versus valero in which the court essentially summoned up by saying that congress has more oversight over the u.s. territory under the territorial clause of the constitution. and by virtue of that, procedures or rights such as the due process of the fifth amendment do not apply to citizens of puerto rico in his essence -- and in essence, they can be discriminated against. notwithstanding the fact that they are u.s. citizens. ironically, we have a rift between kavanaugh and gorsuch. kavanaugh used the stated or long-lasting language of frankly the racist decisions of the insular cases around the 1900s. just as gorsuch was not having any of it. he basically attacked kavanaugh's sophistry and called for the overturning because of the unequal treatment of u.s. citizens in the territory. i will summit up by justice gorsuch aptly observing the cases being fundamental. we have in essence a set of decisions that gave us a very narrow view of who are the "wet deference to the executives. >> thanks. let's now turn to the environment, and potentially a couple of other significant decisions. -- as th

o occidental, the big outperformer in 2022 has valero, exxon and halliburton all up 40%, but clean energy names like sun run, sunnova and lithium and plug power all sharply lower and thanks to tight fundamentals and j.p. morgan saying today that oil and gas stocks are the most attractive group in the market especially after the recent weakness higher commodity prices could actually boost renewables, too, since it makes them cheaper in comparison meantime, supportive policies like the extension of the investment tax credit can lift the group. we've heard the narrative for a while now about near-term weakness and long term opportunity which begs the question if and when will it shift? >> right if not now when? >> exactly, pippa, thank you very much. pippa stephens high energy prices have one big headache for the transports. now we'll have another westport port strikes and we'll dig into the implications on "power lunch" which begins right now. ♪ ♪ >>> and welcome to "power lunch. i'm eamon javers in today for tyler matheson an inflation battle. strategists say stocks won't rally until i

another violent home invasion, that home invasion happened on june 7th at an elderly couple's home on valero drive. police say men's ana juan mendez held the couple at gunpoint while violently assaulting them. one of the victims managed to get away and make a 9-1-1. call that eventually led to the 4 arrests. sergeant kim rio says the repeat offenders need to be held accountable with higher bales. what's been said in the past and santa clara county for similar crimes and we want our community members to be safe in their own homes. and we want these folks to remain incarcerated when they need to be police don't believe the suspect stopped at home invasions. they believe they were involved in other burglaries in violent crimes. anyone with information that might help investigators is asked to contact the san jose police department reporting the newsroom. i'm rob nesbitt kron. 4 news. >> it's 6.42, teenagers were hospitalized if they were shot. they ran out of gas in union city and they were pushing their car. it happened tuesday night. they were trying to get to a gas station on whipple road. a

valero, exxon and burton, all of around 40%. but clean energy names like sun run, cenote, sonoma, lithium americas, and pleasant power, all sharply lowered. analysts remain bullish. thanks to tight fundamentals. j.p. morgan, saying today that oil and gas stocks are the most attractive groups in the market. especially after the recent pullback. highest commodity prices could boost renewables as well since it makes them cheaper in comparison. meantime, supporting legislation sent an extension of the investment tax credit could also lift the group leslie by starting in the second half in the red across the board. >> we will see if we get any new reversion between those two spaces in the second half of the year. for now, very clear winners and loggers. thanks. appreciate it. speaking of the market volatility, we open in the red. >> in the green. >> opened the green. futures were in the red opened in the green, now back in the green. it is just a matter of low liquidity levels. >> it is ism numbers, shortfall and new orders. that is

another violent home invasion, that home invasion happened on june 7th at an elderly couple's home on valero drive. police say men's ana juan mendez held the couple at gunpoint while violently assaulting them. one of the victims managed to get away and make a 9-1-1 call that eventually led to the 4 arrests. sergeant kim rio says the repeat offenders need to be held accountable with higher bales. what has been said in the past and santa clara county for similar crimes and we want our community members to be safe in their own homes. and we want these folks to remain incarcerated when they need to be police don't believe the suspect stopped at home invasions. they believe they were involved and other burglaries in violent crimes. anyone with information that might help investigators is asked to contact the san jose police department reporting the newsroom. i'm rob nesbitt kron. 4 news. >> 4 36, 2 teenagers have been hospitalized now after being shot when their car ran out of gas in union city. police say it happened tuesday night when the teenagers are trying to push their car to a gas station

another violent home invasion, that home invasion happened on june 7th at an elderly couple's home on valero drive. police say men's ana juan mendez held the couple at gunpoint while violently assaulting them. one of the victims managed to get away and make a 9-1-1. call that eventually led to the 4 arrests. sergeant kim rio says the repeat offenders need to be held accountable with higher bales. what's been said in the past and santa clara county for similar crimes and we want our community members to be safe in their own homes. and we want these folks to remain incarcerated when they need to be police don't believe the suspect stopped at home invasions. they believe they were involved in other burglaries in violent crimes. anyone with information that might help investigators is asked to contact the san jose police department. >> reporting in the newsroom. i'm rob nesbitt kron. 4 news. >> 2 teenagers are hospitalized after being shot when their car ran out of gas in union city. police say it happened tuesday night. the teenagers had been trying to push the car to a gas station on what road

