the reason exxon over chevron is chevron actually has the lowest debt to equity i think they've done a much better job fiscally of taking care of themselves as opposed to the ballooning debt over at exxon. i do think you have to have some representation of the energy space within the dow it makes sense to me chevron is a name that i actually own it's been a poor performer they somebody in energy is going to start to move a little bit. i feel like chef rvron is the o name left. if you were going to pick one over the other, i picked chevron. >> if this show weren't called "fast money," i'd probably harp on this statistic, that the worst performing sector in one decade is typically the best performing sector in the next decade oil has had a pretty terrible 2000s. bk, would you say maybe give oil a chance here? >> well, first of all, bk likes to be a con train. every is on one side of the boat he likes to run to the other the mere fact that we're asking the question is oil dead probably means most of that story has been into it the charts look horrible i would not be buying these. i'd wa

temperatures and unfortunately the threat of wildfires those fears nearly realize after a flare up at the chevron refinery in richmond today filled the sky with black smoke that could be seen for miles thankfully, the flat plain rain has stopped but crews do remain on high alert. ready to respond at a moment's notice, thank you for joining us tonight at 5 i pale more an excessive heat warning is now in effect for a number of bay area cities thousands of people doing what they can to try and escape the heat. we have a team of reporters tracking the high temperatures but our coverage begins with our chief meteorologist lawrence karnow who has more on the heat advisory, this is a dangerous weather. >>yeah, very hot weather out there. we haven't seen the heat wave like this all summer long very impressive we're going to see this was going to be one for the record books and look at the numbers outside right now a 101 degrees right now in san jose one '03 in morgan hill 106 in livermore one '06 in dublin 94 in alameda 102 degrees in san mateo you don't see get that hot there very often how about 92 on

thick plumes of smoke began pumping into the air from the stacks of the chevron refinery. the industry calls it flaring, burning overpressurized gas. in a statement chevron said it was due to an upset at a process unit and said flares are a safety device used in refineries to relieve pressure during the refining process. >> there were notes of particulates, it was nowhere near a level that is concerning to human health. >> there were no injuries or reports of health issues in surrounding areas but chevron warns there could be intermittent flaring throughout the day. it is usually harmless but can pose a threat to those with respiratory problems and in the age of coronavirus the county and bay area air quality management district will be watching and investigating. >> we expect the highest standards tomorrow in all of our refineries and there will be a full investigation. >> if it is not done for safety purposes or if it was done in a way that does not go by the district regulations they can be issued a violation. >> in contra costa county they can keep one eye on the stack

just before 1130 chevron confirmed the disruption at one of its processing units resulted in flaring the heavy smoke, a potential health hazard for people with respiratory conditions but hazardous materials specialist maria de says the weather actually helped push the smoke out and the flaring eventually stopped in smoke had up so it's kind of high up and when one 19 one investigating they noticed that the smoke was headed. >>towards the water fortunately not towards the community. atmospheric conditions and warranted >>if there was any owners or anything that would have impacted the community and had gone away from the community chevron issued a community warning system level one alert. >>that's the lowest level on the scale flaring is a safety device used to relieve pressure during the refining process. dew says her teens ran tests for toxic matter and came up empty articulates and they're also looking to see if there are any sober compete in compounds in there and i didn't stop by our overnight act signed. >>because we had indications that there could have been some some soccer co

>>also in the east bay flaring at the chevron richmond refinery earlier today sent thick black smoke into the air you can see in this video this sparked fears that the smoke could reach communities and possibly cause health problems the smoke was visible for miles at this hour. the flaring has stopped the girl forced to leave to go reports hazardous materials teams were still sent out to investigate. >>with temperatures surging into triple digits in the air already thick contra costa health services dispatched its hazardous materials teams to the area around the chevron's richmond refinery in the late morning just before 1130 chevron confirmed the disruption at one of its processing units resulted in flaring the heavy smoke, a potential health hazard for people with respiratory conditions but hazardous materials specialist maria de says the weather actually helped push the smoke out and the flaring eventually stopped in smoke had up so it's kind of high up and when one 19 and investigating may notice that the smoke was headed. >>towards the water fortunately not towards the community

