tv Varney Company FOX Business August 1, 2023 10:00am-11:00am EDT
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stuart: return of the man? not sure of the relevance of that. because i am the mac? i am back? that is a stretch. good morning. 10:00 eastern. think about the money. we have a turnaround here. the dow open lower, is up 100 points, the nasdaq down but not as much as it was. 71 points. the 10 year treasury yield, 14%, 4.01% to be precise. the price of oil is $81 a barrel. that is for bitcoin, that is up 28,000 levels over the last 6 or 7 weeks, that has drifted
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down 28-8 as we speak. the latest report on jobs, that is the -- we start with manufacturing. let's start with the job openings, the jolts report, no? lauren: i will wait on the producers to confirm my number. i will start with manufacturing data for the month of july. it is ninth straight month of a contraction in the manufacturing sector, the number came in weaker than expected, 46 points in july, better than the prior month which was the lowest since may 2020. stuart: the number of jobs going, open positions, last time around, 9.58 million jobs lauren: on the final day of june. final business day of june so there you have it. the number came down two months
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in a row if you're trying to be optimistic, right? but it is still a very tight job market. i would say this is the type of report the federal reserve is looking for. a small slowdown. stuart: thanks very much. now this. are very provocative headline. climate change obsession is a real mental disorder. if anything is guaranteed to produce outrage it is questioning the sanity of the climate crowd. of alicia findlay in the wall street journal makes the case that it is alarmist severe weather stories that fuel mental derangement rather than hot weather itself. findlay quotes the world health organization. awareness of climate change may lead to a host of ills including strained social relationships, anxiety, depression, intimate partner violence, helplessness,
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suicidal behavior, alcohol and substance abuse. every social problem can be later climate app store by what she calls climate hypochondriacs. climate polemics heating up which pardon the pun. senators warren and sanders want to the justice department to sue oil companies on the ground that they are racketeers lying about climate change to make record profits. and climate activists keep up their campaign of defacing art drawing more attention to the forthcoming end of the world. i think it's time to look at climate policy because what we have now is not working. the un climate targets will not be met and voters around the world are beginning to push back. look at this op-ed in the wall street journal. climate change hasn't set the world on fire. that was written by bjorn limburg. it goes on, turns out the percentage of the globe that burns each year has been declining since 2001.
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thought you might like to know. second hour of varney just getting started. the cow man is back, scott shalladd a mac. do we need a new climate policy? >> one hundred% we do. i've seen a lot on the ramifications of this doom and gloom 8 to 12 years left on this planet earth, younger kids make a mistake in college or something, get accidentally arrested or something bad happens a lot of them feel why should i try to write my wrongs when we are only going to be on the earth another 8 more years anyway. i've seen that. myself included, i've started off in school thinking we were going to have an ice age, then we are going to burn to death and because they couldn't nail both of those, climate change, climate cooling and climate
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heating. i am skeptical. i've done a whole show on it about the fact that if we had listen to the experts we would have been dead 5 or 6 times over and it's great to have -- the facts in a commonsense approach. some of the numbers are astounding. do you know that we lost 2500 people to heat stress the last time we checked, one or 2 years ago, we lose 40 times more to cold, we had one hundred thousand cold deaths, death, 2500 heat deaths. the numbers say that as the world heats up a fraction, a little bit we are actually saving 160,000 lives per year. the body has a better chance dealing with heat and cold. these people are scared to death and if you look at the things that -- they would feel a lot better but for some reason if you question the climate change -- ui climate
