and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com. >> let's take a look at where markets ended up on the day.

>> investors taking into account that joe biden could provide a clear cut election when -- win. we will take a look at what a potential bided administration could look like, especially for the energy sector. as newllied again today policies could codify long-term gains for these companies. oil fell today. past 24een quite the hours. a tweet storm. to the old adage on wall street, sell the tweet, by the tweet storm. that would explain the next 24 hours. pulling the rug out of the stimulus talks. rally overnight in the futures. should dong we

airline aid and unemployment. the market may be interpreted that is some appetite to revive talks. romaine: i guess that is great if you are in the market. if you are in the real economy, it will be interesting to see how much the stimulus will trickle down. what effect it will have on people's view of the election. we take a look at unemployment rates. improvement from the most recent jobs report. the last one we will get before the election. pennsylvania still in double digits. significant improvement in arizona. people go to the polls with a feeling about what the economy is like. caroline: that feeds in nicely to the way we are seeing people voting. put much stock in

polls since 2016 and brexit. , we look to look at it at the polls in the states. i'm just putting it out there. joe: did i hear that last segment? you guys are still talking about brexit? caroline: we like these things to be a very slow thing. joe: for more on all this, let's bring in our tax reporter. yesterday we were writing the obituary for stimulus. what is the feeling right now. it is one thing for trump to tweet getting things done in a piecemeal fashion. >> right now a lot of people

have a lot of different feelings. mnuchin and pelosi are still talking. there was discussion today about a stand-alone bill just for airlines there was some hesitation on both sides for that happening. now we are looking into next week. mnuchin said, what if we next do this? throwingdent yesterday a wrench into all of these discussions. it is not clear how things will go forward. caroline: we have been speaking with most of those companies.

there is a lack of fiscal policy at the moment. when do we expect anything to be open? this is not just about politicking, it is about people. >> even if they were to get a , these things take time. that ship has sailed. there is not a lot of political will. both sides are looking at what could happen after the election. that is the way to stall these talks for the next several weeks. romaine: there has been so much research over the years that shows the way people feel about the economy when they go to the polls is usually a reflection of

how they feel three months prior. people's the lag of perceptions about the economy. that doesn't necessarily play into the favor of doing what aboutike this airlines? the most likely thing to happen, airlines might just be that thing. it is really small in size. tens of billions of dollars, not trillions of dollars. that is a smaller price tag. there have been tens of thousands of layoffs from these companies. that would prevent a lot of these bills.

that would be helpful for a lot of airlines. joe: obviously as we were talking about earlier, there is some growing belief in the market. win could have big effects on the market. how much are lobbyists and other interests already trying to design that theoretical package that might come in january or february? what washington is thinking about right now is a piggy bank for tax increases to fund some of these priorities. about $3.5 trillion of tax increases that he has proposed. it is unlikely that all of those will come to fruition.

half of that will be likely. up to make lining sure that their industry is not in that group. all eyes on what is going on in washington. citi will pay a fine of $400 million over risk management issues. they agreed to this. they want to correct practices previously identified by the board. $400 million is defined. -- the fine. caroline: how a biden victory could change the policies around clean energy. this is bloomberg. ♪

romaine: today we are focused on the election and the potential some investors say could come from a biden victory. some people are piling into renewable energy stocks. joe: a sustainable energy generation distribution service, a $145 billion company now. i had to look that up. here is a pretty crazy chart.

cap of thismarket renewable energy company. bigger than the most famous oil company in the world. it shows the bets that are emerging. caroline: exxon is no longer the biggest oil firm. chevron takes over in that respect. they are doubling down on continuing to pollute. it shows it in stark contrast with the folks in renewable. is ourining us now leader of energy and commodity coverage.

