this is the best momentum going into the last hour of trading for a long time as i handed over to cheryl casone he who was filling in for liz claman. >> here we go i will do my best. thank you very much it's quite a day already for wall street. were not done yet. the street suffering from whiplash after a wild session. more than 800-point swing on the dow one day after it fell into correction territory. right now charles was saying the dow is higher by 22 pointed as if he higher by 19 and change and as backup 115. oil we are watching aftermarket trade. this is the big story right now it continues to be the headline that we have to pay attention to him. president biden officially banning russian crude from american shores. west texas intermediate in the

aftermarket. the official contract closes at 230. now the 3:00 o'clock. we are higher by four and a quarter% the aftermarket 12452. the official said it was 12370 per barrel. here we go again on oil. the traders are going to tackle the energy impact. we have the former u.s. ambassador to ukraine bill taylor to assess russian invasion with the global chessboard. in the world's first all electric commuter aircraft. the ceo of flight disruptor aviation here to tell us how he makes jet fuel a thing of the past. that is a fox business exclusive it a timely interview considering jet fuel prices as well. apple rolling out a low-cost iphone. the 5g technology are the top tech panel breaking down apples big announcements today.

the fox market alert for all of you. wild swings today follow with the dow dip in the correction territory. the nasdaq and the bear market territory yesterday what a difference a day makes. we will ask our floor show. oil continues to be what we are watching right now. 12449 in the aftermarket, that is for the quarter percent. remember oil in the premarket yesterday going over $130 per barrel. all of the violent swings on crude contract has been roiling the market as you all know. president joe biden said that the united states will be in russian oil imports in retaliation for vladimir putin's invasion of ukraine. but the president warned of economic pain for americans. >> today i'm announcing the united states is targeting the main artery of russians economy. we are banning russian oil and gas and energy. this is the step that we are

taking to inflict further pain on food but there will because as well as the united states. i said i would level with the american people from the beginning but my first defending freedom. >> and another record broken pre-the national advocated a record $4.17 a gallon. other commodity prices, the london metal exchange on tuesday suspended the trading of nickel to surpass $100,000 per metric ton. that was a record three let's get to the floor show. on the united states dutch masters with me and scott bollman. your immediate reaction to the official ban of russian petroleum products and russian oil and coal and wheat.

those imports into the united states off the table immediately. >> we thank commodities have been running for a while now. this does not help the situation in terms of commodity prices. we think they will continue. we've been pretty bullish on commodities for the last year carnivore trading. that and fertilizer and green shipping is where we've been making her money. i think this is going to be a continuation. cheryl: a couple of things that we are seeing, selling off of treasury. i think there is a feeling in the market that this could be a dead cut balance because we see so much volatility in the last day. oil in particular is up 58% year to date. the fear was going into this announcement from the president that that would further crunch the supply for global oil and possibly hurt the global economy. are you worried about either of those things considering the reaction after the fact in the

market on the president announcements today? >> the fact is it is going to have a bit of an impact because we saw last week that the inventory levels had dropped. here is the thing. in the united states only 1% of the consumption of the united states comes from russia. the fact is i think it's more symbolic than is economic but adam to the fact that oil prices have been rising and that gives it more of an edge. the fact is we are going to remain under this constrained supply for a bit of time. we should suspect that we want to pay higher prices at least for the next several months. the big question how deep does it go into the summer driving season. that is something a lot of people are watching. that's remember one other thing aside from academies crude oil is linked to almost every single thing in our economy. food prices, things that we buy at the store.

traveling to and from work. the fact is oil is a real major thing and the thing that everybody should be looking on the first thing everybody should be looking at everyday. cheryl: also, if you look at an particular with the commodity space. his point is well taken. that was my question about the global economy in the u.s. economy. we are already sitting at 40 year highs for inflation. we will get the cpi number on thursday. were expecting 7.9% year-over-year, that is higher than january. americans going into the war in ukraine are already feeling the punch if you will of high cost. what is this due to gdp for america. >> it exacerbates the pricing issues and i agree with scott and what's going to extend out for a little bit longer. if you really look at what we've been able to enjoy in america, commodity prices have been

pretty low relative to other asset classes for a very long time. i am talking about two or three decades. we wrote an op-ed in the title was everything is going to cost more forever. we thank is all of this going to come back, or meet prices going to fall all the way back to where they were. is oil going to come back to where it was. we don't think so in many of the commodities. cheryl: hopefully, i hope you are right. i think the u.s. consumer hopes that you are right. i would bring up the issue of a death cross. we don't talk about that a lot it is a technical term but the 50 day moving average falls below the 200 moving day average for the major embassies. we are seeing that right now unless the dow gained about 1300 points today which it will not be doing. is this another sign that we have further to fall if we hit

