terms of numbers would i will be watching premier league soccer. i want to give you this. the national average for a gallon of regular gasoline, $3.84. in california it is $5.07. an extraordinary surge in gas prices. neil: you and i are the more senior or more seasoned workers here at fbn. a lot of young people come to me and say how bad was inflation in the 70s? of mortgage hit 4% we didn't panic because that is what a lot of us were paying her day and when you talk about gas

inflation-adjusted terms, higher than this but inspection -- inflation is everything. stuart: the first mortgage i ever got when i got my first house in america, 12.5% was the mortgage rate and i thought that was a bargain. neil: we thought we were financial geniuses from you sure you want to go into this business? have a great weekend. some season perspective. where you are and where you are headed and how you see life through the reality of your own life whether it is relatively young or a little overyoung, inflation i think has been the theme of this incredible week. i know the markets up and down. i think we are looking at a

fourth-down we, something miraculous changes. what is going on with inflation and upward ticket prices which i've been telling you about oil and gas and things that go into food, they put that all together in a commodities index that looks at all of this, it is looking at a biggest weekly gain since 1970 when richard nixon was president. the pace continues in this is something that has gone up. before the ukraine situation, part of the panic in the market, are we really buying the price, forget ukraine, a move before the federal reserve even meets or if it doesn't it looks like it will not wait until that.

are we falling behind because the inflationary thing has not eased off. the world -- david is here, i want to go to the source of a lot of this, what is happening specifically in ukraine. we go to mike towbin with more. with the latest here friend? retained a chilling development last night, the russians seizing and holding the power plant north from the coast. during the course of a shell hit a training facility at the nuclear plant. the reactors are intact, safety systems are intact and is not a

raised level of radiation but because of the threat of this situation, a new item will be entered into negotiations when they meet with the russians to create a safety zone. >> translator: everybody has to unite, we offered to create 30 km long -- >> we are watching fighting in a town to the coast of sea of azov. the artillery has been with a ring. they no longer have access to water or heat or electricity and the civilian casualties are

not totaled up. a lot of civilian structures have been hit. it is on the coast of the sea of azov. a little further west, the town of kherson, there's a key bridge across the dnieper river, further west is the city of odesa, we saw russian warships had their, we fear major beatty -- battle in that city that has not materialized yet. neil: when they talk about a city that has fallen to the russians is it based on what the russians are telling us? how do we keep score?

>> reporter: as it relates to kherson, the mayor posted the city had fallen and people were in distress. and they were having difficulty burying their dead. it comes from a local official. who controls the city can change pretty quickly. looks like what the russians want to do in kherson is get their equipment over the bridge. >> be safe. the white house is digesting this, this attack included a nuclear power plant, that under control, fires have been put out, oil prices shooting up, enormous pressure even with oil prices shooting up connie administration, any russian oil anywhere in the united states, democrats are on board with that, even nancy pelosi but the

president, not so fast. what is the latest? >> reporter: an immense pressure the white house is facing to officially ban russian oil coming in. companies working in the us have done that. so far the white house is saying everything is on the table but refusing to move on the band. listen to the pressure. >> i'm all for that. been it. been oil from russia. >> petroleum, gas, coal, stop all russian imports of fossil. >> it at all be on the table including banning the import of russian oil. >> progressive members of the party, senator joe man is a. and calling on the president to reverse energy policies and expand us energy independence so europe can rely on the us, not russia or opec for oil and natural gas, look at gas prices

just this week. 1 gallon euros $.18 over the past two days. this drives inflation, the labor secretary tells foxbusiness more drilling for oil is not on the table and we must transition off of fossil fuels. >> and infrastructure bill we put in about creating opportunities for electric charging stations, working to increase productivity in charging electric vehicles, we are moving in that direction. it won't happen tomorrow but we are heading in that direction and we have to transition and that is what we are in the process of doing. it could be painful in some sectors but we have to transition. >> gas prices push inflation and the wage increases you are seeing are not buying as much with inflation going faster than that. neil: thank you very much. with us now is the president of the world bank, they oversee a

lot of financial issues leading the sanction list against russia. >> good to have you back on. neil: i'm honored to have you. i would like to go and a laundry list where the world bank stands and how to interpret what is going on on the financial sanctions. they have yet to go into effect but is there some surprise at your level they've not altered russia's behavior or vladimir putin's behavior? >> i can't speak to the sanctions was we are looking at russia had economic challenges over the years and over the decades so visits from hard from the standpoint of their interaction with world financial markets and dependence on china. mostly what i'm focused on his

loss of life in ukraine and how to provide financing to help them wherever we can right now. neil: her priorities are right but if you will indulge me, how frozen is it for russia to get funds slated to be frozen, to be locked away from him or russia. how does the world bank work in that regard shepherding this process? >> we are not engaged in that, the us put in strong sanctions and it affects world oil trade and the food trade which is so important, russia and ukraine were big providers of food and as banks stop working with russia it changes the trade lines, china may be able to make up for some of that by

buying some of the oil from russia but for the total world it is a huge supply shock that is going on. neil: i want to clarify those financial issues up front but this money has to get in and with the russians taking a number of ports, made of any sort beyond the money gets to be problematic, doesn't it? >> the direct food and gasoline supplies are making their way across the border. as far as financing we are still operating with the finance minister and central operator and the imf on this so my understanding is there is still substantial need for

grants now and financing for payment of the ongoing war effort, development effort and food and medicine effort they need to do as a government so i am scheduled to speak with president zelenskyy this afternoon. we will be sending to our board a loan document that started at $350 million, we are expanding that through guarantees that have come in from the netherlands and sweden and looking to have a composite or package for ukraine, one of the challenges is the capacity in ukraine, we are working even today with people in bunkers in ukraine in order to have the documents and channels for the financing safely in place to use the money quickly. i hope that can happen next

week. neil: you talk about humanitarian aid. if the ukrainians were to take that for their military or to fight the russians, they would interpret that as humanitarian aid put to good use. the world bank working in concert with the international monetary fund has rules on this or how that money is used or that aid is ultimately taken. >> we have a large program with ukraine so the use operations are part of that program which are development programs that help ukraine with its industries so we are working fully in that sphere. neil: you were on face the nation before this blue up in the middle of it blowing up.

