working class families to be able to weather. >> >>ize their homes. it's a direct grant, this program has been around for a while and in the pastz delivered to families average families another $327 in savings when they weatherize. now we have the ability to reach ten times as many families with the legislation that we passed in the legislation in addition we set new standards to boost real economies for new vehicles sold in motor vehicle within five years we'll travel ten miles more on every gallon we have because the average fuel economy of 49 miles to the gallon is required that means hundreds of dollars of saverings for families at the pump and similar standards for appliances from air conditioner to microwave, washer, it is one

of 100 actions to save the average family $100 per year in utility bills. look the bottom line is this. between ramping up production in the short term and driving down demand in the long term we can free ourselves from the dependence on imported oil from across the world look i know gas prices are painful. i get it my plan's going to help ease that pain today and safeguard against tomorrow i'm open to ideas to strengthen the plan and will not put it on hold it's time to dli true long-term energy independence in america and i will continue to use every tool to protect you from putin's price hike it's not time for politics americans can't afford that right now so let's meet this moment together. remember, we're the only nation that turned every crisis faced

into an opportunity. we have a crisis let's show true strength and show the unity, the resolve, the innovative spirit in america and come out better off. if we stand up to the bullies of the world, we stand up for those who are ready dounite. unite with us, united states of america. may god bless you and may god protect our troops thank you. mr. president? >> mr. president >> prewar -- >> putin being misinformed by advisers >> that's an open question there's a lot of speculation but he seems to be -- i'm not saying this with a certainty, he seems to be self isolating and some indication that he has fired or put under house arrest some advisers. but i don't want to put too much

stock in that at this time because we don't have that much hard evidence. >> mr. president >> mr. president, how much in monetary terms do you estimate today's announcement to reduce gas prices and when can ameri americans expect to see the changes? >> that's a good question but the prices came down when it was announced that biden would release so much -- so many barrels of oil from the spro we'll see it continue to come down is my guess but how far down i don't think anyone can tell there's a slight delay if you're a gas station and purr chadded "x" amount of gas you won't lower the price at the pimp until you get back what you invested, days and weeks, but it is hard to tell. it will come down.

and it could come down fairly significantly. could come down better part of -- anything from ten cents to 35 cents a gallon. that's unknown at this point. i'm also waiting to see whether or not our allies exactly how many -- how many barrels they release from their supplies. now my guess is it could be as high -- somewhere between 30 million to 50 million barrels. and the higher the number the more likely the prices come down thank you all very much. i appreciate it. thank you. >> mr. president have you seen any signs -- >> mr. president >> all right that was president biden announcing the single largest release of oil reserves from the strategic petroleum reserve in america's history putting a million additional barrels on the market a day to help cut prices brian sullivan and kayla tausche are here with more welcome to both of you

brian, how justified is president biden in saying that companies are sitting on already leased lands, millions of acres, and on thousands of permits and not producing oil that we need, oil or gas that we need. how justified is that claim and that they're using the saved money to pay dividends and do buybacks >> there's a lot there so here's the thing about t tthis 9,000 permits number that's repeated in political office and our media. it is technically accurate there's 9,100 plus permits sitting out there but the real world of oil doesn't work like that say you have a big yard and the house occupies a third of the actual property and people keep saying to you, why aren't you

developing all of your property? well, i don't need to. i don't want to. i can't afford to. whatever the reality is, many permits are not economic they may not be performing many are offshore so you need ships and people why the materials aren't there what i thought was the biggest takeaway from the president's comments and brushed over it quickly, it sounds like he's putting a new tax on the oil companies. he referenced something about fees on unused person mipermits and sounds like a tax on those unused leases and permits. if that's the case i don't know if that spurs development or spur companies to give the leases back to the u.s. government if that's possible on federal lands. they can do that i thought that tax comment was really interesting

technically that 9,100 is true but it is not practical in the real world of oil. i don't know if that helps or not. >> not practical to produce off the leased areas or permitted areas. not just leased. they don't find it in they should interest to do it. >> there's no people there's no people why there's no materials. no truck drivers you can't produce what you cannot drill they are making more money, why e. that is also true and making money and the u.s. government. this is what's odd the government's estimates show record production year the numbers show production raising to a record high so we're getting there but it takes time. >> yeah. so kayla, as i listened to the president there, i want you to jump in on brian's point what it seems to me is that the

