here is brian deese, roll the tape.advises the president. >> the only viable path to energy independence for the american economy is to reduce the energy intensity of our economy overall. and ultimately to reduce it to 0 and get ourselves to a position we are month longer reliant on fossil fuels. >> sandra: ask anyone from the big oil companies to the mom and pop gas stations, they see this as the white house demonizing the oil and gas industry, and talking off line production and refining capacity where we are experiencing sky high prices. and now the moment saudi arabia sticks it to the united states, along with russia, and says we will cut capacity and now we are greatly affected by that because we are not energy independent as we once were in this country, congressman. >> sandra, if that were true, then the big oil companies should have been investing in refinery capacity under the trump administration, but if you look at the statistics, they haven't been investing in it because it has nothing to do with what any pr

that higher prices we will clair at the as that rule gets finalized how we intend to do that. >> brian deese, we appreciate your time weighing in. >>> thank you for the conversation contessa, i'm interested there, he was talking about the difference between wholesale and retail prices. if i understand correctly, the retailers are the gas station owners, right? >> right. >> between that wholesale price that's paid to, i guess, the producers, the big companies there's a difference there part of it is profit, but part of it is the higher costs of transporting the product to the retail location, the higher price that the retail location is paying for wages, higher costs they're paying to power and other things maybe some of that difference, which he said usually it's a 90-cents gap, now it's above 120, maybe some of that is not pure profit tiers, which seemed to be the suggestion, but explained by other things. >> what we should also listen carefully for, the weigh he talked about the strategic reserve still being a tool, it's clear that the administration believes high gas prices are the enemy

when we come back, nec director brian deese will join us on inflation and more and kyle bass as xi jinpingfor any market with a liquid etf. get in and out with dia. as a business owner, be your bottom line ist always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. ™ earnings rolling in fast results from gm, 3m, coca-cola, general electric and so much more we'll bring you all of the highlights breaking news, adidas cutting ties with kanye west over anti-semitic comments and how it will hit its bottom line and are we in for more tech turmoil in china now that president xi is the leader for at least five more years hedge fund manager and kyle bass will join us on that key question as the fina

brian deese advises the president on the economy, he said this in a gaggle today. american consumers are paying significantly less for gas at the pump than a month ago, two months ago, and that reflects some of the progress that we have in the immediate term. i could not wait to get your reaction, we are out of time. what do you say to that. >> that reflects the fact for election year political price-fixing reasons they have depleted our strategic petroleum reserve. it's a pathetic response and a response that damages our national security because we are going to need that thing over time, and look, we have managed -- make no mistake here, we have turned the saudis toward russia and that is a direct consequence of the americans turning towards iran and now we are going into venezuela, would be absolutely horrible politically. >> sandra: and a drop in the bucket. >> nothing chevron can do -- >> sandra: i know i have to go. it's also acknowledgment the markets are functioning efficiently now, brian deese is taking credit for the drop in prices and as peter doocy aske

geoff: brian deese, director of the economic council, thank you for being with us. n: happy to. ♪ judy: control of congress is on the ballot in this year's midterm elections, but so is control of dozens of governor's seats. lisa desjardins has more. lisa: democrats and republicans alike are hoping to flip some governors mansions this year. 36 states and three territories have gubernatorial match-ups this midterm season . today, we will be diving into three tossup races, oregon, arizona, and wisconsin. to find out what issues are animating those races, i am joined by dirk vanderhart with oregon public broadcasting zac , schulz of pbs wisconsin, and yvonne win-jett sanchez with the washington post. i want to get to what is at stake here and i want to start in oregon with you, dirk. can you paint a picture of this season there a in particular, how does the governor's race gloom, what is at stake in your state? dirk: it is very hot and smoky here right now. unseasonably hot. i would say voters are angst he. even upset. they are looking at rising rates, looking at increas

