♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." cheryl: welcome to the program that analyzes the week that was and helps position you for the week ahead, i'm cheryl a casone in for maria. president biden's energy policies under fire this week

with the administration desperately trying to lower prices at the pump ahead of the election, releasing a million barrels of gasoline in reserves. many drivers on the road this holiday weekend have, no doubt, noticed the price of gasoline has doubled since biden took office. republicans on house oversight now out with a scathing report highlighting line by line the administration's between agenda that has fueled energy costs nationwide. but democrats are blaming big oil. >> big oil companies basking in record profits while hard working americans feel the pinch of high prices at pump. instead of working to lower gas prices for americans ahead of a busy memorial day weekend, big oil company executives are huddling to find ways the keep prices high and keep their profits soaring. so next week i'll be sending a letter to doj calling on them to investigate and prosecute collusion are and price fixing that may have increased gasoline, fuel and energy costs.

>> fossil fuel companies are willing to burn up our planet to keep us burning their product. cheryl: here to respond is former energy secretary and former texas governor rick perry. governor, thank you for being here. what is your response? once again, the democrats are going after big oil and blaming them for high prices at the pump. >> and it is a reflection of their rank politics or their absolute lack of understanding of economics. if. [laughter] and i suspect it's probably both. but supply and demand still works. i moan, when you have energy policies that restrict your ability to deliver product to the marketplace which all of these policies that the biden administration have put in place, all these democrat senators that you saw is there on your last clip are talking about, you know, big oil is bad

and they're colluding. the fact is the reason gasoline prices are up is because this administration put policies into place that strangle supply. and when you don't have the supply, the cost goes up. that's just simple economics. they know that, but they're scared to death of the left and the environmentalists that are putting pressure on them to stop the fossil fuel industry in america. and they're doing it. so this is clear, americans get it. it's not about the energy industry, it's not about the energy companies, it's about the biden administration and their war against american energy. cheryl: well, let's stay with that because republicans on the house oversight committee grilling energy secretary jennifer granholm on thursday over biden's energy policies, pushing her on the administration's ban if on exports of liquified natural gas. listen. >> i asked you a simple

question. has the department of energy determined whether exporting lng to our allies around the world is in the public interest? >> and i'm answering in a simple way, we are in the middle of updating our -- >> that would be a no. welsh we're working -- >> we're in the middle of the play, sir. >> that would be no. >> we're just giving a gift to one of the most evil dictators in the world, vladimir putin. >> wert not giving a gift to vladimir putin. we are pausing for a month while we do, while we update a study, and it will resume. >> i bet it's going to the reassume magically right after the elections. cheryl: exactly. and to that last point, the political side. but on the energy side, this crushes our allies in western europe. this lng ban, i found it to be shocking when i first saw it -- or the pause, as the secretary says, because of what it does to our allies in western europe who are depending on us for lng exports.

your reaction. >> yeah. the russians were the bad guys for -- still are, but they were putting pressure on all of europe with their a ability to restrict the gas now. once the war in ukraine start thed, the americans being able to deliver lng into that a marketplace was a real godsend, so to speak. it was a lifeline for the europeans x. now we put that in jeopardy. and my bet is that congressman is spot on. this is all about playing to the environmental left here before the election. don't want to lose any of those voters, so let's put this pause on the lng permits when, in fact, all it's doing is playing into the hands of the environmental left and to people like vladimir putin. so this is clearly politics, but it's clearly hurting american energy industry. we could be back where the trump

administration where we had this country going which was energy independence and being able to deliver a good, solid, reliable supply of energy to our allies in europe. now they look around and go, where are we going to get our fuel? where are we going to get our energy? and they're going to some less than reliable sources for that because they want to keep their lights on. cheryl: that's unfortunate but not surprising. and, you know, the white house is still pushing harder for their green energy policies despite a new report that shows half of all u.s. states could face energy shortages and blackouts this summer. texas, other states are bracing for major heat waves. new data shows us that wind and solar power are reliable less than 40 percent of the time. you've got democratic senator joe manchin speak out. he says politics are behind this. watch this. >> it's ridiculous that government action is creating

new categories of grid risk instead of preventing the risk. you can't take something off before you have something equally as a good if not better to replace it with. you might not like coal, but coal's built this country what it is today. they're just damned to do it because of the political reasons. cheryl: what do you say to his comments? >> well, joe manchin's always been rather spot on particularly when it comes to energy policy. the idea that that we need to rely upon unreliable sources like wind and like solar, we need an all of the above strategy. if the administration had given incentives to small modular or reactors, those walkaway-safe, economically feasible sources of power from the nuclear energy side of thing, we'd be way ahead of the game today. but they don't like anything, it appears, but these renewables

