anniversary of that project. the progress we made and still many needs to be done. elizabeth: attorney general ken paxton of text and it's good to see you. thank you for joining us i am elizabeth macdonald to watch "the evening edit" on foxbusiness thank you so much for watch and we hope you have a good weekend and join us again monday night. ♪ >> from the fox studios in new york city this is maria bartiromo's wall street. >> happy we can talk welcome to the program analyzes the week that was it helps position you for the week ahead. i am maria bartiromo. more analysts are seeing a greater risk of recession this year with inflation spiking into new 40 year highs at gasoline hitting new records. kenny on the administration blame game were to put your money today. plus the white house warning putin could unleash chemical

weapons are decreed as forces close in on the capitol of ukraine. president biden calling to revoke russia's status does not go far enough? congressman jim jordan is here. and american truckers are debating the u.s. produce more oil as diesel hits new highs for the american trucking association sending a letter to the white house one and the energy crisis will further threaten the supply chain crisis. i will stick with headed the american trucking association coming up. but first let's take a look back at some the top newsmakers on mornings with maria and this week's edition of the week stalkers, watch. ♪ you were becoming an activist investor and then of course your lawyer was murdered while he was behind bars, your thoughts on putin's actions? absolute power to corrupt that applies to vladimir putin perfectly pay. >> the ceo of chevron said natural gas pipeline from israel

to europe would help alleviate the shortage. >> any additional infrastructure investment that allows for the transfer of natural gas both into europe and into israel will be welcome news. >> you have been pushing this temporary suspension of the gas attacks in your state. >> we have seen inflation run away from it us all it was happening before the senseless invasion of ukraine by russia. we've got to go to work to get taxes down. as inflation steals america's income we've got to get taxes down. >> let's take a look at what markets ended another volatile week with more raging on ukraine inflation at a four decade high in gasoline prices continuing to search for the president released this statement to the american people, families are starting to feel the impact of pollutant price hikes. a large contributor was increased in gasoline and energy

prices as markets reacted to putin's aggressive action, says president biden for joining right now a slight stone wealth chief market strategist kenny polcari. great to having of this week and thank you so much for being here. he saw president biden's statement were all talking about the soaring prices of oil. present biden is putting the blame solely on president putin, your reaction? >> it is amazing to me he could actually get up there with his economic advisers and other people would actually allow him to go out to make that statement appeared as if putting this whole inflation story on putin's back is really what the american people not only are going to believe, but even want to hear it's actually not the case. they were not even reflected in february at cpi may be reflected next month and march but the cpi report goes in the first of the 28th. putin did not invade ukraine until the 24th of the month so it for days that report was not affected by putin's action.

certainly you cannot pin the whole blame on putin at all. maria: we are looking a graph right now here to your reading as of every month. you go back to november of 2021 you are trying but 6.8% rate december 2021 for up to 7%. generate 2020 to 7.5%. and of course vibrate 7.9% was well before putin invaded. the one year anniversary of joe biden firing up the rescue plan into law. it has been a one year since that plan went into place. you've seen inflation take off things like milk, poultry, eggs, flour all showing double-digit increases over the last year, kenny. the inflation we know has been wide and deep, what is the

impact? >> white and deep but it has been, we've all been feeling it. been talking about for months. i think one of the amazing parts to as the fed refused to acknowledge even eight months ago in the middle of last summer when avril missed talking about building pressures they kept saying don't worry if it's only temporary we are in front of the eight ball. when we are learning now as they are not only not in front of the eightball they are way behind the eight ball and expect inflation to continue to rear its ugly head in the month ahead. maria: let's talk about your thoughts here. i know we had a couple rallies in fits and starts this past week are you buying any of this? do you believe we turned a corner of the fact year to date were looking at a decline of 16% on the nasdaq? are there opportunities to be had at this point or not? >> i think there are opportunities. not sure which are the corner yet it's obvious by the way the

market reacts on every headline that's coming out of russia ukraine. you and i both know in the long term certainly create chaos in the short term which is what we are all feeling. but in that chaos will create opportunity. do your homework and know what you are buying. went good names get dislocated there's huge opportunity when this market turns is going to turn hard and all of those are going to get rewarded certainly the good strong names are going to get overly rewarded. and so yes my bike on a weakness i was not buying on strength the other day but i am buying on weakness. elizabeth: aware kenny where you looking right now? >> earlier this week on weakness i put money into consumer staples. i put money into some big tech. i put more money into microsoft and the big banks i like bank america. and i like some of the super

