combination of factors and oil's just one of them >> ethan harris, thank you for your time. sticking to your call. appreciate the explanation thanks for joining us today. ethan harris with bank of america and as we go out, let's get a check on the markets the dow was up as much 500 points earlier this hour only up 43 "power lunch" starts right now >> what is going on? that's what we're going to try and figure out this hour on "power lunch," everybody welcome. i'm tyler mathisen another volatile session 500 points now 32 points on the dow a new energy world order president biden says the u.s. will ban russian oil imports crude prices are moving higher a veteran commodity analyst will outline the risks to the energy market and if u.s. production can keep up with demand we'll take a look at that. and energy industry player, the executive chairman of telluron

is here. we'll talk about production capacity and the changing energy landscape. >> looking forward to that hi, everybody. we've had a midday reversal of our midday reversal. we were down more than 200 this morning. then up more than 500, now the dow is up 23 s&p just went negative nasdaq's up about 39 points this hour it's been difficult just to keep up with events an 800 plus swing as we watch it to any moment now go negative. we were up 585 at the highs. s&p down five and there's the dow now in the red dom? >> so the market story has been involved in many ways, turn around tuesday for now and it's shifted. very wild swings from the lows to the highs as for some of the stocks that are outperforming on the day,

check out some of the beaten up travel and names expedia, norwegian cruise lines. sharply in green, but outsized losses yesterday on the slowing growth concern on commodities, check out gold prices we were taking a run at record highs as we got to $2,078 and dropped $50 around that noon to 12:40 time period eastern time and then wheat has been the real volatile one after six days of being halted for going too high in price it triggered a limit down today before spiking up again just in the last half hour some of the more dramatic turns have happened in the energy markets. oil prices still high, but we're

off our best levels of the day one of the big etfs that tracks oil and gas, xop etf was roughly $132 before noon eastern time. by 12:40, down to 124. very volatile trade. >> thank you very much let's stick with energy. the president making a big announcement today that the u.s. will ban russian oil imports in response to putin's invasion of ukraine. the president admitting this will cause pain for u.s. consumers. and when you look at the numbers though, the u.s. only gets about 3% of its oil from russia so does the u.s. produce enough to make up for that shortfall with us now is francisco blanch from bank of america global research i want to go through several questions very quickly i know right now, you are in

madrid i know that gasoline is not priced in dpagallons there, but what would a gallon of gas cost in madrid right now? >> getting close to $8 per gallon >> $8 per gallon >> i want to do a little fact checking over president biden's remarks earlier today attended to this ban of russian oil imports. he said and i'm going to play a bite in a minute, he said it is simply not true that my administration or policies are holding back domestic energy production i wonder whether you think that's true. let me play a sound bite and get your reaction. >> united states produces far more oil domestically than all the european countries combined. in fact, we are a net exporter of energy. we're approaching record levels of oil and gas production in the united states and we're on track to set a record for next year. in the united states, 90% of

onshore oil production takes place on land that isn't owned by the federal government. and of the remaining 10% that occurs on federal land, the oil and gas industry has millions of acres leased they have 9,000 permits to drill now. they could be drilling right now, yesterday, last week, last year >> how do you react to that? is the united states a net exporter of energy are we on track to set records in oil production? can we ramp up production to take the place of these, the 3% that we import from russia what are the facts here? >> so, i would say yes, yes, and yes to all three questions i think for quite a while, the democratic party turn in with a pretty green agenda and that seems to be tilting now that

prices at the pump are going up and inflation are biting into consumer's pockets remember, while the u.s. president is the most powerful man in the world, he's not probably the most powerful man in texas or oklahoma there is plenty of industry executives trying to bring oil and gas every day to the market and to be fair, it's really, the slowdown in u.s. supply growth has more to do with investors asking industry to slow down drilling after essentially three bear markets remember, the return capital sector for the nrnl sector for the tlas three years has been a big, fat zero. >> forgive me. so the reason that oil is not flowing the way it may be once did is shareholders, investors saying to the oil company

