just for good life. connell: we came here just for good life was as we look at the border crossing these two people just came through
customs on the slovakian side. amazing to see their spirits was they were waving at the camera with a smile on their face which i was talking to someone earlier from kharkiv. the young girl said it took five days to get here, stopping and going because we heard a number of reports out of ukraine, the ukrainian foreign minister said there has been shelling of the evacuation routes. they get a report that it is not safe, they stop and go into take so long to get here but you see the sense of relief, temporary safety. stuart: thanks very much. joining me is assisting staff members of the former us
embassy in kyiv. let me ask how many people you have gotten out? >> it is about -- at least eight but growing every day. stuart: have they gotten visas to go to america? okay. how did you get them out of kyiv? where did they go? >> by bus. for security purposes, but stuart: i they endanger if they stayed in kyiv as former employees of the american embassy? >> now we are moving from to
safety in western ukraine. to their travel. stuart: i want to thank you for the help you are giving to the people at the embassy and hope you get them out safely. see you again soon. the european union has officially agreed to look at membership requests from ukraine, georgia and -- ashley: the leaders of the eu will discuss the three applications as soon as this week. the group's executive will give an opinion on the applications and the member states are required to vote in favor of each new nation's candidacy. the eu love bureaucracy. ukraine has asked the eu to fast-track its membership and some eu members endorsed its
entry but others are resisting that move fearing an escalation of conflict with russia. it took poland 10 years to be admitted to the eu. it will be interesting to see how fast the group acts and we should mention the ambassador from muldova will join us in the next hour so that will be the topic of discussion. stuart: is muldova a target for vladimir putin? looks like it. it is 10:45. we are waiting for the president. he is expected to or will appear very shortly to announce new sanctions, a ban on russian oil. biden's climate czar, john kerry wants the us to accelerate its green energy agenda as gas prices hit an all-time record high. we will let brian kill mead lose on that next. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.
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with oil up so much, record high gas prices, $4.17 on average. when you get all of that you have an inflation problem. they flock to whatever hedge they can find. at this hour it is goals a. it is up 3% today, an inflation hedge. 10:51, waiting for the president, look what a situation. and gas the record high. the president appearing in the middle of this situation. reaching the president is 5 minutes late, he should be half an hour late away the white house run saying we are rough of russian oil. you see what happened. with the democratic house and the democratic senate they
voted in a bipartisan way to stop using russian oil in the president and the white house calling back to suppress this vote. speaker pelosi wasn't persuaded. they will hold ron wyden through schumer so he could be the hero and say we are going to stop using russian oil. stuart: my apologies. i don't get it. you have a fight between congress and the white house, if you ban russian oil you raise the price of gas even more and most democrats know that's not a good option. >> that is what i think america needs more than ever. we need people to lead. i watch what joe manchin is doing what is right for the
country. can we stop thinking right and left and started thinking red, white and blue? 7 of every 10 americans when asked would you pay more for gas if it meant banning russian oil, yes, we would. this is not the reason oil and gas is going up. when i found out the president of the united states and emissaries deal with venezuela, a regime we don't recognize to see if they would give us more oil and as he ran to put on the world market so we buy it from them don't we realize how wrong that is to provide money to terrorist regimes who try to upend freedom loving people and governments that are rightly elected, and >> the greens run the democrat party. the climates are john kerry said we have to do enough in 2020 through 2030 to achieve
net 0 by 2050. there is a 45% reduction in eight years. that means they are pushing heavily on a green agenda in the middle of an energy crisis which makes no sense to me. >> i'm embarrassed for john kerry. he sees schools being blown up, residential buildings being destroyed, women and children shot dead by russian snipers and he thinks the big worry he has as he goes on his russia will forget their climate obligations, are you a human being or a robot? are you nuts? if you -- want to talk about renewables you want to double down on r&d when it comes to green technology america could
get behind that, it is fine for the environment and we know that. other people's agenda. to find out vladimir putin was putting ads together to make fracking seem like a bad alternative and play to the green movement in our country to stop fracking because of oil sales get your head around that, they are playing lack of nationalism against us, lack of national pride against us and getting the big comeuppance. this is a war, green agenda against the real agenda. we are seeing it now. stuart: we are paying the price for the green energy people's dreams. we are paying for their dreams. >> so is europe. stuart: paying even more. do you know what it costs for a gallon of gas, $7.80. in italy it is $8 a gallon.