[laughter] ♪ david: one of the president's most senior economic advisers is brian deese, who heads theational economic council at the white house. i sat down with him and talked about interest rates, inflation, and the general state of the economy in the united states and around the world. let me ask you the first and most important question, are we going to go into recession anytime in the foreseeable future? brian: [laughs] well, thank you for having me. i thought we were going to start on a rosy note, but i expect nothing less. thank you for putting this together. we are, no doubt, in uncertain times. but i think that if you look at the u.s. economy, my perspective, the most striking feature of the u.s. economy right now is resilience, the resilience of households and consumer balance sheets, the resilience of business and business investment. and globally, the resilience of the u.s. economy in an uncertain global environment. so we are certainly in a complicated and, in many ways, and unprecedented transition. but i think that there's every reason to have a lot of confidence in the

brian deese heads the national economic council at the white house. i got to sit down and talk to him. are we going to go into a recession any time the foreseeable future? brian: thank you for having me! i should have expected nothing last. thank you for having me, and thank you for putting this together. we are no doubt in uncertain times, but i think that if you look at the u.s. economy, my perspective? the most striking feature of the u.s. economy is the resilience of households and consumer balance sheets, business investment, and globally the resilience of the u.s. economy in an uncertain global environment. we are certainly in an uncomplicated and unprecedented transition but there is every reason to have a lot of confidence in the u.s. position in the context of a globally uncertain situation. david: i will take that as maybe. [laughter] david: let me ask you an easier question. brian: yes, please. [laughter] david: do you think the u.k. is in a recession? [laughter] brian: i think the situation in the u.k. and europe is very difficult. they fac

geoff: brian deese is director of the national economic council.nks, as always, for being with us. ♪ judy: control of congress is very much on the ballot in this year's midterm elections, but so is control of dozens of governor's seats. lisa desjardins has more. lisa: democrats and republicans alike are hoping to flip some governor's mansion this year, 36 states and three territories eric have gubernatorial matchups this midterm season. today, we will be diving into three tossup races, oregon, arizona and wisconsin. to find out what issues are animating those races, i'm joined by dirk vanderhart with oregon public broadcasting, zac schultz of pbs wisconsin, and yvonne wingett sanchez with the washington post. thank you to all three of you. we're going to get into your fascinating gubernatorial races in a second. but, first, just in general, i want to get to what is at stake here. in and i want to start, in particular, in oregon, with you, dirk. it's festival season. can you paint a picture of the season there? and, in particular, how does the gover

national brian deese addressing these concerns or -- concerns earlier. >> so we don't put ourselves inon. the president has been clear and will continue to be clear -- at this moment when we have uncertainty and uncertainty for american consumers we have to keep all options on the table. that is what we are doing. guy: francisco blanch, bank of america's head of research, commodities, derivatives joining us now. what can the administration do about it? francisco: thanks for having me. it is a huge problem. and, in fact, if you look across the commodity spectrum we have been arguing commodities are in a good situation, some are in a bad situation, and some are in an ugly situation. diesel qualifies as an ugly situation because of three reasons. we have huge disinvestment in refining capacity, because we have weak demand route the last couple of years during the pandemic. then of course we were moving quickly to the electric vehicle future that is taking longer than we expected, as we have learned with tesla. i think we have lost about 2 million barrels capacity on refining we were -- is

with the president, he tweeted out a picture showing an update from white house economic advisor brian deese on how the economy is faring but all of these events, not addressing the moment in hand, what is happening today, it highlights the economy for americans they are seeing a huge problem, looking at these successes in the grocery store they see eggs up, 30.5% and they say that is not a success, there's a little bit of a disconnect. yesterday he was advised by brian dietz. neil: edward lawrence, speak english. there we go. and i get a discount? let's go to governor asa hutchinson, he's kind enough to join us. i was mentioning the tone deafness here and i'm sure republicans are trying not to suffer the same fate but when you hear what is happening on the price front, what would be your message republicans have now to what they argue the president isn't doing now? >> you characterize it quickly, tone deafness, when you look at the issue of violence in our streets, there is not any specific addressing of that issue, republicans are making it an issue and it is on the hearts and minds of the

