the saturday evening post called it a mad traffic dream. it's still there, by the way. it's a traffic jam. that's the way it is. i shouldn't be nasty about los angeles. cheryl casone is in for neil today. cheryl: i'm in for neil cavuto today. stocks falling as inflation roars. president biden set to meet with fed chair jay powell in the oval office today on a mission to combat inflation. something the president just wrote indicates he thinks the economy is strong. gas prices hitting fresh records.

the prices have jumped. the top concerns for summer travelers. look at oil, $116. 1.5% up side on that contract. the sizzling housing market might be showing signs of a cooldown. when prospective homebuyers could see the shift. fewer lifeguards are one reason your favorite activity may be in jeopardy. but first, our top story. in about an hour or so, president biden will meet with federal reserve chair jerome powell as the administration struggles to fight record-high prices. hillary? reporter: good afternoon.

president biden meeting with the fed chair today. part of the point of that meeting is to emphasize that president biden believes in the independence of the federal reserve, but to remind powell that it is the fed's job to get inflation under control. >> the center of that is tackling inflation and bringing down prices as fast as we currently can. that's what the president is outlining today. we need to give the fed the independence and operate with the tools it has 20r to address inflation. and we need to bring down the federal deficit. reporter: that part of the president's plan to tackle inflation, president biden is not taking blame for inflation but making the case that things are not that bad with the economy. saying quote since i took office

families increased their savings and less debt. a majority of americans reported feeling financial comfortable. but since that survey was published, inflation surged the last 6 months above 8% today. and people who got raises still feel like they got a pay cut. republicans say shame responsible biden or letting powell clean up the mess his policies created. >> the administration put powell in a box. we have excessive spending and policies that pay people not to work. we had a war on american energy. they have to raise interest rates. that makes it harder to buy a home. that's going to make the stock market go down.

reporter: raising interest rates is not the cure-all for inflation with no side effects. if interest rates go up it will make it more expensive for people to retire and the value of 401ks will go down. cheryl: people are going to start to pull back their spending and i think we are seeing that already. we'll be monitoring developments between president biden and jerome powell. we'll bring any comments to you from the white house to you live. there is oil going even higher. we are jumping today with these prices as the european leadership agrees to a partial ban on russian oil imports. bill flynn joins me now. it's been a long time coming, this decision. but at the same time, that price

pressure goes up and up and continues to hit the gas pump across the country. >> i think what the market is saying today is where are we going to get the oil from? we are running out of places, right? if we cut off the supplies of russian oil and cut off natural gas, there isn't a lot of the spare capacity on the globe. opec is going to stick to their plan by raising production at the agreed-upon amount. we heard from the international energy agency today that their leader came out and said he thinks this oil crisis is worse than the one we had in the 1970s and it's going to last

longer. cheryl: . as far as the summer driving season, phil, you expect that we'll see higher prices. you have got many analysts, yourself included, saying the nationality average will go buy $5 a gallon, do we go over $6 for the national average this summer? >> i think if there is some type of event that cuts off oil supplies or a major outage because of a hurricane. i think it will take an event to get to that area. we saw oil prices at $120 a barrel. there may be technical resistance. the fundamentals for oil is about as bullish as they have been in at least a generation. we'll have too finds a way to survive these higher prices as we move forward.

cheryl: how do you think we'll see the retail market react? that's a very, very fast -- just this morning we should be clear. >> i don't think people will feel it as much because you are used to it going up a penny a day. where you might feel this increase is diesel prices. they were the market that was going up like crazy every day and gasoline prices took over now because of this russian oil ban, we are seeing see tail diesel prices start to go up. i think you will start seeing the price of diesel move almost instantaneously on this russian oil ban. >> let's move over to china. obviously the demand from china and the global market supply is crucial. they are set to lift these covid restrictions in beijing and

shanghai, as the economy starts to come back or blois come back from this lockdown. do you think that will impact prices? >> china's oil demand has been terrible because of covid lockdowns. what would the price have been if china was consumer like they normally do? we would probably be at $150 a barrel. not only will china's demands come back. they are actually stimulating their economy right now, so that could mean more oil demand. when china reopens it will only make the global market that much more tight. cheryl: you said it perfectly as you always do. the bullish case is there. it's alive in oil. good to see you.

fuel prices hitting another record today. we are at a national average of $ -- average of $4.62 a gallon. larry, your reaction to what we are seeing not just today. but we could talk about core inflation. stripping out food and energy. but food and energy is everything right now to the american consumer, and that's the economy. >> as bad as gas prices are, the question we keep asking ourselves, is there a breaking point? he see the demand that everybody is talk about. in europe we saw their inflation. it's much more problematic there. but it doesn't hide the fact

that we have our own issues here. gas up 50% or more in most markets. people are using credit cards to finance it. that's how they are affording it. it's a for now conversation. come the fall, if gas prices are at these levels, they will have a problem. they will pay $50 to see "top gun" and borrow from the future to do it. cheryl: despite what we have been hearing from the biden administration, people are starting to save less. they are having to dip into thosation of accounts. they have been locked down for two years. but that demand -- there is a fight right now with the consumer and with businesses. where do you see it? >> i think that's right.