which are absolutely unreliable. we need them in the grand scheme of things, but if you're going to keep the grid up and going, you've got to have reliable base load. that only comes from two things, fossil fuels -- particularly natural gas -- and from nuclear. cheryl: nobody in texas i know wants to see another condition like we saw with that summer where you had so many people that were so, unfortunately, had died. before you go, governor, i have to ask you, it is an election year. if donald trump goes back into the white house, would you be interested in a cabinet position again? >> well, there's a lot of great talent out there. my focus on making sure that donald trump gets elected, that we remove the biden administration and their really negative impact particularly on american energy and particularly on the american economy because energy and and the economy are are inextricably fine twined. and if you have a strong --

intertwined. and if you have a strong energy industry, you're going to have a strong economy. we need to make sure president trump is back in the white house. he's going to put great people into place. this is a team approach. when you rook at the trump team that -- look at the trump team that we had before and you look at the biden team we have today, this ought to be an easy choice for any american. cheryl: well said. governor rick perry, always great to see you, sir. thank you. >> you're welcome. cheryl all right. a wild week on wall street with of. david bahnsen on where h (♪) is bad debt holding you back? ♪ the only limit is the sky ♪ ♪ it's our time ♪ ♪ you don't want to miss it (just a little bit louder) ♪ ♪ it's our time ♪ ♪ you don't want to miss it ♪ ♪ it's your moment in the spotlight ♪ all your ambitions. all in one app. low fixed rates. borrow up to $100k. no fees required. sofi. get your money right®. "9 out of 10 people don't get enough fiber"

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cheryl: and here's a look at where markets ended the week that included the worst day for stocks this year. blowout nvidia earnings not enough to fight inflation fierce. investors now looking ahead to another major inflation gauge, next week's pce report, as prices remain above the fed's 2% target. jpmorgan ceo jamie dimon says we cannot rule out a hard landing. joining me now is the bahnsen

group managing partner and cio, david bahnsen. i want to focus on those comments from jamie dimon. he has not been this bearish on the market until those comments were made. ing your reaction. >> well, i think jamie has done a very good job for the last couple years of pointing out various tail risks meaning extreme things could happen that they always want to prepare for. one doesn't have to look any if further than how jpmorgan is deploying capital to see that they don't believe it's the most likely scenario, that we're going to have a hard a landing. their being -- they're being very opportune u.s.ic. their own allocate models are still invested 60% in equity, so i think preparing for certain things at any point that could go wrong is always prudent x. yet the sort of baseline expectations right now has still been reasonably solid is. cheryl: but the question still remains if we're going to get a rate cut this year. and you've now got some saying

that they predict a rate hike which is the complete opposite of where we started 2024. and then you add to that the worries with that big selloff thursday. >> well, remember, the selloff on thursday brought us back to where we were about five days ago. the market has gone up and down 1,000 points now four times since march. the market, with the selloff it had on thursday, wasn't any lower than it was about two weeks ago, and you really have a market that started the year expecting six rate cuts that right now is only expecting two rate cuts. it expected it the start in marthe march, now it doesn't expect it to start until september, and yet the market is still up 8-9% on the year. so i think that investors are far past all this stuff about what the fed will do and when and won't. they're not going to hike rates. they've made that abundantly clear. there's absolutely no reason for

them to hike rates further. when they actually start cutting rates, i think it add as to volatility, but it has no impact on a real investment plan whatsoever. cheryl: okay, let's talk about that. how do you position yourself? because as we hit the first half of the year, the big question is the second half of the year. many believe that because it's an election year, you are going to get that election year bump in the stock market. do you subscribe to that? >> i don't. i think historically the record's pretty clear that it's the third year in a presidential term where the bump comes. the fourth year is actually often very volatile until you get on the other side of the election. especially lately where these elections are so close, and we're really not going to know what's going to happen until after the election. and it's not just the presidential election, i should add, it's what's going to happen with the senate, the house. there's sort of a number of different unknowns. but my own view is that the volatility in the market right now is not so much about the fed or the election.

it's valuation. you just have a very expensive market that has been very top-heavy, dependent on a few big tech names, and i think investors or have to be more selective at this point. relying on the index to go from 22 times earnings to 25 times earnings is not a very good strategy. cheryl: well, what if an index is heavily weighted with nvidia? i mentioned that at the beginning of the segment with you. this company has this blowout quarter. many say that nvidia is only in the second inning of a full game if it's a baseball analogy. what do you say? because with maybe there is a valuation concern with nvidia, and that's a fair, i think, to bring up. on the other side of that, other companies could play into the a.i. story that we're not paying attention to right now. >> well, i think there are other companies that are in it. we have to recognize that so far the only people making any money on a.i. are those that are making chips for others to use

a.i. we still have not figured out where companies are deploying a.i. in application profitably. i think nvidia will absolutely go down as the cisco of 1999here. in other words, a company that got a huge runup and will end up performing great with revenues and earnings, but at some point the investors or who bought it in these high valuations will end up realizing that it has to revert to a regular valuation. you can't get 60 times earnings to go to 80 times earnings and have that be a sustainable investment cisco in 1999 was $85. it's grown earnings every year since then. and yet it's at $50 today. that has nothing to do with cisco underperforming. nvidia's going to do fine as a company, it's just that the valuation's too high. and when people buy into a bubble, they end up suffering. cheryl: i feel like i'm back in the internet bubble of 1999, david. thanks for that. david bahnsen, appreciate it.