executives, hey, now, wait a minute show down. it's not profitable to bring it back at these price levels now maybe it is. am i understanding >> now maybe it is and now we need to see the government supports industry or continues to pursue a green agenda one of the big things that's come to the floor is the keystone pipeline, the first day in office of president biden approved in the second day in office president trump so it's been a big contentious pipeline that could bring some barrels down to the u.s. golf coast. there's also crude by rail you could see more crude oil coming out of north dakota and other basins if the price is right. >> i want to ask two other questions. i've always been curious with the keystone pipeline. has the fact that the pipeline has now been halted by this

administration, has that meant that one drop less of oil has come out of the canadian soils or has it just been shipped over to the west coast? >> there's no transportation from the west coast of canada from alberta the canadians have their own problems with some of the lands that go from alberta >> so actually has then meant that less oil has come out of the ground than otherwise would have >> yes if you have keystone xl in place and you had support for canadian oil and gas production, you'd get more energy out of alberta absolutely >> let me ask you a question that's a simple one that a smart friend of mine posed to me today. he said that the gas in his station is going up two or three times a week and has gone up

roughly 75 cents or a dollar in the last couple of weeks, but the gas that is at that station is not the, doesn't derive from the $130 a barrel oil that is priced today it derived from oil that was brought out of the ground at a much lower price or sold at a much lower price so are those retailers, are those companies profiteering by pricing gas at this higher price that actually where the cost of the good was much lower? understand what i'm saying >> sure. i'm not sure that's right. i mean, each company does their own hedging activity and they buy oil and turn it into gasoline or directly buy the gasoline or diesel and buy at different price points distribution is very competitive. at the end of the day, if you have to buy the gasoline gallons

today to sell through your distribution network, you're definitely paying a higher price than if you had bought them two weeks ago, but that means you're going to have less people coming through your gas station people are going to go elsewhere. it's a competitive market. i'm not sure that necessarily. maybe his gas station is higher. >> i'll tell him to go somewhere else down the street. >> it's a free market. >> finally, and you've been very gracious with answering my peculiar questions so effortlessly how much is a $60 million barrel release from strategic reserves going to blunt the impact, most especially here, of a 3% cut from those russian exports that are going to go away, but how much is that going to help globally >> not much. remember russia exports 8.5 million barrels a day, which is about 8.5% of the world's oil

supply it's a huge chunk of oil about half of russian exports go to europe. about 20% go to china. and the europeans are very reliant. 40% of their natural gas and oil imports come from russia it's why you haven't seen the germans and dutch and french joining the u.s. in banning russian imports. it's just reality on theground europe can be tight on diesel if russia and russian supplies suddenly go down here. and we've seen the russians even threatening. we saw deputy prime minister novak talking about potential curtailments on the russian side into europe. that could be very damaging. >> we'll show you what we can do i guess that would be the caption on that. francisco, again, thank you for

your help. from madrid, where gasoline is better than $8 a gallon. >> and don't miss jennifer granholm today on "closing bell" at 4:00 p.m. eastern time. a volatile session for stocks an there's one more wild card to discuss. the fed. our next guest says the fed could add to the turmoil david, great to see you. i think the reason, the thing that's most important to emphasize is the turmoil stems from a fact it's backed into a corner and having to tighten, they can't just back away or maybe that's changed >> i don't know if i would say having to tighten, kelly, but the fed we know and love from many other periods where there was turmoil in the markets whether it was the chinese devaluation in 2015 or whether it was the covid crisis in march of 2020. this is not a fed that is