no wonder they are going to turn around on the greens. heartbreak coming. we will get to you later. >> 866-408. stuart: acting us ambassador to ukraine, kaylee mcinerney, todd pyro, we are still waiting for the president was he will announce a ban on russian oil. he is late but we will carry his announcement when he makes it. ♪ feel stuck with credit card debt? ♪ move your high-interest debt to a sofi personal loan. you could get out of debt sooner and feel what it's like to get your money right. ♪
to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. stuart: we are waiting for the president to speak on russia. it happen any minute. check those markets was the only winner, the dow is up 17. the nasdaq is up one. yesterday the dow was down 800 and nasdaq down 480. the price of oil, up $7. the yield on the 10 year treasury coming in at 1.84%. record high gas prices, $4.17.
let's spell out just how bad it is in putin's russia. we complain about inflation and shortages here but over there and economic catastrophe which is not going away. you are russian and your finances crash because of a war you were not told about and you are not allowed to object to. no relief in the site. long lines at atms, running short of cash. the ruble you can get virtually worthless with imports drying up and that includes medicines which everything you buy that is imported costs a whole lot more if it is available. visa, mastercard and american express do not work. popular stores shutting down, rampant inflation. if you are rich with money overseas forget it, your assets are frozen. russia's economy is largely paralyzed a.
the sanctions are punishment. when we putin has put the world through the ringer and the world wants or event. those sanctions are not going away unless, unless vladimir putin goes. i will leave it at that. ♪♪ stuart: kayleigh mcinany joins us with some expertise as we wait for the president to speak on russia. what is your judgment of president biden as a wartime president? >> to quote zelenskyy, too little too late. sanctions should have been in place prior to the invasion but he told us on friday the invasion was certain. if you are so certain why not sanction before the invasion rather than after.
today this embargo on oil came after bipartisan calls for policy, ted cruz, the last of the party. stuart: they haven't decided what to do yet. there is an argument between the president and the white house and congress, the white house is not happy, it is 11:02, 17 minutes late. >> the most significant reporting from jackie heinrich, her sources told her the house ways and means committee met in bipartisan fashion hammering out this bipartisan embargo on russian oil, press release sunday night about it, pulled down in 5 minutes, the president himself directly intervened in the process and nancy pelosi, quote, was not moved by the white house's arguments so they tried to go to other senators to stop this, wouldn't want to make it seem as if congress was leading of the white house was following.
stuart: now he goes out there with a few minutes and whatever he says the price of oil is up, the price of gas is going up. here is the president going out saying whatever he's got to say, oil goes up, gas goes up in the midterms in november. >> whatever he says will be woefully insufficient because it will not include we are going to do keystone, tap into domestic energy, $32 billion in oil reserves, why aren't we tapping into it. everyone keeps asking but when you look at the polling you mentioned midterms, resolution says should we increase us oil production, republicans 87% independents 70% yes, democrats 55% yes, even democrats say let's go. stuart: which tells me the greens run the democrat party
and will not tolerate any increase in fossil fuel production in the united states. >> we said that when i was on the trump campaign, the green new deal is the way of president biden, they are the ones in control. stuart: 55% of democrats. where are they coming from? to some degree they will be happy to pay for dollars for gas, we will use less gas, less co2 emissions. >> that's the goal. they want you to stay home, they want the price increases. stuart: the green energy, the green energy deal, the green new deal, the glascow conference, cop 26, is dead, finished, over.
