four. 40 pounds. one boat dumps the dye, another one mixes it. it takes tweeight 2 hours to turn the entire river green. can't believe it is that small amount. >> i will turn my beer green. stuart: my time is up. donald trump on the show monday exclusive. it is yours. neil: have a wonderful weekend. markets don't know what to make of the 2 hour phone call the president had with his counterpart in china. even with today's fall off we are looking at the best week for market averages including those in europe since november 2020. we will get into the reasoning even with oil prices back to

$100 a barrel. there are crosscurrents including indications the underlying economy is strong but inflationary pressures might be easing. let's go to edward lawrence. this phone call was over two hours, they have to allow time for translation but do we know what they talked about? did they get into the nitty-gritty details? >> reporter: the call lasted one hour and 15 minutes. the video secure call - according to the white house press secretary president biden warned the chinese president not to give military assistance to russia, also telling china not to break sanctions. the chinese made clear they

will not stop support rushing - supporting the russian economy through normal business, the chinese version of what happened on the call president xi said the conflict in ukraine is not what china wanted to see, calling it a conflict, not an invasion and saying the us and china should move forward along the right track. republicans say this is an opportunity for the president to change his image and project strength so china does not get its own designs to expand territory or help russia. >> this is the moment where they connect, be aggressive and take advantage of these opportunities in a moment of weakness, they took advantage of a moment of weakness under president obama who even though we unanimously approved defensive weaponry for ukraine in 2014 president obama wouldn't supply it. >> some democrats questioning

why president biden did not act sooner or faster to deter an invasion. >> biden has delivered more aid than any recent us president but where he could have been more quickly is before the invasion, stepping up before prudent made the decision to cross the line. >> reporter: this call was the fourth time the world leaders of spoken, second time was over a video conference, we are waiting for the white house version but we got the chinese very quick on their response. neil: they got ahead of that. great reporting all this week. i want to go to chad program on taking favored nation status away. i thought it had long gone away. where does it stand?

>> we thought it might go to the senate. the house voted to revoke normal trade relations with russia. the vote 100-2428, all 28 nées from gop numbers. this means the us treats each country the same. this was the first action by congress falling - following the address by president zelenskyy. >> to be honest, i think in the midst of that speech and immediately after there were people wincing, can't we do a little more, getting new digs into the hands of the ukrainians? >> even after his remarks, zelenskyy failed to secure his primary request, a no fly zone and migs. some people think congress is playing too safe. >> can't allow the fear of escalation to dominate our efforts. it should be vladimir putin who

fears our escalation. >> lawmakers say they are ready to help ukraine anyway they can but there are limits. >> is it appropriate to ask for those things even if the congress is in position they are not going to give him what he's asking? >> of course. what he wants is a result. >> suite 2 house committees are asking executives from bp, chevron and others to testify in early april about gas prices. democrats contend oil companies are profiteering. neil: thank you very much. the great exodus out of ukraine continues, 3 million now, more than 2 million have found their way to poland where we will find ashley webster and you talk about a nightmare to process these people. what's the latest? might have lost him. for that

bit but in the meantime we have karen pierce, the british ambassador to the united states. good to have you. one thing i wanted to start off with if you don't mind, the back and forth, the airstrikes continuing in the western portion of ukraine. vladimir putin, what amounts to a rally in which he justifies this cause. this is from vladimir putin a little earlier. i want you to hear this. >> translator: we had to pool out crime area, the airstrikes, this is what we call genocide, to deprive people, to remove

their suffering from people, the purpose of this military operation we started in ukraine. it neil: very difficult to understand but the gist of it is this is a good cause, a very good cause. he packed the stadium but for the most part russians, by and large are okay with what he is doing, they are not getting the full story. until that changes doesn't it make a tougher vladimir putin to make it tough if he had that support at home? >> he is diluting his people. i don't think it is that they are urging him on. he's trying - give them disinformation. to justify the fact the russian forces are bogged down and still keeping going and

covering up that he has lost four senior generals, highly unusual thing. as well as ordinary troops on the ground. he is trying to convince the russian people that this war is a good cause for russia and as you said what we need to do is try to get better and accurate information to the russian people. stuart: among the russian people, older russians, even when social media, they support what he's doing and they by a lot of this rampage, western powers created this horror but

younger russians relay the skinny to relatives and therein lies the rub. the reason i keep getting back to this, ukrainians's big hope is support at home wayne's when russian soldiers come back in body bags or growing frustration with economic hits they are taking, does it take that? the normal trajectory of the war is he has only advantages. where do you see this? >> he doesn't have the advantage. if i sat in the, and a cost benefit analysis i would see these soldiers coming home in body bags, the mothers of conscripts are on social media asking what is happening to their children, noting the oligarchs children are not fighting and a lot on social media is you are mentioning, a big squeeze on the economy,

ordinary russians can't have the goods they are used to having for 30 years. it's a great irony that vladimir putin improved the russian economy when he first took power and it has gone back 30 years and a week and people will not be able to have the normal lives they had. that will lead to questions alongside the oligarchs themselves being squeezed and it degrades the russian's ability to continue to supply the war and i think the narrative about nazi-ism, which has for all good reasons a strong residence in russia, they lost 20 million russians in the second world war fighting nazi-ism, one of the cruelest ironies that all those russians die just so vladimir putin could go back and break apart and europe that had been

whole and free and fundamentally take a leaf out of the nazi playbook by invading ukraine. neil: you expressed reservations as we have in our country, it is a predominant theme not to provide air cover, just shy of that for the ukrainians, coming up with ways to compensate for that but given the fact that vladimir putin has had such a devil of a time getting anything close to what he thought he could get in ukraine, this idea about enraging him and getting him to go beyond ukraine a legitimate worry now that whatever we do he's limited if he is having this type of difficulty just conquering ukraine we needn't worry about him expanding the war, what do you think?