chevron said it was due to an upset in a process unit. it went on to say, flares are a safety device used in refineries to relieve pressure during the refining process. firefighters and county health officials quickly took air quality readings. >> fortunately, it was in the parts per billion. >> there were no injuries at the plan and no reports of health issues in the surrounding areas but chevron warns there could be intermittent flaring throughout the day. they are usually harmless but they go pose a threat to those with exist go respiratory problems. an ominous worry in the age of coronavirus. that's why they'll be watching and investigating. >> we expect the highest standards from all our refineries.ot done for safety purposes, or it was done in a way that does not go by the district violations. >>> so folks can keep one eye on the refinery stacks and another digits. and most public pools are shut down because of covid-19. these two women tried to get up early today for a morning walk at walnut creek's heather farm park and quickly fo

which is choir chevron will stand to the dow. exxon makesme nervous because it has an 8.5% dividend, which a lot of investors believe the dividend will have to be slashed. what a stunning fall from grace from one of the greatest blue chips of all time. in it's place, we're getting sales force. cloud kingpin that now has a larger market cap than exxon these are two perfect foils. in 1870 the bedrock of rockefeller's standard oil companion. sales force turned 21. it sent the stocks up 7,700% 7700 what's that? 7,700% from the ipo price. exxon will be the largest to global warning the ceo is trying to plant 3 trillion trees to recapture the carbon good trade i think this is a fantastic move chon r exxon represents the fuel of the old economy, cloud, digitization it is a business to business operation but someone that's run a business, we have a 30% boost not long after sales force was installed. we'll flush this story out when we talk to mark later in the show about his remarkable quarter but the key here is something i've been sayin

this is at the chevron refinery having right . >>> we e types of incidences before. this is a really important time as officials who are in charge of this make sure that it is safe for people to be around that and make sure that it is safe for people who live around the refinery when it comes to the air. we will continue to keep an eye on this. we are looking at a closer shot from chopper five. you can see some people out there, trucks out there, the last known flareup ♪ >> kelly: mama, where's milton? >> steffy: okay, kelly, i will look for milton. where is he? i'll find him, baby. i'll find him. he's--oh. i found him. mommy's got him right-- aah! ahh...aah! kell m-milton's sleeping. he's sleeping. uh, i didn't realize how late it was. it's time for bed, baby girl. get ready for bed, okay? mama will be right in.

that's why i have exposure to eqt and cnx, by exposure to chevron is you have to something in energy. i just wanted highest quality energy name i can find >> and by the way, oil inventory well higher now than this time last year. you both own phillips 66 does this change your thesis at all >> no, this is short term. phillips 66 is probably one of the only energy companies that we own, owned it for a very long time it also has another income stream from chemicals and plastics we're hoping that that goes wells, but we're going to ride this storm out, for lack of a better reference >> carrie, you also own phillips 66 why? >> it's our only exposureto energy it's a small position. any invest in energy has not been good, as we all know. we've got it i think it will recover at some point. >> thinking about everybody and all the workers and refineries out there. now 41% of capacity now off-line. >>> check out this mystery chart. it's an e-commerce stock with a bullish call on it we're going to reveal the name do you know? we'll debate it as well. if you're heading out, hopefully not in the ho

chevron said the flaring activity was due to an upset at a process unit. flares relieve pressure when something goes wrong, allowing the refinery to operate safely. the center for biological diversity says chevron has had more flaring incidents than the bay area's of the refineries and that the said committed fouls there people breathe and. >>> in the south bay a fire broke out at the christopher ranch garlic company in gilroy. cal fire originally said powerlines and pallets were involved. christopher ranch has been around 1965 and is the nation's largest garlic farm. >>> to southern california where more evacuations have been ordered this evening. in los angeles county the lake fire is burning. it started wednesday in the angeles national forest, about 65 miles north of los angeles. it raced west and northeast of pine canyon in the antelope valley where new evacuations were ordered tonight. the fire has spread across more than 17,000 acres, containment also grew to 12%. extremely hot temperatures are fueling this wildfire, at least five buildings had been

