i got a map. just reminder daylight savings time starts on sunday. clocks set forward, spring forward by one hour. this early sunday morning. now we know. i got to tell everybody, ash, the dow industrial average is up more than 700 points. you and i have been sitting here for three hours looking at a great rally, we love it. neil, it is yours. neil: you know what is weird about this rally, stuart, if you think about it, relief oil prices come down. they're still very, very high. good. i'm going to say your show stinks, i don't want anything to do with you. kidding. always love that. stuart, it is revealing the dow running ahead here. it is based on declining prices for oil. they're still way, way up there. but we had gotten used to, 130-dollar oil, 140, 150, 180.

morgan stanley reports $200. goldman sachs, $300, when you see it drop to 117, you think your inflation ending ship has come in. perspective is everything. you don't knock it because that is sort of getting, galvanizing buyers today, economically sensitive ones at that. you know the drill here. if it isn't good for oil, it is not good for gold. so those havens are not as necessary today. we talk about the fact that oil has fallen from roughly 13, 14-year high. it is back to about a dozen-year high. but, be that as it may, it is interesting to watch. edward lawrence following all of these developments. it is rather remarkable because you would think this report that the saudis and the u.a.e. not helping joe biden, not even interested in talking to him, would actually complicate this but it is not happening. what is going on there? who is ignoring whom? it is like a separate little soap opera.

reporter: yeah, this is sort of a side story to the main story. "the wall street journal" reporting that the saudi crown prince as well as the head of the u.a.e., united arab emirates has rebuffed and refusing to set up a phone call with president joe biden. here at the white house the national security council spokesperson refuting that, saying this, quote, directly from her this is a gross mischaracterization. it does not reflect reality. there are no rebuffed calls period. there could be a call soon i'm told with the saudi crown prince this is all about oil and gas prices. listen to the subtle shift in blame of gas prices and inflation, from president biden to russian president. >> i will do everything i can to minimize putin's price hike here at home. the coordination with our partners we announced we're releasing 60 million barrels of oil from our joint oil reserves. half of that, 30 billion, million, excuse me, is coming from the united states.

reporter: so inflation though at a 40-year high before the invasion. we did a little fact checking. this chart shows the weekly path of gas prices, you can see where president biden came into office. you can see where the invasion of ukraine started. the weekly price of gas was the highest since 2014 before the invasion. now you have the white house sending envoys to meet with nicolas maduro in venezuela, a government we do not recognize, saying lifting sanctions would coincide with the oil shipments directly to the u.s. also talking with iran about adding oil with a nuclear deal. this week at sidelines of a conference in houston the energy secretary meeting exxon, shell, some shale producers that could be reflected in the energy costs you're seeing. the ceo of the american petroleum institute who was at that conference says the oil producers need support, not vilification. >> so our members are of course trying to get those leases but we all have to remember there

hasn't been a lease sale in this country since the biden administration went into effect. we need more access to the federal lands, particularly these federal waters which we're not getting. reporter: so far the biden administration showing no indication it will change its policies here at home. neil? neil: edward, thank you very much. edward at the white house. let's go to the western states petroleum association vice president. kevin, the argument with the u.a.e. and saudi arabia essentially giving us the brush-off, they're not inclined at least at this point to help out to produce more oil. i believe at their latest meeting they talked about maybe 400,000 barrels extra a day. that was sort of carved in with the last meeting before that. they're doing diddly. how is that going to impact things going forward? are they just playing out this little grudge match with the president? >> well you know, neil, thanks for having me on.

neil: thank you. >> the supply coming into the united states obviously affects our market. so what we're seeing internationally and these games going on will impact supply, demand cost, and all the things we're seeing now. what we really ought to be doing instead of sending envoys off to venezuela and other places send them out to states in this country. send them out to california tell governor newsom to release 1000 permits sitting on his desk so we can start producing more energy right now in the united states. neil: you know, i've got to be really stubborn or just so anti-fossil fuel to talk to venezuela or iran before you even broach the idea, i don't know, opening up some land here and there or green light some construction for a pipeline or something else in this country but it's over the top, isn't it? >> it really is.

i don't know why we're looking around the world, why we've depended on places like russia for supply when we really have the ability here to do it now. we talked about the national scene and permits we are not getting. mike sommers did a great job explaining that. here in the west, we have 1000 permits sitting on a desk would allow us, if we could get those off the desks, in the field, were allowed to produce we can get off russian oil in california just by those permits alone. instead we're playing a lot of geopolitical games looking a the other places when the solution is right here at home. neil: getting permit doesn't mean you get the oil quickly. they can string you along in multiyear process ultimately to get approvals for all of that. leaving that aside, i'm wondering how the market is anticipating what essentially will be deals with venezuela and iran, for example, sort of swapping existing oil already out there? if you're an environmentalist,

don't you find that jugs as offensive as tapping american lands when dependency on oil in this country will still be there, just from different nefarious sources? >> yeah, well, environmental groups should find it actually more offensive. why would we take oil in from countries that don't share our environmental or political philosophies when we can do it here in the united states under the toughest environmental regulations in the world? that is what we ought to be looking at. as the new supplies come in, if they do, you know it will affect the markets. how that is i can't really speculate. again why are we going to the foreign players like we did with russia, when we can do it right here? that is really what we ought to be looking at. president biden was right when he said this is putin's fault but, where, we have the opportunity to fix that by doing it here at home and that's the part not happening.