>> to watch jen's sake suggest when peter do the said why not increased missing production? green new deal kind of packaging, green energy would increase, i don't think so. >> i hope you can stay with us because we expect the president any moment and after he has spoken i would love your take on that and hope you can stay long enough. >> i will stay until i go to the set of ambush as you call it. stuart: are we going to take bets whether the president will show by 11:30? >> i would bet no. stuart: all liberals are late. >> exactly right. donald trump tried to be on time and for the most part was. stuart: president bush was always early. >> the best when it came to showing up ahead of schedule. stuart: i won't -- i once interviewed him many years ago. i walked up to the doors of the oval office and a was on time.
the doors open and that was president bush. that is fine with me. a quick check of the markets down 55 on the dow, 20 down on the nasdaq, limited losses after yesterday's huge selloff. mark avalon. why on earth would i buy any stock right now, gas price at record high, oil going up and a war in europe and higher interest rates coming. why buy stocks? >> i don't have a reason to buy, or if you have a multi-year time horizon, we are faced with a lot of volatility, i don't think there's a lot of
clarity for new money, so your question may be rhetorical, investors would be wise to be measured in their deployment of capital but if you are looking very long-term i am confident the stock market we see today will present value for investors in 2 or 3 years. stuart: long-term to you is 2 or 3 years. what would you -- give me two stocks, two companies you would buy today, or worry about it for 3 years. >> we like big tech because when this economy starts to slow and it will, these fed rate hikes will slow the economy. higher oil prices will slow the economy. when the economy slows investors search for growth and growth will come from big tech. massive cash machine that become an integral part of our life. we are not giving up on them.
apple and microsoft and google, they are in the cloud, apple, dominant consumer position. consumers still strong, massive wealth destruction from this current market meltdown. consumers remain strong, the jobs market is a strong. thinking longer term, growth stocks in a low growth world, where investors will benefit. stuart: in the meantime cash. it is been safe. doesn't have to be under the mattress but a bond fund. safety is paramount at this time. sorry to put you on the spot, difficult for you investment advisors. see you again soon. new poll shows less than half of young american adults would stay and fight if the us were invaded like ukraine.
less than half. todd biro is looking angry. >> wait until i do the political breakdown. 18 to 34, 45% would stay and fight, less than average 18 to 34. 39 to 45, 57 would stay and fight. 50 to 64, the biggest junk, 60% would stay and fight and don't want to age, 65 and older, 52% would stay and fight. more republicans than democrats would stay and fight, 68% republican compared to 40% democrat. stuart: only 25% of republicans would leave the country, 52% of democrats would leave the country if we were in the same position as ukraine. >> where do these individuals think we get the word freedom from?
freedom isn't free. if you are being invaded you are about to not become 3. it is incumbent on you to defend your freedom. stuart: what do you make of that, you youngsters? >> ronald reagan said freedom doesn't come free. it's not pass along in the bloodstream, you have to fight for it and teach future generations what freedom is and future generations, i am a millennial, we are learning from the ukrainian people watching people who are taking trains back to pick up arms, fight and defend freedom. that is the kind of love you have to have for that concept in order to take those actions. stuart: hold on, the white house is standing by its claims that the administration is not slowing domestic oil drilling, a full report on that from the white house which after two weeks of war, 13 days,
ukraine's president zelenskyy revealed his location in kyiv, he said he's not afraid of anybody. a report on that too. we are still waiting on the president. he will announce a ban on russian oil is more varney in just a moment. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. this isn't just freight. whose resumes on indeed match your job criteria. these aren't just shipments. they're promises.