what can organizations like the international monetary fund, central banks around the world, do to help out here. part of the strategy with other central banks in coordination with the united states is to freeze anything russia has so it can't do more harm. we are getting reports, this might be beyond your purview, they are playing around in the crypto currency market and finding ways around frozen financial funds, do you know if that is the case and you feel russia is doing an end run around the global financial community and everyone else? >> i don't know about what you are talking about. i am sure there are lots of operations underway by

sophisticated central banks including russia to adjust to the sanctions. this is the first time that a g 20 central bank, a group of 20 major nation central bank has been sanctioned in this way. it is very powerful. what we've done is stopped all operations in russia and belarus so i know, what you are trying to get at is is is having an impact on russia? is having an immense impact on russia and russians, the sink's, the weakness and devaluation of the ruble, the 2 people hard. neil: you don't want to take a leap, it's not your purview but the world is your purview, you have a crucial role in seeing how life resumes after

hopefully this ends, hopefully without much more violence. i'm wondering if actions the financial community has taken against russia continue no matter how this ends particularly the way it comes to vladimir putin, that it -- we can resume everything financially we were doing prior afterwards? >> seems to me there is a global outpouring in favor of ukraine and that will have lasting consequences whatever the outcome of the war and with regard to russia there's a clear focus on vladimir putin being the source of the problem and i'm sure that will last lose these are not new things. they invaded hungary in 1956, czechoslovakia in 1968, georgia in 2008. after the olympics they waited

until the end of the olympics, they invaded crimea right after olympics so there's a history of this and i think this is a much deeper and broader war and the world is taking it seriously as they should. lauren: 1 vladimir putin does crazy stuff like the crimea thing and chechnya, killed a lot of innocent civilians the world was outraged but doesn't seem to be so for a long. always overcomes it, they are sanctions imposed on the sanctions he gets around, then he shows up at g7 meetings, international organizations that saw him as a pariah welcome him back, you afraid that happens even here?

>> not this time. this is order of magnitude worse in terms of the defamation and death that are occurring. there will be lasting consequences. this is pushing beyond my limits which i listen to my shareholders and they are horrified. i met with them a week ago thursday, some 10 days ago. i met with president zelenskyy in munich and there was consternation, shock and horror at what is going on. that continues and is likely to stay in place. one issue is how does china react? as you look at the situation china itself has to be

horrified at where this is developing. that is an important issue and how world trade develops. they buy oil from russia when sections are in place but the companies remain part of the world system when they are so engaged with russia taking we will how that works. neil: anyone associated with russia going forward, that something you are looking at. >> incorrect that i am looking at it. sanctions are a powerful global force and there are also international justice system in play, the united nations is playing a role in this.

the outpouring from the world is gigantic, beyond the everyday and after crimea and will endure for a long time. neil: a real pleasure, thank you for taking the time, be safe, be well. david is a key player in how all of this gets coordinated. a crucial role when dealing with the most prominent nations on the planet at loggerheads was a lot more coming up including for the push beyond what the world bank is orchestrating with the international monetary fund. $10 billion in a but he stuck right now as the people right now of ukraine who don't have long to wait after this. cruncs of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,

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>> reporter: it is all or nothing for democrats if ukraine is to score billions in humanitarian aid and military assistance congress must okay $33 billion in extra coronavirus aid. it is part of an omnibus spending bill to fund the government next week. >> must include new funding for covert relief to assure our schools and communities face minimal disruption in case another variant comes as we should do it asap. the most logical place immediately to do it is in the upcoming omnibus bill. >> reporter: more than 30 senate republicans wrote to the white house, they argued they are not ready to spend more money on coronavirus until there's an accounting of the trillions which congress already located for the pandemic. them republicans say it is extortion to link money to ukraine with covid. there is now a bipartisan push to buy the importation of russian oil. >> i'm all for that, ban it.

banned the oil from russia. >> reporter: policy's move surprised many members of the gop. >> nancy pelosi is with us which made me wonder what am i doing? she is right. you've done something nobody else can do. >> look for efforts to attach the oil pan to the spending bill next week but there are concerns that banning the oil could drive up gas prices further here and russia could still get paid for the oil if china or india decide to buy it. neil: oil prices have been moving up with the assumption they are going to sort this out and we won't get russian oil here. be that as it may this has been one of the most inflationary

week since 1970, before you were born. richard nixon was president. what do you make of inflation just this week. >> i've ever seen, oddities like this week go vertical blues not just oil, but wheat and things like that, bad news on top of bad news was we are he had bad inflation was all you had to do was look at the pump, i'm a big believer in oil is everything, prices stay right here and in a couple weeks you see another quarter at least at the pump and it is crushing the consumer right now and all the good things we are seeing, good employment report today, it will head south again because when costs go up for everybody throughout the food chain it affects everybody. when we hear news of nuclear,

chernobyl that does not help the cause. neil: the unemployment rate is 3.8%. a lot of head wind. >> when you have average oil prices. and economically sensitive stocks are breaking new yearly lows, that tells me about the future and i speak to a lot of companies, persons saying to me they cannot stand what is going on, they have to raise prices which will affect demand and profits and that will affect the economy and the markets and already losing some of the wealth effect we had over the last couple years so it's not a

double whammy, it is a triple whammy and there seems no relief. another rough day especially with oil prices up another 3 today. it is not just energy, it is more widespread. we will detail how widespread and how long it can continue as this inflationary spiral not only continue spiraling but taking more commodities and basic things you get at the store with it. more after this. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style.