we can blame. we also have the ability to fix it. that is what we ought to be doing. neil: if the president were to do that, kevin, or just indicate that he was open to it how do you think the markets would react to that? >> you know, you would hope that the markets would react in a way american energy independence, more production would be a good thing. you would hope the markets react to a now and a future that relies more on american crude, american jobs, that comes with the benefits of producing refining more here in the united states. the markets are a funny thing. would sure seem like home-grown energy would be something the markets would be happy to see. neil: yeah. even if it is distant future supply it is supply. kevin, great seeing you. kevin slagle following all of those developments. our connell mcshane has been doing awesome work going around from country to country, around ukraine taking in all the

refugees. i believe by latest count, two million. they're increasing at 200,000 a day. connell would know this far more than i. he joins us now from hungary. connell, what is the latest? reporter: yep. the numbers are well over two million. interesting enough, hungary the third nation that team went to since the crisis began, is over 200,000. there is question about hungary because of tough immigration policies, how open the nation would be to the refugees. we talked to a representative from the u.n. here at the train station, so far so good they have been welcoming bringing them in. video of people arriving on a train at the station earlier from ukraine. one thing we've been noticing the last two or three days in slovakia and hungary, these refugees are different than ones early in the crisis. now instead of fleeing before the war began, they experienced war for themselves, it has

affected them as this woman explains to you in very deep ways. take a listen. >> was here here driving here i thought it was airplanes coming. no, maybe we even in little bit better situation because a lot of my friends, for example, friends of my family, we have a connection with them for a week. reporter: she hasn't spoken to that particular family in a week. you're back live with the pictures at the hungarian train station. some little ones coming in. it has been this -- that again, as that woman was explaining so eloquently what has changed about this, yes, when we first arrived say in poland, neil, people were getting out before the war started. they hadn't seen the bombing. this woman and her mother, she is traveling with her mother who is a little bit older, they have seen it, lived through it, they

felt it. they leave their home. they get outside of the city, next thing that area is not too safe. they move again. this is four or five days and this isn't the end of it. some people are waiting for connection to budapest. maybe they move to another part of europe. that woman who was speaking eventually will make her way somehow to estonia. that is the type of movement we see all throughout europe not only fleeing from a war they thought would begin but from one they have already experienced. neil. neil: thank you very much. connell mcshane in hungary, looking at the great exodus out of ukraine how it being handled on administrative level. herculean task. let's go to this harry and the separate development in ukraine with you should know about. nuclear plant, russians came

1500 feet from hitting the reactor. it is not without power. a lot of ukrainians who work in this plant, cannot leave that plant. there is a big question mark how bad this is getting but it is a concern. harry, do you know anything about this and how volatile this is? >> well, neil, i don't want to overstate it or understate it. chernobyl obviously needs power in terms of making sure that water is flowing through the reactors, water throwing through all the melted and damaged reactors that melted down back in 1986, to be sure there isn't some sort of meltdown that we don't have chernobyl 2.0. we don't have all the facts or what is going on but the larger point, putin will use any sort of weapon he can, weaponize anything he can to get us afraid, to get volodymyr zelenskyy afraid to try to force a settlement. i'm not going to be shocked if we don't go through a couple more of these mini nuclear

crises over and over again. we're worried about civilian nuclear power being weaponized and its security being weaponized. in my eyes that is a war crime. neil: you think there is a target on this other nuclear facility i think in the center of the country. what do you think of the nuclear plants that the russians are not accidentally hitting, they're targeting? >> well, i think what they're trying to do is get as close to targeting them as possible. i think is basically suicidal to want to shell a nuclear power plant because you can't control what happens next at that point. these nuclear power plants are designed to take a lot of weather, a lot of natural disasters earthquakes, they're built for that, neil. they're not built for tank shells. we don't know what would happen. we don't model for those type of things. i think if vladmir putin is getting extremely desperate, he will use anything and everything he can to try to get ukraine to back off, to take these crazy

concessions he has been pushing really since the war began. he will do whatever he can. he is essentially playing a game of nuclear chicken with us. that is what he is doing. that is what we need to recognize. neil: you don't want to be a fatalist with these type of developments, but it does make you wonder whether frustrated at his troops advance now, gone on two weeks, not that is an eternity but taking him a lot longer to take over this country than hoped. and that maybe setting off some nuclear, you know, disaster is his way of saying, all right, there you go? >> i think you're right. i think the challenge here, neil, that whatever putin thought he would march into ukraine, take the country very quickly and sort of a big shock and awe campaign. that didn't work. now he is, his tanks are stuck in the mud. he doesn't have the ability to really use his ground forces to

quickly take the country. what he is going to do, neil, he is going to the skies. he will bomb ukraine back into the stone age. he will use heavy artillery he has and smash every city he can. of course what will happen, rightly so, the sanctions and every tool that they have on to drop on vladmir putin's head will be used at that point, neil, my fear what will putin do next? it could be a cyberattack on the banks. cyberattack on keybanks. i hate to say it now slowly inching to a path where putin could use tactical nuclear weapons. i don't want to be too dramatic, we need to understand where all this could lead. neil: to your point if you're targeting two nuclear plants in as many weeks, all bets are off. harry, thank you very, very much for updating you on that. the ukrainians are saying right now urgent repairs are needed to that chernobyl facility. but with the power off, first of

all we don't know how the power was off. there were backup generators particularly for a nuclear plant. we don't know whether the russians deliberately disconnected that power. that is worrisome because ukrainians say repairs are needed. they're not letting us in. we'll keep you posted on that. also secretary of state antony blinken talking about right now this idea of transferring mig jets to the ukraine via a round about way we write off on it. he is not too keen on it. it is not clear to us there is substantive rationale in a way that was put forward yesterday. the pols want the jets. saying they will fly the jets. that the u.s. won't have its fingerprints on it but essentially what the secretary of state is saying, that won't fly, and it is very risky. we'll have more after this. ♪.

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♪. neil: all right, well the read from the markets today, they're celebrating the fact that commodity prices are still very, have he high but they're not as high as they were yesterday, earlier this week. they're coming off all of their levels. that by the way is at least welcome news for markets that were worrying this thing could

run away with itself. still could and the impact is still real from the price runups we've already seen. lydia hu in east chester, new york, exactly how real. lydia. reporter: yeah, neil. analysts are tracking some of these high prices in the commodities markets that we're seeing lately and they're saying we could see some of these prices actually hitting the grocery store shelves within the next three months or so. talking about prices for wheat, corn and cooking oil. ukraine exports 46% of the world's sunflower oil. if we lose out on that supply there will be a global scrap bell to replace that cooking oil with other things like canola or vegetable oil. it comes at a time when oil prices in the united states are already high, up 15 1/2% over a year ago. watch. >> ukraine and russia were two of the largest exports of sunflower oil. it kind of exacerbated it.

