in nvidia's stock, if you're not in yet, i think that would be a great buying opportunity. maria: if. so you're not going to get ahead of these numbers and buy more before wednesday night's report to. >> no, i've got quite a bit. i'm good to go. [laughter] maria: if final thoughts, liz. >> maria, i think, look, markets are very excited about the trump election. i think rightly so. all this deregulation, lower taxes, that's going to propel us forward. and the fact that we are focused on energy and the administration is focused on energy, huge for the new san francisco of tomorrow. maria: cheryl casone, take us home. >> walmart tomorrow morning, watching that. are people still going to walmart to buy their groceries? sadly, i think they're going to be to. we've got that report. and another thing doge could look at, the u.s. postal service or -- maria: ark h, very good one. just e-mail us. thanks, everybody. great show. we'll see you tomorrow. "varney & company" picks it up. stu, take it away.

stuart: good monday morning, maria. good morning, everyone. according to "the new york times," the president-elect is fed if up with howard lutnick, apparently, he's been hanging around too much. the other front-runner, wall street guy scott bessent, is also said to be out of favor. some new names are coming up. wall street billionaire mark rowan, former fed governor ken warsh, tennessee the senator bill bill haggerty and robertize hate -- lighthizer. brendan carr has been nominated to run the federal communications commission. trump also tapped an oil man to run energy, chris wright. he's big on fracking, once publicly drinking frack fluid to show is it doesn't affect if drinking water. we've got the video. here's what's happening this monday morning after friday's heavy selling. the dow's down about 40, minor gain for the s&p, minor gain for the nasdaq, up 70 points. bitcoin holding right around $90,000, just dropped to 89,6.

interest rates, the 10-year close to 4.5%, 4.46%. the 2-year at 4.31% as of now. the price of oil, $. >> 67 a barrel. $67 a barrel. gasoline, $3.07, diesel at $3.53. gold, $2,603 last time we counted, now 26007. and we have on the show today for you president biden makes a dramatic reverse course. he will allow ukraine to use american missiles to to attack deep inside russia. the kremlin calls that dangerously provocative. what will president-elect trump do about it? no statement from him yet. we're going to focus on nvidia, now the most valuable company in the world. it reports wednesday. its a.i. blackwell. chips have reportedly overheated in some servers. we'll also look at how the harris campaign spent $. 1.5 billion in 15 weeks and still lost. wait until you see who got the

money. and you believe a new dance? jon "bones" jones jones does it in front of the president-elect. is in this the first political life? -- dance? will the nf if l fine any player who does it? you know, or we really do coffer it all. it is monday, november the 18th, 2024, "varney & company" is about to begin. ♪ ♪ >> i wish the people at home could hear the sound in this arena. >> it's so loud in here. >>s it is so loud. [cheers and applause] >> it's always loud when he. woman comes in, but now that he's the president again -- ♪ [cheers and applause] >> usa! usa! usa! usa! stuart: there you have it.

president-elect donald trump greeted by thund the rouse aa. [applause] and usa, usa chants. this is during his return to madison square garden saturday night. lauren: in new york. stuart: in new york. thank you very much, right. in new york. the crowd went wild after ufc champion jon jones gave trump his championship belt. jones also performed trump's famous dance move which also seems to be catching on in the sports world, a few nfl players doing the shimmy. take a look. he's going to do it, he's going to do it, he's going to do it -- lauren: he did it. stuart: he did it already, sorry. lauren: there it's. stuart: is that a political dance? we will get into that. meanwhile, new picks for trump's administration. chris wright will serve as energy secretary and karoline leavitt will become white house press secretary, the youngest ever in that job. she's 27. brendan carr leads the federal

communications commission. he calls himself a free speech warrior. trump's also reportedly inviting contenders for treasury down to mar-a-lago this week. former fed reserve governor ken warsh, apollo ceo mark rowan, tennessee senator bill hagerty and his former trade representative, robert lighthizer. reportedly, howard lutnick and scott bessent are out of favor. we shall see. now this, president biden will authorize ukraine to use i our american long-range missiles to strike inside russia. the kremlin compared this decision from biden to throwing oil on a fire. jason chaffetz joins me now. this is a big deal, jason. it puts the ball in trump's court. does the president-elect reverse this escalation? >> look, donald trump is going to probably start working the negotiations as quickly as he can. i think this can be viewed only as an escalation, unfortunately.

