life and maria i'm grateful for your friendship back in 2015 thd on television was with you. i was a nervous wreck and you taught me so much over all these years so i'm grateful to be your friend. maria: i'm grateful for your friendship as well thank you for that. chris what about you? >> oh, my god it's like being at the oscars, and you got to so many people you've got to thank and be thankful for. my wife, my kids, i work with my brothers, this is great. my mom down in florida, my mother-in-law. i can go on and on. there's no end to it all of my clients that have made my life so great . it's just the experiences that we're able to have and you're so right, when you point out things are going bad you just got to focus on what you're thankful for. maria: isn't that wonderful you're overflowing with grateful ness. morgan ortegas, case markowski, have a great day, "varney" & company begins right now. stuart: i'm grateful for my american passport, good morning beings maria, and good morning, everyone. you knew that was coming. it's the week art mid-terms and the week after a big market

rally. here is the state of play this monday morning. the democrats have control of the senate yes they do. one race left, georgia, decided on december 6. even though it is almost a week since the vote, it is not clear who will control the house, but the socialist block has gained a lot of ground. the democrats are jubilent, president biden shows no reason to change course and the republicans have only limit ed power to roll anything back. there is division at the top of the gop. donald trump facing criticism, his candidates in key states lost, some republicans open the calling for new generation of leadership. trump's expected to announce his run for the presidency tomorrow. gop leadership in congress also facing challenges, in the senate mitch mcconnell's leadership questioned by trump supporters. same in the house. kevin mccarthy's bid for speaker facing the same trumpian opposition. democrats delighted, republicans divided this monday morning. to wall street, that means gridlock and that seems to be

pretty much okay with investors. the dow is down maybe 50 points at the opening bell but have a huge rally last week. the s&p down maybe 12 and another big rally last week and the nasdaq it was up a whopping 8% last week, best week in years this morning it's down only 60 points. bitcoin quoted at the $16,000 level. the whole crypto industry in turmoil after the collapse of ftx between 400 million and $ 1 billion missing. a criminal investigation of its founder sam bankman-fried has been opened in the bahamas. the head of binance, the largest crypto exchange, says the industry needs regulation and he's talking about a crypto recovery fund. turmoil at twitter. new owner elon musk has reportedly cut thousands of contracts without warning. he says bankruptcy is possible and he's telling spacex his own spacex company hey, buy ads on twitter. xi-jinping and president biden met face to face in bali,

indonesia today. xi developed a stern opening and looked like he really wanted to be in command. our president looked friendly. he's holding a news conference right now. we'll tell you what he said. it is a very big day. it is monday, november 14, 2022 "varney" & company is about to begin. ♪ stuart: here comes your man, how appropriate. look at that, a deserted monday morning on sixth avenue, new york city. people work-from-home on mondays , that's the way it works in new york city. now, we are waiting for president biden's speech following his meeting with china 's xi, we'll bring you all of the latest after he starts his speaking, and it looks like it's about to begin. senate majority leader schumer,

well no surprises he is celebrating the democrats success in the mid-terms. roll tape. >> the american people said even if they didn't agree with us on the issues, said the other parties being taken over by a group that doesn't believe in democracy. well this election is a vindication of the deep roots our democracy has with the american people. stuart: well you know that needs an answer, and matt schlapp is here to do the answering. matt welcome back to the program , good to see you in new york. >> can i say something about that? stuart: please. >> you know what the definition of a democracy is? the person who gets the most votes gets to win. in both the house races and the senate races, the democrats got below 50% of the votes, across this nation. they seem to win all of the close races. that's really not democracy. so we have to look at this like how can chuck schumer walk out there and say this was a victory of democracy when his candidates got less than 50% of the votes. stuart: well they are celebrat ing. >> they are. stuart: are the republicans

