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tv   Cavuto Coast to Coast  FOX Business  March 11, 2022 12:00pm-2:00pm EST

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capital have the smallest population. take a guess. >> i will go with number 2, bismarck, north dakota. jackie: i don't have a guess. i'm always wrong so don't bed with me. the answer is montpelier which is 8074 people living in that city at the time of the 2020 census. thank you all for watching, neil cavuto will take it away, it is yours, happy friday. neil: we are looking at a market that is coming down from its initial excitement earlier on the vladimir putin was open to positive developments in the talks, the fact that he was thinking optimistically, would never tell in his commands to his soldiers who continued their ruthless barreling through the latest juncture a good part of southern to middle
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ukraine. maybe they are reassessing that. we are looking at how oil markets are handling this. this could be the first weekly loss for oil for in some time. a lot of that has to do with markets, if it leads us from russia how will we make up for it and at least a building sentiment that initially they can make up for this to fill in the gaps from that. we are back up a little bit today but this is looking like a weekly loss in the price of oil something we've not seen in at least four weeks but i could be wrong. we will check with charlie brady, he doesn't waste a nano second to let me know if i'm wrong. he never says if i am right but that is what we will look at. that's what we are trying to get a gauge on. you are a good deal about that was falling and expectations
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seem to be building on the part of the american population that inflation is here to stick around and they are not happy about it. this goes up to the will to do, you would think could absorb this but they are not happy having to absorb this so they are getting anxious about this, the wealthy are beginning to feel skittish, now you understand why wall street is going from d late to skittish as well. a separate development was to go after russia and the favored status it has always had, taking that away. >> 16 days into this invasion, president biden is calling for the removal of most favored trade status. it takes an act of congress to make it happen but there is widespread support, the escalation in the sanction is
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because of the escalation in the invasion by the russians lose the g-7 and the european union are making the same moves. listen to the president. >> president biden: putin is the aggressor and he must pay the price. he cannot pursue a war that threatens the foundations of international peace and stability and then ask for help from the international community. >> reporter: the president banning imports of seafood, vodka, and diamonds, this means the us will reimpose tariffs automatically on a range of russian products where most were duty-free. in 2019 russia imported $2.2 billion in platinum and other precious metals. that tariff would go to 50% if this passes through congress. that you the us imported $4.4 billion in steel, there would be a 10% tariff on steel
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and a 20% tariff on iron oxides was the us banned imports of russian oil and natural gas. we can expect that been to impact next month's inflation report. unless republicans as they have been saying for the president to reverse energy policies and expand the energy independence of the us. >> there are six lng export permits but right now by sitting on biden at desk that he won't sign. if he signs them it could increase lng exports by 35% but he won't sign. reaches of exports could be sent to the european union specifically germany and help them wean them off their reliance on resolute republicans giving out specifics on what the president can do to help the energy crisis around the globe. neil: liquefied natural gas, we
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have a ton of it but restricted how much we not only can reduce but also deliver, the energy industry, time to change that. quick peek at the market, the dow up 74 points and i mentioned charlie brady who notices what is would take to claw out a positive week for the dow, you need a 40 point advance to turn four consecutive losing weeks into a positive one this week. we are far from that right now. taking a look at oil, this would be the first down week for oil in four weeks, mister brady says this would be the first down week after three weeks. see what i mean about how detail conscious he is? those are the numbers.
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we could reverse viking oil prices after three consecutive weeks was the flipside is you are looking as things stand at the fifth down week in a row. wherever charlie is i hope he's happy now. i know david asman is following these elements. steve, let me get your take on inflation. that is the big debate. how long it sticks around, consumer sentiment indicates most americans fear it will stick around a while and the wealthy people like asman are concerned. shouldn't that be something that gains traction and should we worry about it? steve: i'm worried about a couple things. there is no plan from the white house to bring inflation down right now. wishing it away isn't going to make it happen. the white house narrative has been wrong for the last year. they said inflation, there is
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no inflation, then when inflation showed up they talked about the magic key word, transitory. than some people said a little inflation isn't a bad thing. it snowballs, right now the report that came out a couple days ago does not reflect the latest invasion of the ukraine for the most part. probably looking at worse numbers on inflation before they get better. having lived through the 1970s, not always but many times when you get spikes in prices and energy prices it tends to cause a crash landing with the economy. i'm nervous about potential of a recession later this year. neil: we are of a certain age where we remember long ass lines. the odd and even days with your
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license plate. i remember doing that but then i see these lines popping up around the country thinking are we going to revisit that? >> i think we will if the administration goes a step further than blaming the oil companies which they've already done, they are doing price gouging, nothing to do with superregulatory policies became in after the trump administration released regulation and oil production increased so much. if they go a step further and try to implant price controls price controls always lead to shortages because we have private oil companies and they will not produce at a loss so if we have price controls which always lead to shortages we have lines in addition to high prices and that would be the worst of all worlds and that is
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what steve is worried about, not just the inflation but stagflation, a slowdown in addition to inflation and the administration is blaming it on rushed to the -- russia, putin - hikes was 90 and steve ratner put out a tweet yesterday saying this is biden's inflation and he needs to own it. steve was on with austin goolsby who said the markets were foreseeing russia's invasion rising prices in december. in january 12th the eia which is the official statistical organization of the government put out a forecast saying crude oil prices will fall in 2022 and 2023 so they were forecasting a drop in oil prices, not an increase so next
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time austin tries that you have something to go on. cds can i add to what david is saying? lots -- let's assume the biden administration gets ig policy. let's say they said we will allow draining, jen's sake is talking about that and allow the building of the keystone pipeline was i talked to three major oil objectives who say they won't do it. they don't trust this administration was when you have any ministration that wants to bankrupt the oil and gas industry there is an investment to get these rigs back up and running and that is part of the problem. if the industry doesn't trust them we are not going to get the increased oil and gas output we should. the lng terminals are essential. so glad you brought that up. under trump, you could see the
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tankers leaving the ports of the united states headed to europe. that isn't happening because we can't liquefy the gas so we can't get it on these ships and transport. neil: is one of the cleanest energy sources on the planet, the cleanest of that on the planet. i want to thank you both very much. when the markets were jumping, we would run up better than 340 points, vladimir putin citing positive developments in these ongoing negotiations that haven't gone anywhere but that sentiment, i don't remember who relayed it, that vladimir putin felt they were positive enough that brought out the buyers early on but very short-lived as we are up to but not up as much as we were. a lot of it has to go with russian attacks and airstrikes in ukraine.