john was talking to brian deese a moment ago.e is the white house director of the national economic council. he spoke about this inflation number. what's get his take. >> it is clear that inflation is a challenge. it is a global challenge. we are seeing some progress, if you look at annualized headline inflation over the past two months, it is about 2%. that is down 11%. i a lot of that is significant reduction in gas prices at the pump. guy: clearly trying to put a positive spin on this. if you trust the numbers you could probably take a positive spin away from the fact that broadly inflation is coming down, but it is into the services sector and that is really very sticky. mike mckee, our policy correspondent joins us now to give us the take. that was a hot number. is there anyway to spin this positively? michael: not really. you could say the fed knows, the ministration knows, it is going to take a long time to ring inflation down. that is going to be the talk at imf meetings that it will take some time next year before we see

found them to be unnecessary, but jake sullivan and the director of the national commission council brian deesey, quote, the president is disappointed by the short-sighted decision to cut production quotas, while they're dealing with the impact of the -- they say, at a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact that are already reeling from elevated energy prices. the biden administration really had launched a full-court press from officials to really try to dissuade middle eastern allies from making such a significant cut. their concerns going forward is what it could mean for gas prices around the world and here at home, especially as you have the midterm elections coming up. the president stated he has directed the secretary of center to look for options of possibly boosting domestic production of oil going forward, but this is something the white house is very critical of as opec makes its announcement today. arlette, we appreciate the reporting. >>> iran now blaming the west for igniting the defiance in the s

i know the president met with his economic adviser, brian deese, this morning and got a briefing on that. we have not had any words from the president on the economy today. >> neil: jacqui a quick thought on that. the inflation reduction act he says is working. he was telling cnn yesterday, jake tapper, there's a possibility that we go into a recession. he doesn't see that happening right now. he's finding people parting company with him on the economy, on inflation and on the border. specifically some primary candidates that are saying right now, this is a problem and they are parting company with him on this. i'm just wondering whether there's a few going rogue or we will hear more doing just the same? >> i think it's going to depend who is doing the talking. certainly democrats in purple districts or purple states will be more bold in stepping aside from the administration. tim ryan in ohio has -- is a good example of someone that even said he's campaigning as an independent. really distancing himself from the white house. his opponent would say his voting record shows otherwise. you'

in fact, brian deese, part of a statement, a few months ago he said our goal is still to cut fossil fuels >> this is an ideology. the ideology of this administration and the democrats. they will continue pushing it forward. you know, they want their clean energy program in place and unfortunately that green climate change agenda puts all the business to china because the production of things like batteries and things associated with these electric vehicles are made in china. >> dana: so for just people here at home, gas prices were already going up even before the hurricane. now you have this. what could you be looking at in the next 41/2 weeks before the mid-term elections with gas prices? >> when you continue releasing oil from the strategic reserve, that's a specific move to keep gasoline prices in check ahead of the mid-term elections. it is all timed for that. longer term, you know, in the winter months when the weather gets colder, heating oil will go higher. gasoline prices are still elevated. off the highs because of this petroleum reserve partly. but this is supply and demand. wh

from the president but the national security advisor, jake sullivan, and the economic adviser, brian deese, they are telling us the president is disappointed by the short sighted decision to cut production quotas while the global economy is dealing with the negative impact of putin's invasion of ukraine, at a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower and middle income countries that are already reeling from elevated energy prices. that includes here in the united states where white house officials know americans are hurting from rising gas prices that experts say are going to spike. >> no one should be cheering this news, bill. i think it's bad news for american consumers. truth of the matter is, dependency on foreign countries for american oil and gas is a choice, a choice this administration has made repeatedly, unfortunately, with the policies that they have pursued so far. >> there's another standout line from the white house, says the president will continue to direct spr, strategic petroleum r