depressed? >> i think the republicans know that the big red wave that seemed to be that i predicted in all honesty that was seemed to be there in the polling was definitely there in the issue set, stumbled and why did it stumble? well it looks like despite getting 53% of all of the votes for the house and 51% of all of the votes for the senate which should result in us winning at least 50% of the close contests every contest that went into extra innings, they are still counting in arizona, we seem to lose almost every single one of them. no transparency. stuart: are you implying some kind of irregularity? >> i'm implying a lot of the states regularized the corona voting where you mail out the ballots and you have ballot harvesting where essentially i can vote for multiple people and turn them in. all those new processes in voting, the democrats ran the same play in 2022 they ran in 2020, in pennsylvania, in michigan, in wisconsin, and all these important states, and so a lot of republicans are wondering how can you get more votes but

yet lose so many of these races? stuart: okay. the republican party is clearly divided. it's trump versus the rest. who are you with? >> you know, i run a group called cpac and we're going to get together and we're going to decide. i think president trump if he wants to run for the presidency, he absolutely should run. by the way other people want to run, they absolutely should run. the question we face this week is what do our congressional d.c. republican leadership do in the face of this election? i've called for a delay in these leadership elections. fingerpointing is natural after you kind of blow an opportunity like we had and we ought to know actually what happened before we elect these leaders in both the house and the senate, and as far as president trump running for the presidency i think it's a huge mistake for these people saying that somehow he screwed up the mid-terms. the fact is is that we had several senate seats, we could have picked up if we made earlier investments. we got into a fight about whose money it was coming out of. you know what a republican

activist cares about stuart? they don't care about whose account it comes after just spend the money and win the race stuart: do you think trump can win in 2024? >> it's possible. it's very possible, but let's face it. it's bucking history. we've only had one other president that's been able to achieve a second term after los ing an attempt for a second term so it would buck history if it happens it's going to be pretty phenomenonal. stuart: it was great having you in new york, matt schlapp. >> it was nice to be here. how friendly your faces look and how happy everyone is. stuart: better than remote. thanks, matt. >> thank you, sir. stuart: elizabeth warren, well she is praising president biden for the role he played in the mid-terms. all right, good morning, lauren. what's she saying? lauren: the question that chuck todd asked her on "meet the press" is can democrats win against"normal republicans like ohio's governor or new hampshire." senator warren said yes because president biden's policies are not only working but they are also popular. >> the president's leadership put us in a position every

candidate, up and down the ballot, to talk about what democrats fight for and what we deliver on, and by doing that, we were able to address the values and the economic security of people across this country and it sure paid off. it paid off at historic levels. lauren: okay, his question had to do, and he brought this up, nbc's own exit polling showed republicans were favored on every issue, save abortion, but democrats, like elizabeth warren , are interpreting this mid-term success as validation for biden's policies. i think that's what you heard in that sound bite based on the question she was asked. stuart: okay the socialists gained a lot of ground. lauren: i'd give you that. stuart: thank you very much. i'll take it too. all right let's get to the cryptos, very much in the news these days. they are up, no they are down again, earlier this morning they just ticked up a fraction because the head of binance is suggesting a recovery fund for

cryptos but they slipped and now we have bitcoin 16, 700. they are way, way down after the collapse of ftx. i want to bring in jeff sica in on this. jeff is the guy who goes after companies and markets, i mean he just nails them. he's done that with what was it? twitter? >> twitter. meta. peloton. stuart: so and peloton let's not forget that how about the crypto s are they done? >> i don't think they are done, but if you look, if you listen to the media, if you listen to the reports, you'd think they are done and you would think that everybody whose invested in bitcoin is an idiot, when in reality, that the institutions, a lot of what i'd said about bitcoin in particular was once the institutions embraced it, they would open the flood gates and that's what happened but what else happened is you had a lot of scammers come into this. you had a lot of people come into this to try to capitalize