chevron.ather report sponsored by chevron. beautiful day here in new orleans. probably not the same tomorrow. guys, back up to you. >> be safe out there, rob. we're thinking about the people in the storm's path. >>> coming up here on "good morning america," a former member of a so-called cult explains what she knew about leader keith rl scoooki wd of , >> we have food. >> that's in "pop news." stay tuned for that. >> yes. food. >> that's in "pop news." stay tuned for that. pursue the elusive. while also capturing the possibilities - even something like co2. over the last decade, chevron has spent over $1 billion on carbon capture projects. and is investing in start-up companies working to transform carbon into new forms of energy. ♪ (vo) she's driven by arbon a lynx in the wild and your cat. for a lynx this need is satisfied by what the wild provides, for your cat it's meat-rich blue wilderness. because your cat is wild inside. it can be used on the hands, body, and face. it cleanses and moist

the center for biological guess diversity said chevron has had more flaring incidents than other area refineries, and the soot that is emitted fouls the air people breathe. >> we move to this now. this was a seen in gilroy about an hour ago, as firefighters knocked down a fire at christopher and pallets were involved. it has been around since 1965 and is the nation's largest garlic farm. >> to southern california now, where we're monitoring the latest on the lake fire. this is a wildfire that started on wednesday. it has burned about 65 miles north of los angeles, and we understand containment grew today to 12%. more than 11,000 acres have burned, and this fire is near lake hughes in the angeles national forest. extremely hot temperatures are fueling this wildfire. >> just all a bunch of flames and embers up and down right there. and then you can see like at one point, there was a huge tornado of flame. >> about 90 miles away, the ranch fire has burned through 2500 acres with new containment. mandatory evacuations were put in place as a precaution, as temperatures continue to rise. >>

>>and the a's bay people saw large plumes of smoke at the chevron refinery in richmond today, chevron says it was caused by a disruption at one of its processing units. a hazardous material specialists as the heavy smoke did pose a potential health hazard, but the weather helped to push the smoke out. chevron issued its lowest system community warning the flaring has stopped in contra costa county health services says it does not intend to send out a health advisory. >>the oakland police department has unveiled a new initiative to curb rising gun violence in the city it's a program called opd care police will be deploying more resources to places where there has been a dramatic uptick in crime as kron four's dan thorn tells us this comes as police say over the last week at least 5 people have been shot and killed in oakland. >>the oakland police department showing force along international boulevard in east oakland officers set to take to the streets to suppress rise in gun violence menacing the area we want to stand with the community. >>there's a supportive. >>oakland's interim poli

. >>> in the east bay, a problem at chevron's richmond refinery raised concerns during today's spare the air alert. a technique known as flaring shot thick plumes of smoke into the air. you could see it around for miles. chevron calls flaring a safety measure that releases pressure to prevent pumping toxins into the atmosphere. contra costa county health officials took air quality readings and say levels never reached what is concerning for human health. even so, the county and the bay area air quality management district will be investigating what happened. >> so if it's not done for safety purposes or it was not -- it was done in a way that does not go by the district regulations, then they certainly can be issued a violation. >> there were no injuries at the refinery, and no reports of health issues in the surrounding areas. chevron warns the flare cog continue into the evening tonight. . >>> san francisco city officials are expecting people to head outdoors to find heat relief, and they're urging them to do so while protecting themselves from covid-19. >> you're not with people w

if you look at the two thought leaders in industry, it is chevron and exxon.on has been disciplined , tapped thecapex breakeven before the pandemic. invested throughout the energy declines after 2014 and continue to invest. exxon is now slamming on the brakes from a capex perspective. the nobles announced acquisition, which is clever. they are buying reserves in the ground at five dollars a barrel. if you look at exploring the drill bid as opposed to reserves, i think shell has figured out the formula. seems like private equity portfolios would be income -- in trouble in this environment. have many gone to zero, where are we in that shakeup process? haag: i think we are still in the third or fourth inning, to use a baseball analogy. you are seeing more companies go to bankruptcy. here in houston, we have some of the largest private equity firms , energy focused, in the country. they are focusing on the same things that you see in the industry, consolidation. is, after all, a commodity production business. costs matter. you have been trending more toward a manu

