charles gets his own. there's rumors that king charles and liz truss were not getting along very well. we'll see if he gets his pick this time. maria: leo. >> where is the winston churchhill and there's absolutely no leadership and my worry is that "conservative party is going to move towards a rhino republican" and i think that's a big problem. >> it comes down to it's bad policy on the energy side, the spending side, fiscal side and developed nations are addicted to painkillers. we won't do what we need to do to fix these problems. we keep throwing money at the problems. that's the painkiller and until we're willing to address the problems, head on, this will keep happening. >> anyone notice the diamond ring? congratulations on your engagement this weekend. >> yes, i am. i feel very blessed. maria: thanks for joining us, everybody. "varney & co." begins right

here. stu, breaking news. stu: i'm trying. good morning, everybody. wednesday we started with a winner: netflix. thursday, we're starting with a loser: tesla. in appreciation elon musk reported pretty good profit, not so good revenue. they built 365,000 vehicles and delivered most of them. why is the stock down 5, 6%. 6.3%. i'm going to leave that to susan and star allis dan ives. they're on the show with me momentarily and i'm more interested in a stock bye back and we'll get to that . to the markets, interest rates are steadily rising and 10 year pressurtreasury well above 4% ao year well above 4.5% and now at 460, how about that. inflation, energy price inflation i should say, it rolls on. oil, getting closer, a little bit closer to $90 a barrel despite the president releasing 15 million barrels from the strategic reserve right before the election. he says that has nothing to do

with politics. diesel going up again one cent higher overnight to $5.33 and up 40-cents a gallon in the last month. stock market, kind of mixed this morning. the dow up maybe 10, s&p down 9 and nasdaq down about 50 points. that's because of higher treasury yields. all right, politics, the president goes back to the basement strategy and he's keeping a low profile as the elections approach. president obama, he's going to do the heavy lifting and he'll hold mass rallies in atlanta, detroit, milwaukee, and las vegas. today president biden goes to pennsylvania and will meet democrat senate candidate john fetterman but it'll be a closed door reception. reporters kept at bay. the democrats are deep into policy reversals with 19 days till the midterms and there's a scramble to ditch the ideas that brought us so much grief. the latest is jb pritzker, the

billionaire gove democrat goverf illinois and we'll have the home sale numbers for you. watch out when mortgage rates double in six months. attention texas drivers, did you know that autonomous trucks are on your roads right now? no drivers. political chaos in britain. half an hour ago, prime minister liz truss stood outside her official residence and resigned as leader and it's thursday, october 20, 2022. "varney & co." is about to begin. stu: i did like it. i like this song.

whoop, there it is. isn't that on an ice cream commercial? susan: really? stu: i think it is. susan: i remember from the 1990s and 2000s. stu: let's go to resignation of liz truss, she's been prime minister for a mere seven weeks. she proposed a growth strategy for the british economy. it was shot down and her treasury chief resigned last night her home secretary resigned lacking political support, she talked to the king this morning. this will be a disappointment for american conservatives who liked her thatchrite opinions. tesla, they reported after the bell and stock down 6% this morning and musk tweeted i will not let you down no matter what. susan, you take us through it first. susan: he also tweeted about the fact that tesla could be bigger than apple and saudi arabia ram

co combined without the robot program. not a bad quarter for tesla and record profits and record sales in the summer but the problem is they're finally cutting back on their guided deliveries for the year by 50%. remember they said said they're about 1.4 million and that would be huge. 50% more than last year and hard to do in this type of environment. musk did talk about twitter. he says it's overvalued right now but he is excited to own twitter future. stu: dan ives starting with me this morning. your price target was $360 a share, have you changed it? >> yes, it's $300 and cut price targets and tesla numbers, they damperred and margins will be an

issue and it's a rough patch they get through. no doubt, the clock struck midnight for musk and he needs to navigate tesla through the turbulence. you say the shares go through 300. when? >> next 12 months. it's a rough patch, not the star of a structural downturn. as susan put it great, right now there's black clouds over tesla that musk needs to get through. stu: did he hint at a stock bye back? susan: yes, he said it's pending approval and the board needs to buy back $5-$10 billion and that's pending board review and not solidified yet and do you think that'll make a dent on the stock price? >> i do. i think it's long overdue. $7 to $10 billion is probably the right range for a buy back and have $20 billion in cash. if there's a time for a buy back, it's now. but the albatross and goods is twitter and musk selling more stock to fund that deal. stu: that's the albatross, the