on the frenzy which is how you got ftx which is a company that went from a $32 billion valuation to zero. that, to me, is probably the biggest collapse of most any company that i could recall, so but i don't think it's over necessarily for bitcoin. stuart: not necessarily over. i just wonder whose going to buy that thing at the moment. would you put more money in there? >> in bitcoin? stuart: yes, now, as of now. >> well i would say and i said it from the beginning when i started buying -- stuart: you only put in what you could afford to lose? >> yes, exactly. stuart: i have a pick a bone with you. last time you were on the show, i think about a week ago, you said hey, sell meta and put the proceeds into disney. >> uh-huh. stuart: you got that wrong, because meta went up after you said sell it, and disney went straight down. do you want to have any second thoughts about this? i'm sorry to be nasty to you but it's monday. >> you have probably the best

memory of any person that i've ever met in my life. stuart: not true. >> but i would say that i think meta is a horrible company. i pray that meta goes out of business some day. they are a horrible company, horribly-run company. this whole metaverse is one of the stupidest things i've ever heard of. nobody understands it, so i stand by my recommendation to sell meta and buy disney. disney is still an iconic brand. they got their teeth kicked in on streaming, on the stream ing subscriptions but they are going to come back, they are going to regain their prominens in media and things are going to get better. stuart: only time will tell. we'll see what happens next week jeff sica, thank you, sir. check futures a tiny bit of red ink on the board after a huge up

week last week. coming up, democrats retain control of the senate and listen to what white house senior advisor anita dunn said helped the party. roll tape. >> when the president first started using the term maga republican back in may, a lot of people thought it wouldn't work but it was a very effective strategy. stuart: well, we're going to get into that for sure. president biden is speaking after his meeting with xi-jinping. he was the first meeting face to face since biden took office. did our president come off strong enough? i'll ask general keith kellogg after this. a must in your medicine cabinet! less sick days! cold coming on? zicam is the number one cold shortening brand! highly recommend it! zifans love zicam's unique zinc formula. it shortens colds! zicam. zinc that cold! everyone remembers the moment they heard, “you have cancer.” how their world stopped...

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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. stuart: today, president biden met with chinese a's xi-jinping in-person, first time during his

presidency. edward lawrence is in bali cover ing it all. edward what came out of the meetings so far? reporter: yeah, so far, we're hearing various items come out of the meeting, that match president joe biden's philosophy and wants going forward. now this meeting was designed to make sure the competition doesn't turn into conflict which is what the president is hoping. during the meeting the president says that he was clear, referring to president xi, and that president biden was clear, during that conversation. he's calling it candid. you see the last five times the president has spoke with the chinese president over the phone, this was face to face here is the president talking directly to president xi today. listen. >> we share responsibility, in my view, to show that china and the united states can manage our differences, prevent competition from becoming anything to near conflict and to find ways to work together on urgent global

issues that require our mutual cooperation. reporter: so there were a lot of items and tomorrow topics not on the table. the senior administration official says the president will not focus on the russian oil price cap for example. there are no guarantees would follow on to that cap. i had a meeting today with treasury secretary janet yellen. well she told me that she has not had recent direct conversations with the chinese about that cap. she says that it's the desire of the u.s. to have russian oil sold and the secretary believes that china will honor the price gap to get the best possible price. china is buying 66% more barrels per day now from russia since it invaded. now going into this meeting the president says he wants to find china's red line and go from there. administration officials say clarifying that this is not a position of weakness. >> the president has never been afraid to be forthright and candid with leaders around the world. that is not something that he struggles with. he will as he has been with president xi in the past, he

will be very candid and fourth right today. reporter: and the president's news conference still going on. we're told from that news conference the president said president xi was not as confrontational as he has been on the video calls so don't know if that's a shift from the chinese side. back to you. stuart: hard to say what's really going on. edward thank you very much indeed. general keith kellogg joins me now. general, how would you describe the state of play between the u.s. and china and does this meeting change anything? >> hi, stuart. first of all thanks for having me. a couple key things here came out of this and i know the press conference is still going on. when there's no joint communication, usually there's joint communication that comes out and also normally a joint press conference and they talk about two world leaders. that's not happening neither so this is more than anything else, i believe, a little bit of a photo moment, where you get some good optics out there but you don't really get some real hard decisions that are being made. my question if i was in the news conference today i'd ask really