another violent home invasion, that home invasion happened on june 7rh at an elderly couple's home on valero drive. police say men's ana juan mendez held the couple at gunpoint while violently assaulting them. one of the victims managed to get away and make a 9-1-1. call that eventually led to the 4 arrests. sergeant kim rio says the repeat offenders need to be held accountable with higher bales. what's been said in the past and santa clara county for similar crimes and we want our community members to be safe in their own homes. and we want these folks to remain incarcerated when they need to be police don't believe the suspect stopped a home invasions. they believe they were involved in other burglaries in violent crimes. anyone with information that might help investigators is asked to contact the san jose police department reporting the newsroom. i'm rob nesbitt kron. 4 news. >> for your health the fda is formally recommended an update to the covid vaccines to protect against strains of the omicron variant. these updated vaccines could be used as boosters. this fall and winter when a sur

is the worst performing sector today with significant drops for names like devin energy, occidental, valero and marathon oil coming up we'll hear highlights from sara's panel with wells fargo ceo charles scharf including whether the u.s. is heading to a recession and his latest read on the housing ma market jerome powell vowing to fight inflation speaking at the european central bank forum earlier today saying the biggest risk to the economy would be to fail to restore price stability but a soft landing still possible >> we think there are pathways for us to achieve that, to achieve the path back to 2% inflation while still retaining and sustaining a strong labor market we can do that that is our aim. there's no guarantee we can do that it's something that is going to be quite challenging >> joining us now from jeffrey's, david, how are you feeling now about the markets and about the fed's chances of this soft landing? i mean, he's not saying i feel really confident we can do it but maybe. we're still hoping >> yeah, i think his message has been very steadfast and i don't think there's much

quickly on your stock pick i see valero i see salesforce everything's been tough. >> the balance of growth and value here growth stocks tend to perform well during periods of slowing economic growth, which is what you expect we're not talking about conceptual companies these are solid companies like salesforce and cloud computing and we like energy, tight supply demand still isn't back at 2019 levels valero tend to benefit as more barrels come out of the ground and also the spr reserve should expire in october. all that is positive for energy. >> it is shockingly high, astronomically high in a name in that space thank you for your time. appreciate it. >>> meantime, nato leaders are in spain for one of the most consequential meeting in their 79-year history. it's already having a major impact on global defense spending look at lockheed and raytheon, significantly out performing the market northrup is up almost 20%. kayla. >> reporter: kelly, allied countries are bolstering their defenses against russia, which they've now officially declared as the most significant threat to the transatlanti

g 7 ladies have called the strike, a war crime and ukrainian president, valero, may zalinski called the strike a terror attack on a peaceful city, a de leon wilson of kremlin georgia. today's russian strike on a shopping center in chrome. and chuck is one of the most daring terrorist acts in european history over a peaceful city, an ordinary shopping center, inside women, children, ordinary civilian assembly. at least 46 people have been found dead inside and abandoned track in the us state of texas. it was discovered on a road in the outskirts of the city, san antonio, 16 people were found alive, including 4 children. patients that we saw were hot to the touch. they were suffering from huge stroke exhaustion. ah no signs of water in the vehicle. it was a refrigerated tractor trailer. but there was no of visible working ac unit on that rig. more than 180 people having traded in the hospital after a tank of coal rein exploded in jordan. it blew up on monday, after falling from a crane in the port of a cover. at least 13 people were killed. and 101 year old foreman nazi concentration camp

and we're just shy of that right now and about a third of a percent decline and the nasdaq down 0.75 valero and deafon up about 7% and marathon up about four the cruise stocks are some of the worst performers, royal, norwegian and carnival down 1% the nasdaq more than 28% off the major averages are coming off a sharp bounce the dow is up about 6% since its intraday june 17th low the s&p has gained 8%, and june 16th intra-day low well now to the market it's got more to prove than this is just a fleeting snapback and our next guest says he expects a 10% rally this summer led mostly by tech sector barry manster from stifel. on what are you bearing your prediction >> sentiment was very washed out. we wrote a report last week calling for this 10% bounce to 41.50 in the s&p i could see something closer to the mid 4,000 range and that would be close to 14,000 nasdaq and we're 5% below the street's estimates and it's a sentiment bounceback as people feel like peak fed, peak tightening was already priced into the real yields of the treasurys and that's what compresses the price-earnings ratio is tho

progress is now stopped on a brush fire burning in court do near the valero oil refinery. that fire burned just 10 acres. still ahead in this hour, the suspect in a san francisco shooting now behind bars. the breaks in room in the investigation. and good workers take to the streets protesting and calling for better can >> in the south bay rideshare drivers rallied outside the lift hub to demand increased safety while on the job. they also want to form a union. the rally was held by a group called gig workers and they're working to push back against alleged pressure to work longer hours. drivers also demanding that companies provide adequate support in compensation to family members. if workers are killed on the job. >> we're fighting every day to protect our workers and our working families so that they have better benefits, have better pay. but never did. i think we would have to ask our companies to protect their workers so that they don't die on the job. >> the group released a report in april that found over 50 app workers were killed from 2017 to 2021. next at noon, m

