>> i thought the same thing. i will go on the low end. 81%. david: 81. i to on the high-end, 93%.e num? >> what? 93% of americans celebrate >> you say you celebrate christmas. david: good news. it is such a happy, happy occasion. >> driving around looking at christmas lights means you celebrate christmas? david: not that much merry christmas on the dow right now, down 80 points. nasdaq is down full percentage point. hopefully markets get into the spirit of things. come on, folks, let's do it. gerry baker in for neil cavuto. we'll see what happens.

gerry: thank you very much for all of that. welcome to cavuto "coast to coast" i'm gerry baker from "the wall street journal." in for neil cavuto. markets continue to weigh recession risks as you just heard in the last full trading week of the year. what to expect for the rest of 22. we'll follow all the moves. and, extreme overcrowding still at the southern border. el paso is forced to declare a state of emergency as thousands of migrants flood into the united states. how the situation could get much worse when title 42 expires this week. plus, a white christmas could mean a logistical nightmare. how a major winter storm could halt holiday travel across the country. that is all coming up on "cavuto: coast to coast." but first to our top story, elon musk has been polling twitter users whether he should stay own as the company's ceo and self-proclaimed chief twit.

the majority has apparently no, he shouldn't stay on. in fact he should be shown the door. fox business madison alworth joins me now. madison, he did say he would abide by the results. is he going to? >> reporter: gerry, definitely what he said but at this hour we're awaiting for official word from musk. it has been six hours since elon musk tweeted the poll and it closed. that we'll decide the fate of him as twitter ceo. the company he bought $44 billion a few short months ago. the results of that poll, 57% of roughly 17 million accounts voting said he should leave his post. we're still awaiting for that the official response. he posted this shortly after the poll went live, saying quote, as the saying goes, be careful what you wish as you just might get it. one group who might be happy about the results of the twitter poll, tesla. shareholders, they're really happy although we're seeing it is down. many have been voicing their frustration over the distracted

ceo. tesla's stock initially up on the news. but as you can see now down a bit. it has been an eventful weekend for musk. cameras spotted him at the world cup soccer. the rumors he did have a ceo picked out, musk claimed there is no successor to the social media company on twitter. since taking the helm, we talked a lot about the purchase. there has been controversy. he has become under fire firing a lot of staff, suspending journalist accounts, most recently suspensions across the platform given to promote competing platforms. all eyes on twitter. specifically own musk's twitter to see officially when he comes out to make his cities. gerry: madison, if he stepses down he controls the company. nobody expects significant change there really? >> reporter: he owns the company. given his behavior you suspect he has a role it would be big change in terms of ceo. gerry: thank you, madison.

tesla shares are trading a little lower today after they initially climbed on the twitter poll. we have capitalist pig manager jonathan hoenig. jonathan, as we heard investors were expected to be pleased about the possibility that elon will step down from the twitter ceo. tesla shares have been trading down sharply over the last couple months as he become increasingly embroiled in twitter. what's the reaction if he steps down, most likely the implications for tesla? >> even, gerry, great to be with you. if elon steps down the thrill is gone. elon musk reminds me very much of icarus, the mythological god who flew too close to the sun, his wax wings melted. he is falling to earth now. you mentioned the stock, tesla is where the wealth has come from, the ability to buy twitter. it is down 63% just this year. it needs 163% to get back to even. the elon premium is gone.

a lot of that is these antics. we've never seen that in american business, a ceo publicly voting on what is company should necessarily do. to me as an investor this guy doesn't have a vision. that is contrary to where elon is been a businessman. he is not only looking for outside investors but a professional to take the helm. gerry: the question about musk does very a vision? a lot of conservatives pleased what he has done. he opened up the twitter files. we'll talk about that in a minute. showing extraordinary degree of bias beforehand. he is suspending journalists. more that it will be a free speech platform, a lot of liberals are leaving. is it conservative platform now, what does he wants to do with it. >> honestly gerry, i don't think elon musk knows from that. what twitter was missing some objective strategy, a objective