>> that's an interesting point. everybody fears the russian army but the russian army hasn't been shown to be particularly capable. they are bogged down by not achieving their objectives, they don't have practical flex ability on the ground and the ukrainian resistance is absolutely heroic and doing a good job keeping them bogged down. i don't think the russian threat to the rest of europe goes away because of that and you could make a case that it makes putin more dangerous, more compelled to seek a wider return to the russian empire but it is interesting how lack of capability in the russian armed forces is coming up. on the no-fly zone, this is a topic of great interest to ukraine's leaders, the way through this is to think about what a no-fly zone will do. it would enable the ukrainian air force to attack russian

targets which how do we help them attack those targets without a no-fly zone which we fear would bring nato into a bigger conflict with russia and the answer is to give ukraine more antiaircraft defense missil, we have provided over 4,000, we are sending javelin and times streak which is even more capable. neil: a lot has come from your personal leadership that we've provided these switchblade drones that will have the same effect. i want to get your take on this phone call the president of the united states had with the president of china. we first heard from the chinese, the assistant foreign minister said in a tweet as the talks were beginning, the claim that china is on the wrong side of history is overbearing, referring to the fact that

china aligning itself with russia is a bad move, it is the us, he says, that is on the wrong side of history. that doesn't sound like a country that is dialing things back either in support of what the russians are doing but certainly in doing what the us and by extension other nato countries want. what do you make of that? >> i'd be interested to know if the chinese genuinely believe invading another country like russia has done, and supporting russia to invade another country is international interest and puts them on the right side of history, what we are trying to do is help ukraine defend itself, the chinese are usually at the first to the un to talk about not crossing borders by force, the first to talk about

sovereignty, independence and territorial integrity. if i were thinking of an alliance with china, a developing country, and saw chinese support for russia i would think twice about why china was doing that and when i went to the alliance with a country that professes to be on the side of sovereignty and condones and possibly tries to help russia in its illegal actions. neil: i've never seen it that way. that is remarkably clear, taking a logical next step. very interesting. hope you have a safe weekend would always enjoy our chat. all right. the uk ambassador to the united states. if you are developing country looking at this how china's actions would intrigue you or repel you, interesting way of looking at it which hopefully

we have our connection back with ashley webster monitoring this surge of refugees, better than 2 million in poland alone. ashley: i can hear you loud and clear. the time we've been here i've never seen a surge of refugees as we are right now. walk with me, this line has come across in the last several hours and i don't think it is any coincidence. we had the attack in lviv 50 miles from here and here we are a number of hours later with a large number of people moving across the border, we passed 2 million according to the polish border guard at 8:00 am local time. you can see the flood of refugees continuing to pour out of ukraine into southeast poland. i managed to catch up with one of the refugees who said i stayed until i heard the bombs this morning.

>> there are explosions. we have friends in germany. excited to go there. neil: lviv is an extreme western ukraine, considered a cultural center, the soul of ukraine and many embassies in kyiv had been moved to lviv and it has become the new diplomatic capital. in other words the sender of the western response to the russian invasion of ukraine. as these refugees come in they will be given meals and help finding the next stop along their way but i suspect we will see more of this if russia continues to turn its eyes on the western city of lviv in ukraine. neil: that is close to where you are.

thank you for that. be safe, ashley webster in poland. this to our phone, none of it is surprising where the president was essentially prodding china to come out against what is going on in ukraine, didn't get that, xi jinping indicating it is too soon to make any hard and fast statements condemning russia telling the president china did not want to see a ukraine war, first time anyone in china has referred to it as a war. they are punishing people in russia for calling it a war. us officials suspect beijing is backing an invasion even though chinese leaders said that was never the case, that the ukrainian crisis is something we don't want to see, so again, between the diplomatic speak and everything else if you are reading into that, china is

providing military aid or considering it, they are at the stage now where what they are calling and seeing in ukraine is not only a war but something they hope can be resolved and soon. all in the eye of the beholder. more after this. 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. ♪ ♪ tums vs. mozzarella stick t when heartburn hits, fight back fast with tums chewy bites. fast heartburn relief in every bite. crunchy outside, chewy inside. ♪ tums, tums, tums, tums ♪ tums chewy bites you're a one-man stitchwork master.

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neil: a year ago you would say really, helpless with this, why is it a big deal? all those batteries are really hot right now. their prices were soaring last week. remember limit of? no limit down and trading the london mercantile exchange with the will 12% delayed, they are quadruple what they were a couple weeks ago so the pricing that will affect the cost of batteries for these electric vehicles that are all the rage to indicate that will continue, one automaker after another expanded the commitments and the gasoline prices morphing the run up in the nickel prices, that will continue. the latest indication that it

will up the ev goals. gmac happy friday. another luxury automaker driving better sales. porsche is increasing its ev sales target expecting it represented 14% of the companies, 301,000 vehicles sold in 2,020 one. the automaker is planning a hybrid version of its iconic sports car the 9/11 which was outsold this year, burger king partnering russia, refusing to close the fast food giant's 800 locations in that country, burger king announced it was trying to divest its 15% stake, employees were told the joint venture agreement is preventing a suspension of those

operations. existing home sales declined more than wall street expected following 7.2% month over month heard by rising mortgage rates and rock-bottom inventories. home prices rose 15%, 357,300. national association of realtors say the rising interest rates putting a greater focus on people's budget limits. neil: very interesting. on the corner of wall and broad we are seeing narrowing the yield curve. i don't want to get too arcane about it, the more it could be leveraging slow down. there is context to this where they look at the gap between a

three year and 5 year note. the sentiments, we are in for some trouble. the federal re good to have you. >> great to be with you. neil: what v. fib did this week to set in motion a series of rate hikes, they will raise rates recorded point every 6 weeks or so so by the end of the year we are around 2%. is that likely? >> one quarter percentage point, getting 2%, that is

where the fed wants to go. neil: the market rates, 5-year and 10 year, if they are narrowing, the market betting on something that is insane. >> the short rate is the one the fed has a lot of control over. the fed but what the markets think of and demand for borrowing. there is not much demand for borrowing so rates go down and that is why there is this back and forth, a lot of influence over direct influence over the