the numbers biden cited point back to the end of last year. we are almost at the end of may here. and things have gone the worse. we have been clobbered with record-breaking inflation. they have dipped intoing theiration of accounts. we have consumers hitting the breaking point. we are seeing it in big box stores. consumer spending is starting to taper off. once we see consumer spending really start to fall, we are in a problematic place where the entire economy is very concerning. biden is saying everything is hunky dory. it's just not matching what people are seeing on a day-to-day basis. cheryl: we expect to see the president and jerome powell after they have the meeting at

the white house. when he laid out in this "wall street journal" editorial yesterday. he said here is my 3-point plan. my plan for fighting inflation. we covered that piece of the pie. but the commerce department, that personal savings rate as a percentage of disposable income, that soared to 4.4% in april. and the fact that they are talking about potential price fixing. they are going after the evil oil companies and the food companies. you take the evil empire corporate greed of the day and the administration seems to be missing the mark frankly without proof. >> people are so busy talking about high gas prices, they can't get to the high food prices. as long as gas prices are at these levels, the fed chairman

and the president many meet all they want. think of it as a bad meeting. it's almost an emergency meeting. it's very unusual to have these types of meetings. the concern is they will blink coming into mid-term elections. they don't want to be the cause of the inflation. so i think we have a real concern here, and it starts with the pump and the grocery store. until you get those two issues and take personal responsibility for it, the rest of it won't matter. >> you can't get their attention off of it and tell them the economy is great when it's not. i want to talk with you about the markets. it's great to have you both with me during the hour. we have breaking news.

this in to fox news. a jury just found that hillary clinton's campaign lawyer michael sussmann not guilty of lying to the fbi about a tip allegedly tying hillary clinton to the russian investigation. durham has searched for government misconduct into that investigation over ties between russia and the 2016 trump campaign. just in, michael sussmann, not guilty. could we see the housing market cool off? we'll get the lead from kristen jordan coming up.

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the latest. >> home prices continuing to show record highs despite 40-year inflation highs for some consumer goods. the price index surged 22% in march. that's the highest since the index was created 35 years ago. march's number came in above the wall street estimate. tampa, phoenix and miami reporting the highest 20-year gains in march. tampa with a 34.8% price increase and phoenix 32.4

increase. and miami up 32%. more the ages are becoming more expensive as the federal reserve continued to ratchet up interest rates. meanwhile, a new redfin study shows one in five sellers are dropping their price. people are searching homes on google and mortgage applications are lower. there are lots of signals there is a slowdown coming for the housing market. the question is how severe will it be? this is only 0 cities in this cs only 20 cities, it's not the whole market.

cheryl: i watch phoenix with the trend that i think will be in a few weeks for the rest of us. has the housing boom in this country met its limits. here is kristen jordan. interest rates are rising faster than anyone predicted. but the number was a bit of a surprise. >> real estate agents have been trying to tell our buyers this for the last couple months as rates go up. there is still a lack of supply, there is still lack of demand. you still have buyers who want to purchase a home who have been outbid, who are watching and waiting. as the market corrects we are

seeing buyers watching and waiting seeing some opportunity, so they are jumping into the market. depending who you are as a buyer, you have access to lower rates because of bank relationships. in new york there are banks offering 4% 30-year fixed mortgages. comairl. cheryl: i hear from bankers across the country saying i have got 7% i am offering. we get, it's totally different compared to the bank, the city and the buyers. redfin said one in five sellers are lowering their price. i think that will creep up.

on the buyers' side you have first-time homebuyers who are starting to get priced out. you talk about a $500 difference in a mortgage. it's still murky territory, right? >> very murky territory. i would say we are seeing pockets of strong growth, luxury, you are still seeing multiple bids and a deep buyer pool. then they may go back to work in the workplace where people move to be able to be there, and they are saying this isn't going to work any more. there are sellers who got super overzealous. they thought this was their opportunity to make a killing. now they have gone the excited about change their lifestyle and finding something different.

it's time to get realistic on prices. cheryl: if you get a couple of offers and a couple offers fall through, the longer your home is on the market hurts you. let's talk about the ham tons. we saw this hush of the wealthy, the elites, they bailed on new york city, they fled to the hamptons. now the hamptons is going the other way with prices and with rents. talk about that. fight was completely unsustainable what was going on in the ham tons. it was a price gouge. it was rents $500,000 a month for some of these properties. that pool of buyers or renters

have decided maybe i'll go to some super exotic place and i will spend $50,000 a month instead of $150,000. we are talking about the ultra rich. and there is a cooling off in general. that's what we expect after frenzy buying. a lot of capital on the markets. and changes in the job market, people could work anywhere. even employers who are willing to live elsewhere. cheryl: it's fascinating to talk about the uber rich and the wealthy. now they are going to europe and want to travel everywhere else. if you have $20 million out there, you can get a smoking

deal for your $0 million. you know, you want to tune in to "the american dream home" wednesday night 9:00 p.m. on fox business. casey be has some mansions. we are going to morgantown, georgia and spring branch, texas. stay with me. we have more coming up. we have seen a lot of volatility in the last 15 minutes or so. we were almost positive on the dow. the nasdaq did go positive. now we are down 10 points. you have inflation fierce. -- inflation fears. and biden has a meeting today with fed chair jay powell. we'll be right back.