nearby in benicia forward, progress has been stopped on a brush fire that's burning on do right near valero. the refinery see images of it here. it's about 10 acres in size. >> good news for bart riders. they plan to reopen the track between concord and pleasant hill today. so maybe you won't be delayed again. that track has been closed since tuesday because the triple digit heat that melted because part of the track to bend and then at that ended up causing a train derailment. the closure has led to delays for is bay riders for a couple of days now. so let's hope things are better today. stanford university says things are better with power now partially restored on the main campus. they've been without power since tuesday when the edgewood fire started burning in san mateo county. stanford says they expect to have power fully restored by this weekend. but since they're only at half power right now, classes are canceled again for today. they're thinking they could get them back in class on monday at the earliest and this weekend was supposed to be a big soccer match at stanford between the

forward, progress has been stopped a brush fire there that started this afternoon in the do area near the valero oil refinery. 10 acres burned. their cruise again are going to remain on scene, of course, to make sure you don't have any hot spots that flare up again and we'll be monitoring all these fires for you and bring you the latest details as we get them for now. we'll send it back to you can impact. all right. grant, thank you for that. and now taking a live look outside over san francisco. it's a sparkly night but wish or hope and there's some fall. kai and the clouds, even though we don't see it. and this picks him a breeze. rodriguez standing by with what's going on out there. recent. >> yeah, karl is definitely out there. don't worry. just tell everyone on golden gate bridge pretty socked in this evening along the coast. but don't worry, inland valleys. you're going to feel that relief tonight with karl. the fog extending inland during the overnight hours. let's take a look at current fire conditions out there right now near where that tesla fires burning near livermore and also that f

progress has been stopped on a brush fire that broke out this afternoon in do that's near the valero oil refinery. the fire burned about 10 acres. crews will remain on the scene for that for the next couple of hours to make sure that as well does not spark up again. of course, we'll continue to monitor all of these fires and bring you the latest as they come in grant. vicki, back to you. thank can obviously whether a key factor in all of this as we take a live look. >> outside tonight, san francisco international and fortunately that fog has worked its way back in, but we need it to keep going further east. and that >> kron four's at meteorologist mabrisa rodriguez here nodding. i know you're a big fan of karl. the is it going to help elsewhere inland? yeah, he's going to make its way all the way into the inland valleys through tonight. so help is on the way. thanks to call. he's not only cooling us down along the coast, but even for inland valleys going to provide some much needed moisture, help firefighters with those pop-up flare up. so we're tracking cooler temperatures increase

a do which is near the valero oil refinery. of course, that makes it in a particular area of concern. as of right now, though, evacuation orders have not been issued for that area. we will continue to monitor the situation and we'll, of course bring you the latest. so let's check in on what's happening with our abry 7th biggest standing by weather. always a concern when there's this much going on in the fire department to yeah, especially when you mix in hot, dry and windy conditions, just a recipe for fire danger. and that's exactly what we're seeing right now. so >> let's break down each fire with current conditions near where that crockett fires burning 84 degrees. but fortunately, relative humidity flirting with that 80th percentile range, even though you are seeing dry, offshore breezes with gusts upwards of 20 miles per hour or less. and with vacaville near triple digit heat, even at the 6 o'clock hour, relative humidity down to 18% as a result. fortunately wind speeds not that gusty, in fact, breezy 30 mile per hour sust

some fires in crockett, pleasanton vacaville and the nation near the valero refinery. there is some good news. the forward progress has been stop. the fires in pleasanton and vacaville. thank you for joining us for kron. 4 news at 6. i'm pam moore and i'm ken wayne. a very busy day for firefighters will begin with the fire burning in and around. pleasanton where firefighters have that blaze now under control. >> kron four's justin campbell live for us with the latest on that fire. just it. >> 71 acres burned that forward. progress has stopped. and if you look right behind me, you can see sheriff's deputies. they are allowing people to go back in that have medication or maybe

progress on that fire has also been stopped to alarm ground fire broke out on dorado right near the valero refinery and a larger fire broke out import costume that burned about 50 acres and at this point is not fully contained. and that is where we find kgb is elissa harrington. with the latest melissa. at one point there was so much smoke in the air and it was coming from the fire burning here. acosta and also the one of the nation that you just mentioned, so firefighters certainly very busy day. now i did get an update that cost a has been given the all clear. that means there is no evacuation warning and people who did choose to leave. and home. firefighters are still battling these flames and people should be prepared if this change crews out all night. just putting in the work and be sure that we're putting out all the hotspots inspire and again. we just always encouraged whether it's more cost a crocket. another is gone. be prepared at all times were functioning and barry in california, anywhere. um there's a place where wildfire got and you just really want to be prepared at any tim

the fire is near the valero refinery. firefighters so far have not said how many acres of brush have burned. so far, no evacuations. >> another fire has kept fire crews quite busy. this one is burning in a heavily wooded canyon in the alameda county community of signal, which is near pleasanton. initial reports are that it is starting in a building this afternoon. flames rapidly jumped into the dry brush and trees soon after, where evacuation orders are in effect. abc seven news reporter is live in pleasanton, where he just spoke with residents. reporter: good afternoon, and pleasanton behind me is golden eagle estate country club. pleasanton police tell me the entire neighborhood is being evacuated because the fire is starting to come down the hill. now, it is hot out here. not as hot as it has been, but there is a slight breeze and we know if the wind picks up how qu