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mike towbin in lviv with what he is seeing from there. >> the russian bombardment expanded for the second time since the campaign since they had targets to the west. a bit surprising, they hit a town to the north of where i am in lviv, and airbase, local authorities say two were killed, six injured. to the south of lviv they had another airfield, the town nipro is in the center of the ukraine, mesolithic, primary school was hit, apartment building with become a shoe factory caught fire and local authorities say one person was in that particular strike. the chernobyl hospital was established to treat victims of
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the nuclear disaster. is treating child cancer in pediatric kidney patients who are fleeing the combat. the child kidney patients have an acute need because they are jammed with traffic. the kids who need dialysis can't survive the trip over the western border without getting their blood cleaned. >> every -- sorry. every other day. three times per week we should do it but a huge queue in the board. it is that situation really. >> reporter: the chernobyl hospital is a stopover point for kidney patients who know it exists was the deputy director told me they are doing four times the normal volume at enough supplies to make it another two weeks. of acute need are the immunosuppressive drugs for
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kidney transplant patients. these are the things that keep them from rejecting them. neil: when you go into another weekend, it is more than two weeks. how do folks around you respond? it has to behind because it is another weekend, ongoing russian advantage and airstrikes. how do they digest all that. >> they wish it didn't happen. people here in ukraine are energized because they were supposed to call quickly and the fact that they are very much in the fight, starting to feel they are gaining the upper hand as the russians try to encircle kyiv, they are very encouraged.
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they have outperformed expectations and believe they can defend their home and keep it. neil: stellar reporting. always appreciate that. i know our viewers appreciate one of my favorite guest on the subject because he doesn't always have the predictable response given military honors from bronze star medal and combat infantry badge but he's been involved in the biggest battles. you would think he would go blow them up but he's very cautious. lieutenant general gerri boycan. good having you. the reason i brought it up even though it embarrasses you but i don't care because the hero should be recognized was i wanted to get your perspective
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on the potential use of chemical weapons, general jack keane you have great respect for him but that's a dealbreaker. the russians start using that, that's tantamount to getting nato involved and the war is on. do you agree? if the latter putin were to use chemical weapons, that blows up everything, and open intended, the war is wider and bigger immediately? >> i agree with general keane was that's a red line. if he does that, how are you going to contain chemical output inside ukraine? that has the potential of in the direction of the wind, atmospheric conditions, has the potential to go over into some of the nato countries, that cannot be accepted by the united states, i think it is time vladimir putin starts
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worrying about is coming. that's all we seem to be talking about his escalation was the only thing he has right now is nuclear weapons because everything else he brought to this battle has failed. 's leadership has failed, his soldiers have failed, his intelligence and logistics have all failed to it is time to reverse this paradigm. neil: it could cut either way. if he's having these failures and you hear about how his soldiers are not into the fight or are aware of what they are fighting for but the great russian military machine is not nearly as impressive as we were led to believe. that is a problem for vladimir putin. we welcome something like that and he is a wounded cornered animal who could do almost anything. how do you sort this out in your own head?
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>> absolutely right at your point is well taken and what he expected was that he was going to put on display this robust, capable military that has been anything but that. every system, every war fighting mechanism he brought to the fight has been a failure, but that may be frustrating him to the point that he is on the point of being irrational. i don't think he's crazy. i don't think he is a mad man at this point but i know the stress of combat. i have been there and most of your commentary was done by people that have and that stress can cause your behavior to be modified and i would be concerned about that as well. neil: in operation urgent fury
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you didn't do anything crazy. the fear here, he has fury but he might. given the fact that he has alienated himself among his own military higher ups, he is capable of anything. >> he lost this war. i will say that again. he has lost. the -- he may take ukraine but look at every other factor. he has lost because he has lost, he has lost the confidence of the oligarchs, he's lost the confidence of the russian people. he has unified europe, he has unified nato nations, where has succeeded. he didn't expect any of these things to go against him. it will be a hollow victory if he takes ukraine and that is why i say he has lost. what his he gained from this.