hard questions of the president. did you bring up covid and the origins of covid? that's important. we had over 1 million americans die. it hammered our education system for the first time in 45 years, our scores in reading and math malt mathematics have gone down so where did that happen, why can't we work together, the second is the economic piece and the third piece is taiwan. what are you going to do with taiwan. he is very clear, he, president xi, is that they are going to unify china and that means take taiwan. what kind of message do we send to them? tell them to basically back off? it's a red line. i think we need to hear that from the president. we should never mirror ourselves and what do i mean by mirror ourselves? we should never assume their goals are the same as our goals. they're not. remember, president xi, is the same individual who was in the rose garden with president obama and was asked would they fortify the islands of the south china sea. he said no. within a year they were fortified. stuart: got it. >> i'm very concerned about

what's being said and i don't think much will come out of this meeting even though it was face to face. i think he was taking a measure of the man he, president xi, and we're just have to see where it goes in the next few months and year. stuart: let me talk about the war in ukraine. the russians retreated from kher son. president zelenskyy said this is the beginning of the end. let me change the question. are we going to let the ukrainians win? they are on the road to winning at the moment. are we going to let them win? >> honestly, stuart i don't think we will. i think if we intended for them to win, we would have been giving them the armaments they need well in advance of today. for example, they are just starting to get now what's called the natural advance missile system. we're slow in giving the high marks. here is what the russians did and it was very smart operationally. they withdrew from kherson, and they put a major river between their forces and the ukrainian

forces. smart tactical move and they also blew the bridge. the bridge is now gone, they can't get across so there's a major obstacle and they wait for winner. the russians sit where they are at and try to reinforce their forces after they train them and then it's a harder solg. when in the military operation, when on the offense, to culminate an operation as quickly as you can that's not going to happen now so we are kind of at a fault for that but so is the rest of the western world in not arming and pushing the ukrainians as hard as we should have to get ink across ne pro river and push them of kherson. i think what happened with jake sullivan going to kyiv, the national security advisor when he talked about negotiation sent a clear signal to the russians the americans don't want to keep this war going. if you send somebody to talk to the ukrainians like jake sullivan did and talk about negotiations trying to end this , you're not going to talk about winning the war. you don't negotiate if you want to win. stuart: i'd love to see a win frankly but general keith kellogg thank you very much for being with us sir, appreciate it always, thank you.

stuart: taiwan sounding the alarm on china's military actions recently. what are they doing? lauren: taiwan says china flew 36 fighter jets, anti-submarine planes and bombers near taiwan and 10 flew ink across median line in the taiwan straight that separates the island from the mainland. campaign of intimidation. the taiwan president is explicit ly rebuking this latest action and her mission in life is to ensure the island belongs to taiwan and that's some of her strongest statements yet. stuart: fair enough thanks, lauren. check those futures, please. it's monday morning, seven minutes to go. just a little bit of red ink on the left-hand side of your screen compared to a really strong bull market last week. we'll take you to the opening bell, next. ♪ ♪

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stuart: you know, there's only a little bit of red ink on the left-hand side of your screen after a big rally last week. sounds hopeful doesn't it? keith fitz-gerald with me this morning. no red wave, the senate in the hands of the democrat control of congress still up in the air, gridlock. the market seems to like it,

right? >> oh, yeah, and this is the interesting part is people are realizing that hey, there's still great companies out there and if the politicians are otherwise distracted inside the beltway, then good on them. everybody else can get down to business. stuart: what about the nasdaq? look at that for a second because it was up a huge 8% last week alone. that's a major rally. why? why was it up so much? >> that is something that we talk about all the time, stuart, which is that they have these stocks go right back to the head of the class. when there's even a hint that inflation is moderating, spending is going to resume, those are the stocks that are changing our world. that's why they are going to run so far so fast. it's just a taste of what's to come. stuart: a taste of what's to come? okay. tell me more. i'm intrigued a taste of what's to come. >> those stocks are going to rock it higher so much so that anybody gone to the sideline risks a very serious problem. we live in a time, stuart, where 90% of the data ever created in the history of humanity was