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denier, if you had reservations about the vaccine your anti-fax. stuart: you be quiet and stay on the sideline. a few minutes ago we got the jolts report, the number of job openings there are, 9.562 million, seems like a high number to me. why have 9 million job openings and a labor shortage? >> that's the conundrum. the jobs numbers and the stock market are conundrums for those who think we have a difficult time ahead of us, maybe a recession. i'm ron recession islands, a lot of things out there in 36 years of doing this job tell me we have tough times ahead, not a soft landing or hard landing but definitely a long landing with interest rates higher for longer. look what happened with commodity prices, look at your oil price here, the cpi will
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come back higher, the fed has to raise rates. i say that the jobs numbers. i'm not sure, we have the bls gives us nonfarm friday, they sent a survey for that story. if you know the survey comes back by 50% responded. we are making big decisions. they are not responding to the survey, that's the problem, same with the department of energy. we are making big decisions and might not have the whole picture, the stock market higher and i will call that ai. there are so many things we can't ignore. we have tough times ahead. stuart: we have been warned, thank you for warning us, see you soon. lauren is looking at the movers and we start with forward motor company. it is up today but had a rough time recently. lauren: f one hundred 50
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lightning production is back, they took a 6 week hiatus for some upgrades and they are saying that because they cut the price as much as $10,000 making the vehicle start at $50,000 there's a backlog so that is good news for ford, stock level was one%. one%. stuart: $13 a share is not that great. jetblue is way down. lauren: record revenue in the quarter down 6.5% because jetblue said in the current quarter it does not expect to post a profit because they are seeing a slowdown. while slight there's a slowdown in domestic demand. stuart: blooming brands. stuart: stronger numbers for the court. lauren: stocks down 5 and 2 thirds% because commentary on the call suggesting the consumer is resilient, traffic into stores and restaurants is declining. stuart: it is up 95 points, thanks, 2024 gop candidate ron
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desantis heading back at recent criticism of his campaign. watch this. >> it's nonsense which i govern boldly, i government unapologetically. i deliver big results and we won by 20 points week you don't win a state like florida that big if you are not doing things that are resonating and i would push back. what i hear about culture war, standing up for the rights of parents, standing up for the well-being of children is not some culture war. that is central to the lives of tens of millions of people throughout this country. it's the right thing to do to stand with our kids. stuart: the gentleman on the right-hand side of screen is jason shape it's. do you think the desantis campaign is in some degree of trouble because of his approach to cultural issues? >> no. i don't. to get the republican nomination you have to address the cultural issues, you pushback from the left and the right, the reason he is the
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center of gravity in terms of attacks is because he is doing so well and is the biggest threat. clearly donald trump is slapping people, he's in the front, not trying to diminish that at all but i'm saying this is a long horse race and when you are the number 2 position, that is a good place to be. stuart: i want you to listen to what republican mega donor how lambert had to say about attacks on desantis. role that take. >> what we had, let's be fair about this, is a mass amount of media attacking the governor because they view him as the biggest threat to president biden and donald trump's campaign attacking governor desantis and the other campaigns which i'm not worried about the polls. i'm not worried about the polls. we are focused on the message and getting out in front of voters in the early states, the message to do it and not distracted by lawsuit s and indictments and problems that will cost millions going forward.
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stuart: is the santos the biggest threat to president biden and that's why the media is going after him? >> i think so. donald trump is formidable. i'm not trying to say anything negative about where donald trump is. to be that far in front is a good thing but ron desantis has a good record, showed success. he checks all the boxes. that is what is exciting about him and he's got a good money position too. he is able to raise money. he's in a good position. the polls i would caution, got to look at them state-by-state. you cannot look at them nationally to get a true picture of what's going on. stuart: is there any way donald trump does not get the nomination? >> in politics anything is possible. we are just turning the corner on august 1st, the first vote voting january. there's a long way to go. stuart: who is his strongest challenger if not desantis?