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if it comes to the point but he is so desperate that he winds up using a chemical weapon or even one of his tactical nukes, which is part of the doctrine of russia, that will be a rhythm. neil: there's been a great deal of talk how china has been working with him, trying to take states, russian oil companies and aluminum companies and all that, that partnership seems frayed a little bit. if i'm vladimir putin i'm grateful for the chinese support but it is changing here in the china is backing them up that he will be beholden to china. >> the poor performance of the russian military and the leadership of that military may have just saved taiwan because i think china is re-looking at a recalculation with regards to their future relationship with russia. i don't think they will abandon
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russia but it won't be what they expect and if they were going to use this as a window of opportunity to execute their plans for taiwan i think they are rethinking that right now. this may have some added benefits in terms of what happens with china and taiwan. neil: that interesting and given his experience china holds back, great insight as all your insights are, thank you, good seeing you, hope you have a safe weekend. >> due as well. we 20 listen in general gerri boycan, multiple best selling author, multiple military honor winner, award recipient. he doesn't like to talk about that and gets mad at me when i do but i don't care. we are up 91 points was we got oil holding it in, first potential down week we've seen in three weeks, but stocks will
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not break a losing pattern. stay with us, you are watching foxbusiness.
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neil: a lot of people saying it is when things go after russia but you go after china because has been helping russia is quite about condemning was in fact hasn't condemned russia at all outside the foreign minister saying it is concerned about what's going on ukraine so on fears the chinese stocks could get delisted in the us they are anderson selling pressure now. region stocks are plunging after the securities and exchange commission named five chinese companies that could be removed from american stock market they failed to meet audit requirements. these include yum, china holdings, the operator of fc and peter in china, tech firms
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acm research, biotech group by jean, and pharmaceutical companies such met but the losses extend beyond these five as there are concerns more of the 270 chinese firms trading on wall street could be delisted, the nasdaq golden dragon shiny index the tracks 90 chinese companies traded in the us fell 10% yesterday. the sec can kick these companies off wall street if they fail to allow the us to inspect financial audits for three years straight. that would mean the soonest we could see the sec for these companies off would be 2024 but we are saying this a lot happening already. google's parent company alphabet, and facebook's owner meta are under investigation, the european union and the uk opened an inquiry to determine if the silicon valley giant illegally cooperated in a digital advertising deal. a once secret deal between
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google and facebook known as jedi blue was filed by penn state including texas, it is in considering facebook special terms of access to its ad server in return for facebook abandoning rival advertising technology that could have undermined google. depending on the outcome of the investigation the agency to file formal charges lose the tech giants say was not anticompetitive or exclusive but they will cooperate. this probe comes as tech giants facing scrutiny for taxes to privacy and this investigation is notable because it is one of the few that alleges possible collusion among the players. most of the probes focused on a single player. the electric ford f 150
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lightning pickup truck is due out this spring and is an announcement from the automaker about collaboration with pacific gas and electric. the companies will evaluate whether the electric f 150 can power homes and return power to the electric grid. usually is what is charging the electric vehicle but they call it bidirectional charging. they will evaluate if electric vehicles can charge at night when rates are low and provide energy back to the grid during peak hours during the day. that could offer the opportunity for the owners of these electrics to save money on their electric bill. they might need to save that money. note the starting price for these trucks, the commercial version of the f 150 will be $41,000 but you and i would be in the market for the
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non-commercial version starting at $54,000 compared to the standard gasoline using f 150 start at $30,000, you might think spending $54,000 on an electric car they might need to save some money. neil: the more gas prices go up to me as a crapshoot but an even swap but that is a little eye-popping. what is how lambert think of this? not whether to buy an electric vehicle or f 150 but what is happening right now with these threats against china and their premier stocks? it's one thing to go after russia, not really a big financial player, china could be a different ball of wax? >> i agree, china has had exemption for years that they didn't have to comply with our audit rules, there was changed under the trump fcc and they
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are starting to enforce it in these groups are not complying. this isn't that unusual for this is happening now in the sense that they were supposed to be complying with the new rules of the chinese don't want to do that but as far as what they are doing is where they are on the world stage with russia, general boycan make some good points, china has to reevaluate their alliance with russia. they were told and thought like russia did that russia would take ukraine in a matter of days and it was be fine and russia would back them if they wanted to take taiwan. i think that was the ultimate play. this is not unfolding the way china expected and they are beginning to be embarrassed and they don't want to be on the side of the loser. this has upset the apple cart for that alliance and to put more color around what the general said even if russia
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takes ukraine they only have 200,000 soldiers. there's 45 million people in ukraine and they are very unhappy. i don't think they can hold it if they take it. this is looking very dire for vladimir putin and his plans and the chinese are taking note. warner: the it could also stall whatever vladimir putin's ambitions are beyond ukraine. he is having a devil of a time taking over ukraine he will certainly reconsider migration to other areas let alone those former satellite countries, nato countries, that seems to be a back burner issue. as the general said to your point, the chinese pause here. i would imagine looking at this through a market perspective that is a long-term positive development, is it not? >> it is a long-term positive development, expanding beyond ukraine is off the table.
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russia doesn't have the forces to do it. this is 55% of their forces now. they need to hold back for other problems in their country. they can't extend anymore. all they can do is show and they are using poor technologies which is why these buildings are being destroyed. they will keep selling the buildings and try to get ukrainians to basically given but i think it will have the opposite effect. the ukrainians will get more upset, it will backfire and that will change the calculus with china. long-term the chinese will have to reconsider their alliance with russia. west they've done is cozy up to saudi arabia and that the problem for us was the saudis are leaning towards being partners with china which affects our ability to control oil prices and you are seeing it now. neil: have a good weekend.
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the tug-of-war we keep saying about what vladimir putin said and what he does, they are not in sync right now. really this morning the markets are excited by news that vladimir putin was fighting positive development in talks but at the same time sending troops from the middle east to ukraine and escalating his attacks and airstrikes in western ukraine. is not exactly walking the talk. that realization that for the moment seems to be giving buyers pause. on that and rescue efforts to get people out of there safely after this. if you invest in the s&p 500 your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp, is spread equally across the s&p 500, which reduces potential concentration risk and helps keep your portfolio in balance. stay in balance with invesco's rsp.