>> sandra: it was not me or the oil administration saying they were out to kill them, that was brian deese, economic adviser to the president said goal to go to 0 fossil fuel use in the country. >> the moon shot renieable energy, but anyone looking at the data, obviously we need oil and gas and how much we are producing and i certainly don't support anyone saying right now that they want to end oil and gas production. how would you have manufacturing if you were to do that. moon shot on renewable energy being sensible about the current needs. >> john: didn't the president go to saudi arabia already to put pressure on them to increase their production of gas and they thumbed their nose at him and instead cut? >> he did. i was opposed to that trip at the time. he went there, he was thinking that we could be reasonable, they have slapped their face at america. now we should hold them accountable. we provide them with so many weapons, so many arms, there should be consequences. >> john: always great to have a democratic candidate talk to us. thank you. new york subways hoping to cut down on cr

brian deese telling the financial times quote, two things are clear.e of strength and resilience in the labor market and household balance sheets and business investments continuing to move our economy forward. the second we're in a stronger position than frankly any other country to navigate through this transition without having to give up those gains. phil flynn, price futures group senior analyst and fox business contributor. great to have you in "focus" today. i don't mean to seem disinterested in what other countries are doing but when it comes to my money i kind of am. why is the left making that argument for where we are in inflation? why can't they focus on us? >> because they don't want to admit that they are the problem, right? they're saying we might be bad here but look at everybody else. they are a lot worse, right? this is the thing. if you want to solve a problem, you have to admit you have a problem. you have a party right now, harris, that doesn't even admit that there is inflation, right? you know, a few years ago they were saying in

lisa: brian deese, thank you.ing banning exports as we head into the winter with very low stores of diesel. tom: i was with spencer abraham a long time ago on one of the energy battles. this was before fracking and all of that. i cannot emphasize enough -- thank you for watching and listening worldwide -- is this white house in the commodity trading business of gaming prices? lisa: saying here is the floor, here is the ceiling. we are going to work with it with what we have got, although it is really a refining story as much as it is a street petroleum reserve story. right now crude far away from the price they are talking about. still seeing about $89 a barrel. wti, $84. coming up, tony despaired of blackrock. lisa: keeping you up to date with news from around the world, with the first word, i'm lisa mateo. four occupied zones of ukraine and stepped-up security. the action comes as ukraine forces continue their advance against his troops. putin told the security council today that existing military log regimes in

joining me now to discuss is brian deese, the director of the economic council. good to see you. no way to sugar coat this report. prices rise down from 9.1% in june but still at an unacceptable level. what is the administration doing and what can the administration do aside from just telling americans to be patient at this point? >> well thanks for having me. inflation is a challenge, it is a global challenge and the first and most important point is the united states is in a better and stronger position to take this challenge head on than any other country in the world because of the policies that we've put in place and the strong and resilient economic recovery that we have here in the united states. as you mentioned, there was some progress in this report. headline inflation has come down. a lot of that is gas prices that are down more than a dollar a gallon since the summer. that is important for american families. but at the same time prices need to come down and faster. this has been the president's primary focus. and we have taken action on measures that will provide some

brian deese the national economic council director said yesterday i have no announcement about any ofs saudi arabia deserves u.s. weaponry. do you have confidence the administration is goings to do any of the things you just laid out? >> i will tell that you people in congress are itching and demanding that the administration should do something. i mean, you've seen that the price of the barrel of oil has gone up almost $90. this is going to hurt americans in the pocketbook and the american people are wondering -- we do so much for saudi arabia, we are responsible for almost 70% of their imports in defense, how are they doing this to us during an energy crisis and they're strengthening putin because the reality is putin doesn't have much margins on the barrel of oil, the saudis do, they are doing this in part to help putin, in part to make money. it's wrong. >> what do you say to americans, congressman, who look at this and look at what's happening with opec and look at their gas prices that are going to go up once again and they blame democrats for consistently opposing more drilling