short rate versus longer rate. the fed is on a path to raising rates before the pandemic there go. basically to roughly where it was pre-pandemic but the markets are saying the long rate is higher but not sure the economy will be so strong, demand for long-term investment, the vat rate will be a much higher. that that rate will be a much higher. that's what the short rate versus long rate tells you. stuart: neil: that is beautifully explained. when you were on the federal reserve, did you obsess over the market? i always think these guys are keeping an eye on every movement in the market. don't know if that is a good or bad idea but obsessed with

getting a blessing from the markets. do they? >> yes and no. there is a keen awareness of the impact of the fed's actions and words for what happens to interest rates to the stock market to the housing market. that is very much people are aware of it but not every one would say of the market doesn't like it we have to do something else as opposed to that is too bad, this is what we need to do. a number of people are concerned about the fed raising rates at this time but inflation is at 40 year highs. to make some progress towards that you worry about whether inflation expectations could get out of control when we get into a 1970s situation. it is better for the fed to act now and markets don't like this that much but if we don't act

now, in the year people will dislike it a lot more. neil: do you think the fed is behind the curve? other countries have been raising rates, have been doing so for a while. >> the bank of england, sitting near the london campus of the bank of england did start earlier than the fed but most major central banks around the world haven't done anything more than the fed is done. the ecb is slower to ask. if you are concerned about 0 rates, negative rates for a number of years. i think the fed is moving, should move a little faster perhaps but so many uncertainties related to the virus and all these

uncertainties related to the war, i can understand having caution but the central banks started earlier, the one that is kind of in the lead. neil: great talking to you again. the former head of the federal reserve board of governors, economics professor. the new york times is reporting estonia, latvia, and lithuania expelled ten diplomats from russia that the foreign ministers are confirming each of the baltic countries. bulgaria declared russian diplomats are persona non grata and gave them 72 hours to get out. more after this. rding. i earn 3% cash back at drugstores with chase freedom unlimited. that means i earn on my bug spray and my sunscreen. you ready to go fishing? i got the bait. i also earn 5% on travel purchased through chase on this rental car. that lake is calling my name! don't you get seasick? we'll find out! come on.

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gain. market average, even with tepid performance. looks like we can follow those markets since november 2020. we will keep you posted. optimism that things work out in ukraine though it might be a leap here and talking with nefarious players to make up for russian oil including a ran - iran. swapping from one party to another, some questionable players. the iran nuclear deal prompted worry among military types. richardson at the state department.

on >> reporter: we are hearing from the israeli government about the possibility of removing iran's revolutionary guard, from the terrorist organizations. in a statement earlier today, the attempt to delist the irg see as a terrorist organization is an insult to the victims and would ignore documented reality supported by unequivocal evidence. we find it hard to believe their designation as a terrorist organization will be removed in exchange for a promise not to harm americans. the biden administration has made no decisions on this. the irg see launched a dozen missiles into northern iraq missing a consulate building. they claimed to be targeting an israeli facility in response to an airstrike. the us foreign terrorist organization makes it illegal to conduct business with that

group while the us and its western european allies work with iran, russia and china to revive a nuclear deal that would give iran billions and sanctions relief for temporary curves on its nuclear program. the biden administration argues iran's aggression would be more dangerous if it had a nuclear weapon. >> a solution where we prevent iran from acquiring a nuclear weapon would be good for our national security. >> us officials say iran and the us are close to reaching another agreement. neil: thank you. we are getting more details of the rescue mission going on in the rubble left of the theater that was bombed by the russians earlier this week in mariupol. the problem is 1300 are still unaccounted for.

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neil: here's the bad news. airline ticket prices going up but in the good news in the case of american they will be serving liquor on flights very soon. that will ease the pain. madison allworth with how things are looking. >> reporter: people are excited to see alcohol back but people are excited to be back and traveling again. we hit an important milestone. we are officially at pre-pandemic levels. data shows we reached that in february and that is a huge milestone. adobe found 4% ticket sales, 4% higher compared to february 2019, the first month we have exceeded pre-pandemic levels. but hot inflation and demand

driving prices higher. airline prices are up 13% year over year but your average domestic flight will cost $308, the highest we've seen in four years. one thing adding to this is the fuel cost, adding to this jump. experts say current jet fuel prices are 75% higher than last year at this time. you shouldn't expect prices to come down. airlines will make back their money in other ways too. take a listen. >> use make - you may end up paying more for boarding or to buy a lounge test for the airport lounge or for food and beverages that you take. >> reporter: higher ticket prices and higher add-ons but airline tickets are selling fast. united telling fox business not

only is leisure travel doing well but business travel is coming back. it was decimated by the pandemic. united telling a 75% of what they thought compared to 2019. travelers are back and in the sky. neil: think of where we were a couple years ago. everything had stopped. thank you very much. american airlines is the only major airline bringing back liquor sales but others are expected to follow suit and keep you posted on developments in the ongoing war in ukraine. russian airstrikes are spreading further and getting more deadly after this. i didn't know my genetic report could tell me i was prone to harmful blood clots. i travel a ton, so this info was kind of life changing. maybe even lifesaving.

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to hear all of these. >> president biden, you are the leader of ukraine. i wish you to be the leader of the world. being the leader of the world means to be the leader of peace. >> ronald reagan once said in berlin, tear down this wall. i want to tell you now, tear down this wall. give germany the leadership that you deserve which will make future generations proud to. help us help the peace, help each ukrainian stop the war. help us to stop it. neil: president zelenskyy on his world tour without ever leaving ukraine. the matted stops planned next week, zoom stops in japan addressing the japanese side or

parliament, always with the same pitch. we need more help, more aid and more military aid. all of this as russian airstrikes continued pounding areas that up to now had been spared, up to now, because when it comes to lviv, ukraine, that has changed. like tobin has the latest. >> reporter: once again airstrikes shatter the relative peace of western ukraine and came close to nato and eastern launched, two intercepted, four made an impact. the target was lviv state aircraft which according to

ukrainian media, it is the only plant capable of customizing the mig 29s for use by the ukrainian air force. this and the trend of russians expanding their targets, the administrator believes ground forces are too bogged down to the east to bring the fighting here. >> translator: we believe in our victory. we've not managed to capture that. each kilometer they would like to capture it is more difficult because ukrainians are united as never before. >> reporter: one weapon that will be joining the fight is the switchblade drone. part of the $800 million package. the switchblade drone is called the loitering drone.