regionals how play that with etf. >> we've got to talk about the federal reserve real quick with the two date meeting are expected fed to raise rates by a quarter point is it going to be we believe the first of a string of rate hikes is the market ready for this? what are you expecting? >> it is certainly ready for he preempted it a few weeks ago, he told us what was going to happen but with interesting though after the report we got this week the question about is he wrong? should they go 50 basis points this month to really shock the system, i don't think it's going to happen. i don't think it's going to happen. i do think the market is prepared for 25. i think they left it wide open for larger increases as he moved spring and into summer. >> wanted the issues is more and more people are looking at a recession happening. is the fed making thing hard or

more expensive than the face of a slowing economy? >> they certainly are. but listen i hate to say that you and i were both around that late 70s early 80s we had the same problem for the up to 21% in order to tame it ultimately bring it down and forced the country into a recession. look he may not have a choice. he may have to force the country into a recession to slow this down. maria: kenny is great to catch up with you thanks so much fred fighting back is russian forces closed in on the capitol of ukraine kyiv it. concerns are put to leaves chemical weapons as critics slammed the administration for not doing enough to help ukraine. congressman jim jordan is here on what should happen now. wealth that matters is yours. it can be a smaller house, but a bigger nest egg. a goal to work toward, or the freedom to walk away.

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ukraine's capitol kyiv there are no growing concerns of a chemical or biological attack from russia. after the crime and accuse the united states of trying to do the same. press secretary jen psaki with this statement. the bay these false claims and endorses propaganda. we shall been that look out for russia to possibly use chemical or biological weapons and ukraine. recruit a false flag operation and no one should fall for the said jen psaki be present biden is calling for the end to normal trade relations with russia. join me right out congressman jim jordan from ohio. congressman it's always a pleasure to see you. is this the right path to take? your thoughts on biden's response to putin and is putin using biological weapons? like we don't know let's hope not for goodness sake. but look, i would like to take a step back and said we would not

have been year under a president like president trump who predicted strength from the oval office. when you okay nordstrom at attack american audrey stop keystone pipeline stop the leases on federal land, you wind up in the situation brigade putin leverage with energy to take this kind of aggressive and wrong action. under banning importing russian gas and oil here. i think all that makes sense. let's hope this thing ends and god bless ukrainian people. maria: congressman it is just really striking me this agenda has been such a priority the democrats and administration you heard john carried the other day say he hopes that china does not

get confused or make the china climate priority take a second seat to the ukraine situation. they just are not giving up. >> it shows the attitude of the so-called elite that live on the coast in flyover country that we are somehow different and we don't get it. remember secretary buttigieg said by electric vehicle. while colbert says i will just drive my tesla. meanwhile oakes across middle america make this country work the people who are in manufacturing and agriculture could drive a pickup truck hope make things and things for they forget about all of us and disdain member in peter strzok wireless text messages was in

walmart and said i can smell the trump supporters. the disdain or cooper when he said trump supporters eat at the olive garden and stay at the marriott. they view us so different and said go do this. meanwhile we have to drive to work. they work in factories work in agriculture they do not get how serious the energy situation is spread think the country gets up at the elite who think they're so much better than the rest of us never do. joe biden his administration the coastal leftist elite don't seem to get it. >> what about china? i know you have a china task force in the gop. i want to know you can be doing some are not in the same position should china decide to invade taiwan. under the securities and exchange commission this week

stoked fears of delisting it caused a huge selloff in chinese stocks that are listed here in the u.s. we have talked about this for a long time for these companies are indexes, ets unwitting investors are in effect expanding the expansion of the tcp. they are not even fighting our auditing rules congressman progreso tyler president trump was the first president to stand up to them. put tariffs on them. trade is a good way you want to market your products all over the world. but putting tariffs on china got their attention. that is what we need to do but look at some the policies president trump put in place at the task force under leader mccarthy and the republican conference we are looking at what else can we do to stop them? what else can we do too have them adhere to international trade norms? that will all have to happen. the big factor here is energy. everybody gets it by the stupid decisions the biden administration made on energy gives other bad guys are the

world leverage. when you project a weakness when you are weak on energy like present biden's administration has been, bad guys are going to do bad things we are seeing that play out as we speak and ukraine. but is driven by those fundamental factors. maria: would extort a change of events in just 12 -- 13 months, congressman. pretty extraordinary parade shows you how important policy is for america. but also for our adversaries to watch. congressman jim jordan thank you so much bigger this week we so appreciate your leadership thank you sir. we will talk soon. jim jordan will take a break and that american truckers to make the u.s. produce more energy as diesel hits new highs the head of the american trucking association is warning the present there could be more supply chain issues ahead so he will join me next. >> i just filled up last week a cost maybe $700 request we need all of this now for fuel.