undershooting its inflation target anymore and has plenty of room to expand its balance sheets, cut rates in times of stress it just doesn't have that and they're fighting a 7.5% inflation rate they're going to have to be seen as doing something about it and it's going to mean their pivot toward help for the markets just comes at a very different place than it has in the past. >> they would obviously back off if they saw real risk to the u.s. growth picture. you know, a lot of people have noted the goldman financial conditions index is back near some of the recent tightness we've seen that accompanies a weaker economy how important is the tightness in financial conditions that we've seen >> i think the fed is going to focus less on the equity markets, which may be unfortunate to some listeners out there. i think the credit markets will really get the feds attention. if the high yield debt markets freeze up, if the ig -- if new

issues can't be brought. if deals get hung. these are the things that are really going to, you know, catch the fed's eye and probably give us more comforting words at upcoming meetings and testimonies than the words that are likely to be there at the current state of market and i think you know, that's why in the short-term, i'm still quite nervous about how the fed adds to this difficult period because of where we stand on the inflation side, which kelly, i still maintain are largely supply-driven issues, but the fed can't afford to let these inflationary expectations, they're only short run, they can't afford to let them get >> what does it mean to you we've seen rates collapse back towards 1% we've seen inflation break even

on a five, ten-year basis. what does that tell you? >> that's a risk off move. low real rates are sort of a flight to hey, i'll take a real yield for ten years now. my alternative is being in the stock market or places that are going through turmoil. so it's really a sign of risk off. the fact that the break evens are going up in the front end is more of a sign of the temporary dislocation in the commodity markets. if you look at the five-year forward five-year break even inflation, i know that's a bond geeky stuff to throw at e everybody, but it's something the fed looks at it's where the market expects inflation to be in five year's time and you can trade that in inflation swaps or through the tips market. it really hasn't budged. it's still just above 2% and has been there for a better part of a year inflation expectations are not this large and the fed wants to

make sure that stays the case and i think that's why they have to be, why jay has had to be more hawkish than people thought he might >> how hawkish do you expect him to be if the situation with the economy gets real, real kinky. in other words, slows down a lot globally there's no fed put here, is there? >> there is a fed put here kelly asked me that the last time i tried to say the strike on the put is just a lot lower. or you could think about it as fed insurance. you have fed insurance in the market, but your deductible is higher than usual. you're going to have to pay more of a loss before they ensure you. i think that's the right way to think about itand importantly, look, where were we in january of 2021? we were at 3700 on the s&p we had a 30% year last year.

we had a housing market that is -- taking any breaks. even as rates have gone up and we have a labor market, we had a great payroll report 3.8% unemployment. the fed doesn't have a lot of reasons to be kind of giving some cushion here to the marketplace. at least yet and they're not going to be your best friend until it gets a lot worse than it is today that's been our message all year we were saying that back in december when the market was at its highs. it's just not the same fed with this inflation structure that's in place and by the way, it would change a bit if we start to get negative payroll numbers if we see the survey collapse, the housing market crack that can change, but we're a long way from that and even a little crack isn't probably going to bring them to a place where the comfort would

be that helpful in the near future >> it is not the tepper formulation anymore from the past decade that either the economy's great or they'll come in and support you thanks for your time today >> always good to see you, kelly. coming up, the executive chairman of tellurian discusses the changing dynamics of the liquefied natural gas market plus, the house will vote today on their own proposed russian oil ban. we'll talk to a congressman about some of the provisions left on the table. plus, higher jet fuel costs pushing up the price of airline tickets. by how much? top analysts crunching the numbers. all that when "power lunch" retus.rn you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪

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president biden earlier ann announcing a ban on russian oil imports. the u.k. says it will do the same every time, but the rest of europe very dependent on russia for oil and especially natural gas. let's get down to houston where brian sullivan is with the executive chairman of tellurian. thank you for joining us critical time. we are witnessing a continent, europe, and the u.k., that is desperate for power. desperate for natural gas.