it can hang out in the air until it finds its target. it is kamikaze, equipped with an antitank warhead. you've seen the javelins are effective, stinkers are effective and this drone will into the mix. one more drone to keep the russian army at bay. neil: whether this is rattling ukraine you wouldn't know or see, the ukrainian parliament member hunkering down in the face of all this. good to have you. how are you holding up? >> any other source in ukraine. going through quite a stressful

peer go because of shelling going on because citizens are being killed, the massive executions because i am separated with my family but this is something ukrainians are going through. this is what they experience. neil: the latest indications are vladimir putin has expanded his airstrikes to the western part of your country. not all that far from the polish border. he's taking chances and seems to be focusing on civilian strongholds. what do you make of that? does it concern you that is pretty much undeniable right now? >> this is what we see. russian occupation, not gettin

population. that is what they are doing in mariupol and northern parts of our country, civilians are trying -- from the siege and shelling and that is what they are doing all over the country. nowadays if you are in ukraine you can't feel safe because russia can strike anywhere at any time. they do strike at night. a lot of civilian objects in mariupol which you mentioned many times, in mariupol, russian occupiers destroyed 80% of all the buildings so people have no more homes and that is why they are fighting in the schools, theaters, hospitals,

churches, but we see russians have no suck or, hospitals, schools, theaters and churches. if they get information there is a crowd of civilians there, they -- the number of cases like that. neil: just incredible. try to be safe. the world is praying for you, hoping for you, the russian people will turn and change their minds on what their leader is doing. a parliamentary member, the entire parliament has remained to fight the good fight. we will keep you posted on that and markets holding its own and european markets hosting one of its best weeks at this rate in more than a year. we will have more. you can't buy love. happiness. or confidence. but you can invest in them.

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i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones neil: all right, we had gotten as low as what about 96 or $97 a barrel this week on oil, back over $103 a barrel right now. so that is sort of reignited these calls we've got to look at the oil industry, maybe they are hiking these prices up. we're going to look at all of that. jeff flock is covering the fact that this is not really an oil k

abal, this is an area run by mom and pop operations. kelly o'grady on how this is leading to unusual thefts to get gas in general right now. then we're going to wrap it up with grady trimble looking at this national climate emergency that progresses are still urging the president to address. could be a case of bad timing on that. let's begin with jeff flock though on, you know, how a lot of these independent operators here are sort of getting sucked into this rampage of negative thoughts, oh, wait a minute, they're out to kill us and all that. it's not quite that simple is it , jeff? reporter: you know, things are never that simple, neil, and in the case of oil & gas prices that's certainly true. most gas stations, the reality is, unlike the one behind me, which is mom and pop operation, a franchise, but take a look at the numbers. when you look at the gas station s in the united states, 150,000 of them, the vast, vast

majority are not controlled by big oil. just 5% of gas stations, misconception number two. the gas stations themselves make a ton of money when the price for oil goes up and the price for gas goes up. not so much. in fact take a look at these numbers. again of the 150,000 stations, 125,000 of them have convenience stores. why? because they make a whole lot more on the convenience store sales than they do on the gasoline sales. listen. >> the profit margin on gasoline is very very small, two , three, $0.04 per gallon that's why you see most gasoline stations now have convenience stores. they are probably making more on a cup of coffee they sold you than on the gasoline. reporter: and then who owns these stations if it's not the big oil? well, 60% of the gas stations in the country are owned by a single owner as a single gas station, small business owners. they are mom, pops, entrepreneur

s, some of them have more than one station, but 60% have just the one off, and they're getting squeezed too. again, take a listen. >> there's people, there's small business owners, they're getting squeezed. you can't just lower the price without recouping that inventory cost that you laid out of your pocket. it's literally a game of looking down the street and letting competition work its magic. reporter: the way it works is you buy gas and they mark it up usually about $0.02 when figuring in the overhead, but then if you bought it, but then the next guy over has bought it for a higher price. he can't jack his price up because you're selling it for cheap, and nobody is going to come to your station, the other guys station if he sells it for a whole lot more, so then he has to stay low so he's losing money and then after the price starts going down he still keeps it up a little bit

because he wants to recoup what he lost. it's a complicated business i hope i didn't make it more complicated, but there you go, sir. neil: no, you didn't at all, jeff, and as you usually do, you speak english and you step back and without joining fights on the left or the right, you just give the facts, and them are the facts, thank you for , you know, busting a couple of myths there. regardless, you're paying higher prices and you probably don't like it and gasoline is almost getting to be like liquid gold right now, and people will do anything and everything to get their hands-on it, and doesn't kelly o'grady know it and see it in los angeles where they are stealing the stuff i guess, huh? reporter: yeah, neil there's no new pain at the pump it's thieves. criminals are targeting the pump themselves and now passenger vehicles, and this is happening all across the country. it's happening in los angeles, north carolina, texas, hundreds of gallons have been stolen at stations sometimes totaling tens of thousands of dollars, and you know, these criminals they are capitalizing on these skyrocketing prices.

the national average has decreased $0.06 in the past week but california continues to set record highs today reaching $ 5.80 back during the gas shortage used to be able to siphon gas off, and desperate thieves will drill directly into the tank now and this is all to make off with just 30 or $40 at a time. i want to bring in the owner of ana automotive. you've actually had victims of this come in, so tell me, how does a thief do this? >> it's really simple. gas tank is here below your gas cap and made out of plastic within minutes they can drill a hole, that's it and they are gone. within three, four minutes they fill up the gas tank and whatever they bring and are gone within minutes. reporter: wow and how much would this cost to fix? >> to repair, just regular car between 1,500 to 2,000. high end car looking at 2,500 to $3,000 to replace and you can't fix them. it has to be replaced. reporter: yeah, thanks imagine, neil, on top of what you're paying at the pump then you have