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traveling by plane. thousands of flights getting scrapped over the memorial day weekend. lydia hu joins us with the latest. >> so excited to get away for the memorial day weekend. 7,000 flights canceled around the world over the holiday weekend. hundreds in the u.s. just yesterday. delta canceled 133 flights yesterday. 400 between friday and saturday. the airline is reducing service. slashing 100 daily departures. they are blaming bad weather, air traffic control issues and staff shortages. >> we need pilots. there are not as many people going into aviation.

when i started it was 2% women, and now it's only 5% decades later. prices are up $400 for a summertime round-trip ticket. starbucks workers in birmingham voted to unionize at one shop. it will be the first starbucks store to organize in the state. it's supported by birmingham, alabama's mayor. starbucks has a week to file objections. at least 85 starbucks stores of the 9,000 company-run shops have voted to unionize since december. 10 have rejected the union. many more elections are coming. 268 stores representing 700,000

workers. we could see this trend continuing. cheryl: we'll see how howard schultz deals with this. he prides himself on being the liaison and the voice of the associates. but he has to run the business on the other side of this and that's a challenge. cheryl: stay with us. this worker shortage is contributing to the flight cancellations. americans are hoping for the first normal summer since the pandemic started. but now you have got camp, swimming pools, restaurants. brandon, as promised, this labor shortage is hurting these small

businesses. they are just getting back on their feet. we had the a comment about the small business owners can't afford $20 an hour. >> people are trying to get an escape from this inflationary nightmare. and they are seeing the pools aren't opening. the recreational opportunities aren't there for them because they can't fill these jobs. this inflation issue has become a nightmare and we can't escape from it. here is the thing that really bothers me. the united states has done a uniquely bad job dealing with inflation. we had much higher inflation than our neighbors, mexico, canada, competitors like japan. a lot of this falls to the feet of the president. cheryl: we expect to be hearing

from the president and jerome powell at some point next hour. about 30 minutes ago we had a rally under way. the nasdaq turned positive. now we are back -- up by 18 points. the market is trying to come back. and it's been a crushing few weeks. what are you seeing right now? >> it's been a crazy start to the year. and the worst for a balanced portfolio in a generation. my escape from those markets was to go to dairy queen. but they closed the drive-thru because they didn't have enough labor. the question is, is it priced in? the fed is going to raise rates. ways not priced in is a downward revision in earnings.

we are starting to see inside were buying. that's a good sign. we are starting to see m & a activity. we have seen acquisition. twitter. you are starting to see private pools of money coming into the public market. as long as the news doesn't get worse, there are opportunities. we just need to be very patient and watch the fed and look towards the fall. cheryl: it seems like the markets know what powell is going to do. there is not much he can say. maybe the answer is somewhere else and not with jerome powell to fix what is going on with the economy. good to have you here. we have a lot more coming up. more bang for his buck. elon musk reportedly pushing for a better price for twitter.

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cheryl: the sec looming over elon musk's twitter takeover. some believe he's going to close the deal at a lower price. you know you have done too many elon musk stories in a day when he's in your dreams at night when you are in yoga and he walks by in your dreams. i'm sure that wouldn't happen. i have no shame.

charlie: i will never be in yoga. i guess people want to know what's happening this deal. i can only tell you, these are bankers who work for firms work on the deal. there are there is a lot of interest at these firms to help with debt financing, maybe to the extent in loans. those are my sources, can't say who it is. but it's almost there. no one really knows what's in the guys head. he might be walking through your dreams again tonight. and he might be in yoga. no one knows. but you talk to people, there is activity around this deal. something is going to happen is what i'm hearing. what is that something happening? from what i understand from these people, they think he's going through with it. he's making all the move and has given signals to various bankers

and the bankers are giving signals to everybody else, the private equity firms. the notion is he wants to do it at a lesser price, and what that price might be. the other notion is they believe twitter at some point will have to accept a lower price. there is no buyers, no natural buyers out there other than someone crazy like elon musk. this thing doesn't really make any money. it's a horrible thing for private equity to take it private and to buy it. they won't have a problem with the debt, which is why you see them snooping around debt and financing around the edges. i can't imagine black stone taking this thing private. private. he's apparently still interested. he wants a lower price. you have got to think that rubber is meeting the road

sometime soon. it can't go on forever and ever. the market is kind of acting like it's a $45 deal. basically a $10 haircut. was it 54.80? cheryl: 5420. -- 54.20. it's always interesting, charlie. charlie: we won't tell any jokes about elaine. cheryl: that an off-air conversation. charlie gasparino, thank you very much. no long-range rockets. president biden says the u.s. will not send weapons to ukraine.

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cheryl: the biden administration planning to send a guided rocket

system to ukraine. jennifer joins us with details. reporter: the biden administration plans to provide ukraine with a guided rocket system capable of hitting targets from a distance of 40 miles. a great deal of confusion mapped when president biden announced the united states will not send rocket systems to ukraine that could potentially reach into russia. >> we are not going to send ukraine rockets that can reach into russia. cheryl: fox news learned that president biden may have misspoke and the pentagon does plan to send mrls systems to help ukraine fend off the russian military in donbas. these mrls systems that come in a variety of ranges will be sent to ukraine.

this weapon has been at the top request of ukrainian officials for a long time. >> what is holding it up? >> it's note a hold-up. i am not going to get ahead of decisions we haven't announced or spoken to yet. i understand they have been his asking for these systems for a long time. i'm not going to get ahead of where niece systems are. reporter: vladimir putin warned about the continued transfer of weapons to ukraine particularly with long range being given to the ukrainians and drawing the united states into direct conflict with russia.