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neil: we are hearing vladimir putin might be seeing positive development in talks but his
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actions my next guest is closely following because if anything he upped the ante when it comes to airstrikes, making life difficult for those in ukraine. the ukrainian parliament member. good to have you. you are not buying a lot of these talk that vladimir putin sees positive signs, he is doing the opposite. >> the one point that was agreed to these talks, were broken every single time by russia, people were killed on their way to safety, were killed on the way and that shows me their true nature. neil: i'm curious where you see this going. i don't think vladimir putin
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ever thought he would be in the position he is in today or guys like you would be alive today. it's a credit to your bravery and your patriot but where do you see this going? >> they made a mistake of believing their own propaganda, welcoming signs for his troops. people going out in the streets to push the russians from their villages, people going out and joining every single regiment in ukraine they can find and in every way they can. the point -- we are showing him it does. the fight of a lifetime. neil: we are hearing putin is
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sending troops from the middle east to ukraine. the troops in your country are not getting the job done. we are hearing he is calling on foreign volunteers to join the fight to liberate ukraine. what do you think of that? >> quickly, that isn't happening by any stretch of the imagination was we are taking control of the situation, a place that has another symbol of the nation to get our freedoms of the point is as far as how they are thwarted, he knows if he causes financial mobilization russia will get a lot of pushback from his own nation, threatening his regime with revolution and we aren't going to make this easy for him. whatever he talks about we are
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going to push and show him our nation has a future that only it will become. neil: to making for difficult, the stock that vladimir putin could entertain using chemical weapons, they deny that that is even a possibility, but when you heard about that how did you react? >> any number of horrors in his entourage. he has a nuclear supply of various kinds, chemical weapons, using vacuum bonds already in ukraine. the fact of the matter is we don't know to which length this madman will go but we have been through far worse in the century my country lived through, first world war,
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second world war, the holocaust, gulags, concentration camps, we survived through stalin and we will survive vladimir putin. neil: thank you very much, ukraine parliament member staying to fight the good fight. all parliament members, he included could have left, are you they were going to fight outside the country, they didn't, to a man and woman they stayed and continued to stand battle on. let's go to connell mcshane where they are dealing with the separate issue of refugees, 2.5 million making their way to hungary and that is where we find connell mcshane in budapest. what is the latest?
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regions first time we've moved into a big european city and this is a new phase of this refugee crisis, and about 2 million people have been displaced within ukraine. we also see how it the volume europe already. this is budapest, a big european city where people are coming in, a train arrived from ukraine, they the volunteer station set up like they have been in other cities where we have been where they try to set you up with housing or a sim card or whatever you might need, people have long trips, what we found today as they are moving to places we haven't heard before, people going to vienna or prague, someone going to istanbul, turkey. you hear the emotion, it floods and at times, this woman going to bulgaria with her family.
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>> this reminds me. >> reporter: two months maybe and back to ukraine hopefully. >> i really want to come back home. >> reporter: it is women and children, their husbands aren't with them. that part of the conversation comes up, the emotion floods in, these folks -- neil: that went down but the exodus continues, budapest, hungary, one of those locales accepting refugees, poland accounts for the lion's share, a little more than 1.2 million that of guide there, keeping track of that and what is
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happening where traders are between promising words out of vladimir putin, not exactly promising actions and renewed concerns about our focus on chinese companies and how that could reverberate. every year we try to exercise more, to be more social, to just relax. and eating healthy every single meal? if only it was this easy for us. you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine.
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neil: i want to take you to philadelphia where president biden is addressing lawmakers, they call it the issues conference, talking about the cooperation he's leading for the global response to vladimir putin's war in ukraine. that's the extent of my knowledge here but you know who knows all about this? jackie heinrich who is in the city of brotherly love with the president. >> reporter: speaker pelosi has said not to refer to this as a retreat, the branding has shifted. it is an ideas discussion. the president is speaking to the group of house democrats was before he got here he gave remarks calling to remove
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russia's most favored nation status which would hit them on tariffs and it follows his call earlier this week to ban all russian oil is ironically both of those provisions were what house democrats on the ways and means committee were prepared to do in a bipartisan bill they were going to put forward on monday but the president personally called speaker pelosi and intervened to stop it so the white house would not be boxed in by congress. today he addressed all that. >> president biden: i would like to thank speaker pelosi for agreeing to hold off on that until i could line up all our key allies, unity among our allies is critically important from my perspective. >> reporter: since the ban on russian oil gas prices have continued to increase was they were climbing before this announcement. the president is under pressure to increase supply and stabilize prices but is denying
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he has any levers left to pull with domestic production. he says the oil companies have all the permits and licenses they need that are not taking advantage because they are profiting from the price hike. he pointed to clean energy solutions as the way i would oil company heads say the administration's unfriendliness toward fossil fuel has discouraged investment. they agree with -- disagree with the president's aim. house democrats did not take questions on what they could do to solve the energy crisis but they picked up the branding of the putin price hike. republicans are trying to shut the branding down. >> putin's gas i, that is his kasei, so much of this increase in the gas tax, gas price started weeks leading up to what happened to their. >> want to blame 14 months of gas price increases on the last