to replace and this is also dangerous as well. you drive on the freeway, get into an accident with a leak ing tank your car could explode so police are saying make sure you don't leave your car unattended check for the smell of gasoline, it's another consequence of these high prices. neil? neil: that's pretty scary. kelly, thank you very much, i think, kelly o'grady in los angeles, more on that, nevertheless this environment a number of progressives are still pinching the president to keep his eye on, well, what they call a national climate emergency. don't forget that. grady trimble has more, from washington. grady? reporter: hey, neil, and new today, the chair of the democratic chair of the house natural resources committee is calling on the executives from three big oil & gas companies to come here to capitol hill to testify amid these rising prices. of course as democrats are blaming oil & gas companies for what they call profiteering as gas prices rise. the congressional progressive caucus at the same time is

calling on president biden to declare a national climate emergency, end fossil fuels subsidies, reinstate the crude oil export ban, and ban new drilling leases on federal lands now one member of that caucus, congresswoman alexandria ocasio-cortez, she's come under fire this week for something she said earlier in the month about the oil & gas industry. >> shows that there's a very meaningful connection here. the correlation between fossil fuel extraction sites and abductions and murders of indigenous women across the united states. reporter: the industry, of course did not take too kindly to those comments. the american petroleum institute tells us they are beyond the pa le, completely base less and a distraction from u.s. policy actions needed to deliver affordable, reliable and cleaner energy in america and around the world. neil? neil: grady, thank you very much

for that. we'll be watching it closely as will my next two guests, frances newton stacy, excellent reads of the market. you know, francis, the one thing i do know that's happening is that if you have anything to do with electric vehicles, your stock in your business is suddenly soaring, and a lot of people want to buy your stuff. a number of automakers have moved up their timetable to going all electric or at least most electric, are we getting ahead of ourselves or how do you see it? >> i think we are getting ahead of ourselves because i've talked to some oil experts so it's not necessarily my area of expertise and they are saying it's going to be a full decade before we can even think about getting away from it. nevertheless, how do you create electricity? hello? you know? so i mean, i just think that we're getting ahead of ourselves and again i think we're putting the political agenda ahead of what's practical for most americans. most americans can't afford ev's and so now you have the wealth gap which is the largest in history, coming out of covid, and now you're tell all of these

people to get ev's to solve the hike in the gas prices instead of turning the oil production back on and we've already seen the leverage geo politically that we can have if we produce our own oil & gas and we're not dependent on any other country, so this is just advantageous politically and i think that this is really going to hurt the progressives and the biden administration when it comes to pulling in the mid-term s, and votes. neil: you know, gary, in the meantime though, if you are concerned that these gas prices stay high for a while and some are in that camp regardless of what francis is saying, there is the hope that francis is right on here, but in the meantime, where do you see things going if prices stay as they are, it goes still higher. >> recession. it's simple as that. you have a leveraged economy and an economy with a massive amount of debt. i don't think it can stand oil prices above $100 for too long,

let alone the high of 130. i mean, we're just coming out of pandemic small businesses still not back, and let's not forget how bad the airline and cruise line businesses, what bad a shape they were in. if oil prices go up that is their biggest cost, so nothing good happens if it stays up. the good news is we had a round trip, it went from in 12 days from 90 to 130 back almost to 90 we backed up a little bit. let's just hope it stays down. the problem is it's still elevated up here at $100, again, this needs to come down and unfortunately, there's no move of foot to do anything about it by this administration. they should be yelling and screaming about two words, permi an basin with these 20 billion-barrels underneath there, that they can start jumping all over and meeting with all the oil companies to do something about, but no, they have other things in mind.

neil: yeah that is not happening right now. guys i'm looking forward to getting you back later in the show to explain how all of this the markets are still looking at the best week since november of 2020. in the meantime, i want to take sometime right now to go to carlos vechio, the venezuelan ambassador to the united states, as you know we have been working with venezuela to see if they can makeup for the russian oil that will no longer be getting, ambassador very good to have you. you can straighten out a couple things for me, ambassador. we have been talking presumably to the maduro regime, and there inlies the problem, because you don't recognize that regime, so where does this go? >> thank you very much for having me. i mean, i think it's important to mention that the mission we have in venezuela as an objective, the release of two american hostages, and to release them, you have to talk with the kidnapper and that's

what maduro is and of course you have to talk with him and just keep those conversations private ly, and sec reitly, in order to protect the lives of those americans, so what i can tell you is that you can see the real nature of the regime that we are just facing, which is a criminal organization which has created the worst humanitarian crisis in the last 100 years in latin america and has created -- neil: well are you upset, ambassador, upset that we are talking to that regime and not juan guedo, to whom you technically report, you recognize him as the leader, a lot of other pro-democracy enthusiasts recognize him, but we're actually talking to the guy you don't flip over. >> as i said to you, neil, if you want to relieve those americans you have to talk with the kidnapper and that's what they did and i've been in contact with the administration

and the u.s. policy toward ventilator remains as it is. they recognize one the interim president of venezuela, i'm here speaking as an ambassador of venezuela on behalf of the interim president. second, we want to push for a negotiation process in venezuela to have transition which can lead us to presidential election and that's why we have been asking for the support of the u.s. administration and we have been saying that, you know, sanctions are a tool that you can use in order to leverage your position to have a credible negotiation and just lifting sanctions without getting anything back toward that objective be a big mistake, but what we have received from the administration is that they are just willing to use that leverage in order to have, as i said, a credible negotiation. neil: so ambassador, are you offended that we are dealing with maduro to settle this and some in this country have said

we're dealing with one to counter the actions of another d espite. >> you know what i said is that we have to separate what's going on right now. one part is the release of the american hostages, and maduro has seven american hostages right now, so you have to engage with the kidnapper, you know? we respect that and we will do whatever we can do in order to facilitate the release of those americans. i mean, it is quite important to keep that in mind, and the other one, which is the policy toward venezuela, as i said, remains as it is. you know, we are engaged with the administration in order

the option, for example, oil supplier, so we believe that we need to have a democratic transition in our country, in order to become a source of oil, not only to the united states, but also to the rest of the world, and the only way to do that, again, is with having a democratic transition in our country. neil: all right, we're not quite there yet, but we'll watch it closely, ambassador very good seeing you. appreciate your taking the time, carlos vecchio is the venezuelan ambassador to the united states. again it's a little bit complex here, because you have two different regimes essentially fighting for recognition and attention, but we are dealing with the maduro regime for the time being on this oil thing, as this ambassador said trying to straighten out the fact that that's to deal with those who are held by venezuelans hostage in their country separately the oil thing , it's a mess, it's a mess, but again it shows the desperation of the times where we're willing to talk to a

regime like that to avoid any problems that we might have dealing with a regime, we're ceiling off from the rest of the world and that is of course the putin regime. speaking of which, the former russian foreign minister andre cardev is apparently on the wise right now talking to the financial times, saying that this notion that vladimir putin can't blink, in other words that he won't relink wish his grip and control on this war in ukraine is wrong. he says "i don't buy this talk that putin can't back down" and he hasn't yet. we'll have more after this. trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now.