that's what he was referring to not the mrla. not the weapons with a shorter range. range. my next guest is among the 57 republicans who did not support sending weapons to ukraine. >> i think the reporting is good. i think it's accurate and the president has to be clear in what he's speak being. but it's unusual that he is clear. there are long range missiles we won't send, but others that we'll. i want to help ukraine and i want them to be as strong as possible to fend off the brutal, bitter attack from russia. but we don't want to kree aired the world war -- create world

war iii. we are taking vladimir putin and putting him in a corner because we weren't strong enough to begin with. this is what happens when your country is weak. they see what's happening internally in our country, russia does. so they thought they had the right to go in there and do what they are doing and now we have the problems we do. we have to be careful and forceful at the same time. >> we are seeing the europeans putting their foot down from russia. this is the data that shows russia is finding other buyers around the world for its oil. you can point to china and several other countries. do we have any powers there? and what would you like to see happen? if this is money going into putin's pocket, then this war continues and this assault on the ukrainians continues. >> putin is a shrewd guy.

he made a mistake going into this. he read the wrong signals from the united states. but the signals the united states gave out were weak. china is going to help them whether they do it openly. they absolutely are. there are always people who need energy. i'm glad europe is finally doing something. but they should be able to get energy from the united states when our president closed down our energy when we had the number one energy export that was devastating. that hurt them and it certainly hurt us. number three, it's about time they pay their fair share of nato. we are subsidizing almost the whole thing. there is some graphs you can find on line and they are accurate. the bottom line is we are paying for almost everything. we have to take care of the

borders we have in america, we have to take care of our energy supply in america. we have to take care of the fact we have costs going up, inflation like there is no tomorrow in america. time to take care of this country and prove that we are number one. cheryl: our country is continuing to reel from this tragedy in texas. it was a week ago today in uvalde, 21 innocent lives lost. you are drafting the stronger schools act to ramp up in security. are you convinced it will prevent another school shooting? what do you say that even after what happened last week was to see less officers in schools in some states. >> this is what we need and something we all can agree upon. taking guns away from those

people who would never do anything like this is not going to stop this problem. this individual broke the law. this individual was mentally sick and i think evil, and there are other people, whether it's crime on the streets with gang bangers or the crime that exists in the mass murders, these are people that need to be under the rule of law and order. we are letting people out as quick as we are putting them in. this bill will work. because i you a people who know what it will do. you have a trained police officer who is trained and certified. cheryl: i live in new york city. you don't have to tell me any more. congressman, thank you very much for your time. coming up. asa hutchinson.

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>> americans hoping for change as prices at the pump hit new records, everyday items at the grocery store continuing to skyrocket while president biden touts the most robust economic recovery in history. this op-ed, the wall street journal.

welcome back to another hour of covid ludo coast-to-coast. let's get started. our top story this hour, president biden is meeting with federal reserve chair jerome powell very soon. to address america's inflation crisis. hillary vaughan is at the white house with the latest on what we can expect this hour. >> reporter: the white house is expecting president biden's face-to-face today with the fed chair is not about persuading to hike its interest rates faster to get a hold of athens inflation saying the president is well aware it is the fed's job to fight inflation but also believes it is not the president's job to metal in the middle of it. >> standard practice for presidents to meet with the chair of the federal reserve to get their perspective on the economic outlook so that is

standard. in this case what the president will do is underscore his commitment publicly his commitment to supporting and respecting the independence of the fed. >> reporter: the president detailed his plan to tackle inflation in a new op-ed in the wall street journal published last night but a lot of what he said is what he has been saying for months talking about the supply chain, claiming putin's invasion in ukraine for a lot of the inflation people are seeing but a took a victory lap for the last year and a have saying, quote, and less than a year and a half my administration's economic and vaccination plans helped achieve the most robust recovery in modern history. for a lot of people paying more for gas and groceries with no relief in sight republicans are saying shame on president biden for what they say is creating this mess with his bad policies. >> the president has put jerome powell in a box. the economy is sputtering right

now because of inflation. we have excessive spending, policies the pay people not to work, we have a war on american energy that led to more inflation. they have to raise interest rates and when they raise interest rates, makes it harder to buy a home, usually make the stock market go down. >> reporter: they expect this meeting to happen in 15 minutes, the president will make brief remarks to our white house press pool, before that meeting takes place the door will close and they will meet together after that but we should be hearing from the president a few minutes from now. cheryl: we will take those comments. we will keep our eye on that. also keep an eye on this. take a look at this. a new survey finding rising gas prices and inflation have overtaken covid as the top travel concern for americans. president biden said in his op-ed we can transition from record inflation to growth in

the economy. let's bring in hedge fund manager jonathan hoehn again former investment banker carol roth. first to you, wall street journal op-ed the president wrote yesterday is getting a lot of attention pointing the finger at greedy corporations not paying their fair share in taxes. >> the president himself and the fomc meeting, the irony that the fed would often claim it is not political but the president, a pretty political animal meeting with the federal reserve and the federal reserve is always wrong, not only did its policies create the problem but how would the federal reserve know what the correct interest rate is for hundreds of millions of americans. it is great with the problem, expanded the bubble and if you look at the markets you have oil etfs hitting 52-week highs,