elephant in the room. dan, stay there please. you have the e travion green ordinary privilege of staying with me for the entire hour. get to pure politics, georgia's gubernatorial candidate stacey abrams tried to draw a connection between abortion and inflation. watch this. >> let's be clear, having children is why you're worried about price for gas and how much food costs. for women, this is not a reductive issue, you can't divorce being forced to carry an un-mented pregnancy from the economic realities of having a child. stu: former governor of arkansas mike huckabee joins me now. governor, my opinion on abortion is not relevant here, but i want to hear your opinion on stacey abrams justifying abortion as a way to save money. >> the thought she says this is an economic issue, if you don't

have kids, you don't need so much. just quit having kids. if you find yourself pregnant, get rid of them. kill the little biggers and make sure they don't come into the world because you have to feed them, get them medical care and buy school supplies and clothes and one day buy a car and car insurance. save all that money, kill your babies in the womb. let's go ahead and make abortion an economic issue. that's the most disgusting thing i've ever heard someone say and i've heard a lot of disgusting things coming out of the mouths of people who thought that abortion was a wonderful activity. again, i'd like to believe that even people who believe in abortion would find her remarks not just off putting but revolting. i sure hope so. stu: glad we're on record with that. governor, thank you. i'll move on, peter doocy, fox news, he pushed the president to define the top issue for democrats in the mid terms. roll tape. >> just hoping to clarify for

midterm voters, top domestic issues: inflation or abortion? >> unlike you, there's no one thing that crosses the board. ask me about foreign policy too. there's multiple, multiple, multiple issues and they're all important. we ought to be able to walk and chew gum at the same time. stu: governor, come back in again and tell us what you think is the president's primary focus. >> well, what he said just a couple of days ago was that it was abortion. codify roe v wade into law and that's the reason to vote for democrats next month. forget the economy, forget border security. none of those things matter, gasoline, groceries, not important. what was important is codifying roe v wade and gets pinned ands and says it's not one thing, it's a lot of things. we can chew gum and walk at the same time. quite frankly, i've watched him walk and i don't think he can

walk and chew gum at the same time and i think he needs separate moments because i've watched his speeches and goes from the podium and shakes hands with a ghost and wanders around till someone grabs him and shows him how to get off the stage. peter doocy asked him a tough question and he didn't have a tough answer. stu: governor huckabee, thank you for joining us. >> thank you, stu. stu: both parties criticized for not doing enough to connect with female voters. susan: 32 point swing from independents moving to the republicans for the female vote. now, it really depends on demographics. we had a recent poll by the aarp that found that women over the age of 50 are the more energized voting blocks. # 4% of them say -- 94% of them plan to vote, a little over half

say they're undecided right now and you have to remember they're strong voting block and account for nearly a third of the ballots in 2020, 2018 representing 25% of registered voters, and they are sticky. they plan to cast that ballot. 80% did go to the polls and showed up to cast a vote in 2020. stu: i don't see how they're being neglected and that sienna poll showed there's a 32% swing in independent women voters swinging from democrats to republicans in six weeks. i've never seen a statistic like that before. susan:ive looked at topics of interest and number one is inflation then economy and abortion came down in the power rankings to number one. stu: all the way down. i don't work out why we're neglecting or politicians are neglectiing that. susan: talk about family issues, female issues.

stu: got it. thank you, susan. later. check futures please. where are we now? 19 minutes to go. mixed picture, dow up 30, nasdaq down 40. got it. coming up, jamie dimon and jeff bezos warning of a recession and the white house is pushing back. >> because of the economic plan, we're in a better place to deal with the global challenges. the president was very clear, he doesn't anticipate there being a recession. stu: doesn't anticipate there's going to be a recession, if i recall correctly. the president called inflation transitory. there's this, mike pence says the u.s. must support ukraine "until russia relents and peace is restored". some republicans want to limit arm sales to ukraine. congressman mike gallagher on the house arms service committee and on the show and i'll ask him where he stands on this. congressman gallagher, next.