created in the last five or six years they cannot catch up if on the sidelines and this rally gets going without them. stuart: are you back into big tech big time? >> oh, yeah, absolutely. stuart: you are? when did you start buying? >> oh, yeah. couple weeks ago when the selling really got bad we started taking a look at what the world is doing versus the numbers. price simply divorced from value , stuart. stuart: what about nvidia? i'm not sure but i think they report this week am i right, do they report this week or have they already reported? >> they are coming up. they are coming up and here is the thing about nvidia. the analysts poo-hoo the caming and look for reasons to take it down. i'll put a couple hooks in the water, low ball orders if i can get it in the mid to low 150 s i'll be very happy because autonomous driving, data center all those continue to increase. stuart: can we conclude with gridlock is good? >> oh, yeah. gridlock is not only good but probably great if you got the right stocks. stuart: wouldn't you have rather had a red tsunami?

>> personally, yeah, i probably would have just for my own personal political beliefs, but you know what? i'm not going to, i don't have the luxury as an investment strategist to pick that. i have to look for the opportunity. stuart: very true. keith thanks for joining us always a pleasure we'll see you again real soon. what we got now about 20 seconds to go before we open the market this monday morning? >> [opening bell ringing] stuart: i just want to remind everybody last week was a great week for the market, especially the nasdaq. we just talking to keith there and the nasdaq was up 8%, actually a bit more than 8% for the full week. i've not seen a week like that on the nasdaq or any other market for a long time, 8% is good. not much of a pullback this morning. we're about to find out how much of a pullback there might be, because here we go. trading has begun, it's novembe. to the downside right from the start, but again, not that much, one-third of 1% lower, for the dow industrials. when they opened up i'll tell you whether they are up or down , but so far, not much

action. the s&p 500 is down about a half percentage point again that's not a huge sell-off. i want to see the nasdaq. where is that this monday morning? after such a huge rally last week, it's down what? three-quarters of 1%. 85 points, 11, 200 is the level. the big techs all of them down, i see microsoft down 2.5%, amazon is down 2.6%, minor losses for apple, meta, and apple but you know, on this monday morning, after last weeks action and the weekend action i've got to talk crito. right now we have reuters reporting that $1 billion worth of ftx's client funds has gone missing. the bahamas is open to criminal investigation. our crypto expert is susan and she's with us what's the latest? >> well the latest is i was just listening to binance's founder, richest man in crypto, just answering questions on a twitter space's 30,000 plus up to 50,000 were listening on that twitter spaces this morning, and

that's just how much intrigue there is in cryptocurrency. i do want to note, you just talked about the stock market declines we're seeing this morning. do you think that there might be some crypto contagion given that bitcoin fell over the weekend? we had billions of dollars being pulled, and that means when you have losses in one asset class you have to sell to makeup for another asset class possibly with stocks, but i'll tell you that cz in this twitter space, didn't hold back. he literally outright called sam bankman-fried ftx's founder a liar. this says he says this is not an industry-wide problem. this is an ftx sbf problem. now ftx's bankruptcy filing shows there's only $900 million in assets, liabilities of $6 billion-plus, cz trying to step in here saying that we are trying to form an industry recovery fund to help projects who are otherwise strong, because there is this contagion cascading effect that's taking place right now. there are projects that have

nothing to do with ftx that are on the brink of going under with the crypto slide that we're seeing. look at the coinbase, the marathon digital. you know, a lot of people in the industry that i spoke to over the weekend are very concerned about the discrediting this means for the industry and how long it's going to take probably years for this , the industry to recover after this. stuart: i have to ask, who would buy, aggressively buy a crypto now in this turmoil situation? >> that's interesting, because i had that same conversation as well. so i think we need to also understand that we're talking about an exchange, which is different. the exchange or pipes infrastructure, this is not direct bitcoin or ether that we're talking about and look where bitcoin is. you're still holding at 17,000, or 16,000. there's a total collapse we be back down to the lows before covid at $3,000, so if we can also just bring up how much was taken out of those crypto markets because i do have a number for you.