interest rates going up and the fit is behind the curve. cheryl: he's going after these companies and trying to control costs and go after pharmaceutical companies, the list of targets goes on and on but at the same time, still the affects of all the stimulus spending from last year and this year is so reverberating through the economy and it seems unfair that he is going to put this on jerome powell in the next ten minutes and have jerome powell look at him and go what are you going to do? a tough spot for powell to be in. >> to me it is a 1-two punch. the arsonist to burn down your house sitting around and having a meeting about how they are going to rebuild your house as if you are going to trust them, there is nobody in that room who was on top of inflation, they all the night it was going to happen. there is nobody in that room

who has taken any accountability for inflation and i don't even understand the plan. i keep hearing that the consumer is going to keep us from going into a recession at the same time that the fed is trying to cool demand and have the consumer stop buying to quell inflation. how do those two things work together? i don't fundamentally understand what it is they are trying to do other than spin ahead of the midterms. cheryl: there was nothing in here i haven't heard him say before, wanted to put it in writing and have an editorial in the wall street journal but talks about the deficit reduction but the truth is the deficit is going down this year because a lot of covid programs are expiring on their own so not necessarily the administration is taming the deficit and doing anything extraordinary but this, what he is being handed, the administration prior.

>> or doing anything to tame the deficit longer term by considering tackling these entitlement programs. what he is doing is blaming the productive businesses, price control which has been on the table for this administration, the wrong thing to do, that is what nixon did so many decades ago that fueled inflation. we are learning from history, he is repeating it and that is higher inflation not just from the mc's policy but biden and the democratic policies as well. cheryl: we are seeing data come in, looks like inflation is starting to cool. when it comes to energy prices and food prices i don't think that is baked in because of the oil contract. >> it is starting to cool from 8%, it will go down to 6.5 and

they will take a victory lap, bring down inflation by all of this. all the inflation we are seeing is a permanent tax, slowing of the growth rate. at some point, math will take hold and we will see longer-term growth rate that is probably 5 or 6% which is still completely outrageous and we still have all of these supply demand imbalances including energy that biden refuses to do anything about, he did a pr stunt, released from the strategic reserves which made a little blip and going to have to replace that data higher cost but not changing policy, not letting us drill more, he's not taking the efg dogs and telling them to back down that we need capital to go to this area. cheryl: you can't snap your fingers and say no more fossil fuels, it doesn't work that way. that's not reality. there's got to be a middle ground somewhere. we will talk about that later on in the our. we will check back in with you

later on in the hour to react to president biden's meeting with jerome powell. we expect some comments to come from the white house, we will bring those as soon as they happen but let's keep on this energy story. this is the inflation story. gas prices jumping to a new record high over the memorial day weekend, driver is not the only ones feeling the pain at the pump. grady trimble live in chicago with how gas station owners are impacted. >> reporter: gas station owners say credit card companies are making more money off of the high prices than they are because of credit card transaction fees. let me explain how this works, gas station owners make $0.15 a gallon when you fill your tank, that doesn't change whether gas is at or around $3 a gallon like it was a year ago or $4.62 like the like the national average today but credit card companies, their fees are a

percentage of the sale usually around 2% to 3% so when prices are high those credit card companies make more and the gas station owners say it cuts into their profits. >> set the rate and you don't have any choice but to pay it. there is no merchant that gets a lower fee than another merchant even because of volume. the banks set the rate and it is what it is. >> reporter: price of oil is climbing after the european union said it would cut most russian oil, 90% by year's end so brace yourself because the expert say prices at the pump will keep rising as well. gas buddy says the national average could hit $5 a gallon in a few weeks, june 17th is the target date they set for that for now. illinois just became the seventh state with $5 a gallon

average joining washington, oregon, nevada, california, alaska, and hawaii, the national average could jump $0.05, even $0.15 this week alone. might be a good idea, so they are only going to get higher. cheryl: demand is up and everyone has been locked up for two years and ready to hit the road. it will cost them. grady trimble live for us and i want to bring in for reaction former us secretary of energy dan brouillette, great to have you here. your overall impression as reaction to what we are seeing, we were at $3.04 a gallon a year ago for the national average for gallon of gas. what do you say to this? >> great to be with you. thanks for having me. you nailed it. the problem is we like production in the united states. demand is back from the pandemic but the same as it was

in 2019. what is lacking is production of energy in the united states and other parts of the world, 2019 we produce roughly 12. 5 perhaps a little higher, almost 13 million barrels a day of oil in the united states. today we are at 11.5 so there is a 1.5 million barrel per day deficit, that scarcity is creating much of a higher pricing you are seeing in the marketplace today. it is offset by the fact that china's demand is down but as soon as they get beyond their pandemic issues and lockdowns and that demand comes back to the market, if we don't increase production in the united states we will have higher prices. cheryl: how does that happen? if you listen to talking points from the administration they are pointing the finger at drillers, that is the top line, all these leases, wait a

minute, too many regulations and red tape to open up this land. is that a fair assessment or am i missing something here? >> that is a fair assessment. it is disingenuous to suggest because you have a leaf you are not acting upon it, you can to do anything with it, a lease is just a right or permission to potentially drill for oil on the land, doesn't mean you will find oil and it doesn't mean you have other permits to potentially get that oil to market should you need to. you need a permit for a pipeline or a road or to build a road to get to the part of the land you want to drill upon. it is very complex process and the government has a very important role to play so as policymakers in washington and in each of of the state of they should look at those permitting processes and ensure they are not stumbling blocks to increase us energy production. cheryl: oil and gas is a fossil