desperately relying on vladimir putin. if tellurian and others want to come to the rescue down the road, how long would it take how fast could uslng, new shipments, not what you currently ship, arrive in europe >> i think the earliest possible where we can start making a dent is in two years. if everything goes really fast then in four years, again, if we put all stops out, we can start delivering up to potentially 120 million tons, which is enormous. >> but we're not talking about next months or three months from now for u.s. natural gas >> not at all. i think europe has made a conscious decision on relying more on russian gas and renewables bad combination. >> it's a series of political

miscalculations. when you look back in history, was there a moment in time where you say to the u.k. closing their nat gas field or germany deciding to wean off nuclear, you could say this was a critical mistake boone pickens talked about this in 2008, how europe was going to be overly reliant on putin and that was 14 years ago. >> yes, but 14 years is a long time to be wrong, even if you're right at the end of 14 years so what happened is we were learned on a global basis for prices for a period of time and we got to the point where we started thinking that energy prices in general were going to remain low for a long time and then the u.s. really never embraced the abundance of wealth in energy resources that we have and remember, it's only 20 years ago that we started fracking finding that actually we had a

rich resource and by the time we really realized how big it was, it was well into the process only seven or eight years ago. >> germany now is starting to talk about importation lng facilities, correct? z say germany makes the decision today that they are going to build or bring in some kind of an lng import facility what's the fastest they could be up and running, whether it's a plant or some sort of a regasification floating ship >> they can do an onshore plant in about three years and do a re regas facility on a ship in about 18 months, but the liquefaction is not going to keep up with this. so they might as well directly go for the onshore facilities in three years and in four years, would be able to deliver gas >> still looking at 18 months,

three years to sort of wean us off. want to talk about your business can you give your investors an update on driftwood and where you stand with your facilities >> i think the fundamentals have never been more supportive we're starting construction next month and probably finish putting the financing in place for the facility in the next 90 days >> thank you for pivoting as well obviously incredible and scary times. so we appreciate your views. thank you. kelly and tyler, tonight at 6:00 p.m., we're going to be live here for the entire hour vicki holland of occidental, scott sheffield. an entire hour devoted to energy as oil and natural gas spike

natural gas is trading at over $200 a barrel. crazy time >> thank you up next, apple is betting on a budget phone we'll lay out the key announcements we just heard today. >> plus, common enemy. common ground. congress uniting to punish russia the latest when "power lunch" returns. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without

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take a look at spotify shares up about 2% today as we await update on any outages they may have been dealing with discord as well has been down for many users today both companies say they are experiencing users unable to log into the app we'll keep an eye on both of them apple's event wrapping up moments ago. steve is standing by with the details. >> let's run this down real quick. we got the new iphone se that budget cheap phone that takes parts from the 8 and 13

and mashes it together the thing here is 5g and a more expensive price. $529 a new mac, that one starts at 1999 or $3,999 if you want the newest and latest, greatest m1 chip on top of that, a new studio display. that's going to cost you 1600 bucks and a new ipad with a m1 processor, that's $599 nothing cheap here and one final surprise announcement to me at least, a deal with the mlb to show exclusive games on friday nights two games, only for apple tv plus subscribers that was a little bit of a shock. >> absolutely. >> interesting >> i guess the big question is to what extent the cheaper iphone item aimed at the u.s. or global >> it's for people on the cheaper android devices and get

them into that ecosystem not so much here in the united states, but international and abroad >> thank you very much over to rahel solomon now. in us update >> here's what's happening within the last hour, the first january 6th trial ended with a guilty verdict after three hours of deliberations, the jury convicted a texas man for carrying a holstered gun also found guilty of threatening his two teenage children if they reported him to the fbi. t the win could help plea negotiations for similar cases in the last few minutes, poland says it is ready to hand over its russian made jets to the u.s. ukraine's been asking for russian jets because their pilots don't know how to operate planes made by the u.s in london, a standing ovation for president zelenskyy. in a live feed, he told british lawmakers, quote, we will not give up and we will not lose and

the homeland security department has been secretly collecting data from americans money transfers to and from southwestern states. saying that the agency should focus on people suspected of breaking the law you're up to date. back to you. >> thank you very much ahead on "power lunch," geopolitical uncertainty creating cloudy sky, but two industries surging energy prices, leading to ticket price hikes for consumers. plus, how the growing threat of cyber war could impact cloud companies. toigntboing d io th sectors, next. g manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire [sfx: street ambience] ♪ ["fly me to the moon"] ♪