>> thanks so much. cheryl: all right. well, with the unofficial start to summer kicking off this weekend, one company is offering $100,000 for someone to hit the pools. the ceo of swimply is next. many. ♪ ♪ (traffic noises) (♪) the road to opportunity. is often the road overlooked. (♪)

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cheryl: making a splash in the c suite with, swimply is looking for a chief pools officer for the summer with a salary of up to $1000,000. according to the job description, it requires creating social media content and hosting pop-up pool parties.

ceo derek callo joins me now. love the the idea, derek, but is it worth $100,000? i think a lot of people might do this for free. >> i mean, you know, this is, a complicated, tough economy, and so we're happy to be hiring here. it's an incredible, it's an incredible job opportunity. it's an incredible opportunity to explore the country, engage with our community and swim in pools and play on pickleball courts and play tennis. cheryl: yeah, well, there you go. talk to me about the company. let's talk about swimply and why you started it and where you think the company's going to go from here. >> great. and thanks for having me. it's, you know, we're a neighbor-driven marketplace. it started with pools, but we've extended into tennis courts, pickle bawl court -- pickleball courts and indoor spaces. and so we allow posts who have

underutilized indoor and and outdoor space to make that available to their community via an app on our web site and for guests to be able to have fun by access ising these spaces. cheryl: is it difficult for you to make assurances to the owner of these pools there's not going to be property damage or out of control party that their neighbors might be upset about? >> look, that, the guest-host interaction is of paramount importance to us, and we are by neighbors, for neighbors. the vast majority of to our bookings happen from people that a live in the same community, and so we really, we have a double-sided review. we review all of our listings. we have great customer support, and so we work really closely with both sides to make sure that the experience is incredible. cheryl: sound like you're really going to try to broaden out the company or you are bondenning out the company going from

swimming pools which, to be clear, is a seasonal a transaction, likely. take from it that and then move out to you mentioned pickleball and tennis courts and things like that. is that where the growth is for you, and do you have some new ideas you can tell us about? >> yeah. we've really been working very closely with our hosts. we're very host-centric platform, and last year we extended beyond polls into tennis courts and pickleball, an incredibly fast-growing sport, and we continue to expand. there's an extremely wide range of spaces on the platform, and we extended also late last year, early this year into indoor spaces, so you want to host -- get a private -- host a private dinner, do a private launch, those are opening up as well. cheryl: interesting. so it's $10000,000 for the job.. -- 1000,000. i'm picturing a lot of college graduates right now that are a watching and thinking that could

be a good job for me. what do you want the see? >> we just want the see people having fun and celebrating and engaging with all of the 50 states where we have incredible pools and courts and locations. cheryl: do they need a college degree or do they have to be based -- >> zero qualifications. zero qualifications. our currency is fun and celebration. and so we're open to applications from everyone. ages all around the country, and so we're just excited to see the applications that are already starting to come in, and it's incredible. cheryl: what kind of people are you seeing applying for the job? >> we're seeing all sorts. we're seeing, yes, of course, young college student, we're seeing moms with young kids who are excited about taking the kids around and coming at this from a viewpoint of a parent which is a huge use case for us. what to do with your with kids in the summer, alternative to camp, etc. we're also seeing dog owners

going this is incredible, for me to go around the country and showcase places where i can hang out with my dog. is so it is very wide, and we're excited. cheryl: all right. well, thank you, we appreciate it. >> thank you for the time. cheryl: all right. my thanks to derek. i've got one important thing you need to know ahead of next week. ♪ if. ♪ (♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james.

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this is a major part of how i lost 70 pounds, and have kept the weight off for 25 years. it's not just me. this is working for everybody. joe helped his gut health and you can see the changes, not just how he looks on the outside but how much better he felt on the inside. i was 270... i'm now 140. it just feels amazing. thank you, dr. gundry! i helped all these people achieve incredible changes to their weight, their digestion, even their skin. and for a limited time, you can try bio complete 3 risk-free for 90 days. go to: guthealthsecret.com cheryl: welcome back. one thing you need to know ahead of next week, americans are on the road again kicking off the unofficial travel season this memorial day weekend, a ax a predicting the second highest

travel for the holiday on record. nearly 44 million people expected the trek at least 50 miles from if home between thursday and monday. and prepare to hit traffic on the way. a record 38 million plus are expected the drive to their destinations, 3.5 million americans expected the fly, nearly 32 million traveling by bus, cruise or train -- 2 million. if your hoping to avoid a big crowd, stay away from orlando, seattle and manhattan, ranking the highest on the top 10 list. >> that'll do it for us, thanks so much for joining us and safe travels this memorial day weekend as we honor our men and women in uni ♪ ♪ ♪ ♪ ♪ jack: welcome to "barron's roundtable" where we