i don't trust president biden at this point. i thought they should have -- if they were going to arm the ukrainians to defend themselves, they should have done so far before russia actually entered into ukrainian territory. but this is highly dangerous rain provocative -- and provocative, and thank goodness donald trump's going to become the president soon because onsee this as a way of solving the problem and ending the war. stuart: do you think it's a deliberate spoiler, a spoiler for trump? >> i don't know that it's so much a spoiler for trump as much as they just don't know what they're doing over there in the biden-harris white house. i just don't think they've had a good strategy from the start. i think they've been very slow in providing the weapons that they needed to provide when they could have which was about two years ago. so they're just behind the game. stuart: jason, who leads the democrat party at this point? listen to what jen psaki had to say about leadership in the party. roll tape. >> i think democrats are in the

wilderness as you just said before. there is no clear leader of the party. joe biden is going to be out of office shortly. kamala harris just lost the election. there are a lot of governors and other people who might emerge, many who we don't know about yet. but there's no clear leader of the party right now. we don't know who's going to emerge, but that that's the moment we're in right now. stuart: jason, who do you think is going to emerge as the democrat party leader? any candidates? >> i do agree that they're rudderless, but i thought that was not op only an affront to the president biden, but also to president barack obama. i mean, he has been the de facto leader of the party, and his strategy obviously did not work. and so the problem with the democrats is not only do they not have a leader, they don't have any if new ideas. so what do they offer america to make america better? they've been against the idea that to make america first. they were against all the ideas that donald trump put forward. so until they come up with a creative, new idea that sparks

the imagination of the american people, they're going to be in the wilderness just as jen zack -- jen psaki said. stuart: and your happy about it. jason, good start to a monday morning. see you again soon. ryan payne -- first of all, check futures. heavy selling on friday, modest rebound today for the nasdaq,s up 70 points, that's it. dow down another 50. ryan payne with me this morning. you say the s&p 500 is going to reach 7,000. it's currently at 5,9. when because it hit 7,000? >> hang on, let me look at my callen callender, and -- calendar, and i'll tell you exactly when. sooner than later, not super helpful -- [laughter] we're seeing right now an old saying, what we learn from history is nobody learns from history. i think abraham a lincoln said that. just kidding, it was george hagel, german philosopher. the animal spirits are out. the s&p 500 trades at 22 times forward earn, which is historically high, by the way.

we saw that around 2001 when the tech bubble burst and it got almost up to 25 times earnings. money is plowing into the market, almost 60 billion going into etfs and mutual funds last week -- stuart: just last week? >> in one week. you have a trillion dollars going to etfs and mutual funds this year which is a huge record, and it's blindly going into the s&p 500. so if we use the same metric, we get to the same crazy multiple we did back in 2000, that gets you to 7,000 on the s&p 500. so i think that's realistic. and it's probably going to come sooner than later, maybe even before the end of next year. so we're in kind of a melt-up phase, i think, at this point. stuart: that's what i was waiting for. i like to hear that. very specific, see? i want to talk about nvidia. they report wednesday afternoon after the closing bell. there are reports this morning that some of their blackwell chips overheat in some servers. know anything more about that?