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so show up, however you can, for the foster kids who need it most— at helpfosterchildren.com the dow's fighting into positive territory let's get caught up across the markets because we've seen huge intraday swings in stocks, bonds, and commodities bob pisani has more at the nyse. bob. >> two things are obvious. number one, the market is dramatically oversold looking for a reason to bounce and number two, the reason to bounce, the market most obvious reason is any news on

negotiations that might be positive between the ukraine and russia look at the s&p right there. we were trying to stabilize in the middle of the day and saw a 70-point move in the s&p 500 when there were big headlines that the ukraine might no longer insist on nato membership. this was an interview done yesterday. the press repeated from that abc news also some vague comments that me might be willing to compromise on separatist controlled areas we've moved back down because there's not a lot of substance take a look at the stock market. all the airlines, new lows this morning, but even before that, they were bottoming out or looking like they were attempting to bottom out and rally. united airlines went from $31 to $34 now back to $32. big industrials, many of which were at 52-week lows trying to

rally there early in the morning. went from $87 to $90 you see here back down to $88. same situation in reverse for new oil names. schlumberger, halliburton. $39 for halliburton. goes to 36, moves down, then back up here, fairly stable around $36 we're just essentially prisoners to headlines at this point, kelly. and the headlines are not at all clear. >> the fog of war. thank you very much. in the bond market, yields have been mostly jumping on inflation concerns rick >> yes they've been mostly jumping, that's for sure. and not only inflation concerns, there's a lot of small fires out there. this morning, we learned that the trade deficit for the month of january was 89.7 billion. and we had a three-year note auction. see what happened at 1:00

eastern, it popped because it wasn't a pretty auction. it was a short maturity. it's hard to sell short maturities with a type of volatility we've seen. what rings true, all the gee politics aside, the fed is still the main side. looking at interim tens. you could hardly tell there was an auction at 1:00 eastern it was a short maturity event and keep that ten-year chart open it up to the beginning of february you see that little spike double bottom there at 1.73%? i'm hearing that a lot of traders, ibnvestors are selling off looking for yields to go higher and there's a lot of talk out there by my sources that they think today is an important day. whether it was the blow off top with energy or gold, they're starting to fade this. look at a two-day of bunds yesterday, it closed at minus .015

today, positive 11 1200% higher on the session. finally, fed fund futures for december okay, this is a two-week chart you see how we're right back we've kind of written off the geopolitics. still looking for about 155 basis points of tightening back to you. >> thank you so much oil, what a session. crude rose as high as $129.44 on the wti contract just off the monday highs after the president came out with the official u.s. ban on russian imports we saw prices moderate somewhat. 123.88 is the latest read there. up about 4%. you can see the intraday reversal throughout the energy space. gasoline way off its high. it's up about 3% right now also across the energy share, exxon mobil was up 5%. 1.3% latest. now to the airline stocks. despite today's gains, they're still sharply lower for the week

thanks to rising energy costs. alaska, legion announcing they're going to cut trips by 5% or more in the short-term to help cut costs and our next guest says others will join them. let's welcome in david vernon from bernstein i'm surprised they're going to this move first rather than raising fares. >> i think they're going to raise look at th consequences they're going try to concentrate where they can better balance the cost to serve with the revenue that's available in the mark >> how does this change their profitability and which of these airlines do you think was hedged to be insulated and which aren't >> so, the near term impacts of profitability is going to be

