mike pence and also with us our secretary steve mnuchin come senators roy blunt, john curran, dan sullivan as well as kevin mccarthy and representative steve scalise and liz cheney. all coming.e you a very big moment. i want to thank congress for answering my call to pass this critical funding. the bill includes, as you probably know, $320 billion to refill the paycheck protection program helping keep millions and millions of american workers on the payroll. great for small businesses and the workers. $30 billion to the paycheck protection funds will be reserved for small financial institutions including those minority and distressed communities. extend vital relief to african-americans and has panic

mike pence and also with us our secretary steve mnuchin come senators roy blunt, john curran, dan sullivan as well as kevin mccarthy

for more on this story later this hour, we'll be joined by senator dan sullivan of alaska to talk to him about how he sees the impact of this on his state. joe, over to you. >> was anyone thinking it was going to be mexico watching it over the weekend plus, i was waiting to see, do we hit the 10 million? remember the president said, could be 15 million. remember, he put that extra in but to get close to ten, there was a lot of skeptics about that but, what, the holdup is mexico and we're talking hundreds of thousands of barrels we're not even talking -- but that was it. i guess behind the scenes there was some serious arm-twisting to finally get here the oil markets ran up to 27, 28 and then nowhere near that since then i don't know it's crazy. >> by the way, mexico won in the deal they still only have a cut of about 100,000 barrels. which is below what would have been their quota for the whole thing. kind of amazing. you wonder how much is, okay, we're cutting production and how much is the market forces. you can't pump out any more. there's nowhere to put it. there's nowhere to sto

but they're part of a string of intercepts according to norad over the past few months senator dan sullivan of alaska added in the statement senator miscount. that quote alaska is the most strategic place in the world and now with these 2 squadrons of f. $35.00 days our state will soon be home to more than $150.00 generation fighters america's adversaries will certainly think twice before engaging our country when faced with this unparalleled force and fire power war games and warnings aside i also an air force space has been gearing up for the addition of f. 35 since 2016 when the program was 1st announced so far more than $500000000.00 has been appropriated for construction at the base located 26 miles southeast of fairbanks related to the addition of the f. 35 squadrons for the news with rick sanchez john hardy. that's great stuff john thanks so much for hustling get that story to us let's go over now to mike malloy former product on official what do you make of all of a sudden this increased u.s. presence there that has a lot of people saying oh it must be they're doing some offensive a

alaska senator, republican, dan sullivan is with us now. mr.he show. >> good morning, stu. good to be back on your show. stuart: the treasury secretary gave you a glimmer of hope this morning. he suggested that the price of oil could get back to $30 a barrel by august. i'm sure you like that because at $14 you guys are out of business. >> well, look, i think it is obvious that the energy sector has been through a supply shock a major one, a major demand shock. what we need to avoid as we come out of this pandemic is a major political shock. what do i mean by that? the president and his team and senate republicans we're all focused on bolstering this key sector of our economy but let's face it, stu, national democrats have become is rationally unhinged in their in hostility to the energy sector. uninformed congresswoman aoc tweeting the other day celebrating the demise of this sector. 1/3 of senate democrats wrote big bank ceos, don't invest in energy sector especially places like alaska. to me, it is remarkable. their policies hurt families, go

joining us senator dan sullivan, republican from alaska says here you're a republican of alaska, senatorat state. among the larger oil producing states in the united states and, obviously you're dealing with this and other things as well. senator, can we start with just your view of the phase three legislation that you voted for and i guess implementing it effectively and quickly is something that we need to do and we can just take that for granted. >> sure, joe you know, you're exactly right what we're able to do here in the senate, 96 to zero by the way was pass a very important piece of legislation, bringing liquidity to small business, the broader market, help to american families, a surge of resources for our hospitals and front line workers and the health care profession but you're right this bill isn't going to be perfect. there's mistakes in it the key now sim-- is implementation i'm working with the treasury department, small business association and others to make sure it's implemented well and as quickly as possible to get these resources to americans in my state, all over the

provisions of rule 1, paragraph 3 of the standing rules of the senate i hereby appoint the honorable dan sullivan a senator from the state of alaska to perform the duties of the chair. signed chuck grassley, president pro tempore. the presiding officer: under the previous order, the senate stands adjourned until 3:00 p.m. on thursday, april 16, 2020.