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neil: inflation is running rampant. what getting interesting is it is more than just energy and oil. it had been widening and

percolating another areas but since ukraine blue up, everything below up. jackie deangelis is all over that. >> reporter: it is down 200 points all over the place for keeping an eye on commodities as we look at the market move in different segments was i want to start by looking at oil, wta trading at $1100, up 3.5% leaving without the biden administration putting sanctions on russian oil, us companies, refiners have stopped purchasing it and so have traders with that brings domestic supply numbers down, that's why you have these dramatic jumps in the commodity price. that preemptive move, they worry any shipments they order could be blocked by sanctions but also because they don't want to be seen as financing

russia's attack on ukraine. look at the gas prices, directly from oil, dramatic jump on all of this and we knew that was coming, national average $3.84, a week ago, 357, $.27 higher. a month ago it was $3 and $.42. many places the price of regular is well over $4 and the pain is expected to continue at the pump. surging transportation costs will send prices of foods, services higher but also staples for food production seeing upward pressure as well, looking at we prizes up 40% this year, corn prices up 20% this year. this is interesting because ukraine accounts for 12% of the world's total wheat exports and applies 16% of the global corn exports. we have our own production here.

when you disrupt the market you see these prices go up. the last one i want you to look at his gold trading at $19.65, up $29 on the session and called, old-fashioned safe haven trade. with all this uncertainty investors are flocking there. neil: they are indeed. we are finding out about it because the flip side of investors is average folks are feeling that pain. madison allworth is joining us. >> reporter: i'm at newark liberty international airport looking at the cost of jet fuel. we've been covering this for months, the price of crude oil is up but with the invasion of ukraine at number is spiking a that will have an impact on jet fuel prices because it is derived from crude oil.

travelers are ready to hit the sky and taking on a lot more. let's look at what crude is trading at, $110 mark and jet fuel oil is derived from crude with a huge increase the could go up even higher. looking like airlines are paying a lot more to get their planes off the ground. according to the international association at this heightened level fuel could represent half of the operating costs for some airlines. this is happening when jet fuel is way up. current jet fuel priced at 57% more than last year accounting for crude oil. it is also coming at a time of massive rebound. it is expected to increase even more. 56% of americans plan to take a spring break trip as omicron feeds into the background.

the cost of flights because of increased demand in travel and increased costs of fuel will steadily increase through june was the cost of tickets pulling up in%. experts say americans should prepare to pay more. >> prices will peak at $340 in june. >> reporter: we've gotten used to these prices in a pandemic being a little less. that's going away. when i spoke to hopper they talked about the 7% increase and they've been projecting that for some time now. because of the ukraine crisis that could be even more. we need to wait longer to see the impact on airline prices. 7% is the bare minimum. it could be more. neil: thank you very much. the question then becomes will you pay those higher prices?

let's go to a university of louisville economics professor russian born. good to have you. inflation only lasts as long as people pay those higher prices. they continue to in the united states. do you see that happening in light of the latest? >> i see more similarities to the 70s was price hikes we are observing now, 7% inflation rate and other increases in jet fuel and crude that we see, they seem less important going forward. i see a possibility of oil shocks similar to the arab oral -- oil embargo in a 70s which

brought inflation up to 10% and more and eventually led to interest rates, were not yet talking about interest rates had to go to 20% by the fed. neil: i remember very well and i don't look that old. the one part i am relating is the underlying economy even before the opec oil hits came was not great. it made it a lot worse. right now there are bumps that we have a strong economy, 678,000 jobs added in the latest period so we are in a better position to absorb this. do you think that is right? >> i agree with that. other factors didn't exist then such, in 2021, i call it

related stimulus packages which is big inflation potential and if supply shocks really go into full effect, a total embargo on russian oil and natural gas, then it may generate serious inflation, low growth and inflation will be a real prospect. that is what economists have to be concerned about. neil: are you concerned our federal reserve is behind the curve, only a quarter point hike in a couple weeks, some say that's right and others look what is going on around the world so many central banks have been raising interest

rates but we could be heading for something bad because this inflation can't be sustained and things get worse? >> i agree this quarter percentage point increase is nothing. in russia central bank increased interest rate from 10% to 20% and ironically the same scale of increased fed chairman walter had to go for to stop inflation here in the early 80s but i still hope there is a chance for the conflict to de-escalate, then it will be much more mild. that's the hope. otherwise it will be major commodity supply and inflation will be much more of a problem

in the us not to mention europe. neil: a brilliant point. wish i had more time with you. paul volcker when he was central bank chief brought interest rates up to 20% and that is where they are in russia was a fascinating tie. thanks, good seeing you. imagine, 20%. might be a leap but we didn't see anything we are seeing in russia a year ago. stay with us. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire.

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neil: this refugee crisis is better than 1.101.2 million refugees that fled ukraine. connell mcshane has been reporting. what can you tell us? >> you are right about the numbers of 1.2 million.

and the humanitarian crisis actually look like beyond those terms. marissa is traveling with her grandma and her mom and the dogs over here. they are from kharkiv and tells us the story, what they have been through and it begins when they arrive in the capital city of ukraine. >> it started to fall bombs and bombs from the sky and it is really scary. >> at the railway station. and it gets really scary.

in every second. >> reporter: they were praying every second is look at the cute little dog. he has had a long few days. they were praying every second and you heard marissa say it took him 3 days to arrive here and they will leave poland and set up shop in a different part of europe for a short time before they go back. and if you think that is one story, it is not. we heard that dozens of times but you think how large this can become, you are already over 1 million in a week, this is a country of 40 million people. what does this look like if things don't get better quickly. we know what the answer to that is. so many have not yet experienced what marissa experienced. that's how things look here.

