carleton: colgate palmolive, 2.6% and assuming we keep brushing our teeth and using deodorant in the downturn. jack: great ideas. to read more checkout this edition of barron.com. that is all for us, see you next week on "barron's roundtable". dio in new york city, this is "maria bartiromo wall street". >> happy weekend everybody welcome to the program that analyzes the week that was an helps position you for the week ahead. i am maria bartiromo presidential priorities joe biden skips a crucial meeting with oil executives but makes time for a meeting on windmills. is that what is going to bring oil prices down? i'm asking rick perry about this federal reserve chairman jay

powell says the recession is not inevitable, economist john lonski agrees and held tell us why. the fight mayor continues this weekend with more cancellations and delays get ready for travel headaches warns ahead of southwest pilots association captain casey murray is here. first the major oil companies came to washington for a meeting. the president did not attend. he said his energy secretary but he did have time to go to an offshore wind implementation meeting also held at the white house the same day. peter doocy asking the question all of us are wondering. >> i said earlier he is meeting with people and selling offshore wind equipment but not oil and gas ceos who are rarely ever in town but they are today. how does that help lower gas prices. >> the president has done -- let me step back for a second. >> you are asking me the

question. >> you said he's done everything in his power. maria: joy to be not energy secretary and former texas governor rick perry. it's great to see you this weekend, great to be here. >> it's good to be with you. maria: how do you explain what took place. he said he wants to do everything possible to get prices down and then he skips a meeting with the oil ceo after slamming them for weeks. >> this is like having people over to your house and then kinda stiffen them, not paying any attention to them. the messaging here is powerful. it's continuing to build upon a narrative that this administration for the last few years has clearly sent to the oil and gas industry. at some point in time you can only slap 70 in the face so many times and then they say okay i get it. you really don't like us.

to get a go on about their business and do what they need to do to take care of the people that respect them and understand the importance of what they do. that is the american people. you try to be respect full to the president of the united states but at some point in time you just ignore him because i think that's what they have to do going forward to take care of not only the citizens of the stake, their stockholders and et cetera. ignore this man he is out of touch and really sending powerful messages. we hate the fossil fuel business we will do everything in our world to replace you with renewables. listen nothing against renewables. i support them but they have a limited place in the portfolio. maria: chevron ceo wrote a letter saying we produce the highest volume of oil and gas and a 143 year history in 2021

we also had one and a quarter million barrels a day the first quarter this year and yet you speak to us with a negative tone. he writes notwithstanding everything that we do, you're a administration ostracizes the oil and gas industry. you know this better than anybody what is the potential of the oil and grass under the ground in america right now if he did not cancel the xl pipeline ip did not cancel drilling on federal land and do everything that he's done in terms of the whole government approach to killing fossil fuels. what gasoline prices and oil be in a different place today? >> absolutely it doesn't take an energy economist to be able to understand that. it is all supply and demand america the number one oil and gas but we were the oil in the producing in the world until the by data administration showed

up. anyone who has a moderate degree of understanding of supply and demand of simple economics, understand that this administration sending messages, making it tougher for people to get permits, sending the messages even if you have a permit we are going to use our rolls in government and say the sec temperature woke leftist climate centric rules in place and were gonna cost you a lot of money and those wise individuals understand. were not gonna risk the capital of our company within a administration that's going to punish us. this is sad for the vacant people that are out there suffering right now. that's what's really happening. i don't think we've heard this

bad since back in the late 70s with jimmy carter in the gas lines that were there. we may be headed there again, i don't know that but i know people are hurting at $5 plus gasoline. the cost of inflation that is being driven by energy. this administration is going to get blamed for it as they should and november is going to be for them all across the country. particularly in legislatures back in state there will be a red wave to get focused on politics but that may be the only solution for the american people. maria: they are calling this a transition as if this is intentional, you have to suck it up right now, high prices because when this transition. at the meeting this week on wind energy the president appeared to be reading from a cheat sheet. look at this, step-by-step instructions entered the room, you take your seat, you asked