stu: dow up 50 and nasdaq down 45. power restrictions implemented throughout ukraine today after russians continue to target the country's power plants. trey yingst in kyiv, what's the latest? >> stuart, good morning. much of ukraine is without power and russian attacks on civilian infrastructure continue. anton toast bread over open flame and one of millions of ukrainians suffering amid ongoing attacks of the infrastructure. the situation is like this,

anton says, no electricity, no water, no gas. we are cold. inside the shell of his apartment, windows broken and his disabled mother huddles beneath a blanket. it's really cold now, she says. if it weren't for my son, i would freeze. a third of ukraine is without electricity according to president volodymyr zelensky. in recent days, russian forces ramped up ataxoon the country's -- attacks on the power grid and today a nothnationaleffort for curb elee went into effect and wood is becoming a precious commodity and bracing for the bitter winter i head. i have arms and legs one man said and i can find wood to heat the stove. further south, russian troops firing missiles at one city. we spoke with the mayor of the city, who said the russian

strikes destroyed the main water supply for the city and worries about the upcoming months. >> as soon as temperature will be below zero, we won't be able to give them water from water trucks because the water will freeze. >> there were more air raid sirens today in the capitol of kyiv. stu: the united states is consider ago plan to produce weapons with taiwan. how would that work? susan: okay, instead of selling $20 billion in weapons to taiwan they've sold since 2017, the thinking is why not use a technological advance expertise in taiwan to make the weapons instead. also the u.s. splice are a bit depleted shipping a lot of weaponry to ewe reigns leading to fight against that russian invasion and coproductive licenses from the states and defense departments. there might be some resistance but the thinking is the u.s. provides technology to reduce the republicans in taiwan or

producing in taiwanese parts. they're the premier number one maker of the word's most advance microchip so they know what they're doing. stu: nose go into advanced weapons and that's what he's all about. thank you very much. checking futures again, one more time. 11 minutes to go and mixed picture, dow up 60, nasdaq up 30, back in a moment. ♪

stu: report from heritage foundation says our military strength has been downgraded to weak. mike gallagher is a member of the house armed services committee and joins me now. congressman, i don't like the sound of this, declining military capability in the middle of a war and that's not something we want to hear, is it? >> no, if you dig into the data from this excellent report from the heritage foundation, the story is worse because the services that are performing the worst, the navy and air force, the air force is graded as very

weak, are precisely services that will be center stage if we find ourselves in a conflict with china. that's a maritime theater and air theater. this is bad news and the biden administration's defense budget would make this much worse. they're proposing to further cut the size of the navy to 280 ships by 2027. that's of course the target day. the chinese military set for taking taiwan and cutting over the similar time frame and woke agenda is driving people in droves out of active duty and we're entering a very dangerous period and window of maximum danger and if we're not careful and don't wake up, we'll find ourselves in a war we're not prepared to win right now. we need to abandon the woke agenda domestically and stop projecting weakness internationally. stu: one more subject. if your party, the republicans, if they win in november, are you going to limit military support for ukraine? you sit on the house arms services committee, if you win in november, it'll be a republican that chairs that

committee. some republicans do not want to give full support towards ukraine and push them towards a negotiated settlement. where do you stand? >> i think we should continue to provide them with lethal assistance, particularly the atacums the biden administration is dragging their feet on. we can bridge the gap with the provision in the defense bill this year that requires a full audit of all the aid we sent so far. we should dig in and understand what's working, what isn't, where is there waste we can eliminate. secondly we should demand our european allies step up and do more. we can't do everything ourselves and we need the germans in particular to fulfill propses and then going -- promises and going forward, we need to rebuild our munitions and trail base and we don't have the -- industrials base and we don't have the capacity to do that. the components of that and energetic materials are single sources or sole sourced to china in many cases so we need to rebuild freedoms forge, our

entire defense industrial base and they see a lot of unity in the republican party going forward. >> if you win in november, the republicans win, you got to spend a lot more on the military. that's my personal opinion and i think you share it. congressman gallagher, thank you for being us. we appreciate it always. >> thank you. stu: back to the market. obvious question, have we seen the bottom? >> stuart, we keep looking at this and asking about this and that day will come. i do not believe we have yet seen the bottom. the probability says we might go back one or two more times down there but here's the good news, we have seen a lot of even big money managers putting cash on the sidelines. so every time we get some good news, good news on inflation, it's not coming yet i'm afraid. but when we get the good news on the war in ukraine, all of those things, we have cash now to put

into the markets with the big, big institutions that we could get some lift here, maybe by the end of the year but i'm certainly looking in first quarter to have a nice rebound rally at some time, stuart. stu: congratulations by the way. last week you were on the show and said, hey, get out there and buy defense stocks like lockheed martin and i noticed that stock is up about 12% in the last seven days. anymore defense stocks you like? >> i like most defense stocks here, stuart. i would stick with lockheed despite the big pap up and they've been winning everywhere. they're f35 planes are selling outside of the u.s. and doing quite well all over europe. you can imagine they might want extra planes there and high mobility rocket systems are doing really well and they've been crushing it from a defense provider standpoint and it's something as you and the