neil: makes you wonder what those numbers will look like in a couple of days. i want to go to lydia because a lot of us companies are doing everything they can. you hear the story of sanctioning beyond what governments are talking about before they were talking about it. >> we are seeing corporate america stepup for ukrainians not by seizing -- they are extending much needed help. we counted roughly 2 dozen private companies offering financial support, some western companies, housing support during the russian assault. boeing is committing to million dollars to provide food, water, clothing and medication. uber is offering free rides between the poland ukraine

border. air b&b is offering free temporary housing for 100,000 people fleeing ukraine. mcdonald's and kfc announced they are donating food, both shuttered their restaurants last week when the invasion started but they continue to use their kitchens to distribute food and supplies and ready-made meals to ukrainian military, hospitals, and civilians and elon musk's space x made it*link internet system available ukraine and sent additional terminals so people on the ground can connect. musk is saying since it is the only non-russian communication system working in part of ukraine he is warning is a target for russian hacking or worse. he is recommending users place camouflage over the antenna on

equipment used by people, to avoid visual detection. it is heartening to see the business community pool together and offer aid but with 1 million ukrainians already evacuated in a week and more people coming the humanitarian need for help is ever growing. neil: that is an understatement. dan o'toole joins us. russia was a customer and has -- decided to take the hit regardless. good to have you. you made this decision. they are not your top customer but they are an important one. >> every customer is important. we are a small company.

i want to distinguish that but we are in the process of allocating countries on pct, and a time window where we have do designate it and we decided to forfeit that forever due to what we are seeing, small gesture, more symbolic but it is important, something we can do. neil: what is the reaction from russia? >> russia will not comment on somebody like that. we have 5000 investors and two negative pushback's from the investor groups. core principles, transparency and communication and to share that with our group. and we reached out to them and

asked them to call me. we value every opinion. lauren: the russia decision, not to do business with russia, where they russian? >> they might have some alliance over there. i don't have definite discussions with them. i don't want to say that. neil: i am not trying to push you into a corner but let's say it all blows over, hopefully peacefully and calmly. a lot of business leaders are telling me as long as vladimir putin is still in charge of russia, they are not going to take away these actions to stop delivering goods or do business with russia altogether. he has got to go before that

can be considered. >> we want to exert every bit of pressure, a small way of doing it, this is the final decision was if everything goes back to normal we are not going to back tomorrow, this is a final decision, due to the time sensitivity, closing on the ability to get those patterns in russia. that decision is not available -- >> the ceo thrown point. it is a nuclear attack. they say everything is under control.

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neil: all right, we're trying to get a little bit more for you here on this news that the eu now wants to expand its target range of sanctions against russia to include energy companies. as you know most of the sanctions that have been put in place by european players have been geared to the financial arena, although that did, obviously, adversely impact a lot of the energy giants in russia. now, the eu after this nuclear attack that damn near started another chernobyl here even though they say the fire is put out, nothing like that that it was a close call and unnecessary one and a brutal act of international just cluelessness here, so now, the eu is considering going after some of the energy guys, who are already getting belted, but we'll keep you posted on that and what that list might include. we don't know if the u.s. will be part of this separate concerted effort to target just

them. in the meantime, the back drop for all of this dramatically higher oil prices, we're feeling that too. jeff flock on how bad this could get. he's in philadelphia. hey, jeff. reporter: you know, in your prior point we've been watching this too, neil. commerce department, u.s. commerce department came out and blocked shipments of any gas or oil exploration or drilling equipment to russia, so the u.s. participating somewhat. as you see over my shoulder perhaps, we came back to the same intersection we were at when we talked to you yesterday at this time, as you perhaps look at the oil prices which, you know, continue to do their thing. two stations on one side of the street, another station the shell across the street all with three different prices, all of them over $4 a gallon, so at points up you've gotta shop around these days take a look at the national average, it is now $3.84, the average gallon of regular up a penny on tuesday , up $0.04 on wednesday,

up $0.07 on thursday and up $ 0.11 today. diesel similar up i want to say $0.14 up to $4.26 a gallon of diesel. we talked to andy lipow a short time ago on fox business. he told us that the records for both regular gasoline and diesel are both going to be broken the all-time records also asked him about that potential iran deal, if we get an iran nuclear deal, what will that mean, iran oil back into the market, what will that mean for oil prices? here is what he told us. >> i expect that a nuclear deal with iran would lower crude oil prices by $5 to $7 a barrel. iran has over 100 million-barrels of crude oil stored on tankers that could be immediately released, and after that, it could gradually increase their production by 1.3 to 1.5 million-barrels a day. reporter: and neil, i've got my

glasses on here because i'm just checking the baker hughs rig count, and i'm looking for , because it's supposed to come out top of the 1:00 hour, and they have not yet updated it, but that's of course an important marker of future u.s. production, and we could use all that we can get. sir? neil: with the understanding being, my friend, as they call for more production that means help more oil is on the way, right? >> you said it. yeah, we could use that. neil: yeah, we certainly could, jeff thank you again. daniel turner on what this could mean, he is the head of the power of the future takes a look at all of this energy stuff and brilliantly so. daniel, right now, there just seems to be an irony in that the iranians could help the situation by, we sign a pact with them and they put more oil on the market, and weird times i guess but what do you make of

that? >> it's insanity, the idea that we're going to buy 100 million- barrels of iranian oil with u.s. tax dollars, what is iran going to do with that surplus money? do we expect them to do any good iran, along with russia and north korea, these are some of the worst actors in the world and sworn enemies of the united states, so you have to question why is this administration favor ing oil from iran and not from alaska? right now, from texas or the perm yankees basin in new mexico, it's insanity to a level , neil, it sounds like a poly-sci class having these conversations and not strategic real political thinking. neil: what i wonder about too is the president is even departing from many of his own party with nancy pelosi about stopping all russian oil and getting into this country and that's not taking any of it and he's held back on that. what do you make of that? >> yeah, i understand he doesn't want to sanction russian

oil because he's worried about driving prices. i understand it's an election year as well and even listening to the reporter just now about the eu sanctioning russian oil & gas. i just, i'm always angry about the fact when it comes to this industry that we're always playing ex post facto policymaking, right? i come on your show often and for a year and i wish i had better things to talk about sometimes, but for a year, we've talked about how this administration is targeting this industry. it's making things worse. it's making things expensive. well this is the result of it, right? we've enriched putin to the point that he's built armies around the world invading ukraine and now we're debating well how do we solve this problem? how about we don't create the problem to begin with? how about we enrich and empower america's energy? it wasn't long ago, neil, that we were asking, you know, distilleries to make hand sanitizer, and we were asking automakers to make ventilators. we had all of the above, let's solve the problem of covid