the death cross today? >> first of all it shows the technical damage that has been done to this market. it is a great reading of that and it shows the pain investors are feeling. the other thing, you need a confirmation of it. we will wait a couple of days and see if it holds or if we turn back up. the markets come down, it can bounce a lot but were not going back to the highs anytime soon. unless there is a resolution to the conflict. the fact is people really need to be patient and deal with the volatility. again there is buying opportunities out there for the long term. you just have to have some power and a little bit of nerve to hold on. cheryl: my colleague charles payne said that when he sent the show over to me. you have to look for opportunities because somebody out there right now is buying because they saw lows hit for

the dow and s&p and the nasdaq. this is what market is and we are in the throes of it. thank you very much. we appreciate it. >> thank you. cheryl: a fox business alert, coal, the stock is plunging. it was plunging yesterday about 13%. it is coming back right now up about 6%, 5422 pre-the stock plunged after the department store chain attracted more than 20 suitors but rejected to take over. they are saying the offers were too low. kohl's is engaged in a proxy battle and tallied advisors urging the company to sell the stock is up 6%. were watching dollar tree they reached a settlement with activists for mantle ridge adding seven new directors to the board of the company. mantle ridge owns 5.7% of the discount retailer they push for review of the company's business

strategy saying the stock down 10% over the past year is lagging. dollar tree by higher than a five and a quarter% change. the wall street journal is reporting that visa and mastercard are preparing to increase merchant fees. the rays will apply to many online consumer credit card purchases. visa and mastercard are in the green as a general market. mastercard higher by 2% and visa by 2%. starbucks 20 mcdonald's announcing it is temporarily shattering operations in russia while the wall street journal says that pepsi is exploring its options there. mcdonald's is closing all a hundred and 50 of its restaurants in the country. they will pause all operations of the market due to the invasion of ukraine. the fast food giant says they will pay 62000 workers in russia and mcdonald's is supporting local relief efforts by the red cross in real quick i want to

add they might be writing off the russian business that has been reported and no confirmation from pepsico management and if we get it we will bring it to you. jan briand have suspended all investment and restaurant development and russia. this is the owner of taco bell, pizza hut, kfc restaurant. they will redirect all profits from the russian operations to humanitarian efforts. the foundation is donating $1 million to the red cross to support those affected by the crisis. join fox and our support of red cross efforts in ukraine and surrounding countries as they help those people most in need. now in the long term you can donate to redcross.org. obviously the people of ukraine will appreciate it. as american companies bailout on russia and abided administration bands oil imports. will the economic pressure pushed putin to pause? former u.s. ambassador to

ukraine bill taylor is here he is coming up to tell us how he sees the russian aggression playing out. take a look at the dow it is been a very wild day. we're talking 824-point swing on the dow. at one point we were down to 38 and then 585. right now the dow jones industrial is 224. "the claman countdown" coming right back. ♪ you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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cheryl: breaking news, pulling saying in the last hour it will deliver all the 29 fighter jets to the airbase agreeing to an arrangement that will allow it to swap the jets for f-16. send them into ukraine the battle russian forces. fox news is reporting the u.s. has not confirmed that it is willing to have pulling make 299 fighters. remember the u.s. and nato airbase. that puts the u.s. directly in conflict with russia if those are flown over to ukraine. she says russian state news

jumped at the polish announcement the risk bringing in u.s. and nato and general and a direct conflict with russia. the president of ukraine volodymyr zelenskyy vowing not to give up the fight in an address to the uk parliament that was earlier today. zelenskyy unter president zelenskyy thanked president biden and he urged other nations to follow suit. here to discuss developments form ambassador to ukraine bill taylor. great to have you. i think the new reporting from jennifer griffin on fox news brings up a sensitive topic but a big topic. how willing is united states and nato willing to go into the conflict between russia and ukraine without risking world war iii which has been discussed. >> has been discussed and no one is eager for world war iii. the russians don't, we don't,