there are big changes expected down the line. >> thank you for having me. that is a hard question. it is playing a huge role. exxon is just as much of the story as renewable energy. if a biden administration comes in. they are headed toward a third straight quarterly loss. your dividend is up in the air. rest of his rivals see the writing on the wall. you are seeing all of that play out. entire renewable energy rally has been incredible. to thef that is tied

possibility of a biden presidency. trump is not terrible for clean energy. i just want to put that out there. he is just status quo. wind generation continues to reach new heights. what the biden presidency would do would be a complete game changer. it would put the clean energy rally that we have already seen on steroids. a good $2g to put trillion into creating an entire economy around clean energy. powerts to get 100% clean by 2035. romaine: i'm curious as to

whether this country is ready for that. there has been a lot of chatter about the blackouts in california and the way they have shifted away from fossil fuels and whether that contributed to it. talking about is going nationwide. that is what the biden administration would try to put out there. do we have an economy, a structure that can handle it? >> we do not. anybody who tells you that we have a structure right now that could handle that would be lying. i don't think even biden would say we have a structure for something like that. the potential for one is there. when he unveiled this plan, we were talking to people who felt like this was close to impossible. it is withinid, the realm of possibility.

not have been able to say that 10 years ago. see, theces we could technologies we might be able to bring to bear could drastically change things by 2030. is this a boon for local companies? we know biden has been talking about investing in american companies. is this a place for international business as well? america has always been a place that has set the agenda for energy resources and how the world uses energy. his foreign-policy will play a role in bringing us back into the paris climate agreement.

he will face a uphill battle in regaining the trust of the world. america would be serious about its commitments. policy does stand to change how the world uses energy. we are still one of the largest energy users in the world. joe: our thanks to you. talking about alternative energy. we shift from renewables back to oil. we talk about the outlook for oil. this is bloomberg. ♪

♪ caroline: today we are focused on what a potential biden administration could look like the markets. , oil isaccounts

recovering more slowly than forecast. oil slumped today. this is not where it ends. joe: it is confusing. there are a lot of different moving parts. we will get to those in a second. we continue to see the price of oil do pretty mediocre. a lot of people are driving their cars again. flights are down. we see the supply and demand ratio really plunging. not surprising that prices have gone down as well. romaine: you wonder when you take a look at that ratio. joining us as an economist. traffic seems back in a lot of places. it is pretty bad in manhattan even though suppose we no one is

going into the office. what is going on at the top line level for energy demand? why has that not had a more uplifting effect on the price? we are living in this 90% economy. that is where oil demand has recovered two. no more than that. we are down 10% and oil demand. that is depression level. it is flatlining. it is no longer recovering.

you mentioned traffic in manhattan. it is back to normal. diesel has not fully recovered. we are working in a very low demand level. and a huge inventory surplus. good recipe not a for oil prices. they are at deplorable levels.

that does not make opec happy. talk to us about the supply side. beenow opec-plus has trying to increase production. is it working? >> sort of. much because all of these guys now have this trust. don't have much in opportunity. we are putting about as much oil into the market as we can. that is when we will see how good it could be. them to puts allow a little lipstick on that proverbial piece of meat.

a little bit to me about what has been going on with the refineries. we have been hearing about how they are struggling to make money despite pretty decent demand for fuels and finished products. refineries the world over, except in america, most of them have sped up to make money from middle distance. ago, every refinery had to gear up there diesel manufacturing capacity. the middle distance part of the demand is the weakest part. most refineries are set up to earn their bread-and-butter. in america, is more of a gambling story for refineries.

we find ourselves in a world of trouble. joe: can you explain that last part again and just clarify it? what do they switch to do? what does it mean for their margins when jet fuel command lapse -- collapses? >> that is about 8% of the demand. that is 30% of the middle of the barrel. that is the lion share of where your margin needs to be earned. that is the most difficult part to get out of crude oil in america. ,hen you lose half of that 8% there is a world of trouble. that is how the refineries were set up. you have to tweak things. that will cost money.

you will lose margin. you only have 80 or so percent of demand. optimal much lower than utilization. the middle part has shrunk. now you have to bend over backward and do something with the middle part. squeeze it over. you are pitting some other into ship fuel. it is exactly the wrong set up. for the world we are currently living in. for right now, most of these guys are having real struggles. the set up is wrong for the circumstances. exactly the wrong situation.

great to get your voice on the show. bloomberg technology is up next. have a great evening. so you're a small business,

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♪ emily: coming up, big tech responds after house leaders really say stunning report that could lead to a breakup of big tech. companies are now pushing back. facebook takes steps to erase the conspiracy theory