stuart: remember that commercial? any moment now, president biden will announce new actions against russia. will make his announcement and we will carry a bit a defiant ukraine president zelenskyy revealed his exact location, vowing not to leave the capital city of kyiv, he is not afraid. tray -- trey yingst is in kyiv. how close are the russian troops? >> reporter: president zelenskyy is doubling down as russian forces are within miles of the city limits. we heard artillery in the distance and there are concerns
about the images, we will start taking place in the northeastern city of sumi, 21 people were killed including two children, scenes of devastation you see here and local authorities looking for survivors in the rubble of these russian airstrips and outside city limits of the capital of kyiv, and russian snipers and artillery units firing on heavily populated areas. zelinski is calling on the ukrainian people as we see russian tanks artillery units preparing to surround the capital city of kyiv. president zelenskyy spoke this morning and this was his message. >> translator: that kind of springtime, that kind of war time and springtime, harsh, we will win. >> reporter: william burns
testified before congress saying he expected ugly few weeks ahead. stuart: there is a small nation, moldova, next to ukraine. the ambassador to the united states joins us now. i think i've got that right. is moldova a target for vladimir putin? >> that is a good question and nobody knows exactly who is the target but to be precise, according to our information, our analysis, we are not envisaged militarily but we are concerned whether the situation
in neighboring ukraine, all the things happening in ukraine but we are concerns, internally, how we deal with migration, 270,000 refugees crossing into moldova, 100,000 ukrainians staying in moldova. in order to face this refugee crisis and we also look at a breakaway region where we have russian troops stationed. we are looking at monitoring the situation. there is no immediate military
threat but we should be on alert and prepare for all the scenarios. stuart: you have applied to join the european union. vladimir putin does not want you to join the european union. he wants utilities, not westwood if you were truly threatened, would you withdraw your application to join the european union? >> we just applied to join the european union, there is no question about negotiation, the wish to join the european union which we are preparing for this application for many years and have them association agreement with the european union and our people want to integrate, no negotiations with anyone. stuart: thank you for joining
us, we appreciate it always was come back soon. morgan stanley urging america's central bank to be cautious about raising interest rates. what are they saying? ashley: morgan stanley, chairman and ceo james gorman says the fed must thread the needle needing to be cautious about raising interest rates but making sure they are raised enough. goldman says inflation is not transient and on the rise but the outbreak of war in ukraine means, quote, the problem just got bigger, not smaller. the fed will raise very methodically now. no surprises up or down. the worst thing that can happen is the war received that inflation is raging because the fed didn't do enough. us central bank is expected to raise rates by a quarter of 1% when it meets next week.
stuart: bring me up to speed on the premier league, english football, the english football league, taking action against russia. what are they doing? ashley: both leagues have instructed their lawyers to begin the process of ending broadcast contract in russia with an announcement expected in the next few days. the organizers say they are united in their desire no more matches should be shown in russia if vladimir putin continues to wage war, with revenues in the premier league, the current russian deal with close to $8 million. it is owned by spear bank which has been sanctioned by the uk government. no english soccer or football in russia. stuart: left-hand side of the
screen to the podium the president will approach to tell us what he will do about russian oil coming to the united states. this is severely delayed. he was supposed to be there at 10:45. he is 35 minutes late. i've got a suspicion they can't decide what they really want to do. >> that were there may be a reason. i heard from a white house correspondent that minutes before the president is expected to announce the ban on russian oil all tv crews have lost power. i don't know how that affects what is going on with president biden was the unexpected powerlite happened february 15th when he delivered remarks for russia and ukraine previously. interesting. i don't recall a time all tv outlets lost power when i was press secretary minutes before speech, this has happened twice. stuart: how could they lose power when you were the press secretary? i don't think that is not they,
the democrats and the president am i don't think they have an answer for the rising price of oil and the record price of gas. >> i don't think they have an answer except the answer that was presented by the trump administration during the past four years the you are familiar with, the answer was domestic energy production was i'm going back into history and not answering your question with what democrats and the white house are thinking going forward but that shows how difficult the answer is and they put themselves in that difficult situation when the answer was in front of them all along. they fell in bed with the green new dealers, people are dying because of that. stuart: energy policy looks a mess. the president is about to appear to talk about the supply of oil when oil is going to the moon, gasoline has gone to a record high, diesel has gone to $4.75 and here comes the president to make an