jason: i like chevron best.e in the strongest financial position within the sector with the balance sheet they have and they have had a pretty poor quarter in the second quarter, but i think the fun starts to decelerate. probably thanking themselves for stepping aside on anadarko. as we go to the 9:00 hour on radio and television, there is no question the deterioration of yield. 100 30 day intraday chart on the 10 year yield and we are right down on a record low. lisa: we are heading there. what is interesting is we are seeing a better economic backdrop. how much is full faith and credit to buy longer data -- longer dated debt? it was interesting to me when robert kaplan was on bloomberg surveillance and he said they have not had to buy that much. all they had to do was signal they would. what happens if you are tested on that? what happens if yields go up? how much bigger with the balance sheet cap. how much are they willing to commit? faith the has full fed will have their backs. tom: i get the fed, the party

the chevron refinery explains what caused this concern yesterday. >>> a heat warning remains in the bayre weather watch. what does this mean? how long will this heat wave last? i'll have your full forecast coming u up justt afterer the b. stay w with us. >>> good saturday morning. i hope everyone is finding a way to stay cool through this came heat wave because it will last for a couple more days. i have your full forecast. right now over san francisco we got great clear skies. not much of a marine layer there and we expect to see another day in the triple digits. let's get right to it. first i want to show you another great shot. this is of walnut creek. sunny but also very hot. that ridge of high pressure that's been bringing the heat is going to remain over the bay area and right now our temperatures already in the 70s down through the south bay and areas like concord and livermore and also humid. you're getting that muggy feel. this dangerous heat is expected to last through wednesday. the area you see in that lighter orangey color is a heat advisory and then the darker sort of pink

s&p one of them chevron will do. let's look at the dow industrials. pfizer is the lowest stock price in the dow the price would be even lower. another reason to move it away amgen is reflecting the growing importance of the biotech space. this sounds like two industrial swaps and they are theytheon overlaps a bit with boeing now, again, these changes are conservative but not baffling. look at the dow shake up here. the stuff that's being added is nicely on the upside today that's kind of interesting the stuff that's being deleted that's exxon, pfizer and raytheon, all three are on the down side. everybody is betting the stuff is coming out of the dow the dow has very little money index to it. i wouldn't put too much emphasis on any of these moves today. in fact, if you look at actual amount of money that's linked to the dow jones industrial average, it's about $31 billion. that's nothing compared to the s&p 500. there's about $11 trillion that indexed to the s&p look at that difference. 31 billion versus 11 trillion.

it was conservatives, fair to say, in the guise of justice scalia, others pushing the chevron doctrine. it is a mixed story about whether it is progressivism or regionalism that has been the font of the growing executive. if you look at the obama administration, the main sins of executive power were wielding executive power, wielding delegations very aggressively and using it to take power to enforce or not enforce statutes but the signal position of the bush administration wielding executive principles, the central executive power principle they are known for his disregarding statutes under the name of article 2 based on the original understanding. this is not a 1-sided story about original versus progressive and i attorn -- i applaud william barr's speech at the federalist society last fall on the basis of original principles contemplated abroad robust executive. my last point is talking about reform. i have an excellent menu of 13 reforms that he proposes and three reforms which he thinks aren't constitutional on originalist grounds but for congress to consider in light of executive

sell for something else or let them all rise >> i'm perfectly willing to let you consolidate under chevron because mike worth is doing a terrific job but look at the break even numbers and oil is struggling it needs to go to 50 to make a lot of money take your profits and roll them into chevron and pick something else and i loved your kid. i love your kid and thank you so much and please, remember, oil is a declining commodity because of ev and so many other reasons. all right. this is a bold out of the box call tonight this chart as larry williams thinks the green back is making a come back. i have predicated a lot of my stock picking on the idea it's not going to have a comeback so maybe we have to reassess a whole host of american companies. much more "mad money" ahead including a company i adore, colombia sports ware i got the ceo and sitting down with e health to see if the recent decline could be a buying opportunity and your calls rapid fire in tonight's edition tofhe lightning round so stay with cramer before money, people traded goods. tools, cattle, grain, even shells represented

what do you do you read for caterpillar moron which there never seems to be enough stock and buy chevron because the strong economy needs breakout from the 40s and yeah, yeah, higher i didn't even bother to tell you what it was. because there is not a ton of money coming into the market portfolio managers have to sell something if they buy something else they dump the covid winners to buy chevron and caterpillar. you shouldn't have to do that if you follow my barbell advice you wouldn't pay up eight for caterpillar like these people do that is so pathetic i can't believe it as someone that traded for a living, are you kidding me could you really be that obtuse? you need high quality companies that might be out of favor now for instance, in a couple more days you want to own biotech they are crushing it stick with the barbell otherwise you want to throw up your hands, not just throw up but throw up your hands and give up on the asset close every time we get a rotation don't prove the naysayers right. you can absolutely manage your own portfolio. you just have to be disciplined about it le