mentality, why don't we have this with american energy? why are we not unleashing the full power of american energy in every sector and not turning to iran as the serious solution to our problems? again, it's just in sanity. neil: real quickly, dan. do you think it's fair to say you are of the view that if we had not seen the administration make the move to limit let's say the keystone pipeline in the first stage, shut it down, all but shut it down, that that led us on a trajectory to where we are, that's one argument. i'm just wondering, the markets trade on fear as well. wouldn't prices have gone up and would continue to have gone up no matter how much oil we had, maybe not to the levels we're at now, but what do you think of that? >> yeah, definitely oil markets are always reflected by geo politics. you have the slightest hint of something in the separates of ho rmuse and you see oil that reflect an oil price immediately , but again if we were producing enough domestic

ally, if we were recovering the 3 million or few barrels a day that we're not producing now, we were on track to hit 15 and 16 million-barrels a day, with lower price points for all americans. if we didn't tinker with that, if this administration didn't play these green politics games, it wouldn't be as great of a problem but again, now we're playing catch-up. now we're playing let's turn to iran for a solution or let's not sanction russia because it's going to hurt us more. this is a serious industry, incredibly nuanced, incredibly complex, and fools like this administration who are unqualified and unprepared are playing games with it and we're all suffering the price. neil: all right, dan, thank you very much, again, the administrations argument on all this just say fair is fair that they are saying that this is still something they are considering. they're not ruling out anything, but as things stand now, they do not, do not want to just get all

russian oil off the market. there is talk that they are trying to find a compromise to stagger it but as dan pointed out here, the time to stagger is not now. the time to just cut it off, right now, is right now. so we'll keep track of that. in the meantime i wanted you to be aware of the development that goes counter to the number of companies that are just writing off russia. two of the biggest cryptocurrency exchanges on the planet, coinbase and binance have rejected calls on a blanket ban for all russian users to stop their platforms from being used as a way around western sanctions. their argument goes something like this , that whatever you think about russia and despite the invasion of ukraine, they believe that this would come back and hit people who should have access to the very things that other powerful players on the planet have, and that this blanket ban would hurt them i think that's the gist of it, but who better to talk about it

than the ceo of binance, shang f ang zhao. thank you for joining us. you and coinbase are in this camp and i think i understand why that this would do more harm, that is in other words, just cutting off all crypto ties with russia, but since the powers that be, the oligarchs and vladimir putin could use cryptocurrencies, bitcoin in particular, as a run around sanctions, don't you risk helping him? >> thanks for having me here, so first of all, i want to make one strong clarification. we follow all the sanction rules it's not that we didn't sanction the russian users oligarchs on the sanction list. it's not government calling for this. it's journalists and also other people calling for our businesses to make a blanket ban on all russian users who are not on the sanction list, published by

the u.s. government. so, we feel that as a business, we don't have the power to do that, so we should not have the ability to say hey, we're going to freeze this russian guy 's account. it is a normal russian user maybe walking the streets of new york or london. neil: but how would you know that changpeng, that's what i'm asking how would you know who the user is whether that particular user is a russian oligarch, vladimir putin, or just an everyday man or woman whose just investing in crypto? >> sure, so they are very mature sophisticated ways to find anti-money laundering, et cetera, so we use all of the same tools, same processes the banks use and the banks are, so normal russian, so there's a very strong distinction here, but i think there's a misunderstanding that people think we don't sanction those people on the sanction list. that be bad. that is people go to jail for , people would go to jail for that

, so we follow the sanction list very very closely. banks do not sanction, banks do not block normal russian users and we don't do that either so we do exactly the same thing as banks. it's not that banks sanction russian users and we don't. that's completely not true and a misunderstanding that seems to be propagated even today. neil: all right, but how do you know people aren't finding ways around it? there's always this talk and this has happened one of the arguments for regulating the crypto arena is that nefarious types can get around it, it could be used for money laundering, it could be used for oligarchs finding a way around sanctions. how do you know that's not happening? >> sure. so we, again, this problem does not only apply to crypto exchanges. it applies to banks as well and there is a stoppage process on how to determine politically pep 's including the

principals, their lawyer, family members and what they call mule, people that they use to try to open accounts for them they are very sophisticated technique on how to do this , including ip had associations, there's a whole slew of technology lieused by the banks and by us and actually probably many of the crypto exchanges use advance methods including blockchain analysis for phone transfer which is are typically provided by firms like eliptic, et cetera, so this is not a crypto problem. every bank has to do this determination as well, and anybody who opens a bank account , anybody who opens an account on binance, we go through the same determination process. neil: so again, ross netston is a former banking regulator and he talked to reuters on this saying there's "no question that sanctions are diminished

when you allow an avenue for flight-to-safety that would not have existed otherwise" and he's adding that cryptocurrency is not what you do specifically, changpeng, but provide that opportunity. do you have the power, if you wanted to, to cutoff russia entirely, including average everyday users or is it that you just don't think that's appropriate? >> i think that's criminal for a business to do that, to confiscate people's money, so that's saying like look, a bank ceo in the uk or in new york, they probably have a russian user, and they are just going to take their money away and that user is not on our sanction list , or by government, is just a business ceo just because he may not agree with the president of the country he's going to confiscate from all citizens of that country. what if in the next day that ceo disagrees with some other head of state in some other country

it? does he have the power to confiscate funds from their customers? i think that's a criminal offense, that's a criminal activity in most places if you take your customer's money away, without cause, just because you disagree with the views of the other company's president, and so sanctions are very, sanction lists are very serious decisions made by very senior levels of government and mostly by the u.s. government, to be very frank, so we don't view that as a business owner, or operator. we have the authority to confiscate people's funds when they are not on the sanction list of any country. neil: all right, changpeng, thank you for coming on, the ceo of binance, along with coinbase, amongst some of the biggest players, market exchange, if you will, for one of the simpler term on the planet when it comes to these crypto investments. we'll keep you posted and also