announcement, we don't know what is going to be or if it has agreement of congress. >> we saw them lay out his remarks, an indicator that he is speaking, we don't have a 2-minute warning. it is a mess. this will cost americans thousands of dollars each and every year if he doesn't bring down these costs was there is an easy way to do it, greenlight domestic drilling, do the keystone pipeline, myriad of ways can you can't keep using the talking point we need green energy. that's not a solution but if he says that today it will fall on deaf ears on american people that are really hurting. stuart: we got the 2-minute warning, traditional in the media when the president is about to speak, the media gets 20 minutes. will see if it is 2 minutes. >> the difference between congress and the white house, when congress, 435 members of
the house of representatives are up in 8 or 9 months depending how close november is. the president has three years, democrats need answers or they will have beyond a bloodbath. they are trying to settle for a bloodbath. if they can't get prices below $4 by that first or second tuesday in november they will see epic numbers they have never seen before in terms of losses. stuart: let's see if the 2-minute warning works and if the president does appear in 90 seconds. let's give you the market situation as we run up to the president's announcement. the price of oil is up $9 as we speak at $128 a share. a barrel. this is because we are about to ban russian oil imports, cutting the supply of oil coming to america. that is a quote on west texas intermediate priced at 12841. the biggest story everybody has
seen is the record high price of gasoline, $4.17 regular gas. that's not premium. that is regular gas, the national average. diesel has gone to $4.75. imagine what that means for truckers, farmers, construction people who operate heavy industry. isn't that the president? he doesn't usually close the door. that is the president of the united states. ladies and gentlemen, the president. >> president biden: today i'm announcing the united states is targeting the main artery of russia's economy was we are banning all imports of russian oil and gas and energy. russian oil bill no longer acceptable in us ports and the american people will deal another powerful bloat of larry putin's war machine. this is a moment with strong support for congress and the country. america has rally to support
the ukrainian people and made it clear we will not be part of subsidizing vladimir putin's war. we made this decision in consultation with our allies and partners around the world particularly in europe. a united response to vladimir putin's aggression has been my overriding focus to keep all nato and all eu and our allies united. moving forward understanding many of our european allies and partners may not be in position to join us. the united states produces more oil domestically than all the european countries combined. in fact, we are a net exporter of energy. we can take this step when others cannot but we are working with europe and our partners to develop a long-term strategy to reduce their dependence on russian energy as well. our teams are actively discussing how to make this happen and today we remain
united in our purpose. to keep pressure mounting on vladimir putin and his war machine. this is a step we are taking to inflict further pain on vladimir putin but there will be cost in the united states which i said i would level the american people from the beginning. when i first spoke to this i said defending freedom is going to cost. it will cost us as well in the united states. republicans and democrats understand, republicans and democrats alike have been clear that we must do this. over the last week i spoke with president zelenskyy about the situation on the ground and to continue to consult with our european allies about support for ukraine and the ukrainian people. we have provided more than $1 billion in security assistance to ukraine. shipment of defensive weapons arrive every day from the united states and we the united states are the ones coordinating delivery of allies
and partners of similar weapons from germany to finland to the netherlands. we were working that out and providing humanitarian support to the ukrainian people, those in ukraine and those who fled safely to neighboring countries or humanitarian organizations to surge tens of thousands of tons of food, water, medical supplies into ukraine. with more on the way. over the weekend, i sent secretary blinken to the border between poland and ukraine and to moldova to see what the situation was and report back. general millie, of our defense department, was also in europe meeting with his counterparts and allies on nato's eastern flank to reassure them those countries bordering russia, nato countries, we will keep our nato commitment to article
5. vice president harris will travel to meet with our allies in poland and romania as well. i made it clear the united states will share the responsibility of caring for the refugees of the cost don't fall on european countries bordering ukraine. yesterday i spoke with my counterparts in france, germany, and the united kingdom about russia's escalating violence against ukraine at the steps we will take with our allies and partners around the world to respond to this aggression. we are enforcing the most significant package of economics engines in history and is causing significant damage to russia's economy. it caused the russian economy to crater. the russian ruble is down to 50% since vladimir putin announced his war. one ruble is now worthless than one american penny. one ruble, less than one