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two weeks of turmoil. washington democrats's war on domestic energy predates putin's war on ukraine. >> reporter: a side of the discussion around energy, oil and gas democrats have an agenda they want to get forward and one interesting shift, your hearing democrats embrace the idea of having the president use executive authority to enact large swaths of their agenda they've not been able to pass because they don't have support for it. you heard speaker pelosi and the whip, clyburn, start to say executive action isn't a bad thing and can help us get to where we want to go. neil: depends on what the executive action is for. the president is not formally there but addressing these legislators. you've seen a lot of the actions we have taken to isolate russia. russia wants to return the
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favor, pun intended, to an american astronaut in space. he's on the international space station. his name is mark vanhai, he is supposed to return to work the resin say we might not welcome him, might leave him stranded up there. that sounds especially petty and dangerous but it is what it is, the times we live in was clayton anderson, former nasa astronaut, that sounds crazy but that is the talk was are you worried about this if they make good on it? >> good to be back with you. it is talk. there's lots of crazy stuff being thrown about by both sides. i still believe the protocol aboard the international space station a man is professionalism of the protocol between the mcc and houston admission control center in
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hugh moscow is professionalism. i am hoping cooler heads prevail and all of this will be removed from the craziness going on and mark will come home safely as the agreements dictate. neil: we should explain, he's on board the international space station with two of the russian cosmonauts, they are all expected to to return next month but along came this director of the russian space agency who made the threats because of how we have treated the russians and responded with sanctions and you know the whole drill but i can't even imagine the other cosmonauts on that mission would be keen on that. that is a colleague who has been with them for weeks. >> when i lived on the station for 5 months in 2007 i was with two russian cosmonauts and we
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were called by the russian media the three musketeers in orbit and they also called us space brothers. that is what we need to concentrate on, these guys are space brothers and i truly believe as professionals and colleagues in space and probably very close friends that everything possible will be done to bring them all three home safely at the same time. that is what i hope for. it is above my pay grade now though. stuart: neil: five month, don't know how you did that but you did it with some records to boot. i am with you, can't imagine being those other cosmonauts and going without the guy on orders from russia. the unthinkable is suddenly think believe days. more after this. we listen. like jack.
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neil: oil prices are all over the map but even with the run up today, the first down week after three weeks of steady jumps. as for the dow, even with the day after gains, looks like a down week. we are looking at that and the
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implications of how energy is mucking up the process was fox covers on the impact of this with grady trimble on jet fuel prices and how that's already impacting travel plans for a number of americans. what lawmakers are trying to do to ease the burden for those filling up and lauren simonetti for how independents oil producers are turning out more of the stuff in an environment where it is politically frowned on. let's begin with grady at o'hare international airport. >> reporter: the biggest impact on us airlines has to do with international flights, more specifically flights from the united states to europe a. they say searches for round-trip flights to europe are down 9% from expected levels, and this led airfare to
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climb 16% since last month. most are protected until they had very jet fuel cost and some airlines cutting roots including alaska air, and sec filing alaska air said given the sharp rise in fuel costs we moderated capacity outlook and now expect capacity to be down 5% in the first half of the year and projected domestic airfare will increase 7% every month through june. they put out the forecast before the war in ukraine and expected to hold. if this is a prolonged ordeal, they expect prices to climb for domestic flights in the summer time.
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neil: lawmakers easing the pain by mixing the tax. reaches $5.99, $.80 of that are a tax, federal and state combined with motorists and nationwide begging for help. >> it will be helpful. $.18 a gallon for potholes and highways, everything we use on a daily basis. >> maryland and florida approved the gas tax holiday, georgia likely next. how long do they reduce that cut and do lawmakers suspend either or both the federal and state tax? >> we suspend the most and recent increase in gas tax making prices at the pump worse. readings california, pennsylvania, the highest,
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$.57, 3 others top 40 sent, the majority fall between $.20, 40 sent, 7 states are under 20. a dozen states are considering suspending their state tax. controversial since it pays for roads and bridges was the other option is how the federal gas tax. them in congress agree including these senators though speaker pelosi could be a roadblock. >> the inflationary pressures that are rising gas prices at the pump. >> do you know there is no guarantee that the oil companies pass the reduction on to the consumer and it is hard to write a bill that requires them to pass it on to the consumer. >> reporter: short-term, there's not a lot politicians
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can do to reduce the price of taxes was the irony is always been talking about is infrastructure. this would eliminate billions of dollars from that but does make good politics. neil: thank you very much for that, some of the highest gas prices in the united states, removing their estate tax could go a long way toward having gas prices, lauren simonetti looking at the production angle. the administration not too keen on that but trying to get around that. she is in texas with more. lauren: they get around this on private land, the permanent process goes faster. the two biggest issue the us is facing is time and money. the white house turned their
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back on the energy industry 14 months ago. playing catch up is complicated. >> there are billions of barrels that could be produced here. we can't understand why our government dozens wants to produce oil right here in america. let's produce an american product with american workers for the american people and the world to better make energy with the smallest possible footprint available. >> reporter: producers are dealing with the regulatory process. it could take months for a pipeline. it could take years would you have the environmental reviews, big banks, the fossil fuel industry, some activist shareholders don't want to touch it and talk of a windfall public tax that with gas prices at record highs and crude prices at decade highs it would
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tax them even more. they are operating two rigs, that's a good deal. actual new production that is happening backed by private equity players so i asked why not go from two to four weeks and i told you the answer. there are handcuffs on the industry and they are staying put where they are. thousand barrels a day now, looking to double that by the end of the year. neil: thank you very much. texas, the american petroleum institute president and ceo, you can understand the position these oil guys are in. what can be given can be taken away. i can't blame them if they are gun shy under the possibly more production will be allowed. they think it will be pulled out from under them when they are knee-deep in costs associated with doing that.