curriculum, what would be permitted, what would not be, what types of groups. that is the hope that elon would bring that. he marketed himself as a free speech platform. that really didn't happen. over the weekend we saw journalists get their restrictions lifted, then put on back again. our own susan li on fox business i don't know if she has her twitter ban enacted. we see the whim worship element of ceo. that is no jpmorgan. you think of the great ceos of american business, they had a vision, they had financing, they achieved it. the fact that elon musk seems so behind the curve is just atypical of his history and i think by some investors even now are bailing on twitter shares. gerry: that must be concerning for a lot of company shareholders. jonathan hoenig thanks very much indeed. well the twitter files continue to be released and they show, the latest version show the fbi in constant contact with twitter executives from 2020 to 2022.

more than 150 emails were exchanged between the fbi and social media giant so-called safety team. fox business's hillary vaughn at the white house with that and a new drop of the twitter files just crossing. >> reporter: good afternoon, gerry. that's right. we're getting some new details. more internal documents from twitter being released by michael shellenberger, an author. this twitter dump focuses on the fbi involvement to discredit the "new york post" hunter biden laptop story. this dump today follows the release on friday from matt taibbi that showed how close and constant communication was between the fbi and twitter but the latest files released just moments ago hone in on the fbi's effort to discredit the hunter biden laptop story, the author tweeting this in twitter files number seven, we present evidence pointing to a organized effort by representatives of the intelligence community aimed at senior executives at news and

social media companies to discredit leaked information about hunter biden before and after it was published but from the release on friday, it was clear that the fbi was demanding even written answers from twitter over statements that they made about propaganda on the platform that made some twitter executives uncomfortable. independent journalist matt taibbi the contact between twitter and the fbi was quote, constant and pervasive as if it were a subsidiary saying between january 2020 and november 2022 there were over 150 emails between the fbi and former twitter trust and safety chief control roth. agencies like the fbi and state governments flagged social media content for action. one internal email between the fbi national election command post sent the san francisco office a long list of accounts that may warrant additional action. fbi agent passed to twitter

higher-ups. twitter replied with what accounts an tweets were suspended or deleted. this has gotten attention of the republicans who will take control of the house majority in february. they say they will use the subpoena power to get answer. >> we'll do more than just subpoena them. we'll change the course of where the fbi is today. if you look the fbi, every day we learn something more. they became and could private companies become a political arm of them? to go after individuals with no repercussions for individuals that know what's happening but it raises more questions. >> reporter: the fbi says their engagement with twitter was routine, saying in a statement, the fbi regularly engages with private sector entities, private sector entities independently make decisions what if any action they take on their platforms and for their customers. after the fbi has notified them but this latest release just this afternoon, gerry, clearly details an outsized effort by the intelligence community to

try to influence what is showing up on platforms not just twitter but other platforms like facebook. gerry. gerry: thank you, hillary, we'll keep an eye on the latest batches. latest reaction, vice president general counsel carl szabo. you carl, featured in that first batch of twitter files couple weeks ago, ones relate together hunter biden laptop story we learned you were talking to members of congress, look this is a terrible infringement of free speech f they block this, you don't want to be associated with this. now we're learning more and more about the fbi's role. we saw this latest release over the weekend of twitter files showing how detailed the fbi seemed to be involved in persuading at people to twitter to treat certain stories in particular ways. we're getting very last few minutes, latest information on the intelligence services. fbi, intelligence says this completely normal.

we're routinely warning public by this information. is this normal or something should concern us the way law enforcement and intelligence was getting so involved in such an important content platform? >> thanks for having me on. this should terrify every single american because this sounds much more like the fbi under j. edgar hoover where they were listening to everybody, recording calls, creating dossiers of people to hold them accountable. what we're hearing from these file release, what we're seeing, and it is not just twitter, it is coming from facebook as well, the fbi, the department of homeland security has been putting their finger on the scale pretty darn heavily. jonathan turley has got an op-ed you're seeing congressional democrats trying to force facebook to keep donald trump off. the government is very much involved to a very terrifying level what type of content is promoted, removed. it is very type of thing that not only goes directly against our freedom of speech, our first