american penny and preventing russia absent the bank from propping up the ruble and keep its value up, they will not be able to do that now. we cut the russians largest banks from the international financial system and a crippled our ability to do business with the rest of the world. in addition we are choking off russia's access to technology like semiconductors and sap its economic strength and we can its military for years to come. major companies are pulling out of russia entirely without being asked, not by us. visa, mastercard, american express all suspended their services in russia. joining a growing list of american and global companies from ford to nike to apple, suspend operations in russia. the us stock exchange halted training of many russian securities was the private sector is united against the vicious war of choice was the us department of justice has
assembled a dedicated task force to go after the crimes of russian oligarchs and joining with our european allies to find and sees their yachts, luxury apartments, private jets, all their ill begotten gains to make sure they share the pain of vladimir putin's war. these are giant yachts. one was over 400 feet long. this is worth hundreds of millions of dollars. the decision today is not without cost here at home. vladimir putin's war is hurting american families at the gas pump. since he began his military buildup on the ukrainian borders the price of gas has gone up $.75. with this action it is going to go up further. i will do everything i can to minimize the price hike here at home. in coordination with our partners we announced we are releasing 60 million barrels of oil from the joint oil reserves. half of that, 30 billion is
coming from the united states. we are taking steps to ensure reliable supply of global energy. i will also keep working with every tool at our disposal to protect american families and businesses. let me say this was to the oil and gas companies and the finance firms that back them, we understand vladimir putin's war is causing prices to rise, that is self-evident. but, but, but, it's no excuse to exercise excessive price increases or patting profits to exploit the situation or american consumers. it is no time for profiteering or price gouging. i want to acknowledge those firms that are pulling out of rush and joining other businesses that are leading by
example. to make sure we are not taking advantage. i want to be clear about two other points. it's not true that my administration or policies holding back domestic energy production. amid the pandemic, the united states pumped more oil than they did during my predecessor's first year. we are approaching record levels of oil and gas production and on track to set record oil production next year. in the united states, 90% of onshore oil production takes place in a land that isn't owned by the federal government and of the remaining 10% that occurs, the oil and gas industry has millions of acres leased. they have 9000 permits to drill now that could be drilling last week or last year, 90002 drill
onshore, that are already approved. let me be clear. they are not using them for production now. that is their decision. we should be honest about the facts. second, this crisis is a stark reminder to protect our economy over the long-term we need to become energy independent. i've had numerous conversations with our european friends how they have to wean themselves off of russian oil. it is not tenable. it should motivate us to accelerate the transition to clean energy. this is a perspective are european allies share and the future where together we can achieve greater independence. loosening environmental regulations are pulling back clean energy investment won't, will not lower energy prices for families. transforming our economy to run on electric vehicles powered by
clean energy with tax credits to help american families winterize their homes and use less energy will help. if we can, if we can, it will mean no one has to worry about the price of the gas pump in the future. it will mean tyrants like b and will not be able to use fossil fuels as weapons against other nations and it will make america a world leader, manufacturing and exporting clean energy technology in the future to countries all around the world. this is the goal we should be racing toward. over the last two weeks the ukrainian people have inspired the world and i mean that in a literal sense, with their bravery, their patriotism for their defiant determination to live free. vladimir putin's war caused enormous suffering and needless loss of life of women, children, everyone in ukraine. both ukraine and russia. ukrainian leaders as well as
leaders around the world have called for a cease-fire, for humanitarian relief, for real diplomacy. but vladimir putin seems determined to continue on his murderous path no matter the cost was vladimir putin is targeting cities, civilian schools, hospitals, apartment buildings was last week he attacked the large nuclear power plant in europe with apparent disregard for the potential of triggering a nuclear meltdown. he has turned to million ukrainians into refugees was russia may continue to grind down its advance at a horrible price but this much is clear -- ukraine will never be a victory for vladimir putin. vladimir putin may be able to take a city but he will never hold a country. if we do not respond to vladimir putin's assault on global peace and security and the cost of freedom and the american people, will be even greater tomorrow.