. >>> you saw thick, black smoke over richmond, it was from flaring at the chevron refinery. bright orange flames were shooting in the sky from the refinery for about an hour. county health services issued a statement saying thany health r community. >>> the bay area's dealing with an intense heat wave. people try to find relief at the beach today. we will check in with brian right now, and find out a bit more about what to expect. >>> it will be hot. it will be hot, not just weekend, but through the middle part of the week. there is not much of a break and sigh. the visibility is good now. we will suffer on saturday and sunday. san francisco had 95 degrees today, snapping the record. the numbers are still in excess of 100 degrees in various areas in the bay. concord is at 105. napa hit 106.its 101. in redwood city it was 102. gilroy hit 107 degrees. it will be cooler tomorrow. for now, the temperatures are 20 degrees warmer in a single day than they were yesterday. we did set records. these temperatures are more than 20 degrees from where they should be. concord got a record

. >> andy may have noticed the thick back black smoke and the chevron oil refinery started flaring up caused by an upset at a process unit thankfully no health advisories were needed. >>> that is good news. and coming up next, the measures you have to take because of the coronavirus to beat the heat at your local public pool. >>> the families have one door in and one door out >> the battle of the bay underway right now and the a's see more focused on another team, not the giants. and a protest tonight at lake tahoe sparking a heated debate about visitors. >>> they are having bonfires. >> i think it's ridiculous. >> lily everyone in the house is online and i can't get enough bandwidth to video chat with my book club. try 1 gig internet with at&t fiber. you get more bandwidth and hbo max included. so, everyone stays entertained. so i can just watch the show instead of reading the book? you know, if you turn on your subtitles... that's almost reading. get 1 gig internet with at&t fiber for $49.99a month for a year. no annualcontract. and now get hbo max included. limited availability in

acquire legislative authority from express congressional delegations but also through doctrines of the chevron doctrine but also through creative interpretation legal interposition statures. finally if the president can essentially bypass the senate check on the treaty power, there's nothing the president can do with respect and metes and bounds of article ii. anything that you think is a fundamental feature of article ii b not be because with the passage of time and the accretion of pro-presidential practices what was once thought to be obvious will no longer be with the accretion of these practices. you may think there some sort of signal feature of the president today that everyone agrees on but that can be undone in the year or two or perhaps ten years. nothing is sacrosanct about article to including the oath. if we can reimagine article ii in various ways, and we have as a nation, why can't we reimagine or we understand the article to presidential oath which reads is very specific but its contents can drift over time and can be given new meaning by new generations. i will end with those

. >>> thick, black smoke could be seen over the east bay, as part of a flaring incident at the chevron refinery. by noon, bright orange flames shot up from the refinery. it went off for about one hour before they stomped. contra costa county health services sent in hazmat investigators, they did not detect any risks. the county did not issue a shelter in place when he. they said it was caused by an upset at a processing unit. >>> now onto the fire watch. fire crews are battling the massive, lake fire. it has exploded in the blistering heat. the fire is burning and scorching 11,600 acres. the extreme heat and parched vegetation is fueling at 3000 acre wildfire. we will have more on that in a moment. this first spark on wednesday, growing thousands of acres in 90 minutes. now, the heatwave is causing the flames to flare up again. the fire is racing across the ridges, steep slopes, and touching areas that have not burned since 1968. right now comet is threatening more than 5400 homes. it is 12% contained. >>> i did mention the ranch fire. this one is threatening more evacuations. we do ha