amendment rights but is the type of actions that undermines faith in democracies and that is how democracies fall. go ahead. gerry: so, again as they say, look, it is our job as law enforcement to protect the country particularly from external threats. we saw external intervention in the election in 2016 with russia. we know there was foreign intelligence agencies were trying to intervene. it is just our job to insure that our democratic process, public discourse we have, the job to make sure it is not being manipulated by outsiders. all we were doing warning content companies like twitter and facebook they need to be doing it. what is wrong with that. >> safety and security have always been the basis by which governments and soon to be authoritarian regimes use to steal and control freedom of speech. it is something that net choice has been fighting against for 20 years. i spent the last decade of my life fighting against this type of government incursion to free

speech. now there is some good news f what they're saying is all aboveboard as representative comer said in your newspaper there is going to be hell to pay. there will be investigations once republicans take the gavel in january. they will haul the fbi, department of homeland security before congress, hold them accountable and if everything they were doing was aboveboard it should be fine but probably isn't. gerry: carl, what many of us find so surprising and disturbing, so many in the media, you outlined we should be concerned we don't know if 2 was improper or intimidation by law enforcement t doesn't look good. it is an important story, we need to know more about it. this is nothing. we'll not cover it. we're not interested. the idea a company can reveal the extent u.s. laws enfores manner end intelligence was involved in shaping decisions the mainstream media says no,

no, that is not an interesting story. >> let's remember "the new york times" published the pentagon papers. these intutions are very much in favor of holding government in accountable but which government? they were very big holding president trump accountable but not so much president biden. instead of reporting the story like your newspaper or fox has been doing, they're instead what, attacking the very journalists revealing this information. they're attacking matt taibbi, attacking bari weiss, not what they're reveal are or who they are. i don't remember reporters attacking reporters. reporters are supposed to report on the story. there has to be a good reason why they're ignoring it. because politics infiltrated the newsrooms as we all know. what i'm looking forward to, is not only congress holding them accountable but we have legislation in congress today that would put government pensions on the line if they put politics in front of serving the people. gerry: of course they attack the "new york post" back two years ago published original

hunter biden story. they refused to stand up for a very well-respected and well-known information reporting and publishing important information. thanks for joining us. >> thank you. gerry: last full week of 2022 is tough with a choppy session. we're following the moves and how recession could shape the next year. ♪.

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♪. gerry: some breaking news right now from the bahamas. former ftx ceo sam bankman-fried wants to see the indictment against him before he agrees to extradition. that is according to his defense lawyer speaking at a court hearing. he is expected to waive extradition from the bahamas. we'll have a live report on that next hour. but now stocks are edging lower to start the week, extending the last week's big selloff as recession concerns grow. joining me now, john lonski. thanks very much for being here, merry christmas, happy holidays.

stocks took a pretty big downturn after the fed meeting that fed chairman jay powell made it clear in his view and fed policymakers view they will push up interest rates next couple meetings and keep interest rates high. markets don't agree with that. they think we'll have a recession and fed will have to act more quickly. what is your view? >> i agree with the treasury bond market. right now the two-year treasury yield is 4.25%. when you're thinking of a two-year yield, the market expectation, what will the three-month treasury bill, ratings average over the next three years. they're coming up with 4.25%. the fed is arguing no. the federal funds rate, same as two month t-bill will reach 5%. the treasury market is saying fed, you're wrong. we'll have a sharp slow down, probably recession. there is no way in the world fed funds rates rises higher than

5%. gerry: what happened to don't fight the fed. >> in this case i will go with the treasury bond market. i think the treasury bond market will be proven correct. we'll look at a pronounced slowing of economic activity that could be underway right now, with a subpar holiday shopping season. you will see price discounting take place. you will see more in terms of layoffs. for some reason that hasn't shown up yet, in the payrolls number about, unemployment rate but it will. gerry: i guess the problem here, this accounts for tension between the fed and markets, yes, markets, most people expect there to be recession next year, slowdown but at same time inflation could remain quite high. we've seen inflation come off its high in the last few months. consumer prices above 7%. core inflation at 6%. fed wants to get inflation down to 2% that will take a lot of effort. the likely outcome we could have recession combined with continuing high inflation which puts the fed in a bind.