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>> there is a huge concern about the regulatory regime this administration put in place and the consequences for american oil production. we have to remember the united states was producing 13 million barrels of oil every day pre-pandemic and we are not at that level. we are only at 11.6 million barrels being produced in this country right now. we need to get back to those record levels as quickly as possible. the missing link is policy. we need right policy from state and federal government to encourage american oil and gas production during this time of international and consumer crisis. neil: much has been made of the fact by a lot of progressives that even when you put more oil on the market it doesn't have the desired effect. they cite the fact that the united states, 30 million
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barrels from the strategic petroleum reserves, another 30 million from the rest of the international agency energy players. it doesn't work that way. what do you say? >> there is a misunderstanding what the spr is for but also what supply and demand, the facts when it comes to oil and gas. think about the fact that it is 30 million barrels, less than one half of one day's supply required for the world, the world uses 100 million barrels every day and that number is going up, more oil and natural gas and energy demand continues to grow, that world energy leader, it gives us flexibility from foreign-policy perspective to make sure we can counter what is going on in russia and
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ukraine and consider the united states used to import 60% of the energy we use because of that fracking revolution that took place in texas and oklahoma and north dakota that we have been insulated from the terrible situation going on. neil: russian oil accounts for 7 or 8% so the impact is far greater in europe in high double digits. then i started thinking, let's say this ukraine thing settled hopefully peacefully and soon. i cannot imagine these sanctions and restrictions imposed as long as vladimir putin is still in charge. is the world prepared for that. >> we are looking at supply
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demand imbalance before russia invaded ukraine. we are not back where we were pre-pandemic. global supplies are 300 million barrels below where they were pre-pandemic. they don't have that shock absorber we need in oil markets which is why we need a more american supply to get online as quickly as possible. hearing the white house talk about the importance of more supply there is a mismatch between the rhetoric they were putting forward and the policies they have been putting forward. there is leasing in place for federal waters, and federal lands. they've not permitted the number of infrastructure we need to get the product where it needs to be in the federal government doesn't have a new 5-year plan in place for operations in the gulf of mexico. these are three real
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impediments we need to get solved as quickly as possible if we are going to encourage american producers to produce more. neil: thank you, have a great weekend, american petroleum institute president and ceo. i explained about the supply and demand and future supply, looking to increase the supply down the road and it does change the equation and could affect prices. it goes the other way. in the meantime, aidan now cleared for ukraine, $14 million of it was one little question. how do you get it to the port cities the russians are closing down to prevent it? ♪♪ care.
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neil: wesley the senate past the funding bill that includes $14 billion in aid for ukraine. and avoid the shutdown but getting that aid to ukraine to russian soldiers, close off more port cities so it would presumably arrive. of the worry for my next guest,
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texas republican congressman, great to see you, given the fact that the russians have a strategy trying to take violently going after regular folks. how would that aid get to ukraine? >> thanks for having me on. that's why i signed on to a letter by rogers and inhofe in november when those ports were open and functioning. when you have four nato allies, poland, romania, slovakia and hungary. when there's a will there's a way but the majority will happen by ship and we have enough baltic ports, and use land route to get into ukraine.
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neil: sentiments echoed by general boycan, up in the anti-if they ever entertain the use of chemical weapons, saying it's not going to happen, a vicious rumor started by america, both generals were telling me if they went that route, this war is widened automatically. do you agree? >> absolutely. any use of biological or chemical weapons would change the game irreversibly and we would look at where we go but what we need to do is get as much military and, economic and humanitarian aid to them as
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possible, that includes missiles we have, stinkers which are antiaircraft, the javelins which have been effective against russian tanks, the american version of the machine guns and as much ammunition as we can get. nothing can harness more power than a democracy engaged. we are seeing that now. adam: markets, talk that he was seeing positive developments but actions reflect the different point of view continuing airstrikes throughout the country particularly western ukraine and already announced he put out a worldwide call for volunteers to join the good
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fight paraphrasing his remarks, is it positive developments or the guy who upped the ante? >> he is a former kgb agents, a professional liar and a chest they layer as well as the soviets and now the russians have been lying to the world for 100 years. remember pravda? they couldn't tell a straight story. actions speak louder than words and we've seen reports of 5000 to 6000 russian soldiers killed in action, and astronomically high casualty rate and if that's the case, 100 to 200 of their tanks taken out they can't stain it provided we can arm the ukrainians. neil: thanks, on the house armed services committee, oversight reform committee,
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some important committees with a world war at the brink. let's go to jennifer griffin and how they are handling no-fly zones, the polls not giving up on this. what's the latest? >> a senior defense official says ukraine has 56 working fighter jets flying between 5 to 10 sorties a day but the bottom line is this war is not being fought in the war and russian warplanes are having a hard time because ukraine is using its defense systems and shooting them down. this us official says sending the 24 meg 29s that have been in mothballs and have to be maintained before delivery sending those to ukraine would not stop russia's siege because the airspace is so contested.