significant. when you see jetblue prices move up by 60, 70%, tomorrow's tickets were sold a few months ago, so you're not going to see a quick ability to recover these oil prices you have hedging in place at larger airlines like southwest and alaska most of the network carriers remain effectively unhedged so you'll see a pretty pronounced -- and importantly, i think the knee jerk reaction to the oil price move has been to kind of push forward this really pronounced spike in oil prices for a longer period of time than probably is going to be the case >> where, david, do jet fuel prices sit today and where say were they at the beginning of the year >> yeah, so beginning of the year when airlines were giving guidance, the airlines were expecting the prices to be in that 252 range

that was up considerably from the third part of last year. right now, the spike has brought them up to as high as 350, 375, 385 depending on which minute you've looked at the prices. >> so pick an airline. pick an airline. any airline, david what does that kind of price increase do to airline a's cost? >> it's going to depend a lot on which airline, which type of aircraft, how many seats are on the aircraft how long it's flying but if you look at the averages across the major airlines, average flight is two, two and a half hours burning about 100 gallons an hour you can work it down to something like 30, $35 on each leg of the ticket. that's at the current price. now obviously if you look further down forward curve, it

becomes much more modest 5, $10 a ticket. a lot easier to pass through there. so what you're going to see is the airlines really looking at where can i recover these increases? we'll curtail it and try to grow into this crisis >> thank you very much appreciate it. >> thanks very much. the house right now voting on a bipartisan bill to block rus russian energy imports and sever normal trade relations we'll speak with earl bluemenhaur, next. a financial advisor that understands me and my goals as well as the markets? now you're talking. no wonder clients rate ameriprise 4.9 out of 5 for overall satisfaction. ameriprise financial. advice worth talking about.

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announcing a ban on russian energy imports now, house speaker nancy pelosi says the house will take action today to ban russian oil as well but there are some provisions being left on the table, including ending normal trade relations with russia. ylan mui joins us with who is spearheading this legislation. >> thank you so much, tyler, and congressman blumenauer for joining us today i wanted to ask you first and foremost, do you plan to support

the house bill today to ban russian oil and do you think it goes far enough? >> i absolutely will support it. the answer does it go for enough, no we have, as you know, provisions to suspend normal trade relations with russia. i plan on moving forward with that when we first introduced our legislation last week, it started a chain of events. we saw canada move in this direction. we're getting positive feedback from some of our e.u. partners and we're going to continue moving forward, but passing the ban today is an important first step >> why not also move on trade relations as well? there has been bipartisan calls for ending those trade relations with russia. what's the hold up >> well, i think there's an interest on the part of the administration to try and do this sequentially. they have an amazingly complex hand they've been dealt and they're doing i think a superb job of keeping our friends and allies on the same page.

i think the administration wants to be a little more deliberate because everything here has been cooperative and what has been so powerful is that we are doing it together so we're going to continue looking for ways to expand this effort, but i fully respect the administration's effort, want to support them we just want to move a couple of steps further. >> what would the impact of ending trade relations be? what would that mean for the cost of russian imports here in the u.s. >> actually, it will have minimal impact on american consumers. the business they do with us is more important this them than what happens for us. the symbolic and psychological impact though is profound and it's another step towards tightening that noose around the russian economy and vladimir putin and his hench men in a way that's not going to be wildly disruptive to american business or consumers

>> what about russia's membership in the wto? do you think they should still be in that international organization >> part of what we'll be exploring today are ways to disengage them i think they forfeited their right to be able to take advantage of that forum and the advantages that it affords them, but again, that has to be done on a step by step basis. but our legislation today enacts efforts to start that process and it's another important signal that there will be consequences, continuing consequences for the russian -- words fail in terms of how disgusting what they are doing and for us to continue ratcheting up this pressure step by step i think is important >> but congress has authority in this area as well. how important is it for lawmakers like yourself to keep exerting that pressure, not just on russia, but also on the administration to continue to move