are a number of other proposals out there to try and combat some of the opec countries, senator dan sullivanalaska suggested that we perhaps we shouldn't be sending so much money if that's the way they are going to treat the energy glut. that's probably a more effective route. the president needs to continue to negotiate with the allies and continue to use the full economic crux of the united states. so we certainly have more cards to play, perhaps, than other actors particularly in the energy space. cheryl: that's a really good point. i have to say, steve, as we wrap it up, who thought that going to the gas station was one of the most excited things that we as americans could do? [laughter] stephen: i haven't driven my car in weeks. there's a big political dimension that we should all be thinking about here. think of the states i mentioned, pennsylvania, ohio, new mexico, those are battleground states. donald trump obviously don't want to go into november with -- with a depression in the oil patch states where it could be very possibly in terms of who wins those big, big electoral rich stat

where the price of coil can go from here, i'm joined by dan yergin, author of the new book, "the new map and the clash of nations." brian sullivan is with us as well brian, let me start with you there have been a lot of headlines this morning, but what do we actually know? >> okay, kelly hi, dan. i have just been going back and forth, minutes ago, literally, with somebody inside of aramco to talk about this a little bit. and it's very clear that -- and not taking anything away from the president's tweet, because he was on the call and he knows what they said and i'm sure dan would agree with this, 10 to 15 million barrel a day cut is simply not possible it's not mathematically possible the price of oil didn't go up 50%. they would still come out worse. and they said, this is what go it from somebody inside of aramco a few minutes ago any 10 million cut or more must include u.s. producers so know if they were saying mathematically it must, but here's the reality, you're not going to take half of saudi and russia production offline. no country could physically do that it would have to include u.s. producers. and my guess, tomorrow

for more on what's necessary for oil, i'm joined by dan pickering and brian sullivan with us, too. great to have you both brian, i want to start on what exxon announced, shares up nicely and people say, well, how much balance sheet support will they have to use for the dividend is that the right call >> the right call for opec, kelly. exxon is getting in line but i'll take a different side of the story which is what common is doing is what saudi arabia wants to see i mean, we have made it clear that opec is not going to do anything as a group, come back together, make a cut unless the u.s. is involved we don't have a national producer and like one company to shut off the switch but these kinds of capital spending cuts will result and dan would know more about the numbers than i do but result in a couple of months or quarters in a decline of oil, basically what i have seen so far from the cut that is we have had announced, kelly, i would say down million to 2 million barrels in u.s. production naturally by the end of the year. >> i'm so glad you said that because, brian, i was think

twice during the show, as well welcome, everybody as said, i'm brian sullivan and we have a great trader panel we have tim, karen, dan guy. the gang is all here, and karen finerman, i want to begin with you because i know that we've talked a lot in the past about j.p. morgan chase, the move in the markets was probably disconcerting, but how did you read the move in the bank stocks today? >> well, clearly it was a painful day for bank stocks. i think credit is to me the more important factor here, credit and credit quality and so i've been following the high-yield index and the investment grade index and the banks. i think -- we'll hear from them, i guess in two week, but i don't know any more that price to book is really going to be a metric or price to earnings certainly not because i don't think earnings will be anything significant. i'm concerned about credit quality and i don't think we'll know we're not going to know for a while, but it's going to be bad. we talked about price to book. we don't know what the books will be because if banks have losses then you'll be writing down book and that concerns me on the f

maybe not the best sign for tomorrow welcome, everybody i'm brian sullivan i have a full show for you as always, guy adami, tim seymour, danhan and karen finerman are your investment team today great to see everybody still social distancing here let's just right into this, guy adami, because it looked like we would carry through monday's momentum we did not do you have anything you can put your finger on to say this is why we rolled over >> yeah. pretty much everything we've been talking about for the last two weeks and i'm not trying to be a wise guy here, but since that low we made a few weeks ago and as it became somewhat clear the bounce was in play, we've been saying for quite some time that the logical level for this thing to bounce was 2790 or so in the s&p 500 and we came with a little more than a percent of that in terms of what it did today, again, i'm not trying to be funny here, but it didn't surprise us all that much because it did exactly what it needed to do technically and traded up to that level and seemingly failed and that's a 25, 26% bounce from that low the vix never really gave up at the goat the vix

provisions of rule 1, paragraph 3 of the standing rules of the senate i hereby appoint the honorable dan sullivan, a senator from the state of alaska to perform the duties of the chair. signed chuck grassley, president pro tempore. the presiding officer: under the previous order, the senate stands adjourned until 3:00 p.m. stands adjourned until 3:00 p.m. >> the senate gaveling out after brief pro forma session which they're holding every three days while they are in recess. we just saw just a short brief pro forma session. the house and senate scheduled to return for legislative business next monday, april 20. back to change because of the coronavirus pandemic. you can follow live senate coverage here on c-span2. >> television has changed since c-span began 41 years ago but our mission continues to provide an unfiltered view of government. already this year we brought you primary election coverage, the presidential impeachment process, and now that the response to the coronavirus. you can all of c-span's to look their programming on television, online or listen on our free radio apps and the par