heart of what the president said today is we need to up oil and gas production in the short term with the emergency presented by the war and by rising prices at the pump and reduce fossil fuel con sumps and reliance in the long term but call it a fee or a tax. he did say that what he intends to do is cause those companys that are quote sitting on nonproducing acres to pay a fee for that privilege for the lease or permit and not use it. >> one thing to make that call it is another thing for congress to write and agree on and pass the legislation to do that the white house did say in the announcement earlier today that the president would be making a formal call to congress to put a fee or tax, whatever you want to

call it, on the land leased or permitted and not produced on. that being said, i think the president is trying to thread a very small needle hire one hand for months he is vilifying the nrlg industry and what i hear from executives is last several years in the campaign for president, president biden campaigned on a pledge to ban leasing and permitting on federal land only because of legal challenges to the actions has some of that activity been resumed. now he's trying to turn around to say why aren't you producing on a lot of this land? and i know that specifically the oil industry feels like the administration has done an about face on that and that it's hard to understand the messaging and what's allowed now might not be allowed 12 months from now so why make a long-term investment

in that activity we asked whether this is a wholesale change in policy, how long term the change would be and it is unclear. you heard president biden call it a wartime bridge, this release of 1 million barrels a day. the expectation is that production will go up. as brian said. it is unclear houblg the bridge will last and what happens to the energy industry after that >> in other words a year ago limiting permits and discouraging production and now here we are, different circumstances and different price at the president trump, n -- pump and now pleading for them to produce. is that right? >> yes that's precisely it. >> thank you so much appreciate it. let's turn to the guests kevin book of clearview energy partners with john kilduff of

again capital and welcome to you both john, your reactions here? wti back to $102 energy stocks holding up well though >> yeah. i think it's a terrific move we were disappointed again by the opec and saudi arabia. they didn't come across with additional barrels this is a meaningful amount of crude oil that the administration is putting on the market by the way the volume is easily achievable looking at the spr website where the details of where the crude -- everything else, clearly states that the capacity to jut let the oil over 4 million barrels a day. we have that this was done once before in 2018 in october and november four weeks was a pace of over a million barrels a day back then. this is meaningful and now with the extra news of -- spr barrels

from the true allies, this is something that's a momentum killerer if prices and what you want to use it for at times. to be a momentum killer. the united states is up against a cartel that works in their own interest can't blame them for that. because of that and this market not open and free completely this is a great lever to pull and i advocate for using it. >> you said that's why crude prices came down in the past just to follow up on the point, even as a successful headwind we also have then seen energy prices rebound and be higher than prior to the releases why wouldn't we expect a similar dynamic this time around >> look. this market's been hit with tape bombs. this market jumped up $6, down

l, up 10, down 5 because we are pricing the incremental barrel right now. if we do fully foreclose russian oil supplies this won't match up against that but a break on that, if we get a break on the caspian pipeline solution and baltic to such a degree of damage done to the export facilities which are rebuilt and rehabilitated that will add to the extra supply we need it's a finely balanced market that's a bit short which is why we hold above 100 but we got to negative economic data point from china last night and other things developing to potentially with this favor lower not higher prices. >> kevin, what would you add >> this is a bet on a short war. six months seems like a long

time it is also pouring into an enormous yawning deficit in inventories relative to the five year average this is about half of the whole in the inventories over the course of six months add in the strategic partners. maybe iranian barrels pretty soon and could move from deaf is it to modest surplus the question is going to be, where are we on the other side depends on demand. the iaea has grim expectations on demand to retrace and tends to be stickty. >> let's just conclude with the same question i asked brian a few minutes ago. how justified is president biden in saying that companies are sitting on leases that they could be producing oil from these lands and offshore areas and sitting on person mites and not producing the oil we need at

a time of what he says is great need and high prices at the pump how justified is he in saying that >> the leases are being used where they're used because they're not obligations. they're in the money and running down drilling completed wells are running down there are often big backlogs of permits. that's not unusual i don't think it's necessarily about the mechanics of industry. i think that's more of a political statement. >> yeah. that's what i'm driving at as i sense you know because we hear the numbers, used repeatedly and it sounds like to me there's more there any rate, always great to have you both with us. >> good to see you. more ahead busy start some of the worst performing stocks this quarter down more