>> i think it's important for us to be clear about our intentions and providing leadership as i mentioned a few moments ago, when we introduced our legislation, that set off a series of other steps like canada adopting what we proposed in the legislation i think it's important t and work with the administration, but one way or another, i think we ought to end normal trade relations and work hard to get them out of the wto. >> we'll see how quickly that comes to the house floor congressman, thank you for taking the time. >> my pleasure >> ylan, thank you, and thanks to congressman blummenhaur as well >> we'll have details. we also want to bring you headlines from the cfo of netflix just speaking. the company suspended service in russia this weekend. the move will not be material for them will have less than a 1% impact

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russia's war in ukraine has the potential to create problems in many industries, but you ma not have expected the impact it would have on the cloud. let's bring in frank holland for a story on that. frank. >> you see mongo oeo db shares and more importantly, the cloud names that could be an inflection point for cloud stocks according to analysts the russia/ukraine conflict has i.t. leaders especially in europe rethinking their management of workloads. about 44% globally are on the cloud, but in europe, that's less than a third. according to anomaly, now many companies are rethinking the security of on-premise software. cloud options that can be cyclical due to the cost, but the vp of security research says the conflict is a tailwind for a new cycle. >> as we see a war in a part of the world unfold, many people are reviewing what they view as incremental risk this is a very natural thing people are going to take energy and time of their corporation to

say where can i minimize the risk and so security comes into play. >> and today, google acquiring cybersecurity firm mandiant to combine cloud and cybersecurity in one package with a focus on zero trust architecture. that's currently considered the safest option, but it's also as much as 50% more expensive to implement, according to anomaly. web bush says the $5 billion deal could shift the landscape where aws and azure control about 85% of the cloud market. web bush saying companies could likely be acquisition tarkts in a growing cloud and cyber combo race back over to you >> thank you so much, frank haul nld. >> up next, how do americans l i oruia the bann ssn oiift means higher prices? we have the results of a new survey stick around aflac! ohhh, mark is about to become a living piñata. luckily, aflac will help cover his unexpected medical bills.

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welcome back the white house announced plans to ban russian oil from the u.s. the president warning there will be pain at the pump for americans. are they willing to pay that pumps? >> quinnipiac university poll and the results are pretty staggering the recent poll shows yes, 71% of americans think there could be a russian oil ban and they're willing to pay higher prices to make that ban go into effect that means they're going to tolerate it. usually we talk about this notion for a lot of people, it matters until it doesn't for a lot of people it means in

the wallet in this case here, at least according to the survey, 71% of americans say they're willing to pay higher gasoline prices now, if you take a look overall at what kind of gasoline prices we're talking about, aaa's national average is $4.17, a record high. we have been talking a lot about that it's up 21 cents in the last two days ago this is the number a lot of people are going to focus on a year ago, it was $2.77 per gallon it's $4.17 right now too, put it in context for you if you look at other parts of the survey, when it comes to u.s. actions on russia, 56% of americans say we're not being tough enough on russia with regard to the sanctions and when it comes to the idea of housing refugees from there, this is the interesting ing point. three-quarters of americans say they would be okay to have ukrainians housed in america as wells and 79% say they think that russian military action

against a nato ally should be met with a u.s. military response >> say that again. >> 79% of americans say that if a nato ally was attacked the u.s. should respond with military force >> wonder if all this makes the oil spike different than the other ones we have seen. thanks for watching "power lunch. >> "closing bell" starts right now. >> thank you, tyler and kelly. welcome to "closing bell." major averages trading in a broad range today, spiking midday, before pulling back. gaining steam here again as we head into the close. >> i'm mike santoli. let's look at what's driving the action stocks turned higher around noon eastern after a headline said ukrainian president zelenskyy was scaling back his push for nato membership, but that boost quickly faded on headlines that vladimir putin would restrict certain imports and exports. meantime, president biden announced a ban on russian oil, gas, and energy imports this morning, saying this is a step we're taking to inflict further pain on putin. an