congressman before me said, we really do need right now. stu: i'm still looking at treasuries, you realize that. i mean, the two year treasury pays me 4.57% as of this morning. what's wrong with that? >> not a thing, stuart, and i've given you before that one year treasury which gives you less short term price risk is just a couple of basis points below that in terms of yield. buy that 12 month and get same bang for your buck and less downside risk i. stu: i'm going to put my money into trade. >> i think right now tech is oversold. stu: i'm inclined to agree with you on that one.

hey, dean, last one you like, is that corteva? >> yeah, it was a crop protection system that was spun off from dupont and it's a really high flier and up 41% year over year and will continue to go up. we're going to need more crop protection, we're going to need more seeds that produce really highly. all of those things going forward, stuart, it's a good place to be. stu: crop protection. corteva. never heard of it before but i'll look at it. dr, see you again soon. we have 15 seconds to go and we'll start trading on this thursday morning. expect to see a little green for the dow and red for the nasdaq s&p. that last friday i was standing at the nasdaq site ringing the bell. fine moment. susan: with the royal wave. stu: that's right. i don't know how well that went down actually. we're off and running and trading. the dow has opened ever so

slightly lower -- no, it's up 43 points. look at dow 30 on your screens and kind of even split between winners and losers. s&p 500, where is that in the early going this thursday? it's down a tiny fraction, 4 points lower and nasdaq down 0.21%. let's have a look at big tech. i always like to bring you that. alphabet, apple, microsoft, meta up, amazon down, not much. several companies reported before the bell and i want to start with black stone. i own a sliver. susan: small. stu: very small and down one-third of one%. tell me. susan: these were better than expected quarterly results so distributable income and that's how you pressure private equity companies like black stone, that's primarily in real estate fell 16% from a year ago and that's because the stock market declines all asset classes are lower in value and if you narrow it down and drill down realize

held up better than expected and venture arm where they're into the high growth type of companies and they had to mark that more than anticipated. stu: black stone down about 140. susan: what did you buy in at? stu: 133. at&t? susan: doing well. up 4 almost 5% and 964,000 total subscribers and added more in the summertime anti-seek story tis pated and see -- than anticipated and they're guiding for $14 billion in free cash flow and that's the type of cash you need to hold to pay out $8 billion in dividends. however, if you look at summertime and the actual free cash flow, meaning the cash they have allotted to pay out, actually came in a bit light. stu: okay, it's yielding wow. to 6% at $16 a share. susan: yeah, that's the only thing propping up the stock.

stu: better than wall street analyst. susan: travel, american airlines up again. if we take a look at broader airline stocks, i saw another rally today and that's because summer travel boom continues and american equities from united and delta looking at strong bookings heading into the holiday period through the end of this year. stu: old tech as in ibm came out with upbeat outlook. susan: yeah, up 2.5. big blue and boring is good and better earnings on sales and profit and raised their outlook for this quarter in the fall and full year so big blue seeing that multiple business increments are improving and hyper-cloud. stu: good with that? >> i think ibm and renaissance are growth in terms of what you're seeing: this is all about cloud. you want to have a basket approach. old tech, new tech. what ibm is doing and arvin leading the way with strong

results. stu: i'm about to say modern big tech reports next week, all of them on your screen. susan: microsoft, apple, alphabet. stu: yeah, big tech, new tech. highlights please. stu: super bowl for big tech and in the white knuckle backdrop, it's better than theater results from the likes of apple, amazon, and microsoft as well. it's important in terms of what i've used a barometer for seeing green screens and techs and enterprise is holding up and apple is the one who knows it well. that's the one -- probably the most important stock to report during earning season. that's really the key. a lot of negative sentiment and iphone 14 is better than expected and that's the headline. stu: people always go at me, apple is a fabulous company. 200 billion in cash. why is it languishing at $143 a share way down from high of