>> they've had some problems and they haven't done a big rollout yet, that's going to be in january, and we'll get an idea because that's going to be huge for forward numbers. i mean, they're going to destroy a their numbers. they're up 80% year-over-year for revenue and earning. that's incredible. if you look at microsoft, amazon, alphabet, they're plowing so much money, meta as well. $230 billion into a.i. chips this year, infrastructure spending -- stuart: who's spending $230 with for a.i. chips? much of that going to the nvidia? >> a lot of that is. they're estimating $310 billion over the next two year. now, that's what we're projecting, but i think a loft this demand's probably front-loaded -- a lot of this demand's probably front-loaded. my fear here is they're not going to tell you when the party stops, and the demand's been so great for the last two years, at some point that party is going to to stop. i feel at this point you're

probably late to the party if you're starting to jam your money into big a.i. stocks like this. stuart: i know a lot of people who who own nvidia stock, and heir not selling. they don't want to pay the capital gains tax, that's part of the problem. >> hogs get slaughtered, i'd take some profits. of it's up literally 185% this year. just saying. stuart: just saying. ryan, you're all right. thanks very much, indeed, sir. >> thanks, stuart. stuart: vivek ramaswamy spoke about the new department of government efficiency, doge. what did he is have to say, lauren? lauren: the first cuts are coming through executive action. >> first is we want to go right in through executive action to do the failures of the executive the branch that need to be addressed because the dirty little secret right now, maria, is the people we elect to run the government, they're not the ones who actually run the government. it's the unelected bureaucrats in the administrative state that was created through executive action. it's going to be fixed through executive action. and then you look at those bigger portions of the federal budget that need to be addressed one by one. we have voted for sweeping

change, and the voters actually deserve to get it. lauren: he said all departments are on the table for cuts, and it's much easier for him and elon musk, businessmen, outsiders, not politicians, to come in and suggest the cuts. stuart: it sure is. not easy for a politician. lauren: no. stuart: coming up,s house speaker mike johnson doesn't think the house ethics committees should release their report on matt gaetz. >> -- should stick to the tradition of not releasing a report on a former member of the house because it would open a dangerous pandora's box. stuart: how damaging is in this report, and will it stop confirmation of gaetz as the attorney general? we'll is ask charlie hurt. texas congressman tony gonzales wants to make sure trump's mass deportations go after the right people. >> you know, if we're going after the guy that's picking tomatoes or the nurse at the local hospital and we're not going after the convicted criminal, then our government has failed us. stuart: trump plans to target criminal illegal migrants. how will he weed out the bad

guys? good question. national border patrol council vice president chris cabrera on that. chris next. ♪ in your eyes, there was a freedom -- ♪ i had never known before ♪ what does a good investment opportunity look like? at t. rowe price we let curiosity light the way. asking smart questions about opportunities like ai. and how the industries born to support ai might better support us all. better questions. better outcomes. patients who have sensitive teeth but also want whiter teeth, they have to make a choice- one versus the other. new sensodyne clinical white, it provides 2 shades whiter teeth as well as providing 24/7 sensitivity protection. patients are going to love to see sensodyne on the shelf.

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stuart: all right, about 14 minutes to go before we open the market on a monday morning. some buying on the nasdaq. a little bit of selling on the dow, down 32. huge selling last friday. not much of a rebound this monday morning. congressional democrats planning a resistance movement to block trump's deportation plan. they say it's bad for the economy. deportation, that is. hillary vaughn joins us now.

hillary, how would deportation be bad for the economy? >> reporter: stuart, they say it's going to cost billions of dollars to get all of the people here illegally deported. >> i think it would wreck our economy. >> $88 billion to just process and deport 1 million if people. do the math. how is he going to pay for it? >> separating families, pulling out essential work force, you know, increasing inflation, none of those are things that our neighbors want us to be doing. >> reporter: but, stuart, if people are here illegally, they received a deportation order to to go back home, they've had their asylum claim denied, they don't have a work permit, so they are not legally participating in the work force here. stuart? stuart: we got it. hillary, thanks very much, indeed. listen to what texasman tony gonzales had to say -- congressman -- had to say about those deportations. >> you know, if we're going after after the guy that's