roughly around 3.7 billion was sold out of bitcoin this weekend , yeah, 2.5 billion sold out of ether and $2 billion in stable coins were sold out. stuart: that's the sellers, that's not theft. that's the sellers? >> sellers because again, there's no faith in the industry after this what some people are calling an outright fraud, from ftx, where he was funneling money, client customer money on an exchange to his own personal risky hedge fund and not telling clients with transparency. stuart: i can see a movie out of this. >> by the way you know michael lewis is writing a book. famous for the big short and actually i had drinks with him in the bahamas at the ftx conference and i was just watching him and talk to people, just finding the nuggets to put newbies book. it's going to be fascinating. stuart: got to get to the stock market real fast, amazon has bad news coming from i think bank of america. >> yeah, so it's no longer part of bank of america's u.s. 1 list but they are still calling stock

a buy. you also have jeff bezos this morning telling cnn he's giving away the majority of his $124 billion wealth in his lifetime, but bad news here, german anti-trust widens the amazon probe. also, he is reducing their call to 103 for the stock, and the slowest sales growth in a holiday period upcoming to end this year. i'll let you know more. i'm heading over to seattle next month to talk to management. stuart: okay. i'll be in australia. >> lucky you. stuart: now elon musk was at the g 20 meeting. >> that's right so he beamed in , wearing his indonesian batiq ue, being very culturally appropriate. so what he said in that is he worked seven days a week, too many hours and saying he has too much work on his plate. now that's not good news by the way for investors, because when he runs three companies already, including a trillion dollar electric car company, and now he's added a $44 billion social media company, that has people thinking well does he have the bandwidth to run all

three by the way effectively. he also had a reuters report that tesla is considering exporting their shanghai-made electric cars to the u.s.. elon musk denying that but here is the good news is that ev sales jumped 70% this year. did you see that? because people were concerned about higher gas prices, but boa is cutting their price target to 275 on tesla. stuart: okay, one last one i think. disney's newest movie "black panther" >> wakanda forever. stuart: how much did it bring in >> a lot. $180 million for the north american box office over 300 million worldwide. second-biggest opening this year behind dr. strange or the metaverse. have you looked at amc? walt disney isn't moving much but amc theaters is chi rocket ing this morning, it was up close to, yeah, there you go, to almost 12%. talk about out performance, right? the reason why you're looking at disney maybe temporary some of the gains despite the huge box office open, disney is freezing hiring, cutting jobs, possibly.

you saw in that memo from bob ch apek, and spending way too much on streaming but it'll be profitable by 2024. stuart: that your kind of movie? >> wakanda forever? absolutely. i love black panther and i'm a big fan of chadwick boseman. the former star that left us too soon. stuart: susan thank you very much indeed. we will see you shortly i believe. check that big board, in business for all of six and a half minutes and we're up about six points. not much movement this morning. all right look at the dow winner s whose the top of that list? merck is there, j & j, amgen, chevron, united health is the winners on the dow. s&p 500 is biogen, moderna, merck, eli lilly. i see a lot of drug and vaccine companies. nasdaq winner again, biogen, advance micro devices, amgen. >> amd got two upgrades i'll tell you more later on. stuart: up she goes 2%. thanks, susan. coming up, crime so out of control in seattle, that one coffee shop no longer accepts

cash. we'll hear from the owner. and i have to ask her whose to blame for this crime spree in seattle? and now that the mid-terms are over, speaker pelosi is turning to 2024. roll tape. >> so do you think president biden should run again? >> yes, i do. he has been a great president. he has a great record to run on. stuart: great record to run on. okay, what about crime, inflation and the border? we will get into it and we will be back. going down the only road i've ever known, like a drifter i was born to walk alone ♪ it's nice to unwind after a long week of telling people how liberty mutual