nato doesn't, this goes without saying. that said, we are supporting ukraine and its battle, you have to call the heroic battle to defend itself in its sovereignty and freedom. we are supporting that. we have been providing weapons, it is not a surprise. we've been providing stingers that shoot down aircraft and providing javelins that destroy tanks. we've been providing weapons. this possible deal, you have to be careful you do not fly into airspace. but this could help the ukrainians a lot. cheryl: also the economic penalty against waterbury putin the russian oil ban and petroleum products, wheat, coal it is not just being frozen out from the u.s. but also from other parts of the world which puts us in a precarious position

because of our oil supply. but are these economic moves that we've made so far enough to make putin blink? >> these economic steps that we have taken with european allies not just with europeans were triggered by japanese and australians these economic steps have been very harsh in the very damaging to the russian academy. and there damning to the normal russians. they are paying the mistakes of their leaders. those are having a real effect of the russian academy and that has got to be a part of president putin's consideration. he is also looking at making slow progress in in some cases no progress on the battlefield. his military is not doing particularly well. he was expecting to be farther along in this fight that he is. the ukrainian military has been putting up an amazing resistance to an overwhelmingly large military on the russian side.

president putin has a lot on his plate. he also has problems at home there are russians that don't want this work. he has a lot to think about as he decides where to go from here. cheryl: what else can we do for the ukrainians right now, weapons aside which is a slippery slope at the top of the interview. what else can we do to help the ukrainians right now and/or the 2 million refugees that are flooding into other country surrounded ukraine. >> you bring up a very good point, this is a humanitarian challenge. i hope it's not a disaster. the reason is not a disaster so far, the polls and the romanians, they have welcomed these ukrainians into their countries in their homes. that is made impossible for the ukrainian families to go into europe, the rest of europe into nato nations while the ukrainian

men are staying to fight. they are fighting. that is one thing that we are helping them fight. the other thing that we can do is political support. we can help them, we are stated with president zelenskyy on the political side and economic side in the sanction side and on the military side. that combined support for president zelenskyy in the ukrainians as they fight for their freedom is what we are about. >> vladimir putin a lot of talk and rhetoric about his mental state. and also his end game in all of this is ukraine enough for vladimir putin? >> this question on the mental state, there are smarter people that have evaluated him earlier and now into worry that he is unhinged.

we heard tammy rice talk about this, mike fawley unwanted view shows, he has been concerned about the mental state. however, i would say however, different putin devaluations are he is not suicidal. i do not think he is prepared to do something that will get into the war that we talked about earlier or do something that is suicidal. that is the first thing. >> i think about the oligarch, the yachts, the real estate, the billions of dollars being held overseas many of those assets have been frozen or going to be frozen by our allies and other countries. at what point do the men that are as wealthy as vladimir putin and get next to him and maybe back down. we will see, this is changing every day. ambassador bill taylor. it is great to have you. we appreciate your perspective.

cheryl: the other side of the oil trade is jet fuel. jet fuel prices are skyrocketing one company is hoping to eliminate from the friendly skies we will introduce you to the ceo of aviation the world's first all electric commuter plane. on another note don't miss american dream home tonight at 830 eastern time hosted by me followed by "mansion global" 9:00 p.m. eastern time real estate lineup only on fox business life. take a look at the big board, we are well off session highs. the dow was up 585. we are not negative, were 125 higher on the dow. we'll be right back.

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cheryl: some breaking news. i would show you live pictures of president joe biden arriving in fort worth, texas at this moment. he is in the heart of the oil

patch. he is not there to talk to oil executives although he could but is there to talk to veterans about healthcare. he banned russian energy products earlier from washington. he's being greeted upon his arrival by colonel william, chris mcdonald the airlift wing. by the way the secretary of veteran affairs is traveling with president biden. they agreed by local officials, as you can see he will do be angry and tour the clinic and he will be talking to veterans on the ground, caregivers and he is expected to talk about burn pits. that is something that happened during the u.s. wars over the middle east. he thinks it contributed to the cancer that his son beau biden died from. again president joe biden arriving in fort worth, texas. he will be delivering remarks in an hour or so and talking to service members. it is ironic that he's in texas

in the middle of a state that is probably pretty anxious to start doing more drilling if you will to get oil back on track in this country. >> tomorrow marks one week since u.s. airspace closed all russian flights between that and crushing oil prices. airline stocks have been taking a beating. american, delta, united airlines. as you can see all down since the start of the russian invasion of ukraine. that was on vibrate 24th. you see the losses on the screen. pretty substantial. the same for alaska, southwest and jetblue, 50%, 20% respectively. all of this in oil with jet fuel cost. air ojai is due for jet fuel but that only go so far. they can only weather storms like this in the jet fuel market for a real short period of time read jet fuel accounting 30% of the operating cost overall.