fuel story, you can't snap your fingers and get rid of fossil fuels, diesel truck will not run on sunshine. at the same time you said on fox business in the past all groups of energy production, we need renewables, there is a place for nuclear energy, how does that play out and why are we not hearing more discussion about bringing everything together so that we have cleaner air, cleaner water, fair enough but also energy prices that don't stifle the economy. >> that is what we need in america and around the world. i described in the past on fox business and other shows the energy transition is currently defined, we should not be transitioning from one fuel to another or eliminating one fuel source in favor of another. the transition needs to be from less energy to more energy. this is a basic economic issue

for us. when we produce more we have more supply on the marketplace, prices tend to moderate. as we move the economy forward, as we build this economy it will take all forms of energy in order for us to do that. we will need more biomass, we will need more renewables, we will need more oil and gas and we will need more nuclear power in america. cheryl: the french have done a good job with nuclear energy, that stigma we can't seem to get past that. thank you very much. >> great to see you. cheryl: with out of stock rates for baby formula surging to 70% parents nationwide are more desperate than ever before. we are going to have more on the baby formula crisis. that is coming up next.

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cheryl: a federal jury found former clinton campaign attorney michael sussman not

guilty of lying to the fbi. the latest from the district court in dc. >> reporter: this verdict came down an hour and 20 minutes ago. michael sussman is a former clinton campaign attorney who back in september of 2016 walk into fbi headquarters down the street from where i am and said he had information alleged information about donald trump's organization and russia, a russian bank with kremlin ties communicating via secret back channel, that turned out not to be true. special counsel durham charged him with lying to the fbi because he says sussman claims he was coming on his own not on behalf of any clients, just as a concerned citizen. durham said the evidence proved he also stuart: representing the clinton campaign and this was politically motivated by the jury felt differently, they felt the government did not prove its case. michael sussman, former clinton campaign attorney acquitted about an hour ago and spoke to

the media outside the courtroom. >> i told the truth to the fbi and the jury recognized that with their unanimous verdict. i'm grateful to the members of the jury for their careful and thoughtful service despite being falsely accused i am relieved justice ultimately prevailed in the case. as you can imagine this is been a difficult year for my family and me, but right now we are grateful for the love and support of so many during this ordeal, looking forward to getting back to the work that i love. >> reporter: it is back to the drawing board for special counsel john durham not happy with today's verdict. he released her statement regarding the jury verdict, he wrote while we are disappointed in the outcome we respect the jury's decision and thank them for their service and recognize and thank the investigators and prosecution team for their dedicated efforts in seeking truth and justice in this case.

john durham began looking at the origins of the trump russian narrative, where did it come from? who started it? he started investigating this in may 2019, three years ago this month, charged with 3 people, an attorney from the fbi named kevin klinesmith who pled guilty to altering a document in 2020, michael sussman who was acquitted day and coming in october, a russian national researcher who has alleged ties to the famous steel dossier, he is charged with lying to the fbi five times, special counsel durham back to work. cheryl: i can't help but think of the $35 million we spent on the moeller probe and what all of this means, these allegations as durham continues his work from moeller's findings at the end of the day, do you think durham will ever go after moeller and challenge that investigation? we are not going to get our money back but i am curious.

>> reporter: no, a lot of people, it is a fair point. what we do know is durham is presenting a case that has flipped from what we saw in the moeller investigation. a couple weeks ago the former clinton campaign manager back in 2016 said that it was hillary clinton herself who said go ahead and give the order about the trump russia story that the campaign was not comfortable with, go ahead and give it to the media. we are seeing things that are contradictory to the moeller probe in the durham probands while durham did not win today in court and michael sussman will walk away a free man durham is painting a narrative that the highest level of a campaign aimed and were hell-bent on taking down donald trump, not to mention john durham is a special counsel meeting he can operate on his own, under the department of justice but attorney general merrick garland said we are not going to interfere and we are going to continue re-upping the budget for special counsel

durham so stay tuned. cheryl: thank you very much for that live report from washington. let's switch gears and talk about abbott labs. to restart production on baby formula, supplies are becoming more scarce. the really ongoing crisis for parents out there. >> reporter: it appears this crisis is going to get worse in the short-term, now we are seeing outages across the country, 70% of formula is out of stock, that is an increase from 45% the week before and it appears formula as defined in utah, arizona and louisiana, 85% of baby formula is out of stock. look at these photos, bear shelves at major retailers across the country. this is in a new jersey target over the weekend. the retailer telling me they

are continuing to restrict sales, four containers of formula can be purchased for a transaction if you can find it in the stores. we are seeing progress in bringing formula in from overseas, specialty gerber formula was flown in from germany last week through operation fly formula, 1 million bottles. nestlé, the company that makes the formula, says 40% of the formula arrived on wednesday has been shipped out to retailers over the weekend so hopefully that will arrive soon but this does nothing to help some who say they rely on hard-to-find medical grade formula. watch. >> the director makes the actual formula has called me and said it is not even, she can't get it, it is nowhere, nowhere to be found so it is not done being made yet so they are still on backorder, nobody has it. if she can't get it for me no one can. we are going to have to write out as much as we can.