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welcome back rising oil prices are just one factor making the fed's job more difficult trying to fight inflation without slowing the economy too much the task is so difficult that a lot of people on the fed are not ruling out the possibility of a recession. let's bring in steve liesman

now. steve? >> kelly, while fed officials are not predicting recession but not ruling it out. faced with the uncertainty of the russian war threatening to drive prices higher for food and energy and the unknown how much restraint to be required to give to control inflation fed officials speaking with far less confidence than normal about the economic outlook here's the interesting comments. his recounting of previous successful efforts to rainy in inflation fed chairman powell said some grounds for optimism that a soft landing could be achieved and then chair george saying a soft landing is possible but not guaranteed and from the philadelphia fed said there might be bumps with a

period of below trend growth for a while and a safe but not necessarily soft landing powell and others have said that the market is strong enough for rate hikes and balance sheet reduction and don't know if it's enough to get to inflation under control. >> seems like the scenario is still one where this all works out without a recession. >> yeah. it is the confidence with which they fatalk about it. fiscal headwinds bring people back to work. they say that's what they hope will happen. less confident than normally are. remember fed chair powell has not said policy is in a good place in a long time. >> we'll listen for that term among many others. thank you very much. and let's check on markets with the dow at session lows the big question is whether the fed can eng neineer that soft

landing. our next guest said the road to a soft landing is not about a masterful fed performance. let's bring in jim paulson what do you mean by that >> i think that there's two really good things that have -- one that already happened and one that is happening that i think will moderate inflation and neither depends on the fed right now or will do if we look at economic policy there's this idea the fed started to tighten but we had significant policy tightening for almost a year and takes a year for that to really work looking at the great growth a year ago in march it was 25% today it's 3%. if you look at the deficit to

ratio today that's 9%. if you look at the 10s to 2s yield curve, it was 18.6%. today it is virtually zero if you look at the dollar from last year lows it is up about 10%. if the fed was behind this type of monetary reduction, this fiscal reduction, dollar advance we'd all be much calmer that inflation would moderate and i think it will. it takes about a year. the tighter the policies of the last year start to help. i think a big chunk of the excess inflation rate has been and is the pandemic. a unique restriction on the supply side of the economy it's restricting supply and of all supply chain problems we have, whether delivery times that are elevated or unfilled

order backlogs or the lack of rebuilding inventories we have one supply problem and that's an insufficient labor force and the good news is it is starting to pick up and dove tails with the pandemic moving to an indemonstratic if i look at a year ago august to '20 to october of '21 the average growth in the labor force less than 1/2 of 1% a year since october it's grown at 4% analyzed paceand dove tails with omicron rolling over. if we get a fresh labor problem we see the supply restrictions ease same time that dollar policy starts to slow inflation and economic growth so i think the fed isn't all that important, at least not as much as people think.

>> you raise an interesting cluster of points that inflation has less to do with what the fed and more with supply chain bottlenecks, the inability not just to get workers but sufficient trucks, sufficient chips, sufficient manufacturing from china and sourcing areas so there's a lot in that area that has to go right to retard inflation because it is not merely though it contributed to it is not meefrly growth in money supply, the purchases of asset purchases by the fed. >> i agree it's a combination but i still think the biggest supply restriction is not that we don't have enough troubles or cars it is the people that build

those. so it really comes back to the labor force is my point. the supply problems are tied to the lack of labor and encouraging in the united states to see the labor force participation rate rise and seeing the labor force growing rapidly. total job creation is strong i don't think that's a coincidence. >> that's happening because there is a receding of concern of covid and there is a rising rate of wage -- wages are going up >> yeah. if you look at a chart of the wage inflation and lay it on top of participation rate they are the same chart one reason that participation down so low is wage inflation to 2% here a few years ago and back to 5.8%. well guess what. pay people more thank yey come k

to the labor force. >> thank you. >> thank you. more on the markets, energy following the president's speech plus the comeback kids we'll take a look at the stocks that fell big at the start of the year but may be bouncing back are they worth a little bit of your capital ♪♪ ♪♪ take the world by cloud. accenture let there be change.