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neil: do you look over your shoulder when you're walking outside and you know this is now a new kind of a target? how do you deal with that? >> first of all, mariupol was occupied by russian invaders and no russians around us on a radius of 50 kilometers. i just heard that talk about odesa and odesa is after us, so

before putin will get to odesa, he needs to fight with us, with mykolaiv, and we are ready to meet him. neil: all right, well we know that civilians are targets right now and we know what's going on in mariupol right now, where they are still looking to see hopefully they could find more survivors in that theatre strike they rescued 130 but unfortunately it's still 1,300- plus are unaccounted for , but we also know that a lot of local officials, mayors, are routinely scooped up by russian police, oftentimes plain clothes men, they disappear for a while, one was returned, but this does seem to be an expanded strategy going on in ukraine. connell mcshane back stateside right now taking a look at all of this , connell? connell: it's interesting, neil, listening to the mayor's comments strategically how effective they've been obviously

the concern about kidnapping of mayors and all that notwithstanding in a place like mykolaiv in holding off the russian since one of the big stories we've seen developing over the last few weeks because look where they are located here just off the black sea in the southern port area that's been seen as very key strategically for russia. once you get through mykolaiv you're moving into odesa and that has just not happened. all what we're seeing in red is the russian-controlled area, terrific reporting from our friends at the wall street journal if you want to read more about this today, in mykolaiv the last couple of days some of the coffee shops that were closed, restaurants that were closed, they are reopening. they pushed the russians back and as we look at a broader view of ukraine right now, that's kind of the story here. yeah there's a lot of red controlled by the russians but if you have been watching this for the last few weeks as we all having to, this hasn't moved much. they've been stuck, they haven't been able to strategically move into some of the bigger cities, even with all the damage that's being done, and to your point, many of it, against civilian areas. now the place today where there is concern is if you start to

look to the west, and lviv, we've heard so much about lviv being 50 miles away from the border with poland and how close it it is for refugees moving in and what we saw in our time there for example, is that you would have people starting say in the capitol city of kyiv. it's so far away they move into lviv and they were stopping. they were stopping here, and waiting. waiting to see what happened. well last night at the airport, we know what happened. an air strike hits and it hits an area where they were repair ing aircraft i believe and now, that gets in people's heads so you notice when ashley webster was reporting last hour what did he tell us? many people waiting here are now moving here to poland. that's only a 50-mile drive because you know, from their point of view, they are waking up center city lviv earlier today, they are seeing this. this is a view out of associated press photograph looking out from lviv four miles to the airports so that's a different scene in a place where they thought they were having a situation of at least relative safety. now, i'll end on this , neil.

in terms of where people are moving. there was about agreement yesterday for nine humanitarian corridors to be open which would allow supplies to get in and also people to get out from some of these hard hit areas i'll highlight mariupol, the blue arrow, other cities something similar and seen reporting out of mariupol bus loads of people able to get themselves out today through those humanitarian corridors which over the last few weeks have not always held. it seems as if some of them maybe holding now, but you know you think about it, neil, you still got a long way to go if you're one of these people that gets out of the cities because you want for the most part to move way to the west and move into safer ground. poland is up around 2 million look at romania with over 500,000 refugees and maldova such a small country population under 3 million about 350,000 refugees moved in there so one of the stories to watch is migration. ashley said he's already seeing

it 50 miles from of had, once those people see the air strikes hitting in the west, do they start to leave the country? those people that had been displaced from places farther in the east. we'll see. neil: what a mess, my friend, thank you very very much connell mcshane following all of that and connell touched on it here, the attacks on the part of the russians and lviv of course a western city, you know, just not many miles from the polish border, and that has a lot of people wondering here, what if something just even accidentally goes wrong, a missile drops on a nato country, like poland. let's explore that in more detail now with ambassador alexander richma, the former deputy secretary general of nato , former u.s. ambassador to south korea. ambassador, an honor to have you again. what do you make of that, and the russian strategy now to cut it pretty close, sir, especially not too far from these borders. >> yeah, it is quite worrisome that they are striking close to the border, and it also is

discouraging that these look like very strategically calculated strikes going after a facility that apparently is involved in preparing or maintaining some of the ukrainians surviving fighter capabilities. i think discouraging because the overall picture is still that the russians advances have stalled, that their logistical failures are continuing to leave them kind of exposed to consideration by ukrainian anti- tank weapons and other capabilities that they have been receiving, and the tide maybe shifting in favor of the ukrainian forces, but these strategic attacks on the west could change the narrative quite significantly. neil: ambassador, i don't want to throw this at you blindside, but and rye former russian

minister telling the financial times that this notion that vladimir putin can't change his mind, can't buckle down, i mean, or back down is a misnomer. he says i don't buy this talk that putin can't back down. now he was a bit cagey to say what it would trigger to get him to sort of blink or whatever you want to call it, but pressure from home could do it. now, he's not getting that pressure now, he filled up a stadium in moscow earlier today, telling everyone to rally around the flag and all that. do you see any signs of him, you know, reversing himself or saying uh-oh, i don't have the support i did. >> well, there's very few signs that point in that direction, but he clearly is getting very angry whenever he speaks particularly his speech a couple days ago talking about traders