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neil: all right, 18 minutes after the hour the dow down about 250 points here very very hard for it reverse what likely looks like it's fourth down week in a row despite a strong jobs report 678,000 jobs added to the economy maybe because of that report because it puts further pressure on the federal reserve to go beyond the tepid one- quarter point hide, the federal reserve chairman hinted it's coming in a couple weeks he's going to have to go higher maybe more often, we shall see , markets can be wrong , but we're pointing it out meanwhile, the latest from kyiv is really generating all this market activity around the world but it's a life and death issue certainly in ukraine , and doesn't trey yingst know it. trey what's the latest? reporter: neil, good afternoon. fighting erupted overnight at a nuclear power plant in hosar,

ukraine, a city in the southern part of the country and while officials say no radioactive material leaked it is significant because this facility was hit with the russian shell and small arms fire. now, russian forces have since seized the plant known for being the largest in europe. the incident left the international community on edge with concerns that these clashes were taking place so close to that material, with the russians now in control, to be able to weaponize or leverage a facility that does supply ukraine with 25% of its energy. ukrainian president zelenskyy had this to say about the attack >> russian people, i want to appeal to you. how is it possible after all we fought together in 1986 against the chernobyl consequences, you mets tell your authorities to go to the streets and say that you want to leave and you want to leave on earth without radioactive contamination. reporter: the attack on a nuclear power plant comes as russian forces move closer to the ukrainian capitol, the russian defense minister released new video overnight

showing tanks and soldiers crossing into the kyiv region and there have been intense air campaigns against the areas outside of kyiv with schools and residential buildings being hit over the past 24 hours. you could hear behind me just there, a loud bang, likely russian artillery just outside the city. we've heard these explosions over the past few minutes here in the ukrainian capitol as those russian forces move closer and closer to kyiv. neil? neil: trey thank you very much. trey yingst there. you know, this whole nuclear thing and what could have been and we still hope that everything to trey's point has been put out and dealt with we thought we would get someone here to weigh what's going on, light bridge corporation is a nuclear fuel technology development company for lack of a better term, and pretty good at addressing all the energy issues, climate issues, all of that around the planet, and its ceo kind enough to join us right now, seth grey. mr. grey, very good to have you. >> pleasure to be here, neil.

neil: so, you read and follow these developments out of ukraine and this facility, i didn't realize the largest such facility in europe. at face value, we're told, the problem is avoided, fires out, everything is going to be okay. do you believe that? >> so far, that is the case. there are six recabbies dors at the site, one had been shutdown for maintenance, one is operating at 60% power, and then the others have been shutdown by the personnel at the site, so they're operating that one re actor very safely at 60%, now the international a am to ic energy agency in vienna is supposed to help verify all of this for the safety and security of the reactors, and its head raphael mariano has said he would like to go to ukraine and help make sure that all of the reactors there are safe and

secure, bringing the right staff with him, so hopefully we'll get that there too, but he has been in touch and his staff have been in touch with personnel on this site and the other nuclear sites in ukraine and with the nuclear regulator in ukraine , which also has its personnel on the sites, and it is safe. there was a training facility that was hit, that was on fire, that's not near the reactors on the site. that fire was put out actually by people who work on the site, who do double duty on the fire brigade and acted as their own firefighters to put that out. neil: what if the russians now control that area, don't let inspectors in, you know, we are in the middle of a war, it complicates things when you go to a facility that was run by the ukrainians and now by the russians. people are going to get anxious,

right? >> well, my understanding is that like what happened at chernobyl, the russians have surrounded the facility but have not seized operating control of it. the personnel who work at the plant are doing their jobs. now i think it's hard for them to get home and then back from work and it might be hard to get some of the supplies they want, but nuclear power plants have a couple of years of fuel waiting on the site, they have a lot of redundancy on the site, they can operate for a long time without being resupplied so i hope the russian -- neil: but were you surprised, mr. grae, that the russians even tried to attack around this area? i know it's an important vantage point to get to kyiv, i get that , but that by coming so close to doing what could have been global changing damage, that seems pretty stupid.

>> yeah, i agree with you. i would hope that there be other areas like population centers that would also be off limits. to use a technical term, i thought it took a lot for an invading army for a nuclear power plant in the middle of the night to blame the local people defending the plant for starting it. neil: that's well-put, it was a little strange on all counts, but your words are reassuring that hopefully, this didn't end up being as bad as it could have and seth grae, the president and ceo, again, we'll be having more on this updating word we're getting on nuclear officials, inspectors can get a look and confirm for themselves what we're hearing from ukrainian officials, russian officials on site that was a close call but all is okay. we'll have more, after this.

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>> i'm in kyiv, ukraine, and

there have been massive explosions, some in the distance but it shook the whole house. this might be the beginning of something serious. neil: it's probably assured that christina krordon, had no intention, holdup in her home, in kyiv, ukraine talk about what it's like to be holdup in your home in the middle of a russian invasion, did she get the reaction she did and has since gotten. millions of people have seen this , close to 7 million as we speak, maybe more. that already makes her what they call an influencer, and that is an understatement but i don't think being an influencer, one way or the other, impresses her as much as the importance of what she was talking about. a war, on her soil, in her home. she joins us right now, christina very good to have you. >> hi, thank you for having me.

neil: how you holding up? what's the latest? >> um, well, i wish i could say we were good, but can't quite force myself to say that. its been rough psychologically, mentally, emotionally challeng ing, i think we're all exhausted, spent, very very very heavy emotions we're dealing with. neil: you know, there are a lot of people who go on tik tok to tell people what's going on and all. yours seem to touch like a global nerve, millions from around the world have watched it were you surprised by that? >> yeah, i was surprised, because i had no idea that was going to happen, and that wasn't my intention, because i captured that first moment before there was even any news of an invasion , we didn't even know when i heard the first explosion