electric vehicles looking attractive for people these days, especially those that drive for a living why now a new startup wants to them an opportunity to lease an ev and pay by the mile. let's bring in phil lebeau for the details. >> i just lost ifb and will finish the report and send it back to you. spring ev is saying by the fall of this year we will be leasing up to 2,000 evs for people that want them. it will be a three-year lease, pay per mile about 31 cents a mile. this is expected to be one more

example of what we are noticing, this conversion to electric vehicles 4% of the u.s. market. spring free ev said gas prices made it clear to many that they cannot afford the prices at the pump at this level and as a result something like a nissan leaf makes sense economically. >> i think for gig driving, the nissan leaf is a fantastic solution very affordable. we make it insanely affordable and it is also adequate room in the back for passengers, room for whether grocery delivery or hot food delivery. >> spring free ev is not going to move the needle a lot but

seeing about the opportunitys that are there coming to electric vehicles. this is gm and toyota. we get results tomorrow and then over the week the expectation is that we'll finally get the numbers for q1 deliveries from tesla. most believe we'll get it on saturday 4% of the market right now, a little over, of total sales in the u.s. back to you. >> a huge part of the transition story. thank you. let's get to kristina partsinevelos for a news update. >> thank you the defense has rested for four men charged with plotting to kidnap michigan governor whitmer why five defense witnesses invoked the fifth amendment rights to avoid testifying. depression and suicidal

thoughts are prevailing in high school students. they report feeling hopeless or sad two straight weeks nearly a fifth said they seriously considered suicide in the pandemic. the washington command everies are investigated "the washington post" say it is probe is done by the same congressional committee investigating the sexual allegations against the team a spokesman said it is not aware. hormel is recalling skip pi peanut butter saying some jars may have frack s of staleless steel from manufacturing equipment. they carry boast buy dates of may 4th and may 10th of next year. >> new meaning to crunchy

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we got about 90 moneys left in the trading stocks, bonds, commodities, and the like and the state of the jobs market with yum brands former ceo we are losser across the board you can see it there stocks are just off the lows of the day. we are finishing the first quarter today. first is the worst in two years for stocks dow and s&p down 3%. year to date change, 4% for the s&p. 8% for the nasdaq composite. now let's go to the bond market where yields are slightly lower and we have my friend rick

santelli there he is. hi, rick. >> hi, tyler slightly lower and every day this week for 10s. week to date for 10s at the current yield, should they close here that would be a one-week low yield close and all comes after this morning's personal income and spending numbers and personal deflator year over year hot 6.4 hottest since 1982 looking at 2s to 10s remember that excitement on tuesday with a near miss intraday of zero we closed a whisker under three basis point why is now two and a half years and we are flirting with a fresh flat close even though not at the moment inverting and july 2014. this is a wild story

yesterday 2-year closed by positive like 0.0002. and now back negative seven basis points yesterday positive and had a quick effect on the currency euro lower after a big surge earlier in the week. back to you. >> interesting point there is. oil prices falling let's go to pippa stevens. at the commodity desk. >> a wild day for oil. following the historic release of emergency bashls. the bulk dropped overnight when reports surfaced about the potential move crude down 7% at $100.16 and brent crude is down about

5.4% at $107.29. again this is the lanlgest ever release and some question the long-term impact otc global holdings said it's negligible and since it's the last day of the quarter did want to point out that wti up about 35% over 3 months, the best start to the year since 1999. >> we started out talking about the stock market down for the quarter. worst since 2020 you are gist pointing out a reason why that is the move up in oil go to labor market the unionization votes from amazon warehouse workers counted as starbucks cafes pushing to unionize what does that mean for corporate america? david novak.

former ceo of the yum brands welcome. good to see you here i would think most companies don't favor unionization and here's two of the biggest potentially facing a growing wave of it. >> companies don't favor it for a good reason. number one, you want to be in control of the destiny in this environment you have to have speed and unions can really slow you down. put too much bureaucracy into your business at a time when you got to make decisions quickly and got to adjust. that's why i think the best companies focus on creating a culture where everyone counts and the wages are competitive. in amazon and starbucks i believe that they are continue to be pretty much union free.