commitment to bringing down inflation and oil prices in focus pulling back down about 1% and that's sending valero down 8% and halliburton shares down 6% and chevron up more than 4% >>> all right, we start with tesla and questions about its growth ceo elon musk warning that tesla's new factories are, quote, losing billions of dollars. the comments were made during a late-may interview that are just now coming to light, ramping up new factories is, of course, a cash-heavy business. tesla shares are down 30% so far this year all while musk could potentially buy twitter. here to discuss tesla's road ahead is colin rush, research analyst at oppenheimer he maintains a buy rating and a price target of $191, and tim higgins and a cnbc contributor tim, why did this -- did these quotes about the hemorrhaging cash take so long to come out? >> they doled it out as slowly as they did. i think their idea was they were more interested in the excitement of products and this isa side note that that's why they're curious about what's going on and austin could become the next manufacturing helm which hurt tesla in

oil and crude prices are lower, energy stocks entered a bear market so to speak today, valero, halliburton, chevron, exxon all lower occidental was positive for a moment thanks to warren buffett by more but even that's now in the red. yes, that's the stock mark side of things yields are also now falling as fed chair jay powell testified on capitol hill for a second straight day, the ten year note yield hitting the lowest level in about two weeks, hovering just below 3.04% remember we were approaching that 3.5% level just a couple weeks ago. it's been a market selloff l let's get to rick santelli at the cme group with more on that story. it has to catch attention. this idea we've seen a steep fall in yields in such a short amount of time. >> absolutely. and in many ways it's the perfect storm. think about last week, dom we know last week we saw 70 basis, five basis points increase from our central bank bank of england fifth quarter increase in the midst of that russia turns the valve tighter to natural gas to germany in particular look at a two day of two year note yields the way they dropp

seven companies president biden sent letters to last week about adding refinery capacity marathon and valero and exxonmobil and phillips and chevron and bp and shell they are asking why they not producing more oil refineries are running above 90% capacity and asking them to do more could pose a safety risk. we will see if they make that argument they will bring up the issue that the administration has been telling them their industry will be phased out over time. they will be asked to square that circle. >> brian sullivan was talking about this early this morning. he knows the situation well. according to his sources, it will be a 45-minute meeting which is not a lot of time to sit down and have a productive conversation about things that may be able to be done it is more of a scolding do this and on your way. >> isn't this a photo op a 15-minute spray. a photo op you don't want to be in >> hthis is jennifer granholm. a little bit of a mess >> you don't want to be left out. >> left out of the group >> not one of the big seven. >> what about number eight you are right. you don't want to be th

companies that president biden sent letters to last week including exxon, chevron and march athon and valero and bp. asking why they are not producing more oil they may push back saying they are running at 90% capacity and driving the refineries to produce more could pose a safety risk by overburdening the facilities and crew. keep in minds, , this is an industry that has been told it will be phased out and now asked to make more joining us now is mike sommers ceo of the american petroleum institute. representing 6600 companies. mike, good to have you back on i get to play the role of the administration in our discussion here first off, my source told me the meeting was at 11:15 to noon, i thought that is short. what are you hearing about the meeting today? >> as you know, brian, it would be a short meeting we obviously would love an opportunity to spend more time with the administration to explain the intricacies of the refining business. as you mentioned, our refineries are operating at a 94% level which is historically high level. refiners in the country are really putting the pedal to th

alan: el mexicano isabel valero con cuadrangular en sus primeros tres turnos y los tampa, superaron 5—4 a los yanquis. francisca: el mexicano habrÁn answer dejarÁ el pg para unir ser ediciÓn, convirtiÉndose en el primer mexicano en participar en este circuito, el evento tiene el respaldo de jeques de arabia saudita, bolsa de $25,000,000 por torneo. alan: faltan dos dÍas para fin de semana de en sueÑo, festival de campeones, con especial con los Ángeles azules, maluma, huayna. francisca: a las 7:00 de la noche este viernes por una y se le tudn. alan: y a partir de ahÍ le partido de las estrellas y el balÓn de oro despuÉs del gran partido. todo este fin de semana desde los Ángeles. francisca: orgullosa. jesse, bille guapo. alan: desde nueva york hoy bad bunny estarÁ con nosotros, su doble, es que son tan idÉnticos que ella estÁ a mi me engaÑaron. lo vas a conocer. francisca: estoy en los 50 mÁs bellos. aquÍ tambiÉn hay alguien muy especial de nosotros que estÁn estÁ lista y tÚ tienes que saber de quiÉn se trata. alan: rescatar a la mujer secuestra new york, no va

