the conoco phillips has a right to drill on those lands and bought those leases a long time ago. there isn't much of a record of the u.s. government successfully calling back those drilling rights once they have sold them. it's very tricky, and i think one thing we have seen from the biden administration is that they had big goals on reining in drilling on public lands or promises i should say, when they first came into office, and then tap the brakes on some of that. they had a pause on leasing in the first year in office, a few months later you have a court decision that says you can't do this and they backed up and went back to leasing. they leased a lot less, but since that loss, you really seen them say, okay we will focus on regulatory changes. we are going to focus on higher royalties and think about how we can lease only in certain areas, try to shrink the footprint over time of the federal oil and gas program, they had almost nothing in terms of stopping the actual flow of oil and the willow project is one thing that will last for 3 decades. that came out of the biden ad

-based oil and gas companies by market cap, according to s&p global, exxon mobil, chevron, conoco phillips, eog resources and schlumberger have raked in more than $250 billion in profits between 2021-23. that's 160% jump compared to the first three years of the pro-big oil chump administration. tragic oil prices are cyclical. they go up and down. when prices go up that tends to help oil company profits. if youou compare 2020 with 2022 the price of oil in 2020 the covid year was $40. i was not a good year for oil companies. you go to 20222 the average price of oil, was about $100 ad that reflects a lot of the uncertainty that was related to the nation of ukraine. if you know with the price of oil is going to be you have a pretty good idea of where oil company profits may be. i think 2020 and 2022 provide two examples of the impact of the oil price on profits. >> host: president biden has been critical of the oil industry, trying, pushing to an fossil fuels but oil production has broken records over the past three years. >> guest: the u.s. is producing more oil than any country ever has in h

in terms of set-up looking forward, kinder morgan, hess, and c conoco have the richest.rton trade at the biggest discount. and when it comes to wall street's top picks, apa, halli halliburton, coterra and conoco have the biggest price targets. and reiterating it's overweight on baa her roe. >> oil has been pretty flat. it's been a real -- all year, really. >> it's been stuck in this range, and there's this lack of upside catalyst, on the floor side, you have opec supporting any floor in the prices, but you also have a cap in the sense that production is coming online from other places, the u.s., canada, brazil, et cetera. >> you mentioned a hedge against an oil shock later in the year. the oil shock would come from the middle east? >> middle east, potentially. we've seen an escalation there in the red sea. we've kind of stopped talking about it in the broader news cycle, but ships are still diverting. if it escalates, we could get a shock there. we could see opec decide not to start unwinding their cuts and oil has come down. of course, we could get a very strong summer

-based oil and gas by market cap, exxonmobil, chevron, conoco and others have raked in more than 200 $50 billion in profits between 21 and 2023, a 160 percent jump compared to the first three years of the pro-big oil trump administration. guest: oil prices are cyclical. they go up and down. when prices go up, that tends to help oil profits. when you compare 2020 with 2022, the price of oil was $40. not a good year for oil companies. 2022, the average price was $100, and reflects the uncertainty with the invasion of ukraine. if you know what the price is oil is going to be, you have a pretty good idea of where profits will be. so i think 2020 and 2020 examples of the impact -- 2022 provide examples of that impact. host: they have been pushing to lower fossil fuels for oil prices have been breaking records. guest: the u.s. produces more oil than any country has in history. and the big reason is why the prices came down after the russian invasion. what drives u.s. production and the u.s. is in in the world. you don't have one national oil company, we have many private and publicly held

conoco has the story. >> crowds lined up for nearly a mile on saturday to see former president donald trump returned to the campaign trail just a week after he survived an assassination attempt. i think garnered a whole lot more attention. it's overwhelmed. just the support. the people rally goers and trump himself calling the crowds in grand rapids, michigan, bigger. i'm thrilled to be back in the great state of michigan with thousands and thousands. and i mean a lot thousands they have crowds of people outside didn't even get to believe that they go blocks and blocks fresh off the republican national convention and noticeably without a band-aid on his right ear. trump returned to his usual tone calling the president cricket joe biden and blaming democrats for inflation but distancing himself from project. 25 a think tank proposal for a potential trump presidency calling it dis-information. i don't know what the it is. it's project or the 5. he's a threat to say what the that i do for democracy. >> last week i took a bullet for democracy. trump was joined by his newly minted vp pick,