it's now at 27% compared to a week ago. 96% year-over-year jet fuel prices. look at that. one company is hoping to make airlines and aircraft completely independent from oil by created the world's first all electric commuter plane. the name of the plane alice. aviation vice president gregory davis joins me now on a fox business exclusive. you have been working on alice for quite some time. the big question, when will we see a test flight? what can you tell us. >> we are weeks away from our first flight. the aircraft is behind me substantially complete. we are completing a series of tests from the aircraft right now. we can get the first flight milestone which is going to be a historic event. cheryl: what about having these batteries on a plane. these batteries are pretty

heavy. in a airplane it needs to be like, how do you account for that in the design of the plane. >> it's a good question. on alice the battery is over 8000 pounds, 16500 pounds. to compare that to the aircraft, the differences feel will burn off during flights were alice lanson takes off at the same weight. in order to make this work, we have to be clever that the packaging. that is what are the reasons why it's a different shape than the conventional fuel driven aircraft. we optimize every way that we can to make it as sleek as possible and minimize weight. cheryl: is there any fuel on board at all? >> the electrical power for the aircraft, that's what makes ago. >> i'm sure the discussions have been interesting for you.

we heard from but we that they had some problems in production because of the shortage in metal. now you have the war with ukraine in more issues without market on top of it. will that hurt the cost for you a production in general? >> the external components are composite it is going to help us in that regard. overall in terms of producing the plane with double to your whittlesey problems in the area as we go to marketplace. >> you have to deal with dhl. you are building a small commuter plane and an executive for air travel. where is the real growth going to come from. >> another great question with respect to the marketability of the product. in the united states half of the air travel that we have is under 500 a mile. currently the aviation 440

nautical miles. most of the flight settle be operated in the segment will between 1 - 2 hours, 200 miles. were able to go when infill a commuter creed we perceive that as being one of that we will enter in and as we said electric cargo and e cargo in the executive transports from the aircraft. we think our marketplace will broaden. cheryl: a lot of people that watch your company were shaken by the executive changes that happen. anything that you want to add to that? >> you covered it this point. it was part of an ongoing plan for revolving the business unit comes with a new direction that the change from being a tech startup to an aircraft manufacturer. cheryl: eda should nice play on the model. we can't wait to see the test

flight. thank you. apple rolling out a bushel of new tech three the first event of 2022. the all-star panel is here to get the core of the tech titans announcement. the dow right now, reversed course, down 77.3 the s&p is in negative territory, 16 points and the nasdaq is barely hanging on. we had a very. one point the dow was up 585 and down to 38. the nasdaq was up 328 and the nasdaq up to 75. a lot of it is a volatility on the heels of russian invasion on ukraine. we are watching all of it. we'll be right back. ♪ ♪ i promise to serve, not sell. i promise our relationship will be one of partnership and trust.

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cheryl: breaking news over an hour ago apple racked up the

piece performance with tim cook announcing a big announcement in the green iphone 13. but the tech giant unveiled the affordable iphone. iphone sc a lot of attention on this. the special edition is equipped with 5g they're bringing back the home button and a futures the toughest class ever to be on an iphone. it's getting a major upgrade. new original films on the way like tom hanks. apple tv is teaming up with major league baseball that only on apple tv, that is whenever the mlb season decides to kick off if everybody could quit

arguing about money. let's bring in tech analyst john meyer and john schwartz. to john's will use both last names. john meyer, your reaction from apple today? >> as high level i think the biggest star was the iphone sg. even though the reason the prices in 8% and starts at $4.29. despite the higher price i'm willing to bet they will not be able to keep up with the demands. this is massive for emerging markets like india which has been demanding more from a high-powered iphone for less than $500. cheryl: another big question, john schwartz, obviously we have a global chip shortage going on. macbooks have their own chips they don't have intel chips. we knew that but is this the

saving grace for apple moving away from intel who seems to not be able to make enough chips to supply the world? >> that is a good point i was thinking the story is continued renaissance for macintosh as a premium back studio powered by the ultra silicon which is faster than the macro. that is very important we've seen a surge said apple moved to silicon late in 2020 with the m1 maxing out and when ultra. in a sense from intel and other chip makers. we think the ultra is seven times faster than m1 chip. they are more independent and bypass the supply chain issue. cheryl: what about any other production problems that uc could be an issue for apple.