pinning tomatoes or the nurse ae nurse at the local hospital, then our government has failed us. you know, our country was built on those fleeing persecution, and it would be just absolutely terrible if we don't protect those that are doing it the right way, legal immigration should never be mixed with these hardened criminals. stuart: hold on a second, national border patrol council vice president chris cabrera joins me right now. first of all, chris, no one wants to deport people who are here legally -- >> yeah, absolutely not, you know? stuart: trump's talking about illegal migrants. the question though is how do you weed out the criminals before everybody else? they go first? >> yeah. you know, obviously, you know, we're focused on the criminals first, and the reason we know they're criminals is we have their criminal history, criminal history from the united states. so, obviously, they've entered illegally, they've been documented to have committed some type of crime so, obviously, those are the first ones that are on the list. you know, our i.c.e. agents know

what they're doing. they're good at their job, they just haven't been able to do it for some time. to think that we're going after a people that are coming here the right way is just absurd. nothing could be farther from the truth. stuart: the cost that they're putting it to $88 billion to deport 1 million people, are you buying that? is it that expensive? and if it is, should we -- >> i don't know the cost. i'm not buying -- i don't buy it, you know? i think maybe with the way they're doing e it now with the overinflated spending, maybe. but then you look at the cost of how much it costs to keep those here that are, you know, with all the subsidies that we dish out to illegal aliens, obviously there's a cost to that too. so at the end of the day, if you come here illegally, or you've got to go back, you knows in -- you know? it's unfortunate for them, but the law's the law. stuart: how do you think mentioo respond to working with trump? he's threatening to stop cars made in america -- made in mexico coming into america

unless mexico does something about immigration. i mean, he's got some leverage here. >> well, you know, i think president-elect trump, you know, has a lot of leverage. he's good at what he does. he did it before with the remain in mexico. so my confidence is in him. i think, you know, the country as a whole, they have confidence in what president trump can do. and i think he'll get it done, and i think mexico will fall in line with it. stuart: does mexico have any choice? >> you know, i mean, there's always a choice, but sometimes, you know, the resultsen aren't what we hoped they would be. stuart: when do you expect to see this start? i mean, literally day one? he's inaugurated january the 20th. do the deportations start january the 21st? >> you know, i would like to think so but, obviously, you know, the way government moves, it's big and cumbersome, you know, hopefully within a month or so, you know, we can get the ball rolling on this. stuart: okay, thanks for joining us, chris. we always appreciate it. >> all right, thank you. stuart: it's a hot subject, and

i think it will be for years to come. chris a a cabrera a, thanks for joining us. guy myierly and sammy hagar have a tequila business. two of their trucks were hijacked. lauren: unbelievable, filled with $1 million of their santo e keel la stolen. guy fieri says the tequila was transferred to a trucking company that was supposed to take it to and california, but the trucking company says their gps tracking signals were, quote, spoofed by criminals. neither truck arrived where it was supposed to. a million dollars' worth of tequila, some of it took four years to produce, stolen. they say there will be a shortage for the holidays. stuart: there was a hack into the gps system, so the trucks went someplace if else. isn't that something? lauren: and then the phones of the company were disconnected, so there was nobody to call. stuart: that's a sophisticated

hijacking. lauren: i'd say so. stuart: thanks, lauren. check futures, please. we're coming up to the opening bell. it's about 7 minutes away. no further huge selling as we saw on friday. the opening bell's next, and we'll take you to wall street for it. ♪ here comes the sun, here comes the sun and i say -- ♪ it's all right ♪ to me, harlem is home. but home is also your body. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick and mortar in new york is not easy. chase ink has supported us from studio one to studio three. when you start small, you need some big help. and chase ink was that for me.

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with more than two trillion dollars of their wealth. stuart: futures indicate a mixed picture at the opening bell. dow down, nasdaq up. jeff sica with me this morning. let's talk about nvidia, the all-important report this week, wednesday afternoon. they're reportedly having troubleses with their blackwell chips overheating in some servers. know anything more about this? >> yeah, they're talking about it it has something to do with the shelving of the blackwell chip, and i think it's incredibly important because if you looked at nvidia's earnings which for the market which seems to have stalled, we've seen all the magnificent seven but nvidia come out, this is a very important report. and if, in fact, this yo heating issue -- overheating issue is real and problematic, it is going to negatively affect the earnings because you have companies like morgan stanley who are saying they could make