. >> mike, some of the names getting hit the hardest, valero, marathon, diamond back some of the refiners are under a lot of pressure. it feels like this group of stocks may be starting to worry about a slowdown but oil prices remain high. >> these are stocks, people are selling stocks and these are part of the indexes. what pippa mentioned about that margin of outperformance against the rest of the market, usually that's not something that can be sustained very long. bear markets don't leave you an easy place to hide like that on the other hand there is some concern that demand destruction is a growing risk and so therefore you don't want to extrapolate the earnings in cash flows they have had. it still looks like a correction and very strong trending for the stocks. >> does it mean we've seen the top for these stocks >> new york city i don't think so it's a very stiff correction but at this point i wouldn't call it over. >> stocks are down sharply here into the close show you what's happening. the low was down 928 on the dow. we're down a little more than 700, 833 right now ben emmons j

the valero, texas, open. the valero, texas, open is the sixth oldest professional golf tournament worldwide. including the majors. the third oldest on the pga tour. not counting the majors. and the longest tournament held in the same city, the 100th year in 2022. their charitable giving is one of the leaders of the clubhouse in the pga tour with $209 million in total -- and a record $22 million from the 2022 tournament. that's $209 million of charitable dollars flowing in through the valero, texas, open, into the communities i represent. san antonio. so many good things that come out of that. now let's talk a little bit about the guys that are bolting for the deep pockets of the saudi arabians. phil mickelson, famously, six-time major winner. $133,772,000 in career earnings on the pga tour. dustin johnson, $107.500,000. sergio garcia, $66 million. dechambeau, $35 million. tiger woods, $186 million. let me stop. tiger said no. tiger was offered, i heard, upwards of $1 billion, certainly something like $750 mil

the president said in the request to the ceos of marathon, valero, exxonmobil, phillips 66, chevron, bp, shell, exxon responded saying they have been in contact with the administration updating the president on how. real quick, we have been monitoring the white house press briefing and something that just crossed and this pertains to oil, the white house saying that president biden is willing to use the defense production act if it could help oil refining capacity. so that is a new move from the white house and from president biden. now, remember the white house is also -- you know, president biden's going to be heading to saudi arabia, and john kirby, from the defense department said about a half hour ago basically that they are going to be talking about energy and oil production. all right. it's not just gas prices that are rising. the fed's rate hike today will have a very real impact on main street. gerri willis live in new york city with more. >> hi there, cheryl. that's right. jpmorgan chase behind me here, fifth third bank in cincinnati, they are already raising their prime ra

the president wrote letters to executives marathon petroleum valero energy at exxonmobil. the letter is also being sent to chevron phillips 66 shell. in the letter, the president said the companies are taking advantage of the crisis when american families are struggling as inflation soars. part of this story. it has been one year since the state of california fully reopened from tough covid-19 restrictions. the state made the decision to reopen for business when covid-19 infections and hospitalizations dropped. now at the time, nearly half of all californians were considered fully vaccinated. now that number is more than 70% and since then we have gone through several more covid surges shortly after the reopening a spike in infections let many communities to reinstate their mask mandates and months later, some of the most contagious variants arrived. in the bay area. and happening now a panel of doctors with the food and drug administration expected to approve the covid vaccine for the youngest americans as soon as today. ktvu sally rasmus is here to explain how those shot

the refineries are -- the valeros of the world are making incredible profits that's because there are very few of them and can kind of go with the world price i understand why government would be upset >> nat gas yesterday, second worst day in history have to go back to '07 to see another 16%-plus drop, but our benefit is the europeans' problem. >> they needed that. this is the liquid trains, liquefied natural gas. >> two main exporters of lng freeport and shaneer freeport is a private company but enormous complex down there in texas >> don't forget semper is very good >> but it represents a lot of our export -- percent of our exported natural gas under carl's point yesterday i was like, wait a second, why is it going down but it drives the price down here but it's another problem for europe to a certain extent because this all gets exported they're having the delays far more than they thought it was three weeks originally. now they're talking months >> everybody's running everything 102%. we know from history when you run them like that things go wrong. and i think that that's just w

he called on exxon mobile and valero. joining me right now texas congressman, alex fluger, congressman, thank you very much for being here. what do you make of the president now turning it on the oil companies. first it was this president and this administration continuing to push for this climate agenda and telling everyone to end fossil fuel investments. now he's blaming the oil companies for this inflation. >> well, it's a classic show game of flipping the narrative, at least trying to. the mesh public is not buy -- the american public is not buying it. we have record inflation as you previously said on the show. we all know it's not just 9,000 leases. we need 90,000 leases. the oil companies have asked him to approve pipelines and infrastructure and we have been asking to make sure regulatory environment is predictable and to go to places like russia and venezuela and now ahead of his travel to saudi arabia to know that he's going to be asking another foreign country to produce what we can do right here is incredible

i want to be extremely clear on this look at valero, one of the companies that had a letter sent to them. their quarterly earnings were far larger in 2015, 2019, and 2014 than they were last quarter. chevron had a quarter in 2000, what was it, 2011, it made 10.9 billion or whatever, made 7.9 billion last quarter nobody's saying the oil and gas companies aren't making any money, they are, and they're making a lot more than they used to, becky. but as far as quarterly income and earning, it's just not true. refining margins for some of these companies may be at records, but as far as record earnings and operating income, the best years for the oil and gas industry was joe biden's third year as vice president in 2011 as you, i just showed you the numbers. they raked in money >> brian, the other thing, the idea of being able to immediately refine more. this is not an instant fix it's going to take some time, some spending. and some incentives to the spending to get more refining capacity back in this country. the letter itself, i read it, too. the letter from the president points out that th