, i initially thought that it was fireworks or something, and i was just like oh, somebody's having a party, but obviously, that was not the case. i felt like i needed to share just in case. i don't know. neil: it was very powerful. you still hear explosions no doubt, you know russians are making it their goal to take the capitol, they've had bumps along the way, there was this issue with almost bombing a nuclear plant. how do you feel about all of that? >> terrified, to summarize in one word but the fact that they were fighting at the largest nuclear power plant in all of europe, i think that's something that should terry friday not only me and the people here, but other countries as well. i feel like it's something that could definitely affect the whole world so it's

definitely terrifying and jumping into more and more areas , more and more dangerous spots and it's just horrible to see , the images and videos i've seen, it's just, i don't know, i'm just spent even from the visuals, it's terrifying. neil: finally, christina, you know, there are a lot of sanctions on vladimir putin. a lot of his rich friends, but not a one has stopped him in this war. what's your biggest worry now, if he's not slowed by any of that, what do you want to see? >> um, i mean, it's tough for me to say certain things, obviously, but i mean, yeah, unfortunately, it hasn't stopped much but honestly, i don't know what exactly i want to say but i do want it to be over for both parties, because it's not just

people on our end that are dying it's people on their end that are dying too, and i don't feel like they should have to die, so he should at least stop it for his own people, if anything. neil: it seems very cliche for me to say "hang in there" christina, but you touched a nerve, globally, and it's clear that a lot of people are saying a lot more than hang in there. they got your back, they are robustly adding to things and anything i can do to help you and citizens out, thank you very much, christina. >> yeah, we've had so much support, thank you, guys. neil: thank you, thank you. all right, we are talking about those sanctions we are talking about efforts to sort of isolate vladimir putin, the financial might behind him what there is left of it charlie gasparino following that part of the story charlie: neil there's a churn going on with the big money managers at least the ones i

speak to and i'm speaking to people at the biggest players at the banks, jpmorgan, active money managers like blackrock and here is what we're hearing is theres obviously a purge going on and that's why you see a lot of volatility in the markets particularly the last four days a purge going on of russian assets, but where they're looking even closely now , big money managers, looking at assets in europe that are heavily tied to the russian economy, so those types that are in these portfolios are also going to be sold out, you know, at some point soon, because the russian economy and the european economy apparently, at least according to my sources , the last five years, have become much more intertwined. europe has had, it does a lot of business over there, a lot of european companies are located over there, and a lot of them have to pull out, and if they have to pull out and if europe does get some of this contagion of economic contagious economic downturn,

because of higher oil even in free-fall depending on how many more sanctions are put on, it's going to impact european stocks so that's what's going on now and that's why i hear, you're seeing sort of massive volatility. again, we're off the lows, there's a debate obviously going on about how far the portfolio should be purged of these assets , how far these assets will go down but clearly, there's that going on right now, and it's a scary time in the market because you have this sort of global disruption, and not just like a war. neil, people, a lot of money managers are sort of taking a po lyanish view of this or brokers, because i speak to a lot of high end brokers and they say every war, the indy greg is short-lived and this is a war with massive sanctions, and a war that is being fought with

global instability in oil, it's not just, you know, russia is a major oil producer particularly after we've pulled back over the last couple years under the biden administration, and on top of that there's a rising interest rate environment here at home, so put all that together, you have some wicked i ndigestion and portfolio s shedding certain assets. one country that i hear that has not totally voiced about a ban of russia or moving out of russia is france. so french companies still, from what i understand, they are still over there. they're not, you know, when you listen to boris johnson, british companies are pulling back, obviously american companies are pulling back, but the french are still apparently doing business over there, but we'll follow that development as well, neil. back to you. neil: all right, you always do, and i thank you, my friend. charlie gasparino, following that. i want to market watcher david nicholas thinks of this , you know, david, i'm wondering if the good news we got today on

jobs is actually the bad news it's quasi-interpreted b to in the market and that the 678,000 extra jobs put further pressure on the federal reserve to increase rates, and not just a quarter point, that it's being interpreted that way. what do you think of that? >> yeah, it's interesting, neil the feds in a hard place here, because they've got to balance what we have, or what we're see u.s. which obviously that was pretty robust but they have to balance that against the geo political risks that's also going to put pressures here on-the-job market as well, so at our firm we think it's still a 25 basis point hike coming up, the fed has already essentially alluded to that, but yeah, i think that the feds are really going to have to figure out how they don't mess this up more than they already have. i think they were late on getting here, i don't think the markets are going to respond well, if they really start to do significant 50 basis point hikes

this year, so i think the fed needs to go slower, be calmer about this , because again, the markets are already facing pressures and we priced at a 25 basis point hike, i don't think we priced it at 50 basis point hike so that's what has me concerned as far as the fed is concerned. neil: i'm wondering too where this goes. i mean, we're just looking at a basket of all types of commodities and reporting that from oil to agriculture to lumber, to you name it, that basket index is the highest its been since 197 oh, when richard nixon was president and the direction continues to point north. how bad does this get , and how do the markets digest that? if it isn't going to end anytime soon. >> yeah, neil. this is what has me concerned so world order since we changed overnight pretty dramatically, pretty violently, we talked a lot about how this war could impact oil prices, but what really has me concerned and you just alluded to it is wheat.

okay? if you look at russia and ukraine they export about 30% of the world's wheat. this week, wheat prices have surged 30%, and this is really what we say, it's the supply, we already have issues going into this with covid, with the economy coming back on board , but when you throw in the two countries that are some of the two largest exporters of wheat, what this is going to do, i think it could potentially lead to the largest disruption of wheat exports in history, and this has far-reaching effects not just for u.s. markets were poverty across as food prices surge, i hope i'm wrong, but the setup neil is not looking good for commodities. this has far reaching effects. the west is really at this pivotal moment of do we risk disrupting our own lives and comfort when it comes to what we pay for oil or what we pay for food prices or do we have to have some short-term pain to make sure that this does notice calate further, because if we do get disruptions with wheat that's really where i

think, neil, some of us may not be realizing what that could do to third world countries for countries like china, that imports a majority of their wheat, this really, the impacts pretty big globally so obviously we're watching that but i think it means more volatility in the markets short-term, but it's these macro issues like commodities like you mentioned that are really going to hit consumers globally and also here at home. neil: well you're right about all of the above. i just hope you're wrong about the direction and how long it goes, but david you've been an uncanny read, to nicholas wealth management ceo and that strain continues in the market the dow down about 225, again we're looking for a fourth down week in a row at a minimum. stay with us. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further.