we will support the ukrainian people as they fight for our country and our call on congress to pass $12 billion ukraine assistance package i asked them for of late. the ukrainian people are demonstrating by physical courage they are not about to let vladimir putin take what he wants. that is clear. they will defend their freedom, their democracy, their lives. we will keep providing security assistance, economic assistance, support them against tyranny, oppression, violent acts of subjugation, people everywhere. this may surprise you. people everywhere are speaking up for freedom. when the history of this war is written vladimir putin's war in ukraine will have left russia weaker and the rest of the world stronger. god bless all those heroes in ukraine. now i am off to texas. i know -- i know there's a lot
of questions. there's a lot more that has to be made clear. i'm going to hold on that until we get more information. thank you. appreciate it. stuart: let me summarize what the president said. we are banning all imports of russian energy. he said the europeans are not all in a position to go along with this which he said there will be a cost to us in america. he said there is no excuse for patting profit, there will not be toleration of any kind of price gouging. what we need is to be energy independent. we were energy independent under donald trump has lost it. electric cars in the future will mean the price of gas. edward lawrence at the white
house. are the germans on board with this. >> reporter: the german chancellor after the meeting, a manual macron released a statement saying he cannot go along with germany banning russian oil or energy imports because no one else can pick up the supply, and not able to make up the gap, producing 1.6 million less barrels a day than we were pre-pandemic, the production coming out of the us. it is decreasing in the united states. if you look at the energy information administration, it did spike higher in february 2020.
we had 12.8 million barrels, the number has come down from that point. making more oil than we did pre-pandemic is not the case as it stands, that's what the world would like to see, when he tried to increase global supply, he sent representatives into venezuela. the hostages talking about oil workers held hostage down there but talked about oil, and part of the agreement would be to lower the sanctions or reduce the sanction, and senator tom cotton this morning, the easiest thing is to talk to the us oil producers to get that oil into the united states. the president is going to texas which is not going to talk oil
but healthcare. stuart: personally i did find that in ineffective and pointless speech. >> generalities, no specifics. two things i would like to make clear. you hear the administration talk about oil and gas complete have these leases, the regulations of which companies are complaining, and too many regulations, the leases are not worth the paper they are printed on. don't let the white house hide behind leases and all weekend including sunday anthony blinken said we need europe to be on board with this was what happened in the last 48 hours though we don't need europe to be on board? this administration is not playing chess or checkers, they are playing catch-up. stuart: thank you very much, let's concentrate on the price
of gas, $4.17, record high. gas buddy guy joins us now. are we going to see $5 gas anytime soon? >> that is possible. it will spread outside california's borders. chicago, an average of $4.60. with today's increase in the price of oil it will get closer. after this interview i will run outside before the station check the price of $5 but it will spread to the major cities, new york the chicago, not impossible you could see it pop up as well. stuart: how about diesel? that's important for the running of the economy blues we have $4.75 for a gallon of diesel. where is it going? >> we will go over the $5 a gallon market. we can get up to $5.25, and
diesel, very tight still, given what the president said. this is an expensive environment where gas prices continue going up. you wonder from that announcement a lot of generalities surely the president must know oil companies and gas stations owned by mom and pops are passing the cost along by what you are seeing on screen, high price of oil, shame the president scapegoats those sectors for the blame when it is many of his policies at the root of this. stuart: same old same old, price gouging, the wicked oil companies which we've heard it over the past 3 generations. see you again soon. let's bring in susan. i want to know what we have as an impact from the stock market. susan: oil majors performance clean tech. looking at sun power, you are up 12, 10, 7, 5% for solar panel makers.
i want to point out the impact of high oil prices, economists said for every penny increase in the price of gas, $1 billion less consumers spending. i would argue in 2022 it is different because we are in this remote work trends, people stuck at home instead of driving to work. there might be some buffering in the us economy blues the consumer sentiment will be tested later today. apple is a great example of that. how much can they pony up $1000 iphone, if they are spending more to get to work on travel. stuart: people want to stay home with gas at $5 a gallon. susan: on electric vehicle penetration less than 10%. you can't just turn it on a dime.