-based oil and s companies by market cap according to s&p obal , exxon mobil, conoco phillips, eog resources and slumber j have ked in more than 250 billion in profits between 2021 and 23. that is a 160% jump compared to the first three years of the pro-big oil trump administration. >> oil prices are cyclical. they go up and down and when prices go up, that tends to help oil company profits and if you compare 2020 with 2022, the price of oil in 2020 the covert year was $40. that was not a good year for oil companies. 2022, the average price was $100 and that reflects a lot of the uncertainty that was related to the invasion of ukraine. if you know what the price of oil is going to be, you have a pretty good idea of where oil company profits may be. i think 2020 and 2022 really provide two examples of the impact of the oil price on nonprofits. >> president biden has been critical of the oil industry and been trying to push to end fossil fuels, but oil production has broken records over the past three years. >> the u.s. is producing more oil than any country ever has in history and it is a big

you got caterpillar, conoco, walmart, verizon, tjx, procter, honeywell, home depot.e only named a smattering of the ones you have. my point is they're outside of mega cap tech, yet you suggest to our producers, outside of a.i., there's not much compelling or that we feel that we need to own or rush to own in any way. man, if that doesn't say what the current market environment feels like, i don't know what does. >> yeah, you know, it's been like that for two years. maybe i've got ptsd with these value names. but if you look at this week, truth be told, we had a half-day wednesday, lot of people playing hooky today. it was a huge day for economic data. we'll get that digested by the markets on monday, tuesday, and wednesday. you look at the ism manufacturing on monday. not great. ism service on wednesday. very much in contraction territory. if you strip out the covid years, it was like the worst print we've seen since 2009. so, it shows the economic growth is slowing a little bit, and i think that's what the fed expects. today, the jobs number was really good from the

forces tonight came under fire in syria from rockets fired at their base near the conoco oil fields inria. i'm told there were no injuries. bret? >> bret: jennifer griffin live at the pentagon. jennifer, thank you. up next, a couple of heavy hitters in the illegal drug trade now in custody tonight. we'll tell you who they are and how they were captured, and later, will big labor support vice president kamala harris as it did president biden. we'll bring you that. ♪ tell your doctor if you have an infection, liver or kidney problems, high triglycerides, or had a vaccine or plan to. sotyktu is a tyk2 inhibitor. tyk2 is part of the jak family. it's not known if sotyktu has the same risks as jak inhibitors. find what plaque psoriasis has been hiding. there's only one sotyktu, so ask for it by name. so clearly you. sotyktu. (bell ringing) someone needs to customize and save hundreds with liberty mutual! (inaudible sounds) (elevator doors opening) wait, there's an elevator? only pay for what you need. ♪ liberty, liberty, liberty, ♪ ♪ liberty. ♪ switch to shopify so you can build it better, s

changed his mind after the debate to his wife donated to harris as soon as the news broke, and malen conoco believe students will be much more energized. now, there is an acceptable choice now when before i think there was real skeptic this isn't about the viability of president biden for another four years thinks he can win pennsylvania. i hope so i think part of it will depend on her choice of vice president. >> you take the country's ready for that. a woman of color as president, i i hope so. i'm a little nervous about that are you looking forward to harris debating? >> trump? >> absolutely. why am hoping should just eat him alive. >> pat levin became politically active in the 1940s during fdr's third term. >> so no, i've never seen anything like this. >> she's just a few weeks from 95 performance it's not age. is levene's test and she sadly came to see president biden, couldn't pass it anymore. >> i love him. i think he's husband just wonderful but he is definitely impair in terms of his thinking, in terms of his presence in terms of his energy, simple advice for harris get into this, i

-based oil and gas by mark cap, exxonmobil, chevron, conoco and others he raked in more than 200 $50lion in profits between 2021 and 2023, a 160 percent jump compared to the first three years of the pro-big oil trump administration. guest: oil prices are cyclical. they go up and down. when prices go up, that tends to help oil profits. when you compare 2020 with 2022, the price of oil was $40. not a good year for oil companies. 2022, the average price was $100, and reflects the uncertainty with the invasion of ukraine. if you know what the price is oil is going to be, you have a pretty good idea of where profits will be. so i think 2020 and 2020 examples of the impact -- 2022 provide examples of that impact. host: they have been pushing to lower fossil fuels for oil prices have been breaking records. guest: the u.s. produces more oil than any country has in history. and the big reason is why the prices came down after the russian invasion. what drives u.s. production and the u.s. is in in the world. you don't have one national oil company, we have many private and publicly held compan

-based oil and gas by market cap, exxonmobil, chevron, conoco and others have raked inor than 200 $50lion in profits betwee 2021 and 2023, 160 percenju compared to the first three years of the pro-big oil trump administration. guest: oil prices are cyclical. they go up and down. when prices go up, that tends to help oil profits. when you compare 2020 with 2022, the price of oil was $40. not a good year for oil companies. 2022, the average price was $100, and reflects the uncertainty with the invasion of ukraine. if you know what the price is oil is going to be, you have a pretty good idea of where profits will be. so i think 2020 and 2020 examples of the impact -- 2022 provide examples of that impact. host: they have been pushing to lower fossil fuels for oil prices have been breaking records. guest: the u.s. produces more oil than any country has in history. and the big reason is why the prices came down after the russian invasion. what drives u.s. production and the u.s. is in in the world. you don't have one national oil company, we have many private and publicly held companies and