the afl-cio a question. then you think everyone. these directions on his behavior from a cheat sheet. >> this should not surprise anyone. this is a candidate who stayed in the basement for the entirety of the campaign. once he was the president of the united states he was put into place then they started handling him because every time he got outside of the bounds of whatever he was supposed to do that day. it's been a mess. he spelled it up they had to come back in and clean up after him. they are like okay we are going to handle this individual as closely as we can and pray to god he will follow the instructions in front of him. it is a sad thing for our country and the citizens of this

great united states of america are paying a huge price for an individual who is either mentally incapable or is being handled by people who are so machiavellian from the standpoint that you've got to follow exactly our lead. it is stunning the ineptitude of this administration. maria: not as stunning as the policies. we gotta get your take on the wide open border situation and this is another of his policies former governor of texas. you know better than anybody about what's happening in texas. the border patrol is reporting several more large surges of migrants illegal crossing into the country pre-they apprehended or hundred migrants in one texas location alone. where hearing morale for border patrol agents is in the toilet here is hector garza. he joined me earlier this week.

>> the border patrol agents are very disappointed in this administration because we see on a daily basis that we cannot protect our country, we cannot protect our borders aced on these policies being implemented by the biden administration and we cannot hire fast enough we don't have enough candidates in the pipeline to have enough agencies secure the border. maria: governor what your take on what's going on at the border. >> mayra flores is a great example to expect going forward in texas. i will suggest the other states as well but particularly in texas at the epicenter of this onslaught of individuals coming into our country illegally. the border patrol agents took their lives on the line every day. mrs. flores husband is one of those agents and she ran and one and a historic democrat seat just a couple of weeks ago one overwhelmingly six or seven

points. that is going to happen over and over and over again this november. all across this country but particularly in texas. what the biden administration has done is be able to turn the hispanic population into a reliable republican voter by these asinine policies that they put into place dealing with immigration. when you take away the rule of law. when you say we will deepen the police, open up our borders and then you put the economic policies on top of that, any voter whether they are hispanic or latino or whatever you refer to them, those voters are wise and they see how this policy of immigration, illegal immigration is impacting their communities and their gonna push back. maria: we appreciate you rick perry joining us. thank use her. thank use her. >> god bless you.

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maria: welcome back here's a look where markets ended the week. two days of testimony from federal reserve jay powell wayne and anna recession. >> we obviously face to recession risk. biden says that a recession is not inevitable. do you agree? >> i don't think a recession is inevitable. >> joining me is the president through the cycle john lonski. great to see you. do you agree? >> i think there is a very real risk of a recession and perhaps inevitable that we do have an economic downturn before 2024. the gated don't look good at

all. we are going to get a reminder this upcoming week thursday junr spending is in trouble. were looking at one half of 1% for real consumer spending that warrants a very weak second quarter for this very important segment of gdp. maria: we know we contracted in the first quarter by 1.5% another quarter of contraction we are officially in a recession. someone mentioned on the boarding show this week it was quite concerning about the consumer, they had started to use their credit cards to buy basic goods, food, energy et cetera. they are racking up the debt months after we were talking about how pretty strong in terms of savings in the bank. >> some of us were misled regarding the underlying strength of the consumer by the early stimulus programs and more overly you have to take into account the fact that for 14

consecutive months inflation has been outrunning the growth of wages and that's beginning to take its toll. consumers are being forced to dip into savings or increased borrowing in order to maintain living standards. maria: you mentioned that copper has been dropping after rising 6.5% during the first three months of the year. the price is now down almost 17% so the lowest since every 2021. why is copper so critical to look at. >> they give copper a phd in economics because it so highly correlated with global economic activity. we use copper in construction, somebody manufactured. i got one. with the price of copper begins to decline as sharply as it has since the fed began to hike rates. that tells me a global slowdown is underway. the fed tightening indeed is working as low in the economy in

order to bring price inflation lower. when copper is falling you gotta brace yourself for bad economic news that might eventually lead to a recession. maria: real quick before you go is there any way to hide in a market that may very well trade down again going into the second quarter reporting season. earnings are two weeks away. >> i have a very simple answer, that is cash. perhaps if you have any profit still to take which may not be the case, get the cash otherwise just hang in there and wait for the economy to inevitably turn higher after the next recession. maria: great to get your insight on all of that. tom lawn ski joining us. we will see you soon a quick break thousands of flights canceled, delayed this weekend. the head of the southwest pilots

association is here. he said his airline the inefficient use of the pilot is to blame. he will join us next. >> all of our guest arsene where >> all of our guest arsene where pilots are in position dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones

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>> it's a roll of the dice of when your plane is going to leave, how long it's going to take, if i were i couldn't find any luggage, pack an extra change of clothes in your carry-on. >> ticket agent said almost all the flights were delayed or canceled today. maria: airline chaos continuing with the travel industry almost

445 cancellations of 876 delays on friday along in the united states. pilot staffing compounding problems already brought on by high demand and bad weather. this week over 1300 southwest airline pilots calling attention to the issue by picketing in dallas. joining me southwest airlines pilot association president captain casey murray. thank you very much for being with us this weekend. we appreciate your time. >> absolutely, it's good to be here. maria: let me start with the pilots protesting southwest airlines on tuesday and these contract negotiations that are obviously tense. what are the issues? >> i think it's dual fold and that's why we were out there this week to draw attention to the fact that were trying to offer contract that in a lot of negotiating capitals spending on the pilot scheduling and the

misuse of pilots in the inefficient use. we've been identifying this for five years. we really wanted to get the word out there the sooner we get to the contract and have a contract in place. a lot of these issues are to be alleviated. maria: you also make the point that the airline has really grown so much but to an extent it is outgrown the ability to run the operation the way that it did in the early days. what needs to be done is southwest? >> i think southwest is having difficulty connecting pilots to airplanes. we are seeing gross inefficiencies in the way that the pilots are being used could we believe we have enough right now and just how they're being used. yes they're going to have to hire and were in an inflection point where everybody is in negotiations and pilots have a choice to go anywhere when they're looking for a job now. maria: what do you want to see in this new contract.

are you willing to sign on the dotted line for several years what do you need to see in that deal? >> pilots came to southwest and we are a special breed with the most productive in the world. our pilots like to work. our contract is really focusing on scheduling to address some of these inefficiencies as well as a competitive agreement that competes with her peers so southwest can recruit and retain the best pilots possible. so were really trying to help them partner with southwest so we can move forward in our customers and our guest are feeling the stress that you talked about on the elite and. maria: you're talking about the inefficient scheduling making life tough for the aviators. that in itself is causing these

delays. captain what about the price of oil, diesel. obviously were all talking about inflation. the higher prices being paid there. how has backup located the situation. >> it's definitely a concern for us. the southwest pilot success is southwest success. we look at everything from a cost perspective. going into negotiations southwest has to be able to compete in good times and bad they have to go out there and absorb these cost, whether it's inflation, whether it's oil and that's how we negotiate and were really trying to partner with the airlines so they will not only succeed but excel. maria: how long are you willing to take this to the mat, how much longer do expect standup to continue? >> these inefficiencies have grown to epic proportions and we kind of went through last summer.

i asked very specifically during our columbus day meltdown. we need to ask southwest what are they doing proactively to make sure this doesn't happen again and here we are a year later running into a summer that our pilots will be there and do whatever it takes to get our customers from point a to be as efficiently as possible but southwest needs to bear the brunt and prepare the resources as well as the technology to as well as the technology to support that network ♪ limu emu ♪ and doug. ♪ harp plays ♪ only two things are forever: love and liberty mutual customizing your car insurance, so you only pay for what you need. (emu squawks) if anyone objects to this marriage, speak now or forever hold your peace. (emu squawks) (the crowd gasps) no, kevin, no! not today. only pay for what you need.

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"life liberty and levin" i'll be speaking with bill hagerty, congressman jim jordan and texas congressional candidate monica de la cruz. we will talk about hispanics moving to the gop. plus here on fox business start smart every weekday 6 - 9:00 a.m. eastern with "mornings with maria" we hope you start your day every weekday with us. i will do it for us, thank you for joining me have a great rest of the weekend. i'll see you again next time. ♪ >> , welcome to the "wall street journal at large" coming to you from london as you can probably tell from the familiar landscape behind me. this is not the side of the problem but of course in the united states where the supreme court on friday struck down roe v. wade. democrats have been hounding and protest every sense at