it was already a bad situation. we were seeing palm oil trade at record highs, and it basically went from bad to worse. reporter: consider russia and ukraine are two of the top five global wheat producers. wheat futures climbed to a 14-year high. prices nearly doubled over what they were a year ago. also constraining the supply of that commodity are some countries now like bulgaria and serbia are cutting back on exports like wheat. they want to save them for themselves. worried about ability to get in the future. neil, that means, staples, flower baked goodses, cakes, cookies cereal, all that will get more expensive because they depend on wheat. consider this, the price of aluminum is spiking. it is up 60% from over a year ago. that means the price of a can of soda, discuss getting it to you, the packaging that will get more costly. that is not even mentioning transportation, getting it from the producer to the grocery store. oil and gas prices obviously are

going up as well. all of these factors mean that inflationary environment, some say, is likely going to get worse for us. back to you. >> neil: wonderful, thank you very much, lydia. i want to go to art laffer. he remembers the last inflationary spiral in the early 1970s and the late 1970s. you remember ronald reagan coming into office with that running out of control. it lingered for a couple years, to the point some people thought he wouldn't get reelected. that was then. we know what happened between he and paul volcker raising interest rates up to a full point at a time. it went away. now the question is does the fed have to do the same thing now? what do you think? >> i think they do. i don't see how they can bring generalized inflation back under control while you have negative interest rates, negative real interest rates. it just doesn't make any sense. as you said, when we took office

on january 20th, 1981, inflation was running in the mid-teens, neil. the prime interest rate at that time was 21 1/2%. the real interest rate was probably five 1/2, 6%. if we were to do that today the 10-year bond yield would have to be somewhere in the 14, 15% range just to have that same amount of tightness to bring that inflation back under control. we're nowhere near that and i don't see any inclination on the part of these people to do that. neil: you know i'm wondering, art, the fed has a delicate dance, right? it has to thread that proverbial needle raising rates enough to address a run-up in prices but now, especially with ukraine, not too much to send this country, maybe the world into a tailspin. how does it juggle that? >> you know, i don't know how it juggles that but -- [inaudible] neil: i think we're having some audio issues there.

i hope to bring him back. but again, that is the conundrum right now for the federal reserve. inflation has to be addressed. some people criticizes the fed for falling behind the curve for not addressing it and obviously the bond market today at least with the backup in yield seems to be of the impression this is a real issue. don't buy one day but the fact of the matter is that is a worry. this is a market rate that reflects sentiment that is building and worries about inflation, albeit not crazy worries there still is a prevailing view we can get ahead of this although that is beginning to be less and less of one. for the markets today the big story is inflation is still out there. it just wasn't as stark was it was yesterday at this time. they will take what they can get. it is enough to propel all the major averages northward. we'll see how long that lasts. stay with us, the dow up 716 points. ♪.

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neil: it looks like aaron rodgers is returning to the green bay pack es for his 18th nfl season. reports are it is 200 million-dollar deal spread out over four years. market watch is reporting that $50 million will be his up front per season charge, representing the highest average annual value of any professional athletes contract in any american sports league. 200 million-dollar package is not entirely the richest in sports but that 50 million-dollar opening year pay for the season is. of course he has a number of endorsement deals, what have you. he had a acrimonious relationship, on again off again with green bay packers management and sometimes green bay packers fans but he is back for another four years. at 38, this could take him when he is 42, like tom brady aging.

so he is aging pretty well. obviously they wouldn't pay him that much if they didn't think so themselves. we'll keep you up to date on that. i have no idea whether he wants to be paid in bitcoin. some of these players do or whether he wants a chunk of that in bitcoin but susan li has been following it right now. it is advancing in an environment where the administration is talking about, well looking at it more closely. you're putting that as a positive development, right? reporter: i was going to say $50 million that is like neil cavuto money, par for the course for superstars. neil: well -- reporter: yes. neil: varney or susan li, i could see that, right. reporter: aaron rodgers has been, shall we say a supporter of cryptocurrencies. he bought into bitcoin with his previous salary which was not $50 million but still close to 30 million. you have a relief rally of sorts taking place in cryptocurrencies with that executive order last night, not as good as some had

feared. there are noals, there was a positive. bitcoin rallying up to $42,000 a piece. that is moving crypto stocks, coinbases, grayscale bitcoin, ethereum trust, miners right and marathon. this executive order is giving government agencies 60 to 120 days to evaluate the risks and the benefits of cryptos. also the potential impact on u.s. consumers, the u.s. standing in the global economy and how to guard against illegal activity. the white house also is looking into possibly developing the u.s. digital dollar to better compete with other countries like china for instance. but also, as a better way to guard against maybe a potential financial collapse or illicit behavior when it comes to the billion, multibillion-dollar stable coins like tether. tether is a coin worth over

$150 billion. crypto users, stable coin to move money around the world in order to trade different coins in different countries. i hope that makes sense. the report says tether and other stable coins should be backed for every dollar put in isn't necessarily the case at least not in the bank. treasury secretary janet yellen called the executive order historic but that statement was deleted overnight there are reports that janet yellen were deferring, differing from biden, they wanted tougher crypto regulation. yellen pushing for more tougher oversight. so is elizabeth warren. as you know, neil, elizabeth warren has been very vocal for pushing more crypto regulations because it is a way for people to evade sanctions. i tell you this, a lot of people in the crypto world want more regulation, because once you get the guardrails in place, that is when the big pension managers and hedge funds around the world feel safe putting their money into cryptos. neil: i heard one analyst say, it gives you street cred.

it all of sudden doesn't look so rogue. it can play both ways. thank you very much. susan li joining us. the crypto exchange founder joins us. a lot of money making its way into cryptocurrencies and investments. that has been welcome to the tune of tens of millions of dollars of cryptocurrency i should say. michael, good to have you. what do you make of the reaction crypto investments are showing in light of this, what would perceive to be a bit of a crackdown in washington on the whole arena? what do you think? >> to be honest, i don't have any time to analyze what is happening in the crypto world right now. only thing i care is how to collect more donations in crypto and we can use those donations to buy all the necessities for my people in my country who are actually fighting the war against russians right now.

so all i care about exchange rate because higher the exchange rate the more funds we have in the u.s. dollars equivalent and basically we're buying all the stuff in u.s. dollars. so the higher the rate, the better it is for us. neil: yeah i could see that. i can understand your priorities. i guess what i clumsily was trying to ask though, it is volatile, so whatever the value is on a given day could plummet the next day but this is obviously something ukrainians desperately need. if regulators are going after it or could, that could put a pinch how much money and how much of this gets to you, couldn't it? >> well it does in a sense but they're is the other side of it. it is security. it doesn't matter how much bitcoin costs, as long as you have it, you have it. it cannot be frozen. it cannot be taken away from the fund. no one in russia or any others hostile countries can do anything to these funds.