>> we're not going to 2% inflation overnight. we may have to wait well into 2024 before that occurs. nevertheless, i think as long as we have this recession, i'm talking about we need to have this recession to get out of this inflation problem, and at that point with more unemployment, that is downward pressure on wages, excess ininventorries, excessive product capacity, leads to price discounting by businesses, inflation cools off considerably. perhaps we're back to indisputable normal of 2% inflation by 2025. gerry: assuming we do have recession in 2023, let's hope not how bad will it be? we saw a brief technical recession at start of this year, two quarters of negative growth but unemployment didn't change. we saw a deep recession at the beginning of the pandemic. the fed expects unemployment to rise 4.25% next year that would

inform a relatively mild recession. what is your opinion, wide and deep or short and shallow. >> i think short and shallow following fed expectations drop quickly enough. you were talking about earlier inflation stays around. it doesn't drop as quickly as we like it to. in that case recession could be far more -- with aging economy, aging workforce there is not that kind of strength in terms consumer demand that will preserve business pricing power. my sense is business pricing power is going to disappear much more rapidly than currently anticipated. gerry: inflation for stocks there, hence why stocks are following the outlook for earnings is pretty rough for the at least the first half of next year? >> you're bound to go ahead to see a contraction by earnings next year. though when you look at

estimates of those equity analysts taken together, they still look for earnings growth which i think is ridiculous. i mean they're perhaps the only ones expecting growth by corporate earnings in 2023 they have to be down. they will move lower, as earnings contract, businesses naturally lay off employees. it is those layoffs, reduced number of workers, that leads to a reduction in consumer spending that ultimately cools inflation, hopefully, to the satisfaction of the fed and the credit market. right now the treasury bond market, doesn't seem to be tear bring concerned about runaway inflation. gerry: we are seeing you know, even though the unemployment rate, overall unemployment rate remains low, 3 1/2%, we're starting to see news of big layoffs, tech firms laying off. financial institutions goldman sachs announcing big layoffs. that will be a feature of next few months. >> you bring up a very

interesting report. look at jobs report, we had a nice gain by payrolls. if you look closely, 59% of new jobs, came from health care, education, leisure, hospitality. many of the new jobs are not the most attractive occupations you can come up with. gerry: bouncing back from the pandemic. >> right, that is all you're seeing. outside of that you're seeing relatively flat, much smaller increases by payrolls. i would expect that we'll see that 260,000 plus jobs we had in the month of november quickly collapse to maybe 100,000 and by the middle of next year it may disappear entirely. gerry: let's hope as you say, short and shallow. john lonski, thank you very much indeed. >> thank you, gerry. gerry: texas governor greg abbott is predicting total chaos at the mexican border with title 42 set to expire in just two days.

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heard president biden say, we have an open border, come on over, but people i have heard say it are you, are former president trump, ron desantis. that message reverberates in mexico and beyond. gerry: that was abc news martha raddatz there doing the administration's work and interesting to governor greg abbott that the president biden never encouraged migrants to come to the border as we're days away from the end of title 42. that end of that policy is expected to lead to a surge of 14,000 border crossings per day. we have rich edson. what is the latest. >> reporter: law enforcement officials say cartels are prepared to exploit the end of title 42, using expected surge of migrants to distract border agents and smuggle more drugs

across the border. agents say they are already too thin. >> supposed to be seizing drugs crossing the border illegally and we just aren't able to do that. every time we see a death in the united states because of fentanyl or any other opioid that comes across our southwest border we feel it. >> reporter: congressional aides say once title 42 ends the administration is expecting 15,000 migrant crossings every day double the rate over several months. the white house maintains it is working to confront the expected migrant surge. the cartels that would exploit it, specifically with the dea, focusing on the sinaloa cartel and new generation cartel. >> this is the kind of approach you take to organizations that pose a national security threat. we're using intelligence. we are using cyber means. we are using informants. we're using data to map the network and then attack it at all points along the supply