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>> senator tim scott and vivek ramaswami will garner votes the take away from ron desantis as opposed to donald trump. the more diverse the field the harder it is for desantis to go head to head with trump. everyone wants to go head to head with trump but he can't get from here to there with a field of 50 at this point where the number is, that a huge number. stuart: that is for sure, thanks for being with us this morning, see you again soon. we have one super pac with close ties to billionaire charles pope trying to stop donald trump from becoming president. how much is this group raise? lauren: 7 $8 million and they are going to use that as a warchest to stop trump from becoming the republican nominee. the name is americans for prosperity action and they say of trump is the nominee for the
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republicans that means biden wins the election and they don't want that to happen. they received their funding, $25 million from koch industries and 5 million from rob and jim walton and other billionaires as well. for the first time in 20 years they are throwing their weight into the presidential nominee contest but who are they putting that behind? which candidate? stuart: anybody but trump? >> i keep hearing youngkinne virginia. who knows? could he be a late person to step in? is it too late? is there an opening? stuart: he could be the whisper head. thank you. president biden facing back lash over his decision to keep the us space command headquarters in colorado. in alabama congressman says biden is playing petty politics digit was supposed to go to alabama. the president doesn't want that. we will the claim. ron desantis laid out his
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economic vision for our country and it is all about breaking up with beijing. is that what we need and what would happen if we do? total decoupling? could be a problem. we are on it. congressman andy biggs says president biden may be compromised after hearing devon archer's testimony, roll tape. >> the president of the united states is compromised? is that your testimony? >> i think so. i think we should do an impeachment inquiry. stuart: impeachment inquiry. congressman scott parry is on the house oversight committee, the congressman jointly next. ♪ ♪ enamel relieves sensitivity, helps restore gum health, and rehardens enamel.
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stuart: on the market this morning a fractional gain for the dow, 3 points, the nasdaq down 130 points. the s&p is down half of one%. quite a bit of selling today. democrats downplaying devon archer's claims that hunter biden included his father in 20 phone calls with business associates. hillary vaughan on capitol hill. what are democrats saying? >> reporter: democrats and republicans had two different takes out of this hours long closed-door interview with devon archer. going into the meeting lawmakers new one side of the store the president biden says he never discussed business with his son hunter, here's me asking the president about a golf trip he took with devon
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archer back in 2018. excuse me. there's a photo of you golfing with your son hunter and his business partner devon archer. do you stand by your statement that you did not discuss your son's overseas business you q >> president biden: i stand by that statement. >> reporter: accorded torture that may not have been true. archer told lawmakers hunter biden was selling the illusion of access to his father and vote then vice president biden would phone in when hunter was at dinner with business associates and was put on speakerphone at least 20 times, the idea, to sell the brand to the people at dinner, democrats saying that is what any dad would do. >> if he says hello to someone that he sees his son with his he supposed to say hi, son, not going to say hello to the other people at the table on the phone? it is a preposterous premise to
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think that a father should not say hello to people his son is at dinner with and that is literally all the evidence. >> reporter: it wasn't just phone calls. a source tells chad program says then vice president back in 2014 even showed up to dinner with hunter and business associate at café milano in dc. we one thank you very much. congressman andy biggs suggested president biden may be, quote, compromised following the devon archer hearing, roll tape. >> do you think the president is compromised? >> i think so. i think so. we continue to do our due diligence and research. >> do you think today's testimony made it more likely the president should be impeached? >> we should do an impeachment inquiry.