stuart: with electric cars we would not have to worry about the price of gas any longer. susan: 20% penetration by the end of this decade. stuart: look who is here now. bill bennett from the secretary of education. the president just banned russian energy coming to america. he says we need to be energy independent. we were independent until he became the president. >> absolutely we were and what we have is failure of reciprocity. the american people said we will pay higher gas prices if it means banning russian oil. we want nothing to do with supporting this regime. the failure of reciprocity, the president didn't do anything for the american people in return. bill buckley used to say it is not what a man says, it is what a man emphasizes. i heard the emphasis on price gouging, going after the oil companies instead of looking at
them as a form of deliverance, we were there before and we can be there again. what is this about pursuing oil in venezuela or iran but not in texas where he is headed today, does he not understand about these leases these companies have to comply with environmental social governance which is what comes up the process, would have been helpful for him to say we are going to speed this up, greenlight this process so we can get this back to where we were before. not helping the american people. they are supporting doing the right thing when it comes to russia but he's not helping back. stuart: do you remember the cop 26 climate conference in glascow, scotland, last year? only four months old. i think the whole green energy
idea, the whole idea of climate change and what we've got to do about it is collapsing. do you think i am going too far? >> it is collapsing among a lot of the american people but it is not collapsing among the elites, they are holding on to this stubbornly. you had a statistic earlier in the show that 55% did i hear that right, of democrats want us to drill more? that is quite extraordinary. stuart: the writing is on the wall. you are okay and i am sorry it is so short that the president ran on a bit long. >> glad to give up class time, i can do it again. stuart: congratulations, bill bennett, see you later. back to the market, red ink all over the place, dow 30, three quarters of them are in the red and the dow is 100 points.
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stuart: christine is the acting us ambassador joined me now. if is committing war crimes what are the applications for him of the war crimes charge? >> i have to leave it to the experts to make a determination about whether vladimir putin is conducting war crimes with the definition of a war crime is deliberate targeting of civilians. president putin has viciously attacked ukrainian cities with indiscriminate shelling and
bombing and killed over 400 civilians and we think that is undercounted and a lot higher. that includes many children. yesterday a family of four was taking advantage of one of the humanitarian corridor is the russia said it was going to allow and they were shot dead in the street. stuart: which court charges him? it is difficult communication. which court charges vladimir putin with war crimes, what is the penalty if he is charged? >> i'm not an international humanitarian rights lawyer. there are more than one route by which he can be considered a war criminal and also a number of different penalties against him but not being an expert i
wouldn't want to comment further. stuart: in your judgment can ukraine win and how do they win? >> ukraine has already surprised russia and the world by fighting back hard. they expected russia to take all of ukraine in 10 days. it has been longer than that and they've not taken any large city and only been able to take one or 2 small cities but how has ukraine done that? they have been fighting hard and bravely. they don't let russia take an inch without a hard fight and they have been using weapons and other technology we've been giving them to great effect. they have been able to use what
they have to stop the russians and to keep them from entering the city. russia has a lot of weapons at its disposal and indiscriminately using them because they've been stopped by ukrainian forces. what is happening is because russia has not been able to advance they are using russians -- they are using weapons they shouldn't be using and killing civilians and children in the process. stuart: sound like a war crime to me. i have to leave you. i have a time constraint. you've got a difficult job, difficult position. thank you very much. markets are still pointing south. oil up $8 a barrel. more varney after this.
stuart: not exactly a strong reaction on the stock market to president's ban on russian energy. we got red ink, the dow down 45. nasdaq down 65. the real reaction came in the price of oil which is up eight bucks at 127. one thing i did not understand about the president's speech, maybe todd can help me here, he said in his first year he produced more energy than trump s that accurate? >> assume for argument sake he is correct.
biden had whose policy setting him is up. trump forefour years. who did trump have. obama for four years. stuart: that explains it. energy independent. >> which were. stuart: we were, mr. president todd, thanks for joining us for the hour. good stuff. my time is up regrettably. it has been a remarkable show. bang, it is 12 noon, it is yours, neil. neil: thank you, stuart. another thing caught my attention too, i do remember they make a big fuss of the number of oil leases that are out there available to oil companies, people forget we were 40,000 such leases last year. it has been whittled down to about 9,000. not all of those are active or you can go ahead and start them these oil guys are busy doing just that. that misrepresents a little bit what is going on? stuart: neil, i don't think it was 100% honest