chain. >> reporter: that supply chain commonly begins in china with fentanyl produced there, shipped to mexico. over the last few years cartels have produced more in mexico, with the end of title 42, texas state law enforcement says they're preparing for increase in drug smuggling, especially fentanyl and methaphetamine. back to you. gerry: rich, just very quickly, while you're there, the administration title 42 expires on wednesday. the administration we just heard they are planning all kinds of supposedly enforcement actions to deal with the implications of it, but what are they planning to do about the actual numbers that will come across? they have talk about how they deal with the asylum requests. sounds like the plans they have in mind will actually essentially validate the increase in migrants coming across the border with all the asylum requests they will be making. do they have a plan to stop to deter people coming across the border? >> reporter: that is the bulk of it too. you heard the language about the

administration. talking about dealing people humanely many crossing the border to process asylum claims. that is largely what they have been swamped with there. we know from congressional officials the administration is looking for 3 to 4 billion additional dollars to deal with the asylum claims. there is effort in congress to deal with democrat and republican senator, former democrat senator krysten sinema and thom tillis who are working on an idea perhaps you would in one way give a path to more dreamers, those brought here illegally, and then on the other end of it, more, basically mobile asylum courts to try to officiate these claims. but you know there will be a major influx according to officials because of this drawing more people here and the ability to process people is something that has been a real problem at the border for years now to the point, cbp, encounter people, give them notice to appear, release them into the country, and hope they make an immigration court date months

later. gerry: retched son in washington thanks so much indeed. our next guest will hold a town hall at the border with concerned officials and with title 42 expected to expire. we have a two business owners. they join me now. greg, let me start with you if i may, we'll see a surge of migrants across a already chaotic border. there will be a huge number. how is all of this going to affect your business and affect along the border? >> in general it will be a disaster. until they come up with a way to slow this down it is going to simply overrun more federal agents and the burden on the local communities is going to be absolutely tremendous. we talked about it. we've seen it on all, your stations carrying how bad it is now, put a multiplier on that. it will be very, very troubling to try and contain and control

it. gerry: what effect is this influx of illegal migrants? we heard obviously about illegal drugs. we have a lot of people coming, a lot of criminals coming across the border as well as genuine asylum-seekers, inevitably with the lack of control you have a lot of people come across you don't want to come across, how is the impact on local communities, and how will it get worse? >> certainly in south texas you will see the impact but you know the average american family is feeling this impact as well. we're seeing food prices go up. the cost of everything that you put on your table has gone up. we often forget people putting food on your table is actually immigrants. the problem we have right now, gerry, we have a backlog of 1.5 million people waiting to get processed. in ad you look at that, with asylum-seekers you just mentioned. we have 500,000 people as of march still waiting to get

processed. that process used to take two to three months. they are expecting it will take six years to get everybody through that system. in the meantime they're not allowed to work. you can imagine the frustration of ranchers and, you know, produce companies and fruits and vegetable companies that need the labor but can't get to it. this is really an indictment on our american congress. the only thing more broken than our immigration system is our congress. we need our elected officials to come together to find a solution to this troubling issue. gerry: greg, it is really tough challenge for law enforcement down there too, who sometimes do this under criticism from progressives and democrats including people in the biden administration. how are they going to handle this additional surge we're going to see, starting as soon as wednesday? >> yeah. it is going to, it is going to be very difficult to. javier's point, what you have a need in agriculture whether it

is fruits and vegetables, berries, blueberries, oranges in a catfish packing plant, chicken packing plant, you have need for these people to come, they have a job ready for them yet all the people coming cannot get a job legally. that is a burden wherever they end up. maybe congress could give them a mica, allow them to work, pay taxes, pay fica. then when you talk about being able to fine these people later, about for their court appearance you should be able to find them because of a check stub, there is employer and they're paying taxes, et cetera. what you don't want to do is have them continue to work underground illegally, or, turn to crime because they have got to eat. so we've got to do something. i agree, congress has got to step up. the president and everybody has to step up to get a solution. quit throwing rocks at each other and get this damn thing done. gerry: as javier said, more broken than the border is congress.