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stuart: congressman scott perry is a republican from pennsylvania who jointly now. do you see impeachment as a tool, the inquiry is just a tool to find out the truth and find out more about the situation. >> the inquiry would be a tool to find out all the information. it's not just devon archer's attorneys, devon archer that are not being completely forthcoming. it is the agency, the irs, the department of justice, the fbi that aren't being completely forthcoming. we happen to know the devon archer was going to say more but the doj sent a letter saturday, then sent another letter on sunday which chilled the conversation which it is meant to do, it is meant to intimidate witnesses, not just about at this point and inquiry into president biden. we need to find all the information out about it is
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also about the agency and the obstruction of justice that we are witnessing in real time. we've got a lot of work to do in the impeachment inquiry opens up different avenues to determine what is evident and if there's evidence of crimes. blue when your opinion did biden lie about doing business? >> of course he lied. he is calling in -- we are talking about 20 times at least according to devon archer, partner of hunter biden. when he called in on a speaker phone, no idea who is on the other end of the speakerphone and talking about people peddling foreign influence. these are nationals who seek to change united states policy, the vice president of the united states on many occasions whether it was china or ukraine was put in charge of foreign policy by the president of the united states. that is selling influence, that is selling access, that is trying to change foreign policy for the benefit of some individuals, not the united
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states. that is influence peddling and that is illegal. stuart: ron desantis has laid out his new economic policy, it includes what he calls decoupling from china. >> here's what we have to do to get this right. first, we have to restore the economic sovereignty of this country and take back control of our economy from china. the abusive relationship, the asymmetric relationship between our countries must come to a end. stuart: do we really want to do this? i'm talking about totally taught coupling -- decoupling from china, the ramifications of trade, prosperity, standard of living would be profound, do we want to do it? >> the repercussions of continuing to deal with the communist party of china are going to be profound. we need to get on the road
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somewhere making things right and leveling the playing field. allowing chinese investors to participate in our stock market without the same requirements us countries -- companies have is a detriment to our nation. we have to beef or america first and look, if we can trade with china, with the communist party of china when it is to the benefit of america that is awesome but we cannot do it when it is only to the benefit of the chinese commonest party and that is where things stand. we have to make a change in the change is going to be whether we want to or whether we have to but the change has to come. stuart: congressman scott perry, republican pennsylvania. thanks for being here, appreciate it. customers have a beef with taco bell. class-action lawsuit accuses them of false advertising. a new apps let's shoppers scan items at the grocery store to help identify woke companies. >> best way to fight against
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these woke brands with our laws, that's why i use the apps behind my grocery shopping. >> this has a very poor rating so we are going to be putting this back. stuart: the ceo and cofounder of vb's will join us after this. ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently.
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stuart: on the markets this morning and one hundred drop for the nasdaq, big tech is not doing well. fractional gain for the dow is up 3 points. lahren is back with us. i own a small sliver of uber, was really happy this morning when it went up on its own. it is 5%. >> depends what wall street is focusing on. the first ever operating profit, the bad news is we get picky for stock that has doubled this year, it is up 100%, revenue grew 14% but it missed estimates so that is what investors are focusing on. also, they have their freight
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business, that segment slumped, revenue slumped 30% from a year ago hurt by a tough economy when shipping prices and volumes have been falling. stuart: i thought i was free of that. now i'm not. we want today is long, wasn't a terrible report card, not burning through as much clearly, the operating profit. we won how about molson coors? >> another one you could do either way. they are getting market share because bud light is losing market share so volumes up a big from coors light but shares are down 6% because they missed quarterly revenue expectations so these are not bad report cards but not what investors are hoping for. stuart: is really in another loser? >> they cite increased competition from the cyber truck which isn't even out yet from tesla as well as models from gm ford. stuart: the dow was holding on to a small gain just 22 points. next case, hundreds of
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manufacturers looking to take their production out of china and make their stuff exclusively in america. lydia, why are so many companies choosing to break free of china now? >> reporter: they have growing concerns about supply chains, information security, growing pressure to hand over technology, sensitive information and concern about china's slowing economy and rising cost of doing business there. manufacturing activity contracted for the fourth consecutive month in july. china's huge consumer market once considered attractive, there are worries that chinese consumers are going back with unemployment climbing. listen to this. >> china has a lot of problems. a lot of companies are moving production towards mexico or vietnam or indonesia, in some cases africa. back here in the us.
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lauren: there's a focus on getting companies to reach sure in north america. they are -- the reassuring initiative forecasts 400,000 manufacturing jobs, you create it here in the us by the end of the year and you can see the steady climb they've been charting of manufacturing jobs since 2015. one example, the highlight is the success of bath and body works. this company is known for fragrance, soaps, body products, reassuring manufacturing in ohio and when it did so it brought production time for its products from three to five months, to 21 days but it took years to accomplish this, talked about the manufacturing process since 2,008 but to ensure manufacturing from other companies, some economists are calling for policy changes.