so it es much better to keep it in crypto rather than keeping it in u.s. dollars, in ukrainian bank because anything can happen to ukrainian banks at the moment. there is a sense of security here. i think it is more important right now rather than the actual amount that you have. so it is, you know -- neil: that is such, that is a brilliant point. let me ask you a little bit about, obviously a lot of money is being raised whether you're talking about in crypto or dollars or euros coming into ukraine to fight the good fight but looks like this idea of using polish planes to fly over the skies of ukraine isn't happening, or if it happens, it is going to be you know, a much bigger deal to western alliance country than was earlier thought. not only are they against it, they're worried it would lead to world war iii. what do you think of that? >> i think that we, we are

expecting the west to help us. we still expect that. we understand that politicians have their own agenda but general public see the demonstrations around the world in support of ukraine. and we need more of those because it is basically what the politicians are looking at, what the public wants is basically they're going to go after it because eventually when they go to the ballots they will vote for those people who actually listen to them. so we're hoping that the west will actually help us more with this because right now we are only getting like -- [inaudible] we're fighting against rockets, against the airplanes, against the helicopters. we don't have any of that. what we have a few but it is nothing in comparison. so we have really desperate for the western help. from our perspective, and understanding, ukraine is just the beginning. the next would be, everyone who joined nato after 1996.

those countries understand that. that is why they're more desperate to help. usa is really far away from russia so i guess you're not as scared or concerned at the moment but we are. we are. people are dying every single minute right now because of the bombs flying into, into schools, in hospitals, into humanitarian corridors that were organized, just being destroyed. it is crazy. you can't just understand how bad it is. it is just insane. i have no words how to describe this. neil: no, it certainly looks that way, michael, but the world is with you on this and the money raised in crypto, let alone all the other countries, nations using any and all investments to get that to you says something about the good fight and the good support you have. michael, thank you very, very much. but again, ukrainians have likened that issue on their hands, the state of various

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neil: all right. oil goes down, stocks go up. the dow up almost 800 points right now on news that oil futures are extending their losses. u.s. crude down close to 20 bucks a barrel. that works out over 15%. still very, very high, but keep in mind this was well over $130. it is leading a lot of other commodities downward. wall street likes that. there is less inflationary pressure. for the moment that is a

positive development. we'll see how long it lasts in the fast market conditions that have pretty much reflected every day of this 14-day conflict. we'll keep you posted on that. keeping you posted on developments in ukraine right now in lviv with mike tobin, the very latest there. mike. reporter: and, neil, president volodymyr zelenskyy has now claimed that a maternity hospital in the town of mariupol has been hit by a russian strike. mariupol is to the southeast of country this town has been battered. president zelenskyy released a video wit. shows the building gutted. consistent with a maternity hospital. what you don't see in the video any casualties but president zelenskyy says there are civilian casualties buried beneath the rubble you're seeing now. mariupol has been surrounded and battered since the start of the invasion. it is one of the towns where a couple of attempts at a

humanitarian cease-fire failed and a humanitarian cease-fire is planned for tomorrow. six towns are supposed to have the guns go quiet tomorrow so the civilians can make a break for it. we'll see how that goes when the guns go silent. one place the humanitarian cease-fire has been successful, in the town of sumi, east of the country, near the russian border, near kharkiv where you have seen so much bloodshed. a group of students have been pinned down since the start of invasion. the guns went quiet. they made a break for it and mate it here to the western part of the country today. >> there were explosions every day. see armed men around. it is not really the best site for anybody especially for someone that just came to study and you know do something good in his life. >> day before the invasion there was a explosion, loud one, close to here and so terrifying. everybody was panicked. we are happy we're finely finalt

of city. reporter: these students don't have any idea where they will go, what they will do next. they will get rest and start making decisions. neil? neil: mike tobin, thank you very much, mike. in the meantime here, what if i told you losing big oil is one thing in russia but now losing big macs and french fries and starbucks coffee and on and on? that could be even bigger. i will explain after this. ♪. t with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. 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.

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without missing a beat. back to choosing any car in the aisle. back to being the boss of you. go national. go like a pro. ♪. neil: all right. what is the impact when mcdonald's says we are out of here, shutting down better than 800 restaurants across russia? and following on the heels of another consumer product, giant, doing the same thing, starbucks, coca-cola. that is the kind of stuff that russians know and see and might miss when they don't see it around anymore. so the impact of this growing trend could have a far greater impact than just banks and long lines. gerri willis has been following it all. gerri? reporter: neil, that is right. it would almost easier to list the companies not leaving russia, the big companies. amazon, warner media, discovery,

they're the latest to join the russian boycott. discovery pulled 15 channels off the air in russia. amazon pulled prime video streaming. there will be no virgin river there. warner media is pausing all new business including theatrical releases. as you mentioned, mcdonald's saying this morning it will cost them $50 million a month to shutter its 847 stores in russia, temporarily. they will continue to pay the 62,000 employees there. look, scores of companies as we've been saying are pulling the plug. many of the big american consumer product companies like coca-cola and starbucks. coca-cola is saying our hearts are with the ukrainian people. oil and gas companies who severed ties, including shell who announced it would end partnerships with state controlled gazprom, citing russian's senseless acts their

quote. bp, france's total energy and exxonmobil. world's major transportation and shipping companies pulling back. most impactful are the global container shipping lines, msc and maersk suspended container shipping to and from russia. world major airlines temporarily halting flights over russian airspace. the list of companies exiting, scores of companies is impressive but it is worth asking here just how impactful will some of this be? if kfc and coca-cola are cutting ties may be good for western morale but practical i impacts n putin may not be great. russia is the 3% worldwide movie sales business. not a big impact. back to you. neil: thank you, gerri willis. scott martin, kingsview asset. scott, i understand all the numbers gerri outlined but i

wonder about the support vladmir putin has back home? they're not told much, i get that. they can see what is going on. they can see the mcdonald's soon to be all closed. coca-cola products soon to be all gone. starbucks, they're not going to be able to get. of course if you want to spend $50 for a cup of coffee. i exaggerate to make the point, isn't that the kind of stuff that would have a far greater impact on the average russian wondering what the hell is going on than whatever banks are doing or whatever big fortune 500 companies you know, no longer trading on open central banks with them are doing? >> it is more common. it hits home, it hits main street right off the bat, neil. i feel for these people, not only because of what is going on politically there. my goodness, if i got my big mack or chicken nuggets or my fru cappuccino taken away from me i would be upset but you made