$180? >> the worries are that growth is starting to decelerate and the boom is coming off the rose and remember, we've seen again and again with cook, money stroke continues to navigate and risk award here i continue to view as table poundered for next 12-18 months and these are times to own apple. stu: if i bought at 144, what would i get one year from now? >> a stock with 2 in front of it. getting through the period -- susan: here's the thing, as always, i'll be speaking to management, the fact that you're looking at iphone 14, the demand on the high end side, your pros and margins are in tact. people are willing to spend on the more expensive phones and that means apple makes more per hand set they sell. stu: are you out there next week for the big announcement? susan: i'm heading to a tech conference in laguna and back here on thursday and guidance

can see as always and only have three weeks till iphone 14 release and these earnings, the holoshopping period and -- holiday shopping period and guidance are more important. stu: snap, aren't they the one where your messages disappear? susan: yeah, after the bell, it's important. first big tech to report social media stock and pretty lobar so expecting a loss. remember the apple privacy changes already impacted social media, especially snap and of course advertising slow down in sales and growth. stu: i don't see snap and the growth and profitability comes from really. what am i missing? >> look, every quarter it's the boy that cried wolf and another problem and reason for missing the quarters. i would stay away from this in terms of head winds. susan: stock down about 90%. stu: yeah, exactly. thank you very much, everyone. susan and dan, thank you. go to the big board. we're six minutes in and up 25

points, that's it. dow winners on the screen please. ibm topping the big winners. dow with sales force back up there again. s&p winners, at&t up 6% now. wiynn resorts, quest, carnival corporation and travel is big and nasdaq headed by lamb research. don't know that . susan: that's a chip making name right there. stu: okay, always big. thanks very much. 10-year treasury yield and watching interest rates closely because they're going up. yield on ten year is now 417. check the price of gold. it is 16.35 per ounce and not doing much and bitcoin at 19,000 a coin and oil on the upside $87 a barrel and nat gas getting cold, who cares. it's down to $5.35. average price for gallon of regular is now $3.83 and dropped

two cents overnight and in california you're at $5.88 per gallon. coming up, an op ed in the new york times claims the effects of climate change can begin in the womb. we'll have a report on that. how about a chalupa and ev charge and chargers in over 100 taco bellow indications and the cost of living keeps rising and more people struggling and what the majority of people are doing to make ends meet. we'll be back. ♪

stu: here we government 11 minutes in trading session and dow down 20 and inflation forcing more people to look for a second job and how extensive

is this? susan: pretty extensive and talking 50% and holding multiple jobs in order to keep up with inflation. stu: lookers out there are considering a second job. susan: that's correct. according to to the survey, 38% have looked for second job and additional 40% plan to do so and this is a survey of thousands of workers looking for counter inflation and looking for a fifth with a area that's cheaper and 13% looking for cheaper places to move to. it makes sense as labor department says real wages are down about 3% per hour especially when trying to tackle 8% inflation and they go up by 5% and that's pretty obvious and i feel working parents and nearly 70% of working parents are the ones concerned with rising expenses. stu: thanks, susan.

now this, last year retailers of crime spike more than 26%. knowned by matt shea and chief executive of national retail federation. matt, i want to know what retailers are doing to organize shoplifting and seen it countless times on the program and what are you gone to do to get to stop it? >> stuart, we're doing everything we possible can and need enormous help on this and it's a gigantic problem. $100 billion in losses -- stu: i know, but what do you want? >> two pieces of legislation in congress and one is the inform act that would require online marketplaces to provide more transparency about the source of the goods they're selling. so we can reduce the amount of counterfeit goods that are sold online marketplaces and the other is the organized retail crime act, which would put law enforcement together at all levels, federal, state, local, department of homeland security and share resources and i'll tell you this is a $100 billion

problem, it's grown dramatically in the last years and responds saying this is a real problem and not only for the communities and consumers but the employees in the cities in the urban areas and that's extraordinarily challenged. stu: you call theft shrinkage. i'm told that in some cities in america, shrinkage is 20%. you're losing 20% of what's in the store to theft .s that accurate? >> that's true. we had a group of retail ceos together this week and many leaders from major retailers from across the country and right behind concerns of the economy and strength of the consumer and monetary policy and federal inflation and number one issue is organized crime. it's hurting cities and urban areas and employees, team members and we need a really coordinated effort and we need a day in washington and retail crime day and crime fighters and hundreds of contacts with

members of congress to push the legislation. stu: that's fighting organized shoplifting as i call it. what about the disorganized stuff that you see in california where it's only a misdemeanor if you're walking into a store and walk out with $900 in stuff, that's a misdemeanor. >> it's a huge challenge and working with local and community partners and state legislature and people across the country with the last years taking a different approach to some of the victimless so called crimes and they're not victimless. they hurt employees, associates and moral and the communities. it's a national issue with local partners continuing to have conversations like this one and making you realize how terrible the challenge is and pressure on local officials to fix this. stu: last one, i want to end a bit positive. as i understand it, there's an oversupply of some products coming to the markets this holiday season.