>> i find it interesting because my impression has been that certainly starbucks treated the workers pretty well generally with benefits and competitive wages for the sector they're in. while amazon has a more controversial labor record i would say i thought is same there, too ahead of competitors for progressive workplaces policies and pay. >> i think they are and certainly starbucks is a leader in the industry. they had real challenges lately. they're straddled between the third place where you used to go in and they'd call you by the name and then there's been this whole digital revolution causing a lot of change within that brand. and starbucks had to really try to go after both but move boo

the digital world and i'm sure ka caused stress. i can't imagine the country without amazon i think it's a great company that's had tremendous growth and provided countless jobs and i think both companies are great american companies and got to stay competitive. >> lets's talk about the business you know perhaps as well as any human abeing and that's the quick serve restaurant there's a big push upward in wages in that sector if you were running a company like yum or starbucks or mcdonald's how would you deal with that and protecting the business's margins when wages are going up as quickly as they have been in recent years? >> first thing is to be top line

focused, growth focused. best way to protect margins is to get flow through in the sales dollars. retail business like the restaurant business but you can't bank on that so i think the smart executives say we go after the sales and got to also cover the costs to make sure the cost structure is competitive, this includes looking at the supply chain, leveraging the scale. working on process improvement making competitive obviously the last extent you take the price increase. i think those are the levers that you can really pull but you can't afford to bank on sales particularly in a tough market and you got to watch the costs, the g and a and some cases it

will mean job cuts. >> it is a good -- what you are saying is got to be an even better manager in these soirks i don't want to let you go without taking note of take charge of you, your new book good luck with it. looks like a good read it is on my desk david, thank you. >> thank you appreciate it. >> you bet. regaining energy some traditional and old energy names hit hard but having a major turn around. we'll dive in and the other comeback storys. stay with us growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious.

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welcome back volatility, that's certainly defining the first quarter a number of stocks that fell sharply made a dra mattic comeback kristina partsinevelos here with a look at the names that rebounded the most. >> high inflation, all contributed to sharp declines in the market but i'm not here to be a debbie downer but talk about the comeback kids that

fell 15% and staged an in the green as of today. rallying off the lows. so the popular kids made the list tesla, apple and costco. tesla feel nearly 30% to start the share but shares up about 56% and similar story for apple and costco rallying off the lows this year alone and airlines in the mix and experienced sharp reversals as optimism as a recovery from the pandemic influenced buying united rallied off the 2022 low and now positive on the year. up 6%. first place goes to end phase energy soars more than 70% since the 2022 low and i have to mention nielsen holdings and solar edge with over 50% swings in just the short amount of time in 2022.

i thank cnbc pro for this data. >> thank you. after the break, grab a glass. we are having another three-stock lunch but pouring from the bottom shelf. laying out the laggards you may need to consider right now ♪ ♪ with the new schwab starter kit we're rewriting the book on investing 101. new investors can open an account and get $101 to split across the top five stocks in the s&p 500®. you can also unlock short videos, step-by-step guides, and other easy-to-use tools designed for people just getting started. plus, investment professionals are on standby 24/7 if you ever have a question. it's investing 101, reimagined.