i'm not going to read it it's about a page and a half, shell exxon, valero and a few others talking about record high profit margins saying you need to raise your output, raise your refining capacity as well. you and your companies have the opportunity to take immediate action to decrease gas. and president biden saying i've directed the secretary of energy to convene on the topic and engage the national petroleum council in the next few days. this is all brand-new, guys. i apologize for looking down. the president looking to bring down gasoline prices. will it work? i don't think so inhe near termeclobal demand is so strong, but they're trying, guys. this is an incredibly inflationary environment. which is why, to your point, we are seeing the stock market tank because inflation and real risk of recession in the next year to 12 months, 18 months is out there. >> all right. cnbc's brian sullivan, thank you so much. you and i are the only people, admiral, at the table to remember what happened in '74. that really was the start with opec. the embargo. that was the first time we realized it'

right now we are at the valero this is where a gallon is $7.49. i remember being overwhelmed at five dollars now we have reached seven dollars here at one bay area gas station. according to aaa the national average is $5.01 and overnight that average for regular gas jumped to $6.43. if you compare that to one year ago, it was quite a bargain, $4.22. california's pacesetting $6.43 could soon become america's reality with prices creeping up. the national average well over five dollars. gas buddy says prices keep going up as gas inventory declines all because the situation between russia and ukraine has not improved and demand is not going down. >> demand for gasoline has not gone down. americans are buying at a brisk pace. that will continue to push prices up. i think the bigger concern arises with -- that is when we see the peak of hurricane season. with any major weather event, we could see gas prices climbing more significantly. >> that domino effect that i was talking about, higher prices at the pump lead to higher prices at the stores. a new re

smucker's and valero and domino's pizza keep it right here we are back with "worldwide exchange" after this break that occur in their lives. for them it's the biggest milestone, the biggest accomplishment, the sale of a business, or an important event for their family. for them, it's the first and only time. we have seen this literally thousands of times, in thousands of iteratio ♪ ♪ i am vince lumia, head of field management at morgan stanley. whether that's retirement, paying for their children's college education, or their son or daughter getting married, our financial advisors need to make sure that they are making objective decisions, every step along the way. every time you hit a milestone, an anniversary, a life event, the emotions will run high. making sure that you have somebody, a team of individuals that have seen it before, have seen every circumstance and seen every challenge, and have your back when you need it most, is one of the most valuable things a financial advisor could provide to a family. i am vince lumia and we are morgan stanley. (vo) get verizon business u

in terms of individual names, look at occidental petroleum, also marathon oil, valero, each up almost 90% as well. even in a down market, there are still some areas showing some upside momentum. this is one of those situation that seems to be kind of uneed to what's been happening this year, given the inflationary narrative. >> yeah, i mean, dom, essentially anything you would define as momentum in this market is energy there's almost no other names that qualify on the other hand. pretty much all the charts you showed had a slight curl down. today energy is easing back a bit. it's one of those situations, you know, where we're wondering, you have to defer to the trend, but switch backs when things get this stretched should not be unexpected to. >> to your point, it maybe coincide also in the last few weeks or so, maybe a month or so with the increased chatter, right? that sentiment around that world recession. it certainty wasn't a base case talked about 6, 9, 12 months ago. a lot of folks are bringing in this possibility of, or it's not our base case, but could be a possibility discu

in the form of valero, the prior high of 120. that was the summer of 2018. mpc the summer of 2018 85 bucks but these names, don't mistake it they are still in play >> pete, here's the weird thing about oil and gas stocks is that they may not be riding any kind of economic trend and i say that because when economies go down, investment in new capital spending may also go down and oil's all-time high adjusted inflation was 2008 oil stocks actually performed well as the rest of pretty much everything else dumped out but do you feel like we might get close to a top, or can oil stocks continue to run >> you know, they could pause here but i continue to be very long so i think they're going higher, sul ly as a matter of fact it seems everybody has whatever metrics they're using, but a lot of folks have been reaching out about 140 as the next level. it is? i don't know we'll find out pretty soon we got up to 120 before. we pulled back that's exactly what you want to see if you're look, whether it's a stock or in this case a commodity. but you want to see a little b

refiners valero, others have gone what i call eiffel towerrish. i'm not saying late in the game. in and around here they have to settle down, pull back, relax. but then again we're dealing with a commodity. if oil prices side to go to 150 howl bets are off how far the stocks can go. keep our fingers crossed we do not go to 150. charles: absolutely. david, on the other hand you're a value investor. only 18% tech is over 200 day. 17% of consumer discretion nary. hard to think of them this way but those are getting in your wheelhouse? >> some of those names, value in tech, even consumer discretionary. you you can laugh at some names i own. i own a cemetery company. >> there are 500 jokes ran through my mind but i won't say any of them. >> but the problem is, a lot of these companies in the technology space they have been cut in half. charles: right. >> if you were 300, had no bottom line at 30 you're not any better value. any number divided by zero is still infinity. you have to dig down. things companies have to have this time around. they have to be growing they have to be generat