something very important as far as a point. we're not sure what they're being told. i have a guess what they're being told and it is probably not the truth. when you see the companies go away, and it's a political statement on their part. it is the right move as gerri pointed out it is a few% of revenue globally, it is not really impactful. it speaks more volumes than in actual revenue numbers but the people in russia could be told a completely different story than what is going on. neil: absolutely. >> as they see restaurants move out, russian government, russian officials find a way to turn it against the western world. they're taking athings from the russian people at times they much need them. neil: he blamed u.s. national interests for all of this. maybe that is the story they're buying. let me switch to the markets today. this big oil drop. oil run up prohibitively, doubled in price this year. i'm just wondering what you make of this reaction? there are extreme swings. yesterday, for a while we were up better than 600 points,

especially when the president seemed to have pivoted on the idea of total ban on russian oil. some might have interpreted that, a sign he could pivot on domestic production. what was a 170 point gain turned into a 770 point loss. what do you tell the markets with these huge things? >> i will take your words earlier it is a fast market. crude before the market opened yesterday was up over 130. that is a 20-dollar move in what about 30 hours? that is a move big enough for a year let alone a day 1/2. clients are nervous because of that because there is not a lot of stability, there is not a lot of forecasting that really can be relied on here but what we tell our clients, look, we have you in portfolios, we have you in positions geared toward the long-term goal or even the short-term goal whatever it may be, you you reduce along the way depending how close you get to the goals. we're actually positioned to take advantage of some of

volatility in the commodities market. your point, it is bleeding into other markets. it has bled into the bond market and bled into equities. we have to prepare for good and bad days. like we've talked about on the show, date us, for decades, my friend, things come back, the sun comes up again. it is usually darkest before dawn and i think this is no different. neil: we shall see. always good, scott. thank you very much, scott martin. by the way we're telling you about this russian nuclear reactor, chernobyl facility, it's a large facility with multiple reactors. but the power is still down there and we learned that ukrainian officials want to get in there and are not allowed to get in there. and barn warning of a radiation leak. there is no way to prove that. surprised me there was no back up generator as well. that surprised me as well.

anukrainian officials say we ned to get in so you only pay for what you need. isn't that right limu? limu? limu? there.

they often go in opposite directions when oil goes up, stock prices go down, the rest time we've seen oil growth down, stock prices go up and i mean smartly up right now, a barrel will set you back about 13 and a half retreat here but in and around 109-barrel level, right

down about 12%, we seen natural gas slide away with all of this, we got team coverage here, vitally favorable news on the inflation it appears with long-term, we got madison following it all in new jersey, jackie heinrich the white house, the president saying it's not wrong in the energy prices are going to go still higher. hillary vaughn on capitol hill with how aggressive's are dealing with this and the warning they are sending about pivoting toward messick production. we begin with madison on the inflation getting a reprieve today but far from out of the woods today. >> hi, neil, far from out of the what's looking at oil prices today, we fed trading above $110, higher than what we've seen but it's come down even still gas prices are way up, gas station behind me are selling regular for $4.29 if you pay

cash, above the national average for gas. across the u.s. on average, paying $4.25, compared to last week's average of $3.66. those were the days, how much has changed in a week? of course you are paying more at the pump but it also means with crude oil up, you are paying more for many other essentials. 15% of a barrel of crude oil closed toward producing essentials experts say increase in oil costs will be felt everywhere. the u.s. department of energy estimates 6000 items are produced with the help of oil chemicals, a byproduct of oil, anything made out of plastic or packaged in plastic will be more expensive. medicine cabinet will also be hit. nearly all pharmaceuticals from across material and agents are petrochemical -based. and your grocery store will cost

more because fertilizer requires oil. >> anything manufactured out of crude oil will be impacted by rising prices across the globe and mystically. there are supply chain ramifications for that, a lot of the folks who manufacture using petrochemicals need to pay more and it ripples down to the consumer. >> of course crude oil being up also means coming up diesel is costing more, today the average cost is $4.88, up from $4.4 last week. obviously we don't fill up cars with diesel but trucks do use diesel and trucks like amazon truck, fedex, ups, all of these things, if it cost them more tubule up, to get the product to you, experts are saying you can expect the delivery cost to also go up. we have the signs as we drive

down the road that show us how much gas is costing us but we will start to see it at the grocery store, in the medicine cabinet, down the aisles, any store because oil is and everything. neil: you are not kidding, i can remember showing my age, they used to change gas prices by hand, it wasn't electronic and digitized. i don't know how to keep up with it today if they didn't have that. thank you, very much. jackie heinrich the white house now, apparently the president whatever is going on today about the prices will keep going up. >> not exactly what you want to hear from the president, the "wall street journal", there is this report they've been trying to arrange calls with leaders in saudi arabia phone calls were rejected. the national security council is rejecting the reporting though, they've used specific language

in their answer when we asked about the report. i spokesperson emily sent us from this is mischaracterization and does not reflect reality, there are no rebuffed calls. president biden focused on february 9, which we read out and where they discussed a wide range of issues and affirmative bilateral agenda, there's no request for calls since that conversation. likewise the uae, there are no issues and president biden looks forward to speaking with the crown prince soon. we won't get into these matters but the basic premise of the article is just wrong. the president is under pressure from a intense pressure to ramp up production but the white house repeatedly has claimed domestic oil producers are sitting on 9000 unused, restarting the keystone pipeline would not solve this. in fact, the president doesn't seem to think he can do anything about it at all.