about $10 billion on the blackwell alone. so wednesday you can't underestimate how important this is for the market. stuart: generally speaking, is trump good for a.i.? >> i think he's going to be very good for a. i.. i think, of course, when it comes to regulation he's going to lighten up some of the regulation, but something that people haven't been talking about is that trump is very good for real estate. you know, i say -- he says for drilling drill, drill, drill, for real estate, build, build, build. and what a.i. needs is a massive buildout in these data centers. and what trump policies are going to allow with lower interest rates and this massive buildout, there's boeing to be more data centers -- going to be more data centers. is the only variable if our relationship with china because companies like nvidia and the other a.i. companies do a lot of business with china. and there will be tariffs and there could be a bit of a conflict between the two from a

trade standpoint health cared affect if a.i. overall -- which could affect. stuart: the new guy, brendan carr, federal communications commission, he's a critic of big tech. he says big tech has been operating like censorship. is he bad for big tech's stock? >> i don't think he's necessarily bad. i mean, i think brendan carr is a warrior for freeway speech which is necessary -- for free speech. what he's doing, i think, will help big tech which is he doesn't want big tech to have carte blanche over censorship. and as we've seen, big tech has taken their political ideas and used it for censorship. so free speech, i think overall, is good for big tech. stuart: yeah. he doesn't want to, he doesn't want them to censor people. he wants a, is -- the absence of censorship. that's the plus for big tech, right? >> yeah. he wants the absence of

censorship. and brendan carr was big on the saturday night when they put harris on and didn't give trump the chance, he came out and was very vocal about that. he wants to make sure that this these big tech companies are not used to diminish free speech. so i think he's a tremendous pick. i think there might be some of the big tech companies that are going to be a little bit nervous about what he's going to do, but i think for technology overall he's, it's necessary. stuart: he doesn't want to break up big tech like lina khan did. no. he wants to just make 'em behave differently. >> no. he's a true capitalist. i mean, if you look at -- and he wants to do away with these dei policies. there were 10,000 initiatives in these dei, and he doesn't want that to happen. stuart: could be good for the stock market. jeff sica, good stuff. the opening bell is ringing, you can see it right there. he's pressed the button, and

take a look at the dow 30 -- i'm sorry, the big board. downside move for the dow, down 50 points, and we've got -- there's more green than there is red at this point, so it's a narrow loss as we speak. the s&p 500 opening slightly higher, i mean, that's dead flat. let's call it how it is. and the nasdaq composite, i'm expecting a bane there, we've got it, it's up .14%. not recouping the losses from last friday. show me big tech, please. that is a mixed picture. amazon, alphabet, apple, meta up. microsoft is the loser, down $2 at 412. start our morning coverage with nvidia. good morning, taylor. what can you tell me about this overheating issue, please? >> good morning, stu. yeah, clearly the big story. really an overheating issue when it comes to the servers for this new blackwell chip. about 72 chips, that's the concern about the overheating of. again, let's wait to hear if we get anything on wednesday about

an update on this overheating issue. stuart stuart okay. trump wants to -- reportedly, he wants to relax the rules on self-driving cars, that that's why tesla's up so much this morning. >> exactly. we mow with the robotaxi, right, creating a regulatory framework for autonomous vehicles is the path forward. this is exactly what elon musk wants. robotaxis have a place to play in. shares are up, as you can see, about 5% on that news. stuart: that's a nice gain, take that. ibm if's chief says trump's win is good for business, but that's all about regulation. gotta be. >> this is such a simple story. if you lower regulation, ibm's ceo saying, we can invest. there's less uncertainty, less red tape, the m&a environment is better so, overall, less regulation is good for business. stuart: what have we got on super micro? because they face the the threat of being delisted from the nasdaq. have they submitted a plan to stop the deliving?