the supply chain problems are being fixed and there's an oversupply. i'm expecting significant discounts. am i going to get them? i think you're going to get them. it's a more promotional holiday season we've seen and up 7.5 retail sales this year on top of 15 last year and we're in place to do 68% this year. stu: does that account for inflation? >> it does and really not nominal and combined there's real growth including real growth here. stu: very informative. 20% shiningage. susan: steve likes his discounts and bargains. stu: mr. shea, thank you for being here. >> appreciate it. stu: e-mail questions, comments, critiques to varneyviewers@fox.com. next case, democrats across the country at the last minute facing imminent defeat and scrambling and i'm calming democrats out in my take at the

top of the hour. ♪

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and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... add a line to your existing plan, or see for yourself how easy it is to save by talking to our helpful switch squad at your local xfinity store today. first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. stu: president biden was asked

if hysteria tinlike petroleum release is politically -- his strategic petroleum release is political motivated and he gave some pushback. susan: i found it interesting, his reaction. listen to it and react on the other side. >> what is your response to republicans who say you are only doing this as pr release becausn the midterms? >> where have they been the last four months? >> is it politically motivated, sir, just before the midterm s? >> look, i've been doing this for how long now? it's not politically motivated at all. it's motivated to make sure that i continue to push on what i've been pushing on and that is making sure there's enough oil that's being pumped by the companies. susan: you saw the reaction in oil price instead of going down with 50 million-barrel release, it went up and went up again today and the gop wanted the pipeline to be approved and up and running today and piping oil

and gas from canada and it's about whether or not the release would do anything. stu: hit $70 million and stop buying and the price goes back up again. susan: $70 is double what it was back in 2020. stu: that's right. bring in anne bradbury and from the economic council. anne, i don't want to talk abot the strategic petroleum reserve but why domestic is growing so slowly. why? >> there's a number of factors straining the production today and first, the administration is correct that we need more supply in the global marketplace to keep energy prices low. we think that it is supply coming from domestic production, not from the strategic reserves. stu: what's holding it up. if you want to pump more and drill more and frack more,

what's holding you up? >> a number of factors straining and some include bad policies from the administration. this federal leasing policies are abysmal and under the obama administration, they had held 10 times as many lease sales just at this point of their administration than this administration has. they campaigned on shutting down production on federal lands and they're effectively doing it. permits are slowing down, you also raised the keystone pipeline. they're canceling pipelines and it's very difficult to build infrastructure today and makes it difficult to transport to markets that need it most. stu: will this add menstruation try to -- administration try to drill more, frack more and get more oil. what say you? >> i hope they do because what we know is domestic production

has reduced energy prices for american families and businesses and even with prices up, america continues to enjoy some of the lowest energy prices in the world. we can do more and we can do better. stu: karine jean-pierre at the white house said you're sitting on these 9,000 leases and doing nothing with them. what do you make of that? >> that is a complete red herring to distract from the fact that this administration campaigned on eliminating federal production of oil and natural gas. the fact is that industries producing at a higher rate than they have in two decades, two-thirds of federal leases are producing, and the fact is the department of interior is sitting on thousands of apds permits waiting approval and will increase production on federal land and shows a fundamental misunderstanding of how oil and gas leasing on federal lands work. stu: real fast, before the

pandemic back in the trump years, i believe america was producing almost, almost 13 million barrels of oil a day. when will we get back to that level and exceed it? >> we're projected to get back to that level at some point next year. again, we are facing a number of constraints but as -- the industry is continuing to add rigs and continuing to increase production and will continue to do so next year, we should be back at record protection next year. our biggest basins in the country are back at record production and hope to see that in the country next year. stu: anne bradbury, we appreciate it. thank you, dan, for stick around for a full hour. >> i enjoyed it. stu: i'll fix that. susan: especially on tesla day. stu: yes, on tesla day, good to have him. dow up 185 points and nasdaq 43 points and green on the screen.

still ahead, ben dom niche, jeff and jay robertson, carol markowitz, they're all coming up in the 10:00 hour, that's next. ♪ ..