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that's down a little from last week, but it's still what, up $ 0.30 from a year ago. gasbuddy patrick de haan is with me. i want to start talking about home heating oil. it was up 20% in october alone. that's frightening to a lot of people. how much higher is it going to go? >> well, stuart, at least for now we have seen some improvement in home heating and diesel prices, we saw a little bit of supply coming into some of those critical areas in the upper new england states, at the same time in the lower atlantic states declined, so i'm hopeful that potentially we're rounding a corner here, where refineries are starting to come out of maintenance and we're keeping an eye on one refinery in europe that supplies a lot of diesel into europe, 400,000- barrel a-day refinery in rotterdam that could see refinery workers go on strike of course anything like that certainly could accepted diesel prices higher but worth watching a little bit of good news like i said refineries starting to come out of maintenance and boost supply.

we did see distill its draw last week, but still it's extremely expense ever, stuart, to heat your home with heating oil this winter. stuart: especially if it is a very cold winter i take it. >> absolutely right. we saw the six-to-10 day outlook coming out from the climate prediction center looking like the entire country blanketed in cold weather, so not a good start certainly very bullish for natural gas and heating oil alike. it's going to be a long winter heating your home with heating oil. stuart: sure is. i am told there's been a drop in demand for gasoline. is that accurate? >> that's right, stuart. we continue to track seasonal declines, in fact gasoline demand last week according to gas buddy data down another four -tenths of a percentage point after a big 3.5% point drop last week. gasbuddy pegs gasoline consumption at roughly 8.3 million-barrels a day, last week's eia number was much higher, their implied demand metric at about 9 million-barrel s certainly very

overstated, for another interesting point, diesel demand according to gasbuddy and this isn't retail channels was down almost 5.5% to 6% so a drop indicating that high diesel prices certainly could be hurting demand. stuart: so in the immediate future, it doesn't look like we're going to go back to an average price for regular of $4 a gallon. >> i'm hopeful that we'll be able to avoid that for a good portion of the winter as demand does continue to climb into the colder months but stuart that's still a possibility as prices will eventually go backup next spring. stuart: quick question about electric vehicles. i see them on the road everywhere these days especially california and the ev sales are way up. has that cut into demand for gasoline? >> well, maybe just a slight amount, stuart talking about potentially a million to 2 million ev's on the road today , but certainly with a lot more interest and more manufactures producing more ev's this is going to be more of a conversation down the line, but for now, ev's not really having

a significant impact on gasoline consumption yet, but very soon. stuart: got it. patrick de haan, gasbuddy thanks very much for joining us i'll check in with you again later. thanks very much. some buildings in new york city are now banning electric bikes. okay, what's the problem? lauren: they go on fire. glennwood, they manage about 26 high-rises here in new york city , luxury high-rises are telling their tenants you can't own them or keep them anywhere in the building. not in the room where the bikes are. not in your apartment. so the fires are caused by the lithium ion batteries. they don't always meet safety standards. fire officials say they are the cause of at least 200 fires this year, in new york city. six deaths and 130 injuries this year alone. stuart: just something in the batteries? lauren: yup. stuart: they don't have to get wet or anything, there's just something in the batteries? lauren: not that i know of. that's a major warning and that's scary. stuart: it's hard to put the fire out because it's a lithium battery and they don't

get put out easily. lauren: right as we saw in florida, in the aftermath of the hurricane. remember that video? stuart: as i walk around new york city these days you can get run over by the electric bike delivery guys they are all over the place. lauren: they are relatively cheap, you can get to where you want to go fast but this is certainly a risk. stuart: you don't have to pedal but now you can't put them in your apartment. we got that one. volvo has an announcement on the pricing of their electric vehicles in the future. what's the price? lauren: volvo says by 2025 the price of an ev for them costs the same as one of their gas-powered cars. that's a bold prediction because 2025 is right around the corner, and the batteries the most expensive part of an ev. you see lucid, rivian, their stocks are down big spending this insane amount of money just to get supply. i'll give you one quick example. battery grade lithium carbonate costs last november $28,000 for a certain metric of it. that same amount now $85,000. so the cost is astronomical.