we have not fully recovered from the supply chain crisis. except the top of wall street journal. ukraine is but that the backlog around the world whether shipping containers or aircraft were not out of that rate has apple put that behind us? >> even though tim cook is a supply-chain genius, i do expect a lot of apple products, especially the new personal computers like. >> studio to experience multi-wait times within a day of going on sale. i do expect that. at high level i would say based on today's announcement there is truly unprecedented hardware coming out of apple creed we have reached a completely new sophistication of speed and personal and professional computing u.s. superiority thanks to apple. i'm impressed by today's announcement.

cheryl: last question to you. any cutting off business with russia? >> that's an interesting point. for apple roughly 1% of the total revenue comes from russia were $5 billion last year versus china waits 20% 19% which is $70 billion. it's a minimal hit but i think for apple it is the only decision that they could make and would be interesting if there is a conflict involving china what they would do. that's when they had to make a tough decision. cheryl: xi jinping has been very quiet there is a lot of speculation about why. we can't get into it now. i'm out of time. thank you very much. we appreciate it. >> with more breaking news for you right now. we've been watching president biden since he landed in fort worth, texas. upon arrival he was asked about gas prices. the president responded by saying gas prices will go up .

he blames russian president barbara putin. biden is going to talk to veterans about expanding access to healthcare in the benefits. but earlier today he announced a band of russian oil and gas. with more pressure to expand drilling the administration has been on the defensive over the domestic energy policy and gas prices continue to decline. we hit a new record today, an all-time record for dollars and 70 cents per gallon. the domestic agenda is where? >> exactly that is the point where is it. that is one of the things that a lot of senators from the republican side of bio joe manchin asking about the president dies that shifted net and blaming vladimir putin. but they were increasing before that. joe biden banning oil and natural gas and coal.

advanta media the president and knowledges to be painful in his address that the decision is not without cost at home. put more is hurting american families at the gas pump. with this it will go up further. i'll do everything i can to minimize putin's price hike your home. >> this comes as gas prices hit the record bubble $4.17 for regular unleaded. some are higher than the national average. california an average of $5.44 a gallon. the price is not as sharp rise for the past seven days at least as a biden administration is telling me there is no change in energy policy. you can see the graph, the american petroleum institute ceo says the u.s. cannot only single-handedly lower gas prices but supply the energy that europe needs as europe is closely tied to russian energy. >> this is a consequence of

decades of energy policy in europe. we don't want to find ourselves in the same position that europe find itself in the pen to on a foreign source of energy that is hostile to his interest. >> the governor of north dakota and the governor of alaska say that the u.s. one molecule drilled in the u.s. is much cleaner, significantly cleaner than a molecule of oil in venezuela or iran or russia. talk about venezuela and iran have no idea what talking about will come into the market. president biden in texas is not talking well. he is talking healthcare for veterans. cheryl: center at the white house is there anymore response in the last couple of hours about these reports that biden is considering going to saudi

arabia. >> no jen psaki was asked about that. she says there's no plans to go to saudi arabia. if you take a step back. the worst thing you wanted you with have a president go to country asking for something to come home empty-handed. the saudis have been very clear about their message could you produce more oil. it is been no over and over again. the administration has gone for five times this year over the past three months. cheryl: great reporting from the white house. more countdown coming right back in just a moment happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.

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that's virtually everywhere we serve. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. cheryl: breaking news jenna rock holdings the global generator supplier announcing they will suspend sales and branch

operations in russia. russia comprise less than 1% of total revenue. tapestry and coca-cola announcing they would suspend business in russia. pepsico considering landing the russian business behind in leading off that part of the company that has been reported in u.s. commerce secretary gina romano telling the new york times that chinese cavities aid russia could be shut down that the u.s. could shutdown semiconductor manufacturing, international corporation or any chinese companies that defy u.s. sanctions. the commerce secretary telling the new york times that the u.s. could cut off chinese firms from american equipment and software which they need to make their products if they defy product export restrictions. charlie gasparino next to me.