gentlemen, thank you very much indeed both for joining us. switching gears now to america's crime crisis. car theft is a problem especially in the garden state. more than 14,000 vehicles have been stolen in new jersey this year alone. jeff flock life in trenton, new jersey with the latest. jeff? >> reporter: it's a big problem here, gerry. it is a big problem all over. one good thing about car theft apparently, it is one thing that brought both republicans and democrats together here in new jersey. a big problem all over. look at the national numbers. 25% is what car theft is up this year. when you talk about carjackings, that is up 160%. the theft of those cat littic converters on your car? that is up over 1000% -- catalytic. hot spots, denver, philadelphia, austin, texas up big time. in addition to new jersey. we talked to the head of the new jersey state police investigations bureau this

morning, who gave us the exact number and the reasons why. listen. >> when i say they're is 15,683 stolen motor vehicles, that is not 16,000 perps. that is a few bad guys stealing a lot of cars. >> reporter: and so lawmakers here in new jersey, specifically democrats who had a lot to do with the passage of bail reform in this state say they're rethinking it. cooperating with republicans in a string of new bills that would make it tougher for repeat offenders to get out on the street and to continue to steal vehicles. listen to this. >> i'm a democrat. i'm been part of democratic leadership. we had some really negative impacts and it is from both parties. we have folks that get arrested for stealing a car. then they're out again and they steal it again or home invade. >> reporter: and jerry, i will leave you with these numbers, if

you want to ride around in a pickup truck, perhaps a chevy or ford f-150 you might want to keep an eye on that. that is the two most popular vehicles stolen by thieves along with the honda civic. i always love a story that brings republicans and democrats together. nothing like car theft perhaps to do it. gerry: jeff, stay warm. looks like it is chilly. i hope your car is there when you get back. >> reporter: not easy. gerry: coming up growing royal rift, prince hair re, meghan markle issuing out demands for the royal family. we'll tell you what they are next. ♪.

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♪. >> it was terrifying to have my brother scream and shout at me and my father say things that just simply weren't true. everything that has happened to us was always going to happen to us because if you speak truth to power that is how they respond. i had to make peace with the fact probably never going to get genuine accountability or genuine apology. my wife and i we're moving on. we're focused on the what's coming next. gerry: prince harry and meghan markle famously victimized multimillionaires and multiple tiaras are demanding a summit and apology from the royal family after dropping bombshell allegations in the series, "harry & meghan." we have hillary joining me royal commentator. >> thank you for having me. gerry: what are the royal family going to apologize for?

>> that is a very good question, gerry. what is sad, what has been squandered by harry. what about what they have been lost done by themselves? he had a approval by a nation that loved him, ugov poll 81% plus in the uk fallen to minus 63. she has gone from plus 72%, to minus 42. what a terrible plummet because of what you mentioned all they have said and done. gerry: i am glad you mentioned to that, hillary, that everybody was racist because they didn't like meghan markle because color of her skin. i remember very well, when the engagement was announced, wedding happened, the british people loved meghan and harry. they were amazing and excited about it. it is their behavior that changed. >> that is not your subjective opinion. that is absolutely fact all.

i covered the wedding. you are totally right, harry, there was people 11 to 12 deep in windsor, there was not a whisper anywhere in the press, even piers morgan quoting in his documentary that she was a rock star for the royal family. here we are in christmas season, english movie, 2002, love actually, that movie was full of racial intermarriage, races getting together, it was across the board popular. one of the biggest rated movies. there was no discontent with anything racial for that either. gerry: briefly, hilary, documentary i watch have not watched seen highlights, seems to be backfiring dramatically. not with the british, my impression a lot of americans, people sympathetic to the couple are watching saying you have want us to believe you're treated so unfairly, sitting in your beautiful house in

california, with all the celebrity friends, you are some sort of a victim, i think people have had enough, haven't they. >> they absolutely have. look at data in the u.s., networks and popularity are saying. one last thing, gerry, one strikes across the uk. perhaps media give them what they want is silence. their own privacy they declared what they wanted. go on strike, stop giving them more viewers. last but not least, what about child protection services in california? their actual guidance is that a parent has to show the right concern and guidance to their children. they have already declared that meghan was suicidal and now they're asking for the very thing that they say they didn't want. that is an issue in terms of parenting for their children. gerry: hillary ford ditch, thank you very much. it all sounds like rather backfiring to them. couldn't happen to nice der. >> rather. gerry: thank you very much, hilary. a major winter storm could wreck travel plans for hads of