. >> you have particular ideas like eqt the net gas producer the refiner of valero. you still like exxon and chevron. you say the most underappreciated stock istia near, why? >> you think about the impact they've had globally europe was in a lot of trouble to start the year because they were going to run out of natural gas potentially. 85% of the exports have helped refill the europe natural gas story, which is going to help brace europe to get through next winter in regards to natural gas. fundamentally what i like about it and the market is not appreciating it is the company can generate a significant amount of cash flow year after year after year and the free cash flow yield is double digits and that type of double digit free cash flow yield for that duration should not just be priced at what the current price is >> there you go. it is in the green today so is valero rob, we'll leave it there for now. we'll check back soon. and a 10-year note top of the hour go up for auction this is a biggy. rick, how did it go? what are yields doing? >> it was a nasty auction. d

lauren: diamondback, eog, valero and conoco phillips yesterday touch ed record highs and you can see some of that is continuing today as well. oil prices are stronger and we get the latest inventory data in a bit. stuart: $120 a barrel oil, nearly $5 gasoline, energy stock s go up 120 on crude oil as we speak, and then there's ro ku, show me that, please. there is talk about netflix buying them. that's why they're up 4.8%. lauren: so business insider is reporting that the employees at roku are discussing the possibility of netflix coming in buying them and the question is why? well, roku has been heavily discounted. the stock price is down 60% this year so they are cheaper, and netflix is already discussing a cheaper ad- supported service so if this happens, netflix be able to offer its ad-supported tier on the roku platform. stuart: david bahnsen's head is about to explain. lauren: so is yours. stuart: i don't think it's up to much. >> well i don't know if the deal happens but it's more i think the deal is a terrible idea and here is why. netflix has about $6 billion of cash on the

natural gas and gasoline futures taking a breather today, up 10% or more on the month exxon mobil, valero, apa all with really nice gains today look at, that you've got apa corp. up almost 7% now to a vegas bet this is not a casino stock, but vici properties is a roeit witha big footprint on the las vegas strip, the biggest in fact the stock is trading near its all time high after it was announced late friday it's being added to the s&p 500 it has outperformed the benchmark in the past month, quarter, six months and for the year, and joining us now is vici's ceo edward pitoniak good to see you today. >> congratulations on being added to the s&p 500 i'm just curious what this does for your company in terms of exposure, what does it do in terms of access to capital, and what do you do with it >> yeah, it's really the latest chapter, contessa in what's been the institutionalization story that vici represents just over four years since our ipo we've grown markedly during that period our market cap when i first started was 4 billion. today it's over 30 we had a couple dozen properties, we're u

i think you can buy them on any pull backs >> 52 week highs conoco phillips, marathon, valero, 66, apache jim, you have kinder more began. you don't own marathon >> sold it a few weeks ago, wish i held onto it it had done so well, i decided a bird in the hand is worth two in the bush i have kinder morgan, a nice dividend play to the natural gas discussion we were having, three quarters of their business is natural gas. i really like that one my sleeper for the next couple years is transocean. i will admit i bought it more as a trade, i think of supply demand imbalance, we'll be drilling everywhere. the rigs they have cold stacked are going to come out of cold stack. new builds honored get immediately put in production andat higher and rising day rate i like transocean. >> reminder, do not miss a new cnbc with david faber. june 22nd, 8:00 p.m. eastern time on cnbc. >>> a list of cheapest stocks in the market see if the committee thinks you should buy any of them you might be surprised by some of the names when we come back ♪ ♪ we all need a rock we can rely on. to be strong. to overcom

environment, if you look at what's leading and running, i feel that we have some energy exposure, in valero, eog think that's the right place to play the energy space. we have more beta to the sector in those two names we are trying to get full movement of energy names i think the thing to think about is is it right now the time to add from a cyclical perspective, and again, i see other opportunities in other sectors, given what energy has already done. >> josh, wasn't long ago you added ieo, you don't add things often, but this is certainly one place you looked >> yeah. i actually don't think stock picking in this space matters at all. i think this is a one way trade and that is predicated on oil and gas prices remaining elevated and u.s. companies continuing to invest less than they ordinarily would have during commodity price spikes. if this was 2005, 2006, they would be fracking and drilling their heads off. they're not doing that because i think the signal from wall street is keep up the great work, guys, with the profit growth these are companies that many of which had been private co

i like valero, too it is a company trying to do the right thing. refining is a dirty business i think the stock is going higher i'm sorry about the loss of your brother but you're doing the right thing for your family. jeremiah in florida. >> caller: long time listener. happy to be on the show today. a company that hit the 52-week high but last week the ceo sold 30,000 shares. diamond back energy. >> travis dice the ceo of diamond back energy is a visionary and it is an amazing company that is certainly welcome in anyone's portfolio. why don't we own it for the charitable trust we own almost every darn one wow! fang is a great company. that's a the new fang. a toerm i created. some may despise the oil and gas giants but the economy is dependent on them right now and got to embrace them if we get the price of gasoline down at the pump much more "mad money" and the exclusive with centennial 1. can they defend itself in the market i'm reviewing a few companies that might be worth buying if you take a long term view and the calls in the lightning round

natural gas pulling back currently down 2% and the energy sector keeps climbing since september 2014 and valero, diamondback and marathon petroleum hitting record highs pippa, thank you when it comes to energy, rising prices may not always lift all boats. our next guest says you have to know leverage for each company and that's the key to investing in the sector and scott nations is the founder of nation's chairs, scott. welcome. don't scare us too much. >> no. where do you think investors should and shoudn't be placing their money? >> there's nothing scary about energy lately. the xle today at a new 52-week high and it is up 60% year to date and it's not too late to invest in energy if you pay attention to -- one key leverage it's not a surprise that some of these energy names, because they're all capital intensive and it's wnot a surprise that some are more levered than others and the ones that are levered are doing the best year to date. ox dental is an equity ratio and the anadarko acquisition and they're also the best performer in the space and they're up more than 140% year to date let's