tough words. >> you see the political class shifting not just to sanctions against russia you should see the list of companies growing by the day. the types of sanctions are getting much more onerous. you see it shifted china. the political class is worried about chinese aiding and abetting russia. china becoming aiding and abetting china. they could do the same things russia is doing taking over taiwan producing the political class shift. raimondo is one instance. my producer broke the story earlier usa care. chancellor will meet with senator rick scott tomorrow via phone to discuss what the sec is doing about protecting u.s. investors from the risk posed by chinese companies listed on the exchange if those companies violate the rules. what will happen to the u.s. investor if these companies are

thrown off exchange. china is a backdoor helping russia supply the sanctions. what is fascinating scott and chancellor are expected to discuss the impact the mutual fund pension, the etf's. here's a weird thing, it is coming out a great time. chancellor himself has between 5.526 million invested in etf's with significant exposure to china and russia. it is an irony he's on this issue and be pressed on this issue by rick scott as is disclosed in his filings that he has investments. theoretically he filed a month ago. he could've sold out we don't know he has not updated his disclosures. he has not returned our phone call for comment. other topics discussed at this meeting will be the possibility

of delisting noncompliant companies from the u.s. exchange. chinese companies that are not needing sec rulemaking. they're not disclosing everything that the sec wants disclosed in chinese companies don't have to do that. there is laxity in leeway for foreign companies on the nasdaq and the new york stock exchange. cheryl: russian or chinese comedies? >> this is the hypocrisy of nasdaq disclosure. want to know how many board directors are certain race. it is not just that it is carbon footprint. they want the companies to do that. the foreign companies were exempted from all of them. i raise the question to the nasdaq. are you when you mandate the uighur minority that is being decimated by the communist

chinese that there's members of the uighur minority on the board of directors. think about it they should and they are not. cheryl: look at swift, the banking system, russian energy transactions are still allowed. how is that happening. cheryl: this is a swiss cheese of sanctions. if they don't rise up -- let's be real clear the economic impact of the modest sanctions has been devastating can you imagine if they ratcheted up and let us to drill home. cheryl: you look nice in your top. thank you very much. . cheryl: this is what happens when you hit the elevator. the duh takes off. pepsi, told in my ear pepsico officially suspended operations in russia. they have a huge business there.

we know those people well. 500 plus swing on the dow. nasdaq down 24. the dow went into correction territory. nasdaq is in correction territory. bear market territory for the nasdaq. talking about etfs and russian trading russia etfs ceased trading and russia's mobex is closed. i want to bring in head of mutual fund research todd rosenbluth. can you explain the position to me, real quick? >> sure. the russian stock market is closed. the ways to invest directly in russia, benefit from higher oil prices tied to the russian invasion is eliminated but what we like are u.s. listed etfs that have heavy exposure to energy companies. so the invesco s&p 500, equal weight energy etf, which is rye,

large cap s&p 500 companies but instead of being dominated by exxonmobil an chevron. this is equally weighted. you get broad exposure to the oil, exploration and production companies, the services companies, the refiners as well as exxon and chevron. we think, we think rye, the invesco etf, is a great way to get exposure to large cap u.s. energy stocks benefiting from that high oil prices that have accelerated in the last month or so. cheryl: i get the xle thing, i get the energy sector. look, that is the trade. you have oil up what, 58, 60% at this point year-to-date. 100% year-over-year. what we're seeing is incredible but is that short term? i'm throwing this back at you, at some point hopefully, hopefully the war in ukraine ends, there is peace, then what do you do with these investments? >> right we are not expecting oil stays as high as this. we're expecting there will be

more rationalization and pullback in the price of oil but these companies, the energy companies are still extremely profitable, to have dividends to buy back stock, strong earnings cash flow. so you're playing the energy companies as opposed to the price of oil but those energy companies are beneficiaries by higher oil prices by the need for greater supply to meet that very strong demand that's out there. cheryl: real quick, reaction to president biden's announcement today, banning the import of russian oil and petroleum products and coal and rains? >> yeah, we think that will put commodity etfs again in the spotlight. there is a wide range of products targeted, gold can be beneficiary, safe haven. gl. did, iau, aaa u, all example of etfs that can benefit or a broad diversified commodity etf can be a beneficiary from it. pdpc, which is another invesco etf will be a beneficiary from

high commodity prices that are going to benefit given the safe haven environment we're currently in. cheryl: here we go again, todd rosen muth thank you very much. pepsico, breaking news. they're out of russia? closing bell rings] that is it for "the claman countdown." larry kudlow coming up right now ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. so president joe biden finally banned imports of russian oil and natural gas. that is a big news story. i think it was tragic that once again president missed an opportunity to bring the great american oil and gas industry back into the good graces of the white house. missed that opportunity. he had a chance to say, we need to you open up the spigots full throttle in order to provide