>> reporter: the fda is continuing its work to find formula to import to the us. it has cleared one million cans from australia, 2 million cans from the united kingdom and french company will send half million cans which could reach american distributors for the first week of july. we are months from seeing this crisis fully resolved. fda commissioner doctor robert kayla said it could be the end of july before we see fully restocked -- cheryl: when you get abbott labs up and running, and 8 week lag for the shelves to look like they did before this all hit. >> not like turning a switch, they have to get the supply chain back. cheryl: thank you very much. we have a lot more coming up. arkansas governor at had a set hutchinson pushing more school

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cheryl: republican and democratic senators will hold assume call on gun violence after the tragic school shooting in texas. aishah hasnie has the latest. >> reporter: good afternoon. we are watching two separate tracks, one in the hill, when in the senate. let's start with the house where we learn the house judiciary committee will meet this thursday to market what democrats are calling the protecting our kids act. the package is twee 8 bills, quite expensive, includes measures to raise the minimum wage to raise some automatic rifles from 18 to 21.

ban you sales and high-capacity ammunition magazine, ban new sales of bumps stocks, background checks for ghost guns, increasing for gun trafficking but new rules for keeping guns at home if you have a minor in that home. republicans are already rebuking this, no surprise there, ranking member jim jordan said the package of a hodgepodge, and infringement on people second amendment rights. none of this would prevent the tragedies we saw in texas or even buffalo, new york. the other tracker we are watching his bipartisan negotiation, underway in the senate. mitch mcconnell has tasked senator going in to broker a deal with the democrats, they are holding assume making, on a basic framework as quickly as possible with talk centered on

mental health and red flag laws. >> one thing i hope does not happen, to create the typical talking points. we will look in a clear eyed way and asked the question how to fix this problem and how to make it better. >> reporter: all of this little different, democrats are cautiously optimistic that there can be a deal worked out in the next several days. cheryl: asa hutchinson joins us. i want to get your reaction, a bipartisan group, on both sides of the aisle, is now the time to make it possible to get meaningful legislation on the books.

>> it is important to have that conversation and in a bipartisan way, it looks to be like what you just saw, if your politics. on the senate side they are foundational he working together to look at common ground. i applaud them for that. both sides are very genuine trying to narrow what can be done as senator cornyn said, something that really makes a difference. i look at it from a governor's standpoint and this is a big response ability for the governors, the safety of their schools. we had a study in 2018 and we have implemented most of the recommendations on school safety but that is the first place to go, the safety of the school, mental health we have to invest in and to do more in terms of knowing where the

danger lies. internet companies need to do a better job using technology to get risks that they see to stop what we see as violent acts. cheryl: something they are discussing his mental health, possibly raising the age from 18 to 21. there's all these different ideas out there. you hit on this in arkansas, schools go through this, we had this conversation and have school safety agents in place and are ready for these events. they were supposed to be ready in texas and they weren't and those babies were calling for 40 minutes, the heartbreak is on top of heartbreak with the story. the cynic in me says nothing is going to change. we have been to columbine, newtown, connecticut. what is different this time?

>> we don't know yet. i do think the people of america have had their heart ripped from them with what they see with the children, with they do want to see action, whether that is investment in safety, resources for the schools, mental health counselors in the schools, there might be some areas, the age of purchasing an ar 15 style weapon, with appy 18 or 21? that is an area we need to have more information, it looks like and dr. oz -- uvalde it might have made a difference. the best plans went awry in uvalde and cost lives. cheryl: what do you say to parents in arkansas? you've had many conversations already with residents? >> we have. many of them have confidence in

school security. they know there is an armed presence, a single point of entry or limited access. they know protections are in place and that is important for parents to understand and then we have to have audits to make sure those policies are developed are actually being followed. counseling of students, we had counselors on administrative work. they spent 90% of their time on direct counseling with students and you are better able to identify the risk for the students and also to address challenges and what could be a potential risk factor so we put those in place and it is of constant source, burden on the school districts financially. i believe people, kids adjust to it so well going into school

with armed presence. it is fine with them. we will be safe. they have a good relationship, see a police officer in uniform, it is a deterrent. we need to invest dollars to make sure we can continue with the education of kids in that safe environment. cheryl: we shall see. great to have you on set. wonderful to have you back here. a lot more on coast-to-coast after this quick break, 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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(fisher investments) in this market, you'll find fisher investments is different than other money managers. if you're 50 years or older ask your doctor (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. cheryl: communist china continuing to push for specific island nations on a trade security pact even after 10 countries agreed to walk away from the deal. state department correspondent richardson has more. >> reporter: the chinese

government is trying to persuade island nations to sign onto the security deal but it is a difficult sell. reuters is reporting several island nations balked at this refusing much of the security deal at least for now. the prima nester is pushing the agreement allow chinese officials to secure call cooperation in his island countries, the state department wants chinese government offer falls into a familiar pattern. chinese commonest party provides benefits up front only to expand their presence across the region. >> the prc has a pattern of offering shout away vague deals with little transparency original complication. we don't believe importing security forces from the prc and their methods will help any pacific island country. >> reporter: chinese president xi jinping is pushing a massive infrastructure project that would stretch from asia to

europe west as the program is little more than a debt trap for developing nations. the united states is watching taiwan, sending 2 dozen warplanes into the taiwanese defense zone according to taiwan's government. this is a week after president biden in asia said the united states would respond militarily of china invaded taiwan though officials later clarified that saying the united states and president were announcing no change in policy. >> reporter: i was going to follow-up with you about that because that caused a ripple effect in the diplomatic community, those comments from president biden but there has got to be more fine tuning at this point, how we as a country would handle any type of aggression from a military standpoint from the chinese, that is a worst-case scenario but it seems more and more real by the day based on your reporting.