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the us is trying to get more sophisticated and even systems to keep russian warplanes at bay like patriot missile systems, a system known as thes 300 which four nato countries have their inventory, ukraine has shut down 15 to 20 russian fixed air, fixed wing aircraft, 20 to 25 russian helicopters according to us assessment and open source imagery. today russia struck a ukrainian airfield in the west, 87 miles directly south of lviv, they use long-range missiles to strike the airfield, it was targeted to send a signal to poland and nato not to send the meg 29s, that is where they would fly from. the us is working to get more ground missiles and air defense systems into ukraine which
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officials assessed to be more useful, russia is flying 200 air sorties per day from the east but most of those are not into ukrainian airspace where they can be shot down. here is what the head of the defense agency told the senate intelligence committee. >> stinkers have moved in and have been used with affect and the ukrainians will continue to use those with great effect. certainly additional assets and resources, they can make good use of that. >> those are the armed drones nato allied turkey provided, they could use more of those was that 40 mile convoy we talked about has dispersed, us intelligence shows some of those vehicles moved into the tree lines to protect themselves from ambush and are
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not going anywhere. the ukrainians are trying to attack those vehicles with shoulder fire weapons the us and nato provided. neil: what is the mood at the pentagon? you have been very patient, on the use of chemical weapons. we had some generals including jack keane, all bets are off, this is the wider war automatically. is that the view of the pentagon. >> with you are seeing, remember how they declassified intelligence suggesting, what russians were doing in advance as the plan was being unveiled before vladimir putin went into ukraine.
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so people wouldn't be surprised, to throw those plans off or to deter vladimir putin. your hearing talk about russians using chemical weapons or disguising it as a false flag operation blaming it on ukrainians, the reasons, they might use chemical weapons, tried to disguise it, and just ukrainians do it and did that in syria, covered up for the syrians, that is a real concern. with that brought in the war? a terrible moment in terms of the moral conscience of the world? president biden, the pentagon and the rest of the national security establishment, they don't want this war to broaden, they want to keep it inside ukraine and not have it spill
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into article 5 nation or world war because of the fact that russia has nuclear weapons. neil: good seeing you. you heard about american companies who said they want nothing to do with russia. mcdonald's, coca-cola and starbucks and on and on but a number are still doing business with russia. i say under the radar until now because you don't want to put charlie gasparino on a story like this and not come up with some stunning developments after this. dad, we got this. we got this. we got this. we got this. we got this.
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neil: doesn't of american companies that up and quit russia but not always the ones staying behind or wanting to
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keep the door open might surprise you. charlie gasparino is looking at that. charles: there is enormous pressure on the use companies to get out in the next week. i know there are a few like citigroup saying we will wait and see. morgan stanley, they don't have major operations but there is pressure because they are exposed by other companies that are leaving. the other day larry think of black rock summed that up. >> american companies who walked away from their business in russia did it because their employees were talking to them. that is a great example how we modify our behaviors and the
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adaptability of american capitalism. charles: there are a few holdouts but it is not easy to unwind everything. those are the holdouts. mcdonald's is still in there. visa is cutting back. those are cutting ties. i could have sworn mcdonald's got embarrassed out of there. there are a handful still in there but larry think put it correctly the with work countries cutting dies, jpmorgan cut ties and goldman has done it, but he or pressure will be on everybody to pull out and that is a big economic hammer on russia and when you talk to ceos they believe this could force them to rethink what he is doing and could be a way out of this without this war expanding beyond ukraine.
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neil: imagine if this were china. imagine if we were pulling back from china it would be different. charles: it is a hard one because the economy is 30 times bigger. we are so intertwined because we don't want to do business with them. russia has a small economy the size of a state, new york we might be having this bigger conversation about china in the next five years, the dangers the communist party proposes, taiwan, trying to take us out as an economic power, scary times. neil: with the balance of late it might be the addition in terms of china a little bit. it is always great. i learned a lot from you,
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charlie gasparino, the best business report on the planet. when i say that people ask what do you base that on? facts and breaking news. let's is one of the best market soothsayers i know. some wall street firms still doing business, takes a lot to untangle. can you imagine if we were doing this with china? >> china, apple market, with russia's gdp, if this was china, might be a huge impact and if you had seen what is going on with chinese stocks, absolutely crashed because of the regulatory environment. neil: i am sure china is
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looking at ukraine, trying to read the proverbial needle, it is one thing for the world to isolate russia if they thought of doing that, it would destroy us. i'm sure they are cognizant of that. how do you think they play this out? >> one thing i noticed, i have not heard much from them. it has been quiet. i think probably in the board rooms, the top dogs saying how do we get out of this because russia is a pariah to most of the world. they are losing not only on the moral front but the financial friends, they can't open the markets.
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china does not want to get into that position. as you can see, the world has come together except for a few, you know who i am talking about, that is good to see. neil: americans are beginning to see, inflation expectations have hit levels we've not seen throughout this entire crisis so obviously this is impacting all americans paying higher prices but now people are starting to say don't know how long we can do this without both the fed do that? >> not just higher prices but much higher prices.
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winner g is involved in everything the problem for the fed, jay powell i have been writing about since christmas of 2018, every tick in the market and would go easy year. he can't do that anymore so he's boxed in. he has to raise rates this week but not much more, the problem with consumer sentiment, not just what people have to pay but the wealth effect. i'm a huge believer that the last few years in the economy was one of affect -- the wealth effect of easy money creating asset bubbles in all kinds of crazy things and that is off the table. consumers are looking at the gas pump and there 401(k)s and stock account and say we won't take the trip to italy this
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year. there's a lot of that going on and if it worsens i can promise you we will head into negative numbers for the economy. neil: we are monitoring john kirby at the pentagon talking about this perceived threat, chemical weapons and how the pentagon will address that. in the meantime he's relating something jennifer griffin telegraphed, something the pentagon is aware of but putting the word out, we will have more after this. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading.