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>> a better regulatory environment for manufacturing and we need to draw people back into working and not from home. manufacturing doesn't work well from home. lauren: got to be back in the office and manufacturing. another policy change that should not change the trump era tariffs on chinese products that need to stay in place. stuart: reassuring is happening. look at this. a new apps, that let's shoppers scan items at the grocery store to point out woke companies. >> the best way to fight against these woke brands is our laws. that's why i use the veeps apps when i do my grocery shopping? >> this has a very poor rating, we will definitely put the stock but look at the other ice creams in the store that have great ratings. ice cream that supports our values. stuart: okay. chris rhodes is the ceo and
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cofounder and joins me now. if i go into a grocery store, pretty sure most of the items i want to purchase are indeed put out by woke friendly companies. not much left to purchase, is there? >> got to know where to look for it. there's plenty left to purchase if you have a tool that allows you to look at what companies are doing. stuart: you have a rating system. how does that work? do you have a rating where if you are top of that list, you don't purchase that product? if you are at the bottom of the risk you might purchase a little bit. >> you can use that rating however you want. it's based on whatever values pack you choose or you can choose several and going to the store, and the product and the rating comes back to you,
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whatever your values happen to be. if you are looking for as you call it anti-woke company, you want the conservative score to be very high. you can look at that score and whatever product you are going to purchase. of has a low score we will offer alternatives and you can find companies and brands at parent companies that match your values or close. stuart: how many people have downloaded your apps? >> we have had an amazing response to our first marketing campaign. we are into the tens of thousands. stuart: into the tens of thousands. >> about 50,000 now. stuart: it is free. >> apps to download for free, the scoring is $0.99 a month. that are in monetization. we want to stay independent and with our information being updated on a continuing basis, we need an independent company
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that makes money. if you aren't paying for the product you are the product. we do require scoring to be a subscription. stuart: an interesting sign of the times apps if you ask me. thanks for being with us this morning. see you later. stuart: i wonder what rating they give ben and jerry's ice cream. a brand-new class action lawsuit to. what . what do the plaintiffs allege? lauren: not enough beef in taco bell's crunch supreme and four other items. he says they are advertised as containing double the beef and beans that they really have in them. he calls that deceptive advertising at a time food inflation pinches low income consumers, these items cost 550 each, the proposed class-action is seeking $5 million for each customer. there is no way he can win that
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argument in court. depends on that specific location, that specific person. stuart: depends on the location, the judge and the quality of the lawyer defending the company. lauren: he has sued other chains for similar reasons. stuart: he's a litigious guy. lauren: the message goes up that their servers put beef and beans in their mexican pizza. stuart: next case, taylor swift is sharing wealth from her highly successful era's tour. we show you how much she's handing out to the truckers. we are with her on her tour. house republicans investigate investment firms that use retirement funds to help chinese companies. grady trimble has that story, grady is next. ♪ ♪
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stuart: a lot of selling today. it is all over the place. you started lower, the dow went up 100 and came down and the dow up 30, nasdaq up 64, s&p down 13, no clear trend so far. house lawmakers are investigating black rock, they want to know if the companies use retirement funds to back chinese based firms, grady trimble with us. tell me more about this. >> thou select committee says these two chinese firms in the us are helping invest money in chinese companies that have been blacklisted by the united states government. the committee is asking for more information on the two firms, black rock and one of
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the top stock market index, pirates, morgan stanley, capital international or msc i. in letters to both companies the top republican and democrat on that committee right that americans whose retirement savings go toward these firms, indexes, and investment funds, unwittingly funding dozens of companies that advance the chinese communist party. the letter says by facilitating massive flows of american capital to these and other republic of china entities linked to the chinese military or human rights abuses, black rock and msc i are exacerbating an already significant security threat and undermining american values. >> part of making money is looking at the risks and threats and downsides to what your money is doing. anybody that says grow -- throw money at china and don't consider the downside not is
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not capitalism, that's russian pr. >> reporter: black rock says it investments comply with our us laws including sanctions and adds like many global asset managers, black rock offers clients a number of strategies to invest in or exclude china from their portfolios. majority of clients investments are through index funds and we are one of 16 asset managers offering us index funds investing in chinese companies. firms telus they are cooperating with the probe. more to come. stuart: president biden just rejected a trump your decision to move space command to alabama. he doesn't want alabama. why? >> the official reason is to avoid disruption and military readiness. they are keeping it where it is
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in colorado springs. you think many people would agree with you, the decision reeks of politics, abortion politics. tommy turberville has been fighting the department of defense over providing travel for troops with reproductive care. it will stay in colorado springs. stuart: the senator has held up the promotions because of this issue. biden says enough is enough. the space command stays in colorado. not going to alabama. quite a decision to make on abortion politics. now this. the governor of illinois wants to let's noncitizens become police officers. a migrant in a police uniform carrying a gun arrested in american citizens. we have an opinion on that. look at this. gas prices up $0.03 overnight, 15-6 in the last week, gas buddy on the pain at the pump and what might come next.