. >> it's right behind you on the screen >> take a look at this, right, it is valero, occidental and phillips 66. each within the top five exxon is also in there five of the top ten top holdings >> are they in the s&p 500 or not necessarily? >> russell 1,000, screen them for the highest free cash flow yield. >> and soap the highest free cash flow yielding company would have the biggest percentage in the fund >> each is capped at 2%. >> he has all the answers and the best etf name ever >> listen to us on the power lunch podcast on your favorite ach. >> and watch "closing bell ". >> coming up right now >>> stocks are solidly higher with the nasdaq taking the lead for a change at session highs as we head to the close the most important hour of trading starts right now welcome to "closing bell." i'm mike santoli take a closer look at the markets. the s&p 500 now up 1% building on modest gains earlier in the last hour or so after the fed minutes from its last meeting a few weeks ago did hit. nothing new, hawkish seem

. >> well, the valero oil refinery in benicia is getting cited now for violations that led to the death of a worker at that plant last november. cal osha made the announcement yesterday. this is all regarding 35 year-old luis gutierrez. he's the employee who died after losing consciousness during a leak of argon gas at that refinery. was cited 4 times for either knowingly violating the law or not taking responsible steps to address a known hazard. the violations either way are being categorized as both willful and serious. cal osha's also citing 3 contractors for violations related to the death. the proposed fines total. 1.7 million dollars letters portion of those fines totals a little more than 500,000. well, if you're the type of perton that often runs out of storage on your phone, we have some tips for you. rich demuro shows us some different ways of optimizing your storage. summer is almost here. and you know what that means? we're going to be taking a lot of pictures and videos on our smartphones. >> here's how to free up some storage space on your phone to make sure you have room

. >> well, the valero oil refinery in benicia is citing is being cited now for violating. violations that actually led to the death of a worker at a plant last november. cal osha announced the citations yesterday. 35 year-old luis gutierrez died after losing consciousness during an are gone at that refinery. the letter was cited 4 times for either knowingly violating the law. we're not taking responsible steps to address a known hazard. these violations are categorized as both willful and serious cal osha's also citing 3 contractors for violations related to the death to the proposed fines. total 1.7 million dollars. the letter was portion of those fines comes to just over 500,000. coming up on the kron 4 morning news. several bills on different topics are moving through the california legislature. and we're going to give you an update and overview of all of them. we'll be right back. >> 7.29, was for me. but we really settling into this. i mean, it's been days it's going to be days were just like 80's may have feeling like early summer already and against by next week, jo

if you are valero or pdf how do you pick >> of course, it is $50 a barrel margin they are making an enormous amount of money. you would think with the strong dollar and with massive prices in the u.s., we would not be exporting. we are exporting to europe and latin america. they can't run refineries either the refining crisis story in a world for example in washington where they don't understand energy well, i don't think they get it at all. of course, in russia, you lost 1.5 million barrels a day. europe, as you highlighted is a mess the did news for u.s. refiners for profit ability, we have low natural gas prices gas here is $8 btu not off from the all-time record that is less than the $30 in europe the energy world at the moment right now is insane. weneed to talk more. >> we do i think there is so much talk about the energy transition that may or may not happen. you know, people have the takes. if you don't like the price of gas, go out and buy an electric car. the people hit by the price of gas are the ones that are not buying a $60,000 ev. >> that's the priceof the ev it's going up. it

that's at the valero there. keep those in mind. those reference numbers that you you can find prices as good as that. >> we looking at a longer drive . i have marked down your alternates between half moon bay and 280. you will have to go north on 84. highway 92 is currently blocked , as it has been since yesterday evening. there is a utility pole cutting you off between highway 35 and highway 1. >> when we save 585. >> who is got the spirit? in this case, we are talking about airlines. >> i got the spirit. how about you? >> a new way of popping a topic will take a look at it coming up. >> we will see you back in those high school days. exams were pretty rough, but look at the surprise of. the four-legged variety. find out more about that when we return. you're watching today in the bay. >> good wednesday morning. it is one of those days where we are playing around in the weather >> you can see the trend going from the upper 40s into the mid- 70s and eventually reaching up to close to 90s today. we'll talk more about that in a cold

the sector already up 9% this week hitting new highs, marathon, chevron, pioneer natural, conoco, valero they're buying what is working money has been pouring in the oil and gas lately we're back right after this. joel, since kansas, we've taken our own path. we've never done what everyone else did. we took on the fear. we ignored the doubt. we loved the excitement. we believed. even when our path didn't make sense to everyone else, we kept going. we keep going. until our path is the one they wished they had taken. ♪♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™ >>> all right. welcome or welcome back, everybody. good wednesday m