>> we're hoping to -- delisting? >> we're hoping to get a plan today. today we're hearing that the smci would either submit the 10k annual filing or submit a plan that shows that they are trying to remain in compliance. remember, this is also a company that was delisted back in 2018 only to be relisted again in january of 2020, so not first time they've had this issue. let's hope to see they file a plan to stay listed. stuart: remember that short-lived problem with e. coli at mcdonald's? i believe they've fixed it, but they're trying to bring customers back. what are they doing? >> they're investing ab $100 million, particularly a $65 million direct investment in some of the franchisees that were most hard hit. this had to do with the onions, but so many people stopped coming to the store because they were worried about eating something we coal lie in it, so mcdonald's trying to show good faith and investing in the franchisees that lost a lot of

sales. stuart: what have you got on bitcoin? >> where are we, $90,600. we had the biggest 2-day drop since the election, a lot of people wondering if the trumpally's take -- trump rally's taking a breather. we'll have to see if those big crypto plans come to fruition. stuart: the big fight the other night. [laughter] record-breaking numbers on netflix, for the jake paul-mike tyson fight. how many people watched? >> did you? stuart: no. enter stu, well, you were the only one because 60 million people watched. 50 million catched the -- watched the co-main event. they are saying it was the most-watched female sport in that co-main if event in u.s. history. the main event, they're saying, brought in more than $18 million over 72,000 people in attendance at at&t stadium in -- stuart: yeah, but netflix's stock is down because it was a very poor performance on netflix's part. >> some people are saying they are still continuing to is

struggle with live. remember, netflix in the heart, in their dna they don't do live. so pivoting to live has been harder. they've had a few glitches, some nonsport, mom sorts. but overall -- stuart: i was told it was a terrible performance. not the fight itself so much as -- >> okay. stuart: -- the way it appeared on television. >> you know, i think a lot of people are wondering if netflix can pivot to live. they have to win live sports because they have football games coming up, i think it's thanksgiving or christmas, and they have to do live, so they have to get it right. stuart: the stock is down almost 1.5% on netflix. did you watch? >> no, but i watched ufc on saturday where trump showed up. stuart: did you go? >> yes. madison square garden. sold out. trump shows up with dana white, elon musk, speaker mike johnson, it was incredible. [laughter] stuart: okay. i didn't expect to see you there, but apparently you went. taye taylor, thanks very much, indeed. check the big board, please. we're down, right from the

opening bell we've been moving lower, down 800 points, 42 concern 80 points at this stage. dow winners, verizon, apple, jpmorgan and mcdonald's, verizon's at the top. s&p 500 winners topped by super micro computer, tesla, warner brother, dollar general, i think that is. and then we have advanced micro devices, is that -- correct, yeah. nasdaq winners, where are we? here's a chance to look at your stocks. tesla right at the top, it's up $20, that is 6%. warner brothers, dollar tree, amd, 3% and global -- whatever. global found rhode islands, up 2% -- foundries. the 10-year treasury yield at 4.46%. the price of gold above $2600, 2612 per ounce, up $40 today. bitcoin, we just checked it at $900,000 and change, almost 91 -- 900,000. the price of oil, we had it at 67, now it's at $68 a barrel.

nat gas, $2 something or, 2.88, going up. and the average price for regular gasoline is $3.07. in california it is $4.46. coming up, biden authorizing ukraine's use of u.s. long-range missiles to strike to deep inside russia. putin condemning that as dangerously provocative. how will trump deal with this escalation? k.t. mcfarland has that in our 10:00 hour. trump's signature dance moves are all the rage. just look at cage fighter jon jones busting out trump's moves after his victory. and football players in at least three games celebrated with trump's trademark dance. i wonder whatday portnoy thinks about that? he's on the show later. the trump the taps chris wright to lead the energy department. we want to know how much oil can america produce? we're already producing more than ever before. how much more can we get out of the ground? former energy secretary under trump dan by yet is next. ♪ finish. ♪ you make me sing like a bird,