>> it's going to go up. can't do much right now. russia is responsible. >> oil industry thing the administration on feminist support fossil fuel discouraged investment, the white house is looking to iran in venezuela to help bridge the gap but that is drawing bipartisan pushback. democrat senator durbin called a deal with the devil, the committee released a bill to try to block u.s. from buying oil from iran and noted separately in a will little while ago, the communications director put out a # talking about this price increase # pollutants price hike, but seems like the white house official branding of what we are seeing here with the prices. neil: it is wild, jackie heinrich, thank you very much. hillary farm following this on capitol hill, the irony of the saudi's are not eager to help us and united emirate is not eager

to help us leave that aside, in the meantime talking about the oil playing off environmentalists and progressives who seem to be okay with that. what is going on? >> that's exactly right, we have been talking to some of the workers planning on working on the keystone pipeline project whose permit was canceled by president biden shortly after he took office and the workers tell us they take it personally when you think of a conversation about ringing in oil from adversaries opposed to pushing for energy production here in the u.s., i talked with greg russell who's been in the pipeline industry his entire life and lames biden for essentially putting him out of work. >> i would have to say president biden because he's the one

signed to kill all that. you killed my way of life. you're trying to do away with my career, gut wrenching to know they shut down all of this. >> workers we talked to our calling out what they say is a double standard in the administration from overseas from shut down for gas pipeline, it would have brought oil from canada but even gas prices on the rise and biden eyeing other countries to supplement white house and democrats on capitol hill insists reversing the decision on the keystone pipeline wouldn't do much to help drive gas prices down today. >> time for the president to rethink opening up the keystone pipeline in light of rising gas prices? >> no help in the current situation. nice idea and won't have any benefit at all.

you don't need the keystone pipeline to solve this. >> meal, it would solve the problem jobs and people looking for work especially in the industry is supposed to work on keystone and now are not you want what i don't understand on this issue, it must be the italian americans in the leaving aside all we've done for saudi arabia and ua in the saudi's case with rebels and all of us, leaving that aside, the prospect dealing with government such as venezuela and iran, it's more favorable to some on the left then tapping even a little bit of the oil and reserves we have here? that is where they are coming from. >> i think it's a situation where you see the administration really trying to follow through on promises they made during the

campaign. the reason why progressives chose to support him was because the president said he would deliver on time a change both so by green lighting any regulations to be lifted burdensome on me industry, that would be seen as backtracking on promises he made particularly to the progressives in his party that's why you see them looking at any other option other than by executive order lifting regulations put in place when he first took office. neil: you could be all in all of that, wind, solar, none of that would be curtailed, tapping into other sources, all in on everything but what do i know? thank you very much, great job as always. hillary gone, phil, this really does seem asinine on the

surface, not even on the surface. we have an abundant supply, it could be justified as a necessary pivot in this environment where we are beholding to killers and oil for great abundance, there's no logic. if you are and i environmentalists or someone touting cleaner energy, you are seeking out sources that have anything but cleaner energy, it does not make sense on any level, what you think? >> i absolutely agree with you and the entire biden energy agenda doesn't make any sense. they are talking doesn't make any sense. they may try to deflect blame from the reason why gasoline prices are going up, throwing out the talking points about leases and misleading the american public.

we don't need more talking points out of the biden administration, we need more oil and more american oil. we saw oil price today drop big after the biden administration denied the reports today that saudi arabia would not take their calls the uae, make no mistake, there was political pressure on those countries today the reason we saw oil drop off, there was a report that came out the uae and ambassador of u.s. ambassador to the uae was going to call for more oil production so that seems to be a big break. it sounds like the biden administration was on the phone call getting the ambassador out of bed, you better do something here because we've got bad press. neil: obviously they say the movie the godfather, personal, it's just business and i'm wondering if a lot of this ill

will between ourselves and the saudi's in particular goes back to then candidate joe biden witticism of the saudi crown prince and moves behind the scene to murder khashoggi and he never let go. this is from back campaign, the crown prince never forgot that. >> khashoggi was in fact murdered and dismembered and i believe in the order of the crown prince and i would make it very clear we were not going to sell more weapons to them promote we were going to make them pay the price make them the pariah that they are. there's very little social redeeming value the government in saudi arabia. i would as pointed out, i would and subsidies we have, the sale of material, murdering children and innocent people so they have

to be held accountable. neil: on the conference and listening to that and saying to the house with you. whatever you make of this joe biden's comments the saudi state motor the sky and got away with it but depend on various characters but now we need to jump from one questionable character to the next, where is this going. >> i agree with you and those comments to me was clumsy for foreign-policy. they've backed themselves into a corner where they couldn't deal with longtime allies and nobody us happy with the mystery of khashoggi because that was horrible, terrible but yet at the same time, you cannot deal

with the guy running the country, which is the crown prince whether you like it or not the guy who controls this and not even talk to him on the telephone. there is talk that that may change. crown prince, he may or may not be guilty, most people believe he is. i personally believe he is but he sang i'm tried and public opinion, i'm incident until proven guilty, until i am proven guilty, president needs to talk to me if he wants more oil. so far you can tell the relationship between biden and crown prince has been separated and one reason why we didn't raise oil. president trump, crown prince, at the same time using american influence to get more oil, we

get a tweet from president trump, saudi arabia better raise oil production or we will be pulling troops out. listen, you can't tweet oil out of the ground, 24 hours later we are raising production. there is definitely a difference in style definitely a difference in results when it comes to dealing with our partners. neil: he would think this is bigger than the individual president at the time because it goes back decades. we are an important custome there. i just don't get it because we have so much of it right here but we are not -- thank you, go ahead. >> thank you. no problem, the american producers cleanest in the world, we need to. neil: thanks very much. the irony is one thing beggars can't be choosers but no reason

because we have a lot of it here. whatever, more after this.

neil: all right, the tougher we get on vladimir putin, the tougher he responds. telling the u.s. to await a response to this economic war,

no idea what it could mean but this on top of similar comments out of vladimir putin specifically to punish those countries declaring arms assistance to the ukraine. david spent his following these fast-moving developments in d.c., the idea was to bring the guy in, just the opposite. >> it really is the opposite. good afternoon and good to be with you. not only economic war but they are concerned about nuclear war, the heads of the intelligence agencies in washington yesterday testified about that possibility after the russian president put some of his nuclear forces on special weight. we do know vladimir putin right now is in moscow and we can say 24 hours after these intelligence testified on capitol hill, not even 24 hours, the chernobyl nuclear accident

site in 1986, the famous site currently off the power grid, ukrainian officials trying to get that back online so there are legitimate concerns there. the international atomic and agency put out a statement this morning saying there's no critical impact on 50. the agency closely following the situation because of the potential impacts, the staff who work there and those who live nearby. yesterday in washington, the director of national intelligence offered this grim outlook of russian president putin even using the word nuclear. >> public announcement that he ordered russia's strategic nuclear forces to go on special alert in response to aggressive statements, he called from their leaders was extremely unusual. we've not seen a public announcement from the russians regarding heightened nuclear alert status since the 1960s.