and skum, how we'll spit them out like flies, not the tenor of a confident leader and he has to be getting the real information about the blunders of his military and his intelligence services that have led to this stalling of their offensives, but you know, i don't think he's going to quit easily. he is supporting or seems to be supporting the continuing negotiations which maybe getting some traction but whether he's actually ready to sign up any kind of compromise, remains to be seen. on the other hand, what was said is true in one sense, in terms of public opinion in russia, if putin decides it's time for reverse course, he can flip on the dime. he can just change the narrative of the state propaganda and declare victory and everybody who watches tv will buy it, so

he does have that advantage over western politicians that he can manipulate public opinion and reverse course if he really wants to. neil: but if the present government of ukraine is still government running things in ukraine and russian troops have failed to change that government , even with a puppet government, wouldn't that read across the world, you lost. >> well, some would say he lost , and of course it's in our interest that he not win the whole future of the world order depends on preventing him from reducing ukraine to a kind of defenseless satellite which is clearly his goal but i think we've seen some indications that some of his maximum demands that the russian negotiators have been pushing from the beginning are being diluted. i think the key thing is he has to get satisfaction on this issue of nato membership

for ukraine whether it's neutrality or some other formula. i think that be enough for him to say he got something and save face if he decides it's time to dial back the violence, and in that sense, international public opinion is more powerful than domestic opinion. he does want to be accepted as a leader of a major power rather than be the world's leading pariah state. neil: he's a long way from that to your point. ambassador watch it very closely , thank you very much for updating us, the dow up about 78 points, through all of this right now still looking like a very strong leak, european markets have closed, they have all enjoyed something not seen since november 2020 and we are en route to experiencing the same, after this.

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neil: all right, the move in washington to regulate cryptocurrencies but senator warren has her way, target those rich oligarchs in russia while at it. charlie gasparino has more. charlie? charlie: russian entities, this will be an interesting bill to see if it gets through. i would say as you know, most companies are falling in line, cutting off business interest with russia, anything russian, you know, banning oligarchs from using their networks you name it , so that's the mood in corporate america, but crypto is a little bit of a different animal here and the whole thing was based on no government control, open source, open sourcing of doing transactions, and there is going to be some resistance from the crypto industry which recently has lobbied up, you know, there's on adler saying when people are under investigation they lawyer up. the crypto industry is lobbied up, hiring lobby itses left and

right, people with ties to government to make their case about backing off of regulation and it l be interesting to see what happens here. they are putting out the word right now the crypto industry is that this bill probably will do more harm than good and stifle innovation, and it's going to be very difficult to sort of pinpoint russian assets and russians on the various blockchains because you know, most people use this anonymously , there's not that type of investigative capability. at least that's what they tell me. i'm know expert so i have no idea but that's the word we're getting now and it'll be interesting to see if this word works. usually when elizabeth warren proposes something republicans run the other way. that might not happen in this case given its russian sanctions and most republicans are united on russian sanctions, but, you know, you got a business interest at, you know, pushing back on this a little bit, or maybe a lot. i should point out, neil, that it's the timing of this bill is very interesting i've been talking to my banking sources,

ceo's at major asset managers major banks. they've been telling congress and the white house if they really want sanctions to stick, they got to do something with crypto, either ban it altogether and that has been thrown around, not saying that's going to happen it probably won't happen, or crackdown on it in some significant way because it's too easily used to finance illegal stuff including somehow evading u.s. sanctions on russia, so that's to debate right now. i would say keep an eye on this bill. it will be interesting to see. again, elizabeth warren doesn't usually, does not get bipartisan support, this should given the nature of the bill, but you're going to have some pushback from the crypto industry, neil, based on what i just told you, back to you. neil: we'll see about that, thank you very much my friend charlie gasparino to kiana danet ta on this , the cryptocurrency investing for dummies. is this a worrisome development to you? it's meant to target oligarchs,

but the greater possibility is it's going to lead to more regulation, period. >> look, so bitcoin is actually not anonymous. it is a common myth that it is, it is not. there are other cryptocurrency projects that is anonymous. you can in fact track bitcoin, it is not easy, it's very very difficult, but i believe if the u.s. has this ai capability they may have, i don't know, but they were going to locate, for example, the person in the ukraine just based on this picture, and these kind of capabilities do exist i believe internationally, so if they really wanted to they could track down the russian oligarchs now i'm not saying that illegal transactions with bitcoin is not possible, it absolutely is, and it has been happening but the u.s. really wanted to, they could actually track it, so that doesn't really worry me and i mean, in fact, having a little

bit of a regulation as a whole for a person whose just getting into the cryptocurrency market might put them at more ease to get involved because of the increasing number of scams we're seeing in the cryptocurrency market, so having the relations makes me, puts me at ease, so i'm not looking at it as a worry in the long term for the cryptocurrency field as a whole. neil: you know, it's a dumb question on my part but you've indulged over the many months we've talked. does the dollar have to fail for cryptocurrencies to succeed? >> look, so, the inflation is literally killing the dollar, obviously and this is not the first time inflation has been this high, and there's a chance it could go back down, but i don't think that bitcoin and the dollar are mutually like mutually exclusive. now i'm not saying the u.s. dollar is going to remain forever obviously in the history we've seen now money , new things that we

believe in come and go throughout history and the dollar may not remain the most powerful currency ever, but bitcoin is kind of going to that and because a lot of people are now looking at cryptocurrencies as a savings method, like the average american is not looking at bitcoin even like as a way to protect themselves from government seizing their assets like some people maybe but not the average american. the average american isn't looking at bitcoin as something like get rich quick, going to las vegas and winning the lottery. the average american is understanding leaving their money in the bank account at the moment is like setting it on fire and they have to invest in something to keep up with inflation, and bitcoin and other cryptocurrency assets could be a new technology, a new method of them saving their money to keep up with inflation. i don't think that the u.s. dollar has to die for bitcoin to become a reality or more success but it is a

hedge. neil: all right we'll see what happens, thank you very very much. whether this proves to be a hedge right now in light of the st. louis fed president james bullard on the wires right now, releasing a statement, he was a lone dissent on the quarter point hike, he thought it should be more, he says we have to raise rates a lot more than we are right now we'll be above 3% this year, although that is warranted because inflation is out of control, the fed instead talked about maybe having short-term rates at around 2% by the end of this year. he's saying not enough. keep hiking, more after this.