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a house full of screens? basically no hiccups? you guys have no idea how good you've got it. how old are you? like, 80? back in my day, it was scary stories and flashlights. we don't get scared. oh, really? mom can see your search history. that's what i thought. introducing the next generation 10g network. only from xfinity.
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stuart: the average price of a gallon of regular gas is $3.78, up $0.15 in one week. gas buddy's patrick dehahn joined us from here. >> we go up, turning to inflation when it comes to energy, gas prices $0.40 lower than last year and by september could be talking average gas prices that are more expensive than last year. california just hit the $5 a gallon yet again so things are quickly turning around. oil prices are up, gas prices long. stuart: what about some states, particularly the midwest. there is a real spike there. why such a spike in the midwest? >> some of those states,
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michigan, illinois, tend to move quicker than other states, they are telling us while we can expect gas prices could inch up, florida saw a hefty price increase yesterday. a lot of stations going $0.10 a gallon, $4 a gallon, that is what we could get nationally, we see a major hurricane or storm enter the gulf of mexico, a lot of this is two fault, the price of oil is a but also heat induced issues lead to less gasoline production at a time millions of americans are hitting the roads. stuart: the socialist, not being too pejorative, senators warren and sanders want to sue big oil companies because of what they say is there lying about climate change. if the suit takes place, the justice department goes after big oil, would it have any effect on gas prices in the future? >> it could have a chilling effect on all the companies investing in something
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politicians are going after. we've seen politicians try to weigh in on the situation. even the biden administration seemed to back off the tax and oil sector now that it is realizing the us has a role, so that would be a great mistake, akin to a lot of tech companies for all the computers we have now, consuming a lot of energy. going after tech as well. stuart: the price of diesel averages $4.07 a gallon nationwide, up $0.17, a spike. where $0.17, a spike. where is that going, the price of diesel. >> for several weeks we have seen the price of diesel, prices have rocketed higher, it seems diesel is rising another 5 to $0.20 a gallon over a couple weeks, gasoline prices,
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another 5 to $0.10. if there is a major hurricane i think we could get closer to $4 a gallon. stuart: not good for the inflation rate. thanks for being with us as always. thank you. first solar expects to bring in millions of dollars from government subsidies, talking serious amount of money. lauren: the wall street journal reporting $710 million for 2023, translation, the subsidies equal 90% of operating profit so essentially riding the gravy train which is the inflation reduction act and away from china capturing market share making it 60% for them when it comes to solar panel manufacturing. that is happening in the us, and planning a fifth factory as well. stuart: $700 million to get more solar panels in america. good deal? lauren: do you know anybody who has a solar panel on their
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roof? stuart: a few. lauren: than it is a good deal. stuart: back to the market. the dow is eking out a slight gain, 30 points, nasdaq down 54. mattel hiring a chief keynote player to check -- of i pronounced it wrong? lauren: i don't know what you know part row is. stuart: trying to hire someone who will work for hours 4 days a week, four consecutive weeks and get paid $18,000, apply to the job i submit gave video on the tiktok channel today on august 10th. giano caldwell on governor crisco's plan to make noncitizens police officers. drone expert brett velicovich on bringing the war to russia's doorstep. alicia finley says climate change obsession is a mental disorder. talk about provocative.
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