>> officials including the cia director believe putin will not retreat as you mentioned but instead double back, that is the key word rather nuclear threat or cyber threat which could disrupt the power grid on a larger scale. neil: >> determined to dominate and control ukraine to shape its orientation. it's a matter of deep personal conviction for him. >> then there's the issue of talking about china, china is a country that's not come out strongly condemning ukraine as you've seen from other countries around the world, cia director bill burns you stop right there, he believes chinese officials all the way up to president xi jinping are quote unsettled, not only because of what's going on on the ground in ukraine that because of the reputation that china may face because of all of us. neil: i'm just curious when you talk to these officials and looking at how they react to vladimir putin, vladimir putin

is the brutal guy doing all of this and fan there are anecdotal reports he's lost it, he snapped. maybe he could have a little bit of both but depending on your view of the status of his mental health right now, you can get a very different vladimir putin response. >> those who follow him closely say increasingly isolated. as far as his mental state, the short answer, you ask 50 people, he will get 50 different answers. he's not the same putin he was before but others believe he's not having mental health crisis, he's just evil. neil: that would sum it up very well. following all of these developments, we are following in advance the dow industrial, the average is going along because oil prices away for at

least today leading commodities like culture and otherwise among lumber, you name it to follow suit so you know the drill, no pun intended. oil prices going one way, stockstill the other and oil prices rising and stopped going south. oil price declining big time. stocks take off big time. ♪♪

neil: china says right now for what it's worth, friendship with russia rock solid, significant rounds of investments including large russian oil firms as well as aluminum producer, china is thought to have a backup plan to help russia oil is forbidden across the world, it would be welcomed in china. that would go a long way but not

nearly enough to make up for losing virtually every other customer on earth but it's something that's catching officials attention, particularly in washington. let's go to charlie gasparino following fast-moving development regarding china and investments here. >> and breaking news from one of the things this conflict has exposed is the u.s. market dependents and inter- relations and how it basically connected with government and businesses in china and russia particularly china, china, chinese companies are on u.s. exchange, the chinese government essentially owns the company's, they report to the chinese communist party based on a deal passed in. [two bells tolling] during the obama here's, the chinese companies do not have to meet the same standards as american companies and now that all of this is being exposed

with russia chinese connections with russia, you're getting movement on capitol hill and what foxbusiness learned is chair counselor will meet with senator rick scott on this specific issue this afternoon to basically warn that the fec needs to take prompt action you have to go in and start creating a level playing field with these chinese companies that use what a lot of people believe -- i guess it's a bronx word but noncompliant accounting standards that they disclose to investors and still listed on the nasdaq and new york stock exchange that could lead to problems for u.s. investors of the companies implode which they often do or sometimes do. they do enough that there is an issue and right now with most companies, most investment managers, even the exchanges

re-examining their relationship with russian companies, it's now looking at they are re-examining their relationship with chinese companies and it will be forced by republicans in congress. again, that is today and here is the interesting ironic piece of journalist did great reporting about this a couple of years ago, it looks like it was president biden and fan president obama that a lot of this, they created a safe harbor where they allowed these chinese companies in. [two bells tolling] to get lifted without meeting the same cap requirements that u.s. companies, it was done with the thought that better relations with china will intermingle our economies and china will become less of a bad actor and move toward modernization, the opposite has occurred in china so this is something that i think president

biden will have to answer for because he was in the middle of it in. [two bells tolling] around these chinese companies to lift without meeting these standards people are talking about this, this russian conflict with ukraine taken the bandage off the room festering which was u.s. doing business and allowing opening up our market to companies from unsavory players such as russia, china and maybe more. so keep an eye on this, we will let you know tomorrow or later today when we get details on the biden , excuse me, the counselor and scott meeting. >> the world is so rotten, we thought we would get a good guest later on today and larry ahead of blackrock is coming on at the 3:00 hour, i'll be

interviewing him and there's a billboard running around town thought makes larry look like doctor evil but i've done by doctor evil impersonation, it sounds nothing like larry. the other thing i want to say is your staff has no idea doctor evil was, i was doing my doctor evil and saying caputo would woman ice from placed in a burlap and no idea what i was talking about. neil: no idea. if they would just look. all right, thank you, my friend. very good job. the one and only charlie gasparino, that's interesting to see how that pans out. let's look at what the currency off to the races, normally they move contrary to what stocks are doing, not all the time but stocks going ahead, the ceo, crypto currency investing for

dummies, a good bible on this good to have you, this is strange to me, maybe help get through this, the biden administration saying let's look into oversight and really examine this, normally your immediate reaction would be auto, they are trying to rein in this investment. as having the opposite effect, right? >> thanks for having me, quick to be back and here is the thing, click the currency, i know there's a narrative or the government wants to ban acrostic but that's officially crypto currency with bitcoin, it can happen, it can't band masks. it's the basics of crypto currency, that is the quicker part of it so imagine banning cookies, it's flooded and enough

people are involved, you can't actually do that and now finally the government is deciding to look into this and take leadership because all the other countries already involved a kind of ahead of the u.s. in terms of crypto currency so i think this is something positive and we saw that today but i'm not saying downward pressure is over but long-term, you know me, i've been bullish on bitcoin for various reasons, we may be headed -- right now, it's having an impossible job to do like interest rates, we have an inflation problem so they have to balance that out interest rates but interest rates can lead to an recession, they are literally between a rock and a

hard place, a lose lose situation. i don't know how it's going to play out but my guess is most people will look for a safe place, regardless of what happens and i think bitcoin aims to be a place of interest for increasing number of people. neil: are the expert but this whole ukraine thing has actually helped the crypto arena. yes, oligarchs and bad guys essentially putting himself can use it as under therapist and run around dollar sanctions and the rest but ukrainians do it as well, not as an end run but to navigate these orders and that s what is winning out here. >> absolutely. let's address something because most people think bitcoin is anonymous, it is not. it's just very hard to trace.