in this case exxon and chevron are half the weight of the sector and all of the other stocks only add&p. either way, we don't like it >> that's amazing, all those stats including the three times in 30 some years on that divergence mike, your comment on the information there. do you see any trade in energy at all >> well, not on the long side right now. i think it was jim cramer a while back said energy was essentially uninvestable at this point and i'm inclined to agree with him this is a situation where when we're looking at options to try to trade it, one of the things we're looking at, of course, is this is a relatively volatile sector now the integrated oil is maybe a little bit less so than some of the other businesses servicing the permium. if we're just going to focus on the integrated oil companies, we're still seeing options premiums relatively elevated what we want to do is use a put spread i was looking at the october 35-30 put spread the 30 strike puts were about 40 cents. 40 cents may not sound like a lot but consider that's more than 1% the value of the etf right there.

thing and then the fact the dialogue among our employees chevron has spoken up to racism and brutality have no place in america yet these incidents timika inequality in treatment for no reason other than the color of skin is a stain american society has not yet a raised we reject systemic racism we support diversity equity and inclusion but one of the key demands of the protesters is defund the police believe they. should. do things to see barely. to see what he was going to see a new give me a report from the public accountability initiative reveals that fossil fuel and utility companies as well as financial institutions have been contributing to law enforcement for years j.p. morgan chase is an official corporate partner of the police the bank has given $4600000.00 to the new york city police foundation was. was released foundations across the country in places like chicago philadelphia and new york city have been showered with corporate money money from the same corporations such as marathon wells fargo and j.p. morgan that now claim suddenly they are woke furthermore these companie

procured from hydroelectric dams but also the work that was done by tesla, some of their efforts by chevron and by mar that really read into our efforts. the navy, i want to thank them for all their good work with their ships that are in port that generated a lot of use of electricity, or rather consumed a lot of electricity, that really met this moment had helped support the efforts sunday, monday, and tuesday. a lot of partners, a lot of participation. a lot of good work that has been done by users and by the utilities, by each and every one of you that got us through these last few days in ways that were rather remarkable considering what many had anticipated. i want to thank all of you, those major consumers, for the reduction in usage. i want to remind everybody that we have our investigation underway. we have a spirit of collaboration in the california energy commission and the iso, the california independent system operator. today they will be providing a response to my request of those three agencies in terms of their shared responsibility, to forecast the need for megawatt usage, t

task forces to bring broad band to every community -- a concerning sight in the east bay, as the chevron refinery shot smoke in the air, not only a heat day, but a spare the air alert. they say it's a safety measure to release pressure which prevent pumping toxins in the area. the air quality management district are investigating. >>> a south bay resident is worried about the changes with the postal service as we count down to election day. notices have been posted on several usps collection boxes. they warn that the boxes could be removed from it was in a pillow because of low volume. this comes as president trump threatens to withhold funding. >> would you be willing to accept the money for the -- >> sure, if they give us what we want. it's not what i want, it's what the american people want. >> they warned 47 states that mail in ballots may not be delivered on time. former judge and resident calls this in your face political pressure. >> i was very concerned about the timing of all this. given that we are only about 80 days on out from the election and because the trump administration

exxon and chevron are half the weight of the sector, and all of the other stocks only add up to 3% of way, dwoewe don't like i >> that's amazing, just all of those stats, including three times in 30 some years on that divergence mike, your comment, very well researched and executed of course, detailed information there, do you see any trade in energy at all? >> well, not on the long side. jim cramer said energy was uninvestable, and i'm inclined to agree with him. when looking at options to trade, one of the things we're looking at is this is a relatively volatile sector now, a lot of balance sheets become increasingly leveraged the integrated oils less so than some of the e and p companies. it is a very distressed industry and of course the very low cost of capital that many businesses have aren't necessarily going to be enjoyed by some of the peripheral companies here. we're going to focus on companies at the top of it that he's talking about, the integrated oil companies, seeing options premiums relatively el va -- elevated the october puts were $1.65 when i was looking at those to