i asked brian deese whether the decision to extend out the drawdowns from the strategic petroleum release into november when they were supposed to expire or end in october, whether that was directly tied to the midterms and he did not take the bait on that question but it is clear november 8th is the date that is circled on the calendar and anything they can do to move the needle for voters between now and then or at least avoid some of these scenarios where things like gas prices would go up before then, they're trying to do whatever they can before then so i think it was a blockbuster story, especially because oil majors have been in discussions with the administration about potentially selling oil to replenish the reserves by fourth quarter of next year so, there have been these discussions with a lot of u.s. companies thinking that they were going to be the ones replenishing and instead, the u.s. was talking to saudi about doing it. we'll see how it pans out from here, brian. >> at 75 or slightly below on brent krcrude, when we talked about it a couple of years ago, it was called a ba

you've heard this from secretary yellen, from brian deese who runs the economic council, is that what we are seeing right now is the job market is strong, the labor force is strong, and that is not what we see usually before -- before a recession. and so -- and a lot of that is because of the work that this president has done. we were seeing an economy that is resilient. we are seeing an economy that is going through -- into a transition with more stable growth, more steady growth, and that is because of the work that this president has done. that is because of the economic policy that he has put forward and let me remind you, the economic policy that he's put forward is about building the economy from the bottom to -- from the bottom to the top and the middle out. and that is so important because it means that we leave no one behind, means there is equity at everything he puts forward, and so again, you are going to hear from the president about gas prices, that's again trying to make sure that we continue to keep prices low for the american people. >> last one, just if president bid

but what we heard from brian deese yesterday about gaming the strategic reserved and then on electionrude is 100. lisa: how much pulled that they actually have over it? it is also the distillate market. i keep talking about diesel, diesel has gone up significantly in people need for tracking of all the goods and heating homes because a lot of them are fueled by generated engines. how do you end up in a tenuous situation? tom: you are beating brian dees to a pulp yesterday and all i could think about is that they need a cup of coffee from steve schork and the stork report. three major airports in 20 million people with heating oil and you focused on new york harbor. lisa: we don't really have the tools to deal with it. tom: why would you expect them to have the tools to deal with it? lisa: here we are, the litmus tool is heading to the gasoline stations. tom: let's look at predicted news where there are any number of stories that are dynamic. we have yet to speak of claims. it is weekly data. it has been a little elevated but not that elevated. is that the right analysis here? lisa: we

i asked -- widens top energy advisor about this, the statement from jake sullivan and brian deese.ll let you read the tea bees. the administration is sending a warning shot. the mention of opec would give both officials nightmares. lisa: they are pushing back. i would love you to weigh in on this. we heard the oil price caps for russia, europe is talking about, was part of the reason for why they are wanting to cut reduction because of the extra uncertainty introduced by this. do you understand what these price caps are and how this is factoring into the political decision? keeping you up to date with news from around the world, with the first word. a lot of people are trying to -- annmarie: a lot people are trying to understand -- lisa: go for it. annmarie: i will say, my thoughts on the price gap. i will hand it over, this is a huge issue for europe. u.s. officials want this to happen, it is the europeans that want to implement it because they are the one that have sanctioned that russian oil landed is the -- who have this transaction for this in terms of the ship building. the o

hey, jake sallion and director of the national economic council brian deese is not what this statement, maintaining global energy supplies is paramount. this decision will have the most negative impact on the strangeness of low- and middle-income people, who are already suffering from high energy prices. in among today actions of the biden administration. it will also lead to consultation with connerisomfo, an additional tool and authority to loosen tutelage control over global energy prices. well, that is, yesterday they said that it would be an act of aggression. well, that's how the aggression took place. now the united states is claiming. well, now we're going to consult with congress. you know, it seems to me that a lot has already been said here, very fairly. why did the arab countries and oil-producing countries react in such a way, but in addition to of this, i would like to draw attention to one more aspect it seems to me that both the americans and in europe are supporters of the green economy. they are actually themselves , and then we generally drove the entire planet into