stuart: but at the moment electric vehicles are more expensive than gasoline-powered by a significant amount. lauren: yes. stuart: volvo says they are the same price in 2025. wishful thinking. lauren: yes but also their goal to in 2025 have basically all of their production either be ev or hybrid. stuart: that's scandanavia for you. highest penetration of electric vehicles anywhere in the world is norway. lauren: yeah. stuart: 60-70% -- lauren: tell me the percentage? stuart: 60% of the vehicles on the road in norway are electric vehicles. that cars that is. okay, whose that on the screen? i'll tell you. democrat congressman jamie raski n, he's floating a suggestion as to who should be the next speaker of the house. it's someone you would not expect. roll tape. >> one potential candidate whose name has been floated is donald trump himself, because the speaker of the house does not have to be a member of the house. stuart: that sounds like a tongue-and-cheek democrat

suggestion if you ask me but we're going to dive into it nonetheless. trump is the speaker can't believe it. country music star dolly parton awarded the courage and civility a war giving $100 million and we'll tell you what she's planning to do with the money. here you come again, looking better than the body has ♪ the all-electric 2023 chevy bolt euv. 247 miles of range on a full charge. america's most affordable ev. evs for everyone, everywhere. chevrolet. - my name is mary tallouzi and i'm a gold star mom. daniel was a helicopter electrician. he was very proud to be a helicopter electrician because his uncle was a helicopter mechanic

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stuart: the cryptocurrency craze i mean has he got much longer to run. reuters reports at least $1 billion worth of ftx' customer funds have vanished from the collapsed crypto exchange. kelly o'grady with us. kelly? where exactly is the guy at the center of all of this , sam bankman-fried? reporter: well, stuart, physically he's in the bahamas according to a text message that reuters received but figuratively he's at the center of an absolute disaster that newest bombshell as you mentioned 1 billion to 2 billion in customer funds reportedly vanished from ftx. the missing money comes after founder sam bankman-fried secretly transferred 10 billion

to another one of his companies to meet the debt commitments there, and so conservatives are questioning why the former ceo was allowed to carry on, noting his ties to the biden administration, one tweeted out this , "while the biden gang has been harassing and threatening elon musk and his companies, one of the worst scams in modern finance was being perpetuated under their nose by the second- biggest democratic donor to which musk replied, he was a dumb donor so no investigation." it keeps getting worse though, ftx now dealing with a hack as well. consumers asked to stay off the site after roughly 375 million reportedly has been stolen, and of course, there are larger implications that go beyond ftx. we've seen the cryptos plummet and this catastrophe undermines consumer confidence in the currency. >> and the big drum that's beating right now is telling people to get their money out of exchanges, out of platforms, and because we don't know how great the contagion is. we don't know which platform is

the next, pause withdrawals potentially implode. reporter: so this unraveling gives ammunition to lawmakers that want to regulate the industry which when done right could be good but goes again the core of a decentralized currency. stuart: thanks kelly good stuff see you later. check those markets, please. 25 minutes worth of business, mixed picture. nasdaq down, just over 1% and dow up a tiny fraction. check out the 10 year treasury yield, please. that treasury bond market open again. 386 is the 10-year treasury yield how about that? the price of gold is 17, 071 starting to move up a week ago it was about $100 less valuable but better move on to bitcoin have a look at that. we'll spend a lot of time talking about the cryptos because that industry is in absolute turmoil. bitcoin down to 16, 600. the price of oil down to $87 a

barrel. the price of nat gas up as temperatures fall, especially in the northeast, nat gas used for heating homes, up 7% this morning. as for gasoline, as we heard from gasbuddy guy patrick de haan, you got an average of 3.77 for gasoline. that's actually slightly lower than last week. the price of diesel holding up 5.35 per gallon, that is the national average. still ahead, jason chaffetz, christian whiten, sean duffy and miranda devine. the 10:00 hour of "varney" coming to you next. ♪ ♪

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