including bay area companies like tesla and chevron. >> some of them have backup generation and cogeneration. and they ran that to take the load off the system or to give us additional power. and in some cases that the combination of that. where they ran the backup generators to put it back into the grid and at the same time they curtail their own operation to take the load of the system. >>> they said the city and county of san francisco provided power generation from the -- reservoir. >>> many of the wildfires that are burning around the state were a direct result of lightning strikes. it has been almost 11,000 lightning strikes this week in california. and governor newsom talked about all the fire activity saying this week's heat wave is so strong and so unrelenting it is being called a heat dome. >> the prospect of the world record, i hundred and 30 degree temperatures here in the state of california. 130 degree temperatures. the state of california. the highest recorded, certainly in modern history, potentially in human history. >>> the heat and the lightning strikes have led to a massi

the air quality not being helped by the black smoke from flaring at the chevron refinery in richmond. good afternoon. thank you for joining us. >> you're looking live at our mt. tam camera. the temperatures are hitting triple digits across the bay area. you can probably tell, it looks hot. let's head to sandhya for a first look at the forecast. >> yeah. and kristen and larry, it is record setting. take a look at the temperature. downtown, 95 so far. breaking the previous record. oakland, 95

task forces to bring broad band to every community -- a concerning sight in the east bay, as the chevron refinery shot smoke in the air, not only a heat day, but a spare the air alert. they say it's a safety measure to release pressure which prevent pumping toxins in the area. the air quality management district are investigating. >>> a south bay resident is worried about the changes with the postal service as we count osdnoto election day. sti on several usps collection boxes. they warn that the boxes could be removed from it was in a pillow because of low volume. this comes as president trump threatens to withhold funding. >> would you be willing to accept the money for the -- >> sure, if they give us what we want. it's not what i want, it's what the american people want. >> they warned 47 states that mail in ballots may not be delivered on time. former judge and resident calls this in your face political pressure. >> i was very concerned about the timing of all this. given that we are only about 80 days on out from the election and because the trump administration has been talking ver

are involved in those deals they include general electric honeywell international stellar energy chevron corp and baker hughes and in a statement washington's energy secretary referred to the deals as a key to a rock energy future so it's interesting to see how not only is this alliance here but the u.s. is also directly benefiting it really is but why why is the timing now what about the timing of this is particularly interesting where we also have to remember that all of the ways the new energy deals helped to benefit the u.s. and its allies they also hurt iran and that has been one of the main focuses specifically from the trumpet and you know we've seen the way that they worked. other countries where they take a specific target or a specific enemy or rival point them out and then want all of their allies to get us far away from them as possible you know we saw this play out with china and with wall way where the us blacklisted wall way and then told all of its allies to cut all ties and even accused the u.k. of going too far in saying that they would cut them off if they dared to wor

killers would be brought to justice very soon i would like to tell the criminals who us an aid to the chevron has got seen and the young female dr lloyd will be fighting for justice john 33 year old is the young female doctor prime minister called to me refer to she was a prominent activist investor and let several woman's marches she was killed on wednesday when gunmen with assault rifles riding a motorcycle opened fire on her car. days earlier godman had shot dead activists seen osama their deaths sparked days of protests and unrest fueled by anger protesters set fire to local government buildings in the southern iraqi city demanding those responsible be brought to justice and calling for the resit. nation of the provincial governor. the recent rise in targeted killings poses a challenge for the new prime minister there have been nearly a dozen attempts on the lives of well known activists this month and 4 have been killed 3 of them in basra the prime minister dismissed the local police chief last week after osama's death in response a number of senior tribal leaders issued a statement sayi

chevron announcing the acquisition. bp engineering up from a year ago. is that going to con trastrain ? >> yes, so bp has the highest debt gearing among the peers those big ticket acquisitions he did repeat that he does have a target that will instill some caution and restrains where they are a bit more cautious about this energy strategy. >> do you believe looney will do that and set out for their gearing? >> that sets the asset sales that makes sense if you look at the portfolio where it is too pricey and where you can cut your emissions as well north america will remain a very strong part of bp's portfolio. there is a lot of opportunity there to really bring the emissions down and do the oil and gas production do some biofuels and other forms of energy and another big emphasis on reducing emissions there. >> if you look at bp strategy, they had been trying to diversify in other markets like europe how is the pandemic affecting that strategy? >> i think it will speed it up europe, certainly in the downstream, refined product services it depends on bein