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maria: welcome back. pain at the pump for truckers. diesel prices skyrocketing to this week to new highs rising faster this week and over the past month and regular gasoline according to aaa. truckers are paying the price, over $600 more on average per fill up than they were just a year. american trucking association sent a letter to the white house warning of more supply chain issues. if these prices do not condone

drug me right now is the president and ceo of the american truckers association, chris spear. great to have you thank you very much. connect the dots for us, how will we see further supply chain issues as a result of further moves higher in oil and gasoline and diesel? >> thanks for having me back on, maria. it's very clear to us the immediate surge in the price of fuel is going to have even more impact -- make adverse impact on the supply chain just in the past year is in the price of diesel go up well over a dollar a gallon just in the last week trucking has experienced 75 cents on the gallon surge just in one week alone. so with half the cost of a gallon of diesel tied to crude ur estimates are showing a barrel is going to be 185 -- $200 a barrel over the next ten months.

that is just simply not sustainable for local communities that rely on trucks, 83% of our local communities do. that is going to reduce the number of products on the shelf, apples from seven -- two you're really going to see choice limited and we experience consolidation within the industry. supply chain impact is extraordinarily measurable. maria: this is going to affect all of us. you are transporting 70% of the nation's goods bite trucks. if our number one cost goes up, the cost of diesel that you have got to believe that's going to mean higher freight prices. i give us the indirect effects of this? >> there is a surcharge obviously that can be passed on. that really only covers 60% of the price. when you see a 75 cents spike in just one week, that is just

simply not sustainable. our industry's second-highest cost is a fuel. the first being labor. i've been on your program many times about the price for talent. now we are seeing applicable to fuel. these are two measurable impacts that are very, very significant on our bottom line. the service the economy and consumers and help us climb out of this economic rut that we find ourselves in, what we are experiencing now in the past few days with the ukrainian crisis is quite significant. i'm just not so surge in the industry bear that for much longer. hence our letter to the white house to make it very clear the consequences. >> connolly harris the other day said her favorite subject is electric trucks, electric buses. how hard is it for the truckers to basically adapt to new equipment and new trucks? and try to do this overnight?

>> that transition is going to happen is just not going to happen tomorrow. this is not rainbows and unicorns abrade the availability of electric cars if you wanted one you would be waiting months. we've got a backlog on batteries and a sheer lack of the ability to charge his equipment. not just cars but trucks. i have a people know this but trucks a regular deist for an 80,080,000-pound vehicles equivalent to 340 houses being electrified. that is just one truck up or there's not allowed enough electricity on the grid to do this. not now and certainly not in the next ten years. you can move away from the utopia distinct pitch by the erratic environmental lobby move to realistic domestic policy we need control and leverage for leed increasing number of leases. we need to increase expert operation makes increase production. half of our consumption in the u.s. is foreign oil. we should not be conceding anything to regimes like russia

and iran. this is something we can do immediately we should do it. this kind of control and leverage will reduce the volatility and anxiety that currently exist in the market it put us in a much better position to climb out of this economic rut. maria: chris thank you for the reality check we so appreciated. chris spear it joining us this weekend will see you soon, thank you for. >> thank you maria. maria: don't go anywhere, more wall street right after this. ♪ 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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it can be a smaller house, but a bigger nest egg. a goal to work toward, or the freedom to walk away. with 200 years of experience, personalized advice, and commission free trades on an award-winning app, we are working for you. planning. investing. advice. jp morgan wealth management. maria: welcome back for another big show in the works for next weekend. make sure you tune into wall street every friday night at 7:00 p.m. eastern right here on foxbusiness. i will see over and fox news channel on sunday, 10:00 a.m. eastern live sunday morning on the fox news jennifer sunday morning futures. i've got exclusive interviews with senator lindsey graham former national intelligence director john ratcliffe america first legal founder steven miller and former secretary of

state mike pompeo all live sunday fox news 10:00 a.m. bus return foxbusiness start smart every weekday from 6:00 a.m. -- 9:00 a.m. eastern for mornings with maria but we help you start your day with us every weekday on foxbusiness. that will do it for us for now, thank you so much for joining us this weekend. have a great rest of the weekend. i will see you again next time. ♪ ♪ ♪ ♪ ♪ ♪ ♪. gerry: hello, this week on the wall street journal at large as russia it rains death and destruction on your greatness anything more we can do to stop the bloodshed and healthy innocent and rollback vladimir putin's aggression? plus as the war rolls on the right administration of hypocrisy's about america's surging prices increases the energy supply