dan brouillette, the department of energy.g up, we will turn to a state that depends on energy a lot, alaska. we will speak to mike dunleavy. this is "balance of power" on bloomberg television and radio. ♪ david: welcome back to "balance of power" on bloomberg television and radio. i'm david westin. it is time for bloomberg first word news with mark crumpton. a strong warning today from america's top infectious disease expert about reopening the economy too soon. testifying from his home, dr. anthony fauci addressed members of the senate health committee. risk that youreal will trigger an outbreak that you may not be able to control, which in fact, paradoxically, will set you back, not only leading to suffering and death that could be avoided, but could even set you back on the road to get economic recovery. you would only turn the clock back rather than go forward. mark: dr. fauci also said there were at least eight coronavirus vaccines in development. his call for caution puts him in conflict with president trump's race to r

frontline heroes, secretary dan brouillette of the energy department, please come back.appy to have you on the show. >> thank you liz peek to be with you. liz: closing bell ringing in 18 minutes, i told you that we were up and then we've been down an hour up again, 53 points to the downside for the dow, we are watching every tick of this friday, trade, charlie breaks on the new york stock exchange comeback plan, who will be first to walk to the doors of the famed exchange when it reopens, will tell you when "the claman countdown" comes right back. ♪ usaa was made for right now. and right now, is a time for action. so, for a second time we're giving members a credit on their auto insurance. because it's the right thing to do. we're also giving payment relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. right now is the time to take care of what matters most. like we've done together, so many times before. discover all the ways we're helping members at usaa.com/coronavirus it's my o

energy secretary dan brouillette is with us now. mr.y, you've got a smile on your face because the price of oil is going up as the economy reopens. i never thought i would interview an energy secretary who was pleased to see the price of oil go straight up but you are. >> thank you, stuart. great to be with you. i have a smile on my face because we are beginning a transition to greatness as the president said this morning. that's what's really exciting about this particular economy. what we are seeing in the markets today are stability. that's what's important for these energy companies to survive this pandemic and to explode with economic activity on the other side of this pandemic. that's why i'm smiling today, stuart. stuart: we are -- it's not just the saudis cutting production in june. it's also our economy beginning to come back. one of the themes on our show for a long time has been opening up business is doing quite well when it opens up. forgive me, but i think the demand for gasoline is going up sharply if i'm not mistaken. >>

was the u.s.t energy secretary dan brouillette. >> there is one thing that we need to proceed with.all, we are 95% export, so production around the world. the main market price, the u.s.. growinglenges rapidly. we -- i can see, with the great majority, that there is not a problem of liquidity. the problem is the involvement with the former -- if everything -- in south korea, the economy is very strong. china is coming back again. 90% of the week where the economies are reopened back again. i could believe that some sectors that will be good after weeks, it isths or not -- we need to be understanding of how we can year, and theext plan. it is important now that the demand gets us to react in the right way. italy this week to launch hope had great success, we it becomes a physical reality because -- >> when do you anticipate that italy will be out of recession and that the numbers will go up again? what is your forecast for sales of lamborghinis? >> well, i think no one has a crystal ball here. we can see these webinar figure numbers in different situations. italy for sure is settling

he will be joined by energy secretary dan brouillette. do not want to miss that, nor the interview with the qfr ceo coming up in the next hour. next hour. one headline i want to point to -- broadway shows to be expended through the summer until at least september 6 according to broadway leak. this is bloomberg. ♪ ♪ david: from new york to our bloomberg tv and radio audiences worldwide, welcome to "balance of power," where the world of politics meets the world of business. we start again today with the markets and get a check on those from abigail doolittle. abigail? abigail: anemic on the surface. small move fluctuating between declines. beneath the surface there is a lot of action. ,rom a sector perspective yesterday we were talking about the financials lagging. that is the case once again. this could be worrisome because the sector is on a bear market. it could be interesting to see whether or not the rally we have out of the march lows could continue without the key sector on board. , and we have lots of green the nasdaq biotech index

david: energy secretary dan brouillette. >> what the president has referred to is a reshaped recoveryy clear in the charts right now. david: wall street veteran steve ratner. >> i'm pretty pessimistic about our ability to get back to that point at any time in the immediate or imaginable

stuart: that was energy secretary dan brouillette. he was on the show yesterday.u heard we want a variety of sources yesterday. he did say even though the oil patch, north dakota, texas, in a lot of trouble with depressed prices. we'll come through this eventually and demand will go up again and we'll be the dominant energy power in the world. that is what we got from the energy secretary yesterday. i'm holding on for a few seconds. we'll get the latest on oil. how much we got in storage. how much we used. these are important numbers because as everybody knows the demand for oil, the demand for gasoline is way, way down. it is picking up a bit but it is still way down from where it was. we are still producing quite a lot of oil in north dakota and in texas. so we're flooding the supply area and are we increasing demand? i think we've got the number. it is official 10:30 eastern time. ashley, what have you got? ashley: yes, stu. as it is being a, little bird telling me a draw-down, a draw down of 745,000 barrels. we were expecting another build of just over four mi