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stuart: the president-elect, donald trump,s has nominated oil executive chris wright to be his energy secretary. the eded ward lawrence joins us now from the if white house. edward, i've seen video of chris wright drinking fracking fluid to show that it doesn't affect drinking water. cheerily, this guy is -- clearly, this guy is frack, baby, frack, isn't he? >> reporter: yeah. and, clearly, fracking has changed game in terms of the amount of oil that can come out. president-elect donald trump wants his energy transition in place basically from day one. and that's the reason we're starting to see some of these secretaries being picked early like energy secretary pick chris wright. now, you mentioned he's an oil executive. he's the ceo of liberty oil, or

liberty energy which is an oil company based out of colorado. now, wright will work with president-elect's interior department pick, south dakota governor doug burgum. the two of them plan to open up lands, federal lands, for drilling as well as the gulf of mexico and reverse ev mandates. here's doug burgum talking with larry kudlow. listen. >> we're never going to have electric tractors, trucks and trains because of the weight ratio of the fizz ins. we're not -- these aren't going to work in cold climates, so the whole plan was never going to work. and buying with our batteries from china wasn't going to work. and so none of that makes, you know, any sense whatsoever from an economic standpoint. and fran environmental -- from an environmental standpoint, it doesn't make sense. >> reporter: the american petroleum institute applauding the move say saying we should see inflation relief with an overall better energy policy. >> we're going to need every kind of energy source possible. that's means wind, that means solar, that means geothermal.

these are all things that the american oil and gas industry is continuing to invest in and will will have to because we're going to need it all. >> reporter: the api is pushing a balanced approach which is kind of what we're seeing as well as going down the road of opening up oil and natural gas industry here in the united states, so we are not relying on opec+ or iran to lower oil prices. back to you, stu. stuart: thanks, edward. former trump energy secretary dan brouillette is with me this monday morning. we're already producing over 13 million barrels of oil a day. that's' more than ever before. if trump takes the shackles off, how much oil could we produce? >> well, stuart, or it's great to be with you. i think we could produce a lot more than we are today. the exact number's hard to know because we have to figure out how much reserves we have. but, stuart, importantly, it's not just how much we produce, it's how costly that production is. and what's happened over the last 4-5 years is that we've made the production here in

america more expensive than it needs to be. so i think what we can expect from chris wright, from doug burr i gum, from lee zeldinen, financial choices to be cabinet secretaries, is a deregulatory effort which will reduce the cost of that production here in the united states, and and that'll inure to the benefit of consumers here as well as around the world. stuart: but the president-elect wants to cut the price of oil in half. would people still drill for oil if it was just $35 a barrel? [laughter] >> well, the cost of production is probably higher than $35 a barrel, stuart. so we'll have to watch that. but the bottom line is this, we need to open up the markets around the world so things like this lng pause that the biden administration imposed onen the natural gal industry must go away. and i think you will see it go away quickly. it's not only the markets here in the united states that we're concerned about and the job creations that occurs here, it's the ability to make that product available to our allies in

europe, our allies many asia and developing countries in the global south. that's really where the future growth is going to come from, and i think it's exciting to see what lee zeldin and what doug burgum and, obviously, chris wright are going to do. stuart: energy secretary jennifer granholm, she says trump would be committing, her words, political malpractice by reverying biden's -- reversing biden's green energy projects. to do you see it that a way? >> well, i think the american people just said it might be mall plaques to -- malpractice to use $27 billion of their money to spend on what are, in fact, somewhat dubious environmental groups. that's the real malpractice here, stuart, is the disportion of -- distortion of the marketplace that's occurred in the last four years. i think what we'll see is the american people imposing their will on congress, and you'll start to see congress take a hard look at some of the bills and some of the spending that's been approved over the last call it three years.

stuart: you remember the green energy investor, he's a billionaire, tom steyer? he's not worried about trump's win. he says trump will not hold back the green energy transition. dan, it seems to me like this transition's falling to pieces. what say you? [laughter] >> well, the real transition here, stuart, is from low energy to high energy, and that's what we should be focused on. i think what's happened, you know, under the trump administration if you look back, the emissions reductions that were the achieved throughout that 44-year period -- 4-year period were phenomenal. we reduced emissions by roughly 14% from energy sources at that point in time while the any grew rough -- economy grew roughly 17%. you'll see the replacement of heavier hydrocarbons with lighter ones. that's why natural gas is so important to this so-called transition. those are the types of innovations and activities we're going to see more of over the