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neil: all right, this economy remains strong, a lot of people

finding jobs, 678,000 did so in the month of february. the unemployment rate at 3.8% some people say that's full employment i don't know if susan arthur agrees we'll ask her the careerbuilder ceo. susan good to have you. this is a strong report across-the-board, no denying it, so immediately, you look at half glass empty folks say well it's not going to last now, look at the headwinds, this is as good as it gets. what do you think? >> hey, neil thanks for having me on. what we see is this incredible pace of activity. it looks strong, it looks like under the numbers, some of what's coming back is folks associated with the economy reopening, and the pandemic subsiding somewhat. some of it is new job development, some of it is job creation around industries growing, and around people changing jobs, so there's a relentless amount of activity out there. neil: so i notice that in this latest month,

transportation hospitality jobs were among the most-robust, and i'm imagining that stands to be reversed in the month of march, because obviously, what's going on in ukraine people maybe a little leary, certainly of traveling so it could hit the leisure and hospitality industry, how do you see this sorting out? >> yeah, so transportation has been up, right? it's up right now 50% for us year-over-year. there's still obviously backlog and transportation and actually warehouse workers, so not so sure that slows down yet, regardless of what's happening in russia. i think a lot of what we see in leisure, personal care, everything that's associated with the u.s. economy being more open, we do see so much activity there and so much growth. the places we're seeing that are different for the space where we

work that feel sort of unrelated in u.s.-based are tremendous growth in jobs and education, some of that's burn-out related some of that's vocational skills that's future work in the u.s. , jobs in community and social services so we're sort of seeing all of the stuff we've all been talking about for a long time. we are now starting to see new trends for the first time for us in a very long time, nurses ticked down slightly this month, while other healthcare things ticked up. neil: got it. all right, susan thank you very much susan arthur, careerbuilder ceo, before we go to break a quick update we're getting from the financial times, that a number of oil bosses are warning that the u.s. can't replace any russian shortfall, in other words take all of the russian oil off the market at this time the u.s. cannot replace that. that would lead to still higher prices of course and indeed they are today. we'll have more after this.

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neil: all right, well, if this guys right and if the financial times is right a top oil shell producer is saying even we would radically get back into shell business and fracking and all of this , it's going to be a while before we even have

any hope of replacing russian oil, whether it's cut down in terms of imports to this country or cut out altogether that's a separate big debate in washington with the president saying not so fast with cutting off all supplies from russia. i wonder what congressman rob wh itman thinks of this , serves on the house armed services committee. kind enough to join us, i don't want to hit you with this just out of the blue, congressman, but i think you heard the gist of it that this is a a top shell producer saying even if russian oil were to be taken off the market to replace it, wouldn't be instantaneous, so a) do you buy that and b) do you worry about it? >> well i do worrisome what but i worry more, neil we're continuing to send american dollars to russia and purchasing their oil, which they are using to attack ukraine. that, to me, is absolutely unacceptable. i do think we could aggressively open up both the development and

production here in the united states by de facto regulatory limitations that's shutdown now. the signal that was sent by the beginning of this administration shutting down the xl pipeline absolutely unacceptable. if we completely opened up the regulatory realm and said listen, here is what we need you to do, produce, explore, we have exploratory rigs tied up, ship rigs tied up in the gulf, the things that we could do to open up energy production here in the united states be significant. while it may not affect the market immediately, just the signal that it would send to the markets to say the oil is coming, i think, be able to put at least somewhat of a cap on price increases. neil: well you might be right about that . the administrations been arguing that the oil you get for these things is not immediate and it be a long term but you're quite right to point out that oil is traded in the open markets and they react to that sort of thing, but the reality is that in the meantime, congressman, americans are in for quite the

pinch and quite a lot of discomfort and worse, and they might, you know, look at that it's a sacrifice they're willing to make. do you worry though that this drags on a while, gas prices stay very high, and that resolve, you know, weakens. >> well, unfortunately, neil, i do see the conflict between russia and ukraine lasting for a significant period of time. vladimir putin is not going to relent. the impact that it's going to have on worldwide energy market is going to be long term. that's why the united states needs to put in place long term solutions to freeing up american energy. if we do that i think that we can, i think we can ameliorate some of the impacts of what's happening in ukraine. possibly not all of them. i think too, you just need to be open and frank with the american people about what is the impact going to be on gas prices. neil: i think you're right about that, prepare them for the pain, but americans are pretty good at

absorbing pain, and their history, our history proves it. congressman, thank you so much, congressman rob whitman of virginia. we'll have more after this the effect on the energy markets what you think they're racing north and for stocks, they're racing south, stay with us. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq at adp, we understand business today looks nothing like it did yesterday. while it's more unpredictable, its possibilities are endless. from paying your people from anywhere to supporting your talent everywhere,

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neil: all right, they're trying to stick it to vladimir putin to make sure he feels the economic pain, but in the process, we feel the economic pain as well. republican congressman just telling us that he thinks the

american people are behind ukraine and indeed they are. the question is, can they keep absorbing these body blows when it comes to higher energy prices , gas prices all sorts of prices now, in one sweeping index, the highest they've been collecting since 1970, we shall see. we got charles payne to take you through the next very very buzz you and enlightening hour, dr. payne. charles: indeed it is painful for the american public folks i'm charles payne this is " making money" and when the world's largest nuclear power plant is ablaze, you wake up and that's the first thing you see at the russian military attacks and of course all bets are off and that was indeed the scene this mourning and while details have given some release there's a madman on the loose and nothing can stop him now meanwhile the jobs report was stronger than expected but wages were flacid, not good news, for household budgets but will this alter the plans of the federal reserve also two big banks are saying