agreement could be announced later this week when iraq's new prime minister visits washington shares of chevron down for the year. >> iraq has been the cheater of opec thank you, frank >>> the democrats virtual 2020 convention officially under way with night one featuring some of the party's biggest stars making the case for joe biden and kamala harris to lead the nation more on the dnc's kickoff on a virtual night. >> virtual is the key. this was the first presidential -- the first of these conventions we've seen of this pandemic era and unlike anything we've seen before no crowds. no balloons or funny hats. it was a very different thing but what they did have of course is speeches. democratsrolled out some of th biggest stars including bernie sanders who made the case to his base on the left that they have to rally behind joe biden. hoo err here is what he said. >> even before trump's neglect response to this pandemic, too many working families have been caught on the economic treadmill with no hope of getting ahead. together, we must build a nation more equitiable, more compassionate and mor

wrote $75g columnist billion is equivalent to exxon, chevron, road dutch shell, bp -- royal dutch shelland more payout combined. it clearly does not have the cash flow to support that payout. most of the dividends go to the saudi government. the ceo did say aramco is prepared to borrow or take out loans to keep the dividend intact. one thing i did notice is aramco gave itself a little bit of wiggle room, saying the dividend payout is subject to board approval and market conditions. market conditions were awful in the second quarter. oil briefly turned negative in april. brent fell below $20. it did not go negative but it has since recovered and distilled down 33% this year. ceot now saudi aramco's said oil demand should continue to improve. aramco went public in december. it was the biggest ipo ever and the stock has only fallen 6%, partly because of the hefty dividend promised and all of the oil it has in reserve. it has lost the crown as the world's biggest company to apple as investors continue to pile into big tech, often at the expense of the cyclicals. alix: i remember that. i was

however, there have been some chevron's there was acquisition of noble that looks very smart in thisonment. tom: i don't want to talk individual securities. they got pushed out of anadarko and all that. does the big money come in? does private equity come in and start acquiring value priced hydrocarbons? do you see someone like blackstone or blackrock playing? regina: i think the pe firms have done their bit in the last decade, especially in the 2010s. most of them are actually trying to pull out now. what i think we will end up seeing is assets change hands because the assets still have underlying value, but the companies structured around the with the debt and equity portfolios they have list less attractive. i think we are going to have to see more restructuring, more debt consolidation, and then you will see less of the company logo shifting. lisa: have we already seen peak oil demand? regina: i don't think so. there have been some who will say 2019 might be peak demand. we still see projections that will take us up to 110 million barrels per day, which is still 10 million barrel

chevron priced at two year bond yields yesterday with a 0.33% coupon. you had on the high-yield side aluminum packaging company that sold $1.3 billion of 10 year notes at 2.875%. high yield, 2.87 5%. so you go into an economic and market catastrophe or problem when you have a need for money, with limited or no access to it. clearly that is not the case. jonathan: do you keep buying stocks? the guys printing the money keep telling us their game plan. they are not even thinking about you could go on and on, not thinking about raising rates. 2024,forward guidance to potentially for the rest of my career, unless you get a major surge of inflation that is sustainable. 10 year inflation breakevens are still out about 1.6%. they want core inflation at an average of 2%. these guys are going to have the foot on the pedal for the foreseeable future, and as a result of that, the need for returns in pension plans is creating a demand equation that lisa pointed out, not just for treasuries, for investment grade and speculative credit. lisa: when does the real econom

>> if you made me buy something, i would probably like to buy general motors, ford, exxon, chevron, thes. they seem relatively inexpensive, relatively cheap, and likely to do better over the course of the next 2, 3, 4, 5 years. will i buy the faang stocks? not with tom's money. i will let someone else do that. i'm a believer this will be a w or i like this k version of economic rebound. we are bouncing a bit but will we have the same number of hotels and restaurants come the same number of small clothing operators that we had eight months ago? not for very long period of time in the future, i'm afraid. anna: what happens to our cities is a big question. thank you so much for joining us, dennis gartman. "the gartman."of elector." , salesforce.com ceo joins us later. this is "bloomberg." ♪ donald will not rest until he has done all he can to take care of everyone impacted by this terrible pandemic. >> he has in of the unfair trade arrangement with china that punched a hole in our economy. those jobs are coming back home. >> right now our economic health is coming back with emergency spend