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progress or lack of it his troops are making in ukraine but that is also the bad news, because he could get very desperate and do very desperate things. jennifer griffin following all of that at the pentagon. jennifer? reporter: neil, you're referencing a memo that was sent to the house arms services subcommittee on intelligence and special operations by lt. general scott barrier. we have a copy of that memo and it suggested that as the russian forces get more and more weakened and frustrated from a conventional sense, that russia, putin, might rely more on the threat of nuclear weapons. now defense secretary lloyd austin is in bulgaria today meeting with u.s. and nato troops explaining why they trained together to learn how to make their weapon systems interoperable. >> we're going to communicate together, learn how weapons systems work, so that when a time comes, you know, we don't have to guess at this. and the other thing we do when we're doing things like this is

we create trust, you know, you can't surge trust at the 11th hour. reporter: the secretary has been in europe this week meeting nato allies to bolster nato's eastern flank while also arranging defensive weapon systems needed on the ground in ukraine. the secretary was in slovakia yesterday during his visit, slovakia' defense minister said his country was willing to send it s-300 to ukraine but would need replacement systems as a backup. today the dutch defense ministry stepped up and said it would in stall patriot missile defense systems in slovakia. the russians are facing stiff resistance and russian soldiers are experiencing food and fuel shortages too. they remain largely stalled on the ground and are becoming more reliant on missile attacks like the one we saw near the western city of lviv early this morning. ukrainian officials say the russian cruise missiles struck an aircraft repair plant near the lviv airport, multiple

explosions were heard at about 6 :30 a.m. local time and smoke was seen rising from miles away. in moscow today, an unusual moment for the president of russia, vladimir putin who as he addressed a stadium rally to mark the anniversary of russia's annexation of crimea, the sound system went down just after he began talking about that invasion. >> we did things that one cannot see right away, and they are fundamental meaning the gas provision, the energy supply restructuring of roads, buildings and new bridges and roads. reporter: interesting that vladimir putin was talking about how they did things that people couldn't see and then suddenly, his sound went down. neil? neil: wonder what happened to the sound guy.

jennifer, thank you. jennifer griffin thank you very very much. well, markets, european markets raced along, so maybe they are seeing something a lot of other folks are not, i hope, maybe a half full glass or a half empty glass, we'll have more after this. this is koli. my foster fail (laughs). when i first started fostering koli i had been giving him kibble. it never looked or felt like real food. but with the farmer's dog you can see the pieces of turkey. it smells like actual food. i saw a difference almost overnight. healthy poops, healthy dog, right? as he's aged, he's still quite energetic and youthful. i really attribute that to diet. you know, he's my buddy. my job is to keep my buddy safe and happy. ♪♪ get started at longlivedogs.com you can't buy love.

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neil: some in this country have said we're dealing with one desp ite to counter the actions of other despite. >> you know, what i said is that we have to separate, you know, what's going on right now. one part is the release of the american hostages and maduro has seven american hostages right now, so you have to engage with the kidnapper, you know? we respect that and we will do whatever we can do in order to facilitate the release of those americans. i mean, it is quite important to keep that in mind, and the other one, which is the policy toward venezuela, as i said, remains as it is, you know, we are engaged with the administration in order to create a process to facilitate a political transition in venezuela and use the sanctions as a way to leverage our position, okay?

it doesn't make sense that an allie of putin will be now the option, for example, oil supplier. neil: you know, that's what's weird about dealing with venezuela right now. we're talking to the maduro regime, oddly enough, the one that this guy doesn't represent. he represents juan guedo, the one we supposedly recognize as the leader of venezuela but it's maduro with whom we've within talking about opening up oil from that country, swapping oil, he doesn't like the position we're in but that is what we're in. but again, beggers can't be choosers if you're looking for oil that you're not looking for in the continental united states. gary kaltbaum with us, frances newton stacy. gary, it's weird, the whole thing is weird. >> this man, maduro, and before him chavez, has destroyed the economy, destroyed his people, and more importantly, going forward, really is destroyed hope to where people are leaving in droves just to

get the heck out of there, and we're going to help this guy out who by the way i think the inflation rate in venezuela is like 500%. to me, it's just all illogical. i don't know what they're thinking i would like to get into the brains of the people negotiating. why do something good for these, i don't know what to even say. neil: you know what's weird, francis, is that we are talking to iran, we are talking to venezuela, we're talking to thug s to replace the oil we could be losing and it is what it is, but it says something about our times. >> it certainly says something about our time and the kind of double down on the point i made in the last segment. we just need to produce our own oil. we can't be negotiating with terrorists. neil: we're not doing it. i imagine that gets worse. >> yeah. i imagine it gets worse, as far as the price of oil, you'd have to see significant demand destruction, meaning consumers just don't want to pay for it any more and consumers don't

want to buy it but our bigger problems which the markets have risen today, and risen this week but our bigger problems are which kind of says look they priced a lot of it in, they priced a lot of what the fed is doing in but now we're looking at the fed pricing in seven to eight rate hikes this year, isn't going to happen. it's just not going to happen. we had such a fallout. neil: not in this environment. >> the oil prices and 11 out of 12 of the last recessions had a run-up in oil. >> neil? neil: guys i wish we had more time, i so apologize because i ripped you guys off today with so much breaking news, i look for ward to getting you back. right now we're up about 87 points, so we'll see how that goes, after this. (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in

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call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763 neil: leave it to our stocks and senior editor charlie brady to remind me that the nasdaq is up more than 10% from its market low reached just on monday. rather remarkable time for another charlie, charles payne. charles: neil thank you very much. that's great news i'll take it from here. good afternoon, everyone. i'm charles payne, this is " making money" breaking right now, rather, since the market bottom in march of 2009, this rally is one main characteristic, you know what it is. resolve. now, investors are wondering if this weeks resolve marks the bottom or if this is only a bear market. i've got some of the most brilliant minds in the discuss, brian belski, lance roberts, michelle schneider and so many more folks you know and