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>> welcome back to "cavuto: coast to coast." i'm nicole valdez in nashville international airport, one of many cities across the eastern u.s. where we could see below freezing temperatures as we

approach the christmas holiday and that winter storm is going to threaten travel for millions of americans heading home for the holidays. in fact american airlines just moments ago, one of the first to issue a travel advisory ahead of the end of the week here, encouraging travelers to change their flight at no cost if they're heading to two dozen airports across the country anywhere from the planes all the way to the northeast. we could see blizzard conditions in places like chicago and freezing rain in others. when you talk about freezing rain the concern for many aviation experts is the formation of ice on planes and on runways. they say deicing needs to happen in order to safely take off from so many major airports across our nation but the longer that process takes, that is the beginning of where we could start to see a domino effect of delays and cancellations as we approach that christmas holiday. if visibility is also low, if power outages start to roll in,

as ice maybe builds up on power lines, so many other issues could happen, not only it could halt travel but cripple major airports even as south as dallas-ft. worth. a couple things you want to do if traveling later this week for the holiday week, make sure you have a back up plan in place. experts already encouraging you think about potentially purchasing a second ticket with either a different airline or heading to a different airport. downloading the fox weather app is going to be key to keep you informed on what the conditions are, not just where you are and where you're headed but maybe at your point of origin, where your plane is coming from, whether or not that could start to lead into further delays and cancellations for your specific flight. gerry? >> thanks, nicole. a little downside there of a white christmas is cold temperatures this week, putting record cost of heating oil front and center in americans minds. president biden sought to lower energy costs earlier this year

by tapping the u.s. oil reserves. he will begin refilling those reserves next year. so let's talk about this now with king operating corporation founder and ceo, jay young. thanks very much for being here, merry christmas, happy holidays. as we said biden did, biden administration tapped those reserves a couple months ago. oil prices have fallen quite significantly. a lot of people think that is changing demand a lot of people expecting recession, reducing demand for oil, tapping strategic petroleum reserve did it affect lowering prices? >> it did. oil and gas prices supply and demand you saw that going there and also china. we're seeing some stuff with china right now coming back to the markets but during that time china is locked up. demand is going down. gerry: if they do restill the reserves, how will it, what's the deal there? they sold them at relatively high price. buying back at same or slightly

higher price, how is it working? >> there is not any oil to go around. i don't know where they will get the oil. it is such a tight market anyway. gerry: right. >> if they buy it, i believe they buy it now price will go up next year, they will not buy it at cheaper prices anytime soon, i think prices are where they need to be right now, which is a lower price. they need to buy as much as they can. i believe 3 million barrels in february they will start to see, but prices will go up. they don't have a choice. gerry: so prices are going up. we've seen this quite significant decline over last few months. i remember back when biden was going around the world asking oil producers to increase oil production. famously saudi arabia rebuffed him before the election. everybody thought it was trying to go down before the election. oil prices came down anyway. oil prices came down from the high peak of the summer, high 70s, whatever right now. the outlook is heavily dependent on demand, people expect recession you think despite that, despite the fact the world would be in recession prices will rise from where they are now.

>> i do. i think interest rates will help that. china will help that a lot. in fact you see the markets china will start to open up. they will go down before they go up with china. you will see demand. gerry: as high as 100? >> absolutely. in the second quarter, into the first quarter, second quarter, i do believe prices will go up t will be a good for oil prices will be good. gerry: interesting time. jay young, thanks very much for joining us. coming up we're kicking off the last full trading week of 2022. markets are looking likely to close out the year in the red. we're following all the moves on wall street. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan ...

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