if the u.s. or russian government has in place to trace metadata between presidents, missus my personal opinion, i would assume they could trace the wallets of these russian oligarchs. as you said also, bitcoin is one of the main missions on me under banked. a way you can use it for bad or good, i think the positive about crypto currency way outweighs the negative and why the government and biden administration is finally coming to terms to it and i think this could potentially be a good thing not only for bitcoin future but also allowing ukrainians money and all the harm and the russians and the people affected by sanctions.

coming from iran, i totally understand what they are going through because our family was part of that, my family and iran is to be part of the one who got all the terrible repercussions being sanctioned, sanctions were supposed to -- the people suffered and one reason i am on bitcoin because i know something like bitcoin is going to save the people so all in all, i think it will be. neil: you are right, you should be worried, i agree, you might want to run away but i think the ukraine thing has changed everything. very good seeing you again, the crypto currency investing for dummies, great potential very early on and apparently still seeing it right now. a quiz moment for you, stuart varney has quizzes but i want you to connect these. whirlpool, hp, micron, the

engine. what do they have in common today? i'll tell you coming up. ♪♪

welcome back to coast to coast, today president biden is expected improvements in the supply chain particularly when it comes to u.s. manufacturing. the bodies on the trucks from of the trucks are back or two years, is just one example of the supply chain crisis still waging. today reports reveal record number of openings in the u.s., the white house celebrated 335,000 manufacturing jobs created since president biden took office. business leaders are telling me what's happening in manufacturing as well. let's bring in ken jackson,

you're experiencing a staff shortage, right? >> yes and qualifying people to work. >> what about axles? i heard their support long beach. >> supply chain issues, axles and other products we use and it's hard to get them. >> thanks for chairing that, i appreciate it. you also told me earlier seal costs have increased a lot so the supply chain still waging with rising fuel costs, truck driver shortage in a war in ukraine all at play. we'll be back after this break. ♪♪

neil: more help on the way for ukraine, in the form of about $13.6 billion package, something with roughly $1.5 trillion package to keep the government lights on, it's getting into the weeds here but i'm wondering for the ukrainians, every day is at the life but what is the latest on this? >> absolutely, every second, every moment count to get aid and money to ukrainians but for republicans and democrats after a lot of going back and forth, finally came to the compromise on this government funding will that would include a lot of

money for ukrainians now progressives are holding this boat up because they are apparently upset there's not enough covid money in the package so here's what is at stake right now, 782 billion will go to u.s. defense spending, an increase of 42 billion 5.6% increase over fiscal year 2021 dollars will accelerate from military capabilities here at home with priorities on countering china, cyberspace and infrastructure. then there's 13.6 billion emergency supplemental aid for ukraine, about half his fourth defense, military equipment to ukraine and u.s. forces to deploy to europe, incredibly crucial to get this to them. mitch mcconnell was celebrating the wind earlier writing republicans fought hard over the objections of many washington democrats to give armed forces

the resources they need and we won but here is a snag, none of us will see the light of day if progressives don't get on board so they are upset over this $15.6 billion covid funding in the package, they are upset because it's less than what the white house requested, they want 30 billion and covid cash meant for states being taken from them and now given to the fet. >> thousands of pages in the middle of the night last night from a $5 trillion. it gives people a little more time but it's not holding anything up for the democrats to pass on. >> apparently this is getting so caught up that nancy pelosi just sent a letter to her house colleagues basically blaming republicans saying they created the problem because they didn't

want covid cash at all in the package and at the end of the bay, she should have counted the boats before they pushed this to the floor, they pushed out the bill, thousands of pages in the middle of the night and a couple of hours later they are trying to get a boat on this. congress is already dishing out nearly $6 trillion for covid spending the beginning of the pandemic but here we are now governors of some states and progressives think it's not good enough. neil: incredible. thank you very much much of a former white house managing and budget director this is more an administrative question, if this passes, i know time is of the essence, it is part out within one and a half trillion dollar package so how soon realistically could ukraine hope to see the aid?

>> i think they are already getting a lot of be aid from up the package is backfilling a conflict about three billing dollars to reposition troops to the theater from the united states so that is an example of money dod is going out trying to backfill account. i think congress needs to take time, as a consequence of debate as to how they consider and treat funding for ukraine and what can't be lost in this, it's an enormous package, 2700 pages, reams of earmarks to get into 6% increase at the very least and running the numbers, in a moment where we face 7% inflation so it's a reckless spending bill that shouldn't be passed in the dark of night and on top of that, they've concocted a role that doesn't give members an up or down vote on the inside of

the package, they have the defense portion and nondefense portion and mary it up later on in the process, dishonest and one reason they are having a hard time casting the role. neil: they have a strategy to get it to ukraine fast but the irony could be and hope it doesn't end up this way, it's passed and approved and on its way to ukraine and ukraine is under vladimir putin's hands. we hope unlikely but it could happen. >> again, i think it's fairly consequential decision and congress look at about as to how much and whether the fund aid to ukraine and need to take their time and not let it attached to a package 600,000 are greenhouse in new york city. 500,000 for a ski jump historic site in new hampshire, two and a half million for new improved

mountain bike trails in vermont, 500,000 diversity and inclusion at ohio state university, these are the things getting long road and the american people do not deserve and we can't afford in this country anymore. neil: i am wondering is always a special circumstance to more and more money, this is the latest, i'm just saying when will either party realize it is out of control? >> i could not agree with you more, if there is anything that will get the political class and what hypertension, should be inflation are 6% increase in discretionary spending from one thing to have a vote a lot of things i don't about on a boat on how much to fund government and going up 6% in using uses

about the war in ukraine to do in the dark of night very good points. former white house omb director, we should but you know your minutes away from the president meeting on this supply chain issue and i mentioned companies names and business a connection, samsung and whirlpool, micron, hp and a host of others part of that, because companies are affected by supply-chain blockage preventing hp getting computers and a host of other companies get anything at all. more after this.

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we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones neil: still holding on to heady gains. we'll see if charles payne can keep at that going. hey, charles. charles: we'll try our very best. i'm charles payne. this is "making money." we began the day second worst start to a trading year in history. almost every stock you had thought about buying you had your eye on was certainly on sale. the question, did you buy the dip this morning? everyone is wondering if this monster rally is the real deal or yet another head fake. don't worry i have got the very best to help you with your thoughts. also president biden throwing in the towel on crude oil. the price at the pump will continue to soar until customers say no mas, that is