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neil: we go after rush's energy infrastructure, they go after
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hours. their strategy might be different but just as scary. >> reporter: just as scary. this is 21st century warfare. a few lines of code to bring down a nation's infrastructure and with a range of sanctions levied, retaliation may worsen the severe pain at the pump. the energy sector faces vulnerability, 25% of companies are susceptible to a ransom where attack in 70% have one leaked credential in the last 90 days. that's important as the may of 2001 colonial pipeline attack occurred from one compromised password. a russian hacker group shutdown access to 4% of the east coast fuel for a week as prices spiked 10% and ministation sold out of fuel. this is concerning with technology being ubiquitous, access points are everywhere including the phone in your pocket.
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>> it is important for the average user to recognize their escalation procedures if they see something unusual. the precursor to a cyber attack is always something. >> reporter: companies are strengthening defenses by evaluating access points and redesigning reporting protocols, chevron saying it takes the threat of malicious cyber activity seriously. we them into the government's recommendations into cyber security safeguards to protect chevron's computing environment warning russia may plan to debilitate us energy and we dig into these dynamics in russia:the cyber threat streaming on fox nation era along with energy shock tomorrow on foxbusiness. neil: thank you. i want to go to matt hayden, former assistant secretary of homeland security. the russians have this capability are those who
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operate on their behalf but we haven't seen it yet. why haven't we? >> part of that reason is because ransom where is into point and shoot operation. you have to target an asset and it could be from a click of a mouse to a targeted email or looking for particular vulnerabilities that haven't been patched on a server but it is not like a light switch which you could have someone coming at you with a ransom where attack and take weeks to get through the door and if they do they consider dormant and wait until they want to activate that ransom where. neil: you think they are waiting for something big, not just having broken into the fence systems and banks but something really big and that is why we haven't seen, they are waiting for something that would be far far more impactful
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than we have seen in the past. >> we refer to it as asymmetric warfare going on as a spy versus spy game. for industry partners in the energy sector, the battlefield frontlines working this beat, the challenge they are going to have is not only fighting the russians but russian criminal gangs and not only fighting russian capital gains but uranian capital gains and uranian state actors. it is a very noisy place was we are seeing a lot of actors taking advantage of anyone with a vulnerability. creating a destabilization in which who is fighting for whom is becoming a challenge. we advise our clients the first thing we need to do is patch any open doors because we are getting from the intelligence community where state actors are using vulnerabilities. the first step is to prioritize
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those efforts and train your employees, closely worded email. if you click on it you could be the doorknob the cause is the ransom where challenge. neil: i'm always afraid to be that guy. thank you very much. have a safe weekend. in the meantime, you are probably used to skyrocketing food costs at the grocery store. la un report says since the ukraine war started, try another 20% on top of that. a guy who hopes to help you out when you are trying to find a cheaper alternative.
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neil: prices up 20%. if the united nations agency looking at the impact of the ukraine war, hard to say. this much we know in the past year, food cost of and rocketing and this war situation will keep them rocketing. stew leonard junior, new york, connecticut, i don't think
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grocery store does it justice. it is a called following. you try to help customers, how they deal with this, the price of meat is going up, they are running out of options. what do you tell them? >> being in the retail business, i wake up between a rock and a hard place. farmers, fishermen got to fill my boats, my tractors with fuel. the cost has gone up. my labor has gone up. i'm getting it on the side. on the other side all these customers trying as hard as we can to keep prices as low as we can so margins are less than they were. i'm saying i will split it with
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you 50/50 and see of supply and demand will work itself out over time. neil: you are very popular and have a number of stores but you're not a shop, you don't have that kind of price leverage. how do you counter that? how do you deal with that to counter that? >> we do have leverage. it is a family business but half $1 billion a year and we get 100 tractor-trailers into our store plus 100 small farmers to live her ring smaller local goods. we have leverage but you want to lose the is user leverage now. i don't want to squeeze a farmer too tight.
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they are trying to make it themselves. i can be tough and say i am not accepting a price increase but we are absorbing, we hope it will resolve itself. neil: how much can you absorb that? what are your customers doing these days for themselves? >> they are almost numb right now? they've seen so many shows about prices increase but it is like gas right now. they are numb to the fact. i talked to brian miller, restaurant critic for the new york times, spent $100 to fill up his car. things like that people, you hear biden speak and the government officials speak
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about price increases, everybody -- you just out there right now but we are doing as little as we can but we haven't heard any. neil: nor do i think you will. you have their back and they are very loyal. if you think of doing that we are done. >> just a few tips, i would say use your freezer, by food like you would stock which everything going on ukraine and russia they do a third of all the wheat and corn in the world so you have to expect this food things so use your freezer and don't be afraid to go to private label. you can save 30% sometimes for the same item so don't worry about it and the third one i hope none of my managers hear
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me say it have a shopping list when you come in. we want you to taste stuff but it shouldn't be right now. you should stick to your shopping list. love this. a new product. putin's punch. how do you like that? neil: you can't freeze that one. thank you very much. i'm wondering about napoleon. can you freeze napoleon? we have a lot more after this. and strengthen 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. your record label is taking off. but so is your sound engineer. 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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neil: what a crazy market this has been, right? the dow's up a little bit today, had been up more than 300 points earlier. we're looking though at the first week we've seen energy prices decline in three weeks. but, again, trying to make sense of it all is impossible unless you're talking to charles payne, he's now. charles: you know, neil, the waiting is the hardest park. the anticipation, it's rough -- part. thanks so much. we'll get 'em through it. have a great weekend. neil: you too, my friend. charles: breaking right now, the market desperate for any positive news out of ukraine, and when those hopes fade, as you can see, so does any rally attempt. but vladimir putin needs to cut his losses. when he does, by the way, this market you're going to see, i think, a giant relief rally. meanwhile, retail investors or many there waiting, i'm going to

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