welcome back, everybody. time for another three-stock lunch. but today, we're hitting the bottom shelf, taking a look at some of the worst performing stocks at the end of this voltill first quarter. let's bring in jeff kilburg, a cnbc contributor there's his drink lineup looks like one of them is a margarita maybe. jeff, great to have you. let's get right to it. first stock, facebook or meta. what would you do with it? >> well, if we're going to stay with the drinking analogy, i will take a sip of the facebook. you have to believe in the hoodie and mark zuckerberg no doubt about it, we have seen all three of these stocks we're going to talk about taken out to the proverbial wood shed facebook had privacy issues and that's a $10 million punch in

the face to zuckerberg facebook in a tailspin since the results came out, but nonetheless, i think i'm going to add to my long here i was initially in on the ipo. really when you look at facebook at 2 billion active daily users across all of their apps, whatsapp, sgraum,instagram, fac, they're poised for growth, but the privacy issues presented to them allows them to sell and collect those marketing dollars. that's an issue to contend with and that's wi we have seen a dislocation in the price down to $235 >> let's move on, our graphic shows netflix and chill. it's a margarita there down about 37% i just watched the tinder swindler last night. i would buy the stock just on that it was pretty good >> well, tyler, all the folks in mexico know that i definitely do like margaritas last week, but nonetheless, i'm not going to take a sip of netflix. why i have no love for netflix, despite the fact the kilburg

family gorged last week on netflix, what we do see is that this is a wild price discovery mode you have seen all the faang stocks, talk about apple, amazon, google really rebound the last couple weeks to close out the quarter. we have seen netflix really unimpressed. no buyers have come in when you talk about this being the worst drop in the stock since 2012, i don't think the falling knife is done yet. i do not want to take a sip of this margarita, my friend. >> all right >> all right, sothat's two down the final name is paypal jeff, what would you do with this stock, pacing for its worst quarter ever, more than 60% off the highs? >> what kind of jig is paypal? i can't see on the big board >> it looks like a vodka gimlet. >> i like paypal, but i don't like it enough to be buying it here why is that? it is traded inexpensively about 20 times forward 2023

earnings per share target. i think it's had a significant repricing, again, because of all the years of tremendous performance. remember when they dipped into crypto and allowed all their vendors to accept crypto i think that's made a big difference in paypal, but you're seeing a lot of profit taking. let's look at the technicals for one second if you look at the 50-day moving average, i want to see a couple consecutive closer above that average to help me embrace this. >> there it is at $117 jeff, can you give us a parting thought on the markets overall how do each of these trades fit into what you think the second quarter could look like? >> i think it's a great question i think we have to understand the growth stocks. what our growth stocks have done for our portfolios here at sanctuary, we don't want to walk away from growth stocks, but there are specific growth stocks showing value characteristics. i think you have to look at facebook, be considerate, though, when these stocks have

profit taking and repositioning in these big institutions, it takes quarters to really regain footing. be considerate, but don't be walking away from some of the stocks that walked for so long facebook, i still think there's growth in a stock like that. remember there's a correlation to the nasdaq 100, but they have seen dislocation, and dislocation does provide opportunity to buy >> all right there we will leave it jeff, thanks as always for your time we appreciate it >>or"perunch" after this quick break.

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welcome back, everybody. stocks still near session lows as we wrap up the first quarter. dow down 214 points right now. now, the dow and s&p are actually down only about 3% for the whole quarter and that's been quite a ride. the nasdaq, however, is down more than 8% since january 1 for all three averages, this is the first negative quarter since the beginning of 2020. in the dow, home depot, nike, 3m, salesforce, those are the big dow losers >> if you look at the biggest winners, here's the losers so far. there are the gainers. chevron, travelers, american express, dow chemical, and caterpillar. some of these are cyclical pays. and the big winner is the oil company, chevron i was just asking, exxon no longer a member of the dow if it had been, probably, it would be on the list as well >> a curse of the dow again. got a kick down in mid-2020.

it's been on a huge run ever since. that was back when energy had become just 3% of the overall market >> when you think about how bad things felt in february, january, february, and into march, it's amazing we get out of the quarter with a 3% decline on the dow >> couldn't agree more thanks for watching pal"power lunch. >> "closing bell" starts now >> stocks are near session lows and oil is sinking on this final day of the quarter the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen here's where we stand right now in the market, down 200 points on the dow biggest drag is home depot which is tracking for a 30% loss on the year so far. s&p down .4% nasdaq down .3%. the only groups working right now are the defensive groups we're talking utilities, staples, real estate, and health care, all positive everybody is lower wrg financials the hardest hit as yields take a step back. small caps give back less than the s&p, about