course of the next four years. stuart: can we expect to see permitting for nuclear plants speed up? >> yes, i think we can. congress took an important act, a step forward, i should say, just a few months ago with the advance act. we need more of that. i think the technologies that are about to come online with small modular reactors, with some of the safe, accident-tolerant, non-prolive rant nuclear fueling with developed for these small modular reactors is going to continue, and we're starting to see more and more investment in that area which, of course, is going to to produce firm base load power for electricity which means it's going to be on 24/7. stuart: yeah, those small, modular nuclear reactors are very important, that's my opinion. thank you very much, dan. come back soon. coming up, president biden has a suddenly reversed course on ukraine. he will allow american missiles to be used to attack deep inside russia. the kremlin responded with fury. voter backed trump.

he wanted peace. biden's not making that easier. that's my take, top of the hour. and trump is eyeing a new candidate for treasury secretary. an internal debate over who should have the role. we'll run down the list of candidates with economist stephen moore next. ♪ won't you come out here with me and chase this this rock rocky mountain freedom -- ♪ let that mile high air you breathing wind you through the live roads ♪

♪ if. stuart: trump has reportedly expanded husband list of candidates -- his list of candidates for treasury secretary. the new names are mark rowan, kevin warsh, tennessee senator bill bill hagerty, robert lighthizer, also new to that list. stephen moore joins me this morning. i want to know, what's the fundamental difference between these guys? >> well, stuart, good to be with you. by the way, you left me off the list. i'm -- i'm just kidding, i'm not on the list. [laughter] i think that's a good summary of who is on this list. i still believe that at the end of the day scott bessent will be the treasury secretary. i've known scott for years. he's fantastic.

he's -- mr. president, if you're watching this show on stuart varney, pick scott bessent, he's fan tsaic. he's been loyal to you. he is a phenomenal wizard. he will help get your tax cut done this year which is one of top economic priorities. so i'd love to see scott. there's some dark horses out this too, stuart. you mentioned, well, obviously, you mentioned kevin warsh, good guy. although i think he'd be perfect to run the federal reserve board. and i also like the tennessee senator bill hagerty, fantastic guy as well. but i've got another dark horse for you, stuart, you ready for this? what about larry kudlow of fox business news who served so admirably for donald trump in the national economic commission? he would be a fantastic choice as well. stuart: i'm told that larry doesn't want to go back into government -- >> well, you can't say no to the president. if the president asks, he can't say no. stuart: all of these treasury guy, all of these names put in as possible treasury secretaries, are they all in

line with tariffs as a fundamental tool of american foreign policy? economic policy? >> well, i think that will have to be, you know, a criteria a because the president, you know, really believes in this, of using tariffs as a tool to get better trade negotiations with our other, you know, rival nations and with our allies. so i would say the answer to that, yes, you have to be onboard that. i'm more of a free trade guy than donald trump is, but i have a great relationship with him. we have have differences of opinion, but trump will use tariffs as a negotiating act tick to get better trade deals -- tactics to get better trade deals. stuart: stephen moore, put your name forward -- you just did. >> stuart, what about you? you can do that job, you're a financial wizard. stuart: just trying to flatter me. [laughter] i just can't see it. stephen moore, you are all right, and we will see you again soon, i do hope.

thanks very much. still ahead, biden authorizes ukraine to use u.s. long-range missiles to strike inside russia. what does this escalation mean for if trump? k.t. mcfarland responds. we'll find out what dave portnoy if thinks of athletes using trump's signature moves as their celebration dances. and joe concha is going to react to jen psaki saying democrats have no clear leader even with biden still in the white house. dana perino on the release of matt gaetz's ethics report. the 10:00 hour is next. ♪ -- rehearse and repeat it. ♪ one,s don't pick up the phone, you know he's only calling 'cuz he's drunk and alone. ♪ two, don't let him out again, you'll have to kick him out again ♪ three, don't be his friend -- ♪ you know you're gonna wake up in his bed in the morning ♪

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