>> the united states is pushing to sell more weaponry to taiwan to prepare for that eventuality, more defense officials in particular over the last year raising alarm bells what potentially could be coming when it comes to china and taiwan. it remain strategic ambiguity and we continue to recognize the rules that have surrounded this issue but not going to know what the united states is going to do until it happens. cheryl: thank you. that live report, all of this as china sending 3 of its warplanes into taiwan's air defense zone marking the biggest incursion since january of this year. i want to bring in heritage foundation senior researcher peter brooks, that is the question we all have on our minds. how do we as a country handle what seems more and more likely

to be china's move on taiwan? >> china hopes to replace us as the premier power in the pacific. we have to be diplomatically, informationally increasingly important in the age we live on, military, economically and allies, to deter china from taking these moves. the policy is strategic ambiguity but the president has had strategic clarity to it saying he would react to a military attack on taiwan. we are in a dangerous place with china becoming increasingly powerful and other strategic distractions like what is happening in ukraine, the iran nuclear deal is still out, there's no iran nuclear deal, iran might move forward with a nuclear weapon and we have to worry about north korea, expect to see nuclear tests from or a rocket or missile test so there are certain challenges to the

united states including what is happening in the pacific. cheryl: i want your take on north korea. for years you see these reports and i'm sure you've seen it as well but it is china that is propping up kim jong -- kim jong-un. and publicly discuss. >> china to north korea, it has been an ally of theirs, military allies and you remember what happened memorial day 1950 when north korea invaded south korea, than the chinese, volunteers supported the north korean regime and its war on the peninsula, tremendous potential -- cheryl: so sorry, i've got to go to the white house, we are getting comments from president biden. >> president biden: discuss my top priority and that is

addressing inflation and in order to transition from historic recovery to steady growth that works for american families. excuse me. my plan is to address inflation, starts with a simple proposition, respect the fed, respect the fed's independence which i have done and will continue to do. my job as president is not to -- not only nominate highly qualified individuals in that institution but to give them the space they need to do their job. i'm not going to interfere with her quickly important work, the fed has full response ability is, one, full employment, 2, stable prices. chair powell and other leaders of the fed noted they have laser focus on addressing inflation just like i am and with larger complement of board members now confirmed we will use those tools and monetary policy to address the rising

prices for the american people. i look forward to chairman powell's continued leadership at the fed and the senate considering my final nominee to the board, michael bar, in the near future and that is where we are meeting and thank you for coming. [shouting] >> thank you, let's go. >> president biden: cheryl: they are meeting to discuss combating inflation. we will monitor any developments out of the white house. we will be right back. ♪♪ ♪♪

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hotdogs, biden's economic plan is working and that is something we can all relish. carol ross, jonathan honing, what happened to that one? >> requested an update, can you send us an update on this over the weekend, tens of thousands of people weighed in on it and i didn't hear back, didn't get the updates but we all know it has gone completely through the roof and as we just heard from president biden, a very long flowery way of him saying i'm not going to address this and this is all jerome powell's problem so good luck to you, jerome powell. cheryl: he is probably getting a near full right now. >> those are the general prices we have seen rise. the price of a hot dog itself has risen 47% over the last

year, biden isn't mentioning that and didn't want to make news today? president biden looked a little old, he was coughing, having trouble getting some of the policy news out. i wish he had made some policy news. that he talked about lowering taxes, curtailing spending, deregulation, things the president could do he didn't mention at all, didn't want to make news at all and that is what he said today. cheryl: those are marks of the white house a few moments ago but the president didn't say much. >> he wrote an entire op-ed in the wall street journal the kind of didn't say anything and what he didn't say was completely untrue in some cases. he gave a statement where again the take away was i don't have anything to say, there' s nothing i'm going to do. i will lay this at the feet of

the fed and that was it, kind of surprised those were his only comments on something that is weighing on everybody's minds and wallets. cheryl: it certainly is and we have been talking about it nonstop because it is affecting all of us. thank you for joining us, appreciate it. real quick, tune in to american dream home wednesday at 9 p.m. at 9:00 pm eastern time, we are taking you to georgia and texas. we will be right back. ♪♪ ♪♪ sing like a bird ♪♪ dizzy and my head ♪♪ at adp, we use data-driven insights to design hr solutions to provide flexible pay options and greater workforce visibility today,

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>> quick check of your markets before we hand it over to charles payne. the dow now positive territory. the s&p up 8 1/2. nasdaq look at that up 54. let's see if charles payne can keep the action going. i don't know. >> charles: that's what we call the pre-cp effect. thank you so much. good afternoon, everyone. i'm charles payne. this is making money. breaking right now, so we started with -- [inaudible]. we have cautious optimism. we're building some momentum. history could be on our side. when do we get over the hump is the big question? i have some brilliant minds on deck. also president biden tells america that he's got a plan to fix inflation, but all wall street cares about is what the commander-in-cef