what we found was systematic discrepancies between on the one hand, what exxon exxon mobil scientists said in academic circles and behind closed doors, versus on the other. what the company told the general public on the open page of the new york times and elsewhere. we found that the publicly fixates on consumer energy demands and on the role of energy efficiency rather than on the fossil fuels that they actually supply. this has the overall effect of shifting responsibility for the climate crisis away from companies and onto their customers. exxon mobil told us that public statements about climate change and have been truthful, fact based, transparent, and consistent with the views of the broader mainstream scientific community at the time. but fossil fuel companies can see the writing on the wall, so they're no longer selling a product. the selling an idea. they want consumers to know that they are indispensable partners in a green new future. and platforms like facebook and instagram, where they're targeting audiences with ads that detoxify or green wash their image . facebook ad

this is a clip from exxon mobil at the crossroads. best business journalist we have out there entirely. this is a crazy time to be in the oil and gas business suddenly, the fossil fuel industry does not care about going green. when russia invaded ukraine, the price of oil and gas went through the roof. many of the politicians who used to worry about the environment want the industry to pump more oil. you can hear about all these challenges when david's documentary airs tomorrow night. don't take it for me, let's go straight to the source, the man i am proud to call my partner, david, welcome to mad money. >> thanks. it is a little weird to be here. not where we usually are, the new york stock exchange. >> i said to myself, how could a company that john rockefeller founded, the most corporate leased intouch company on earth, lose? >> they lost. >> first of all, there are so many different elements. the mandate for many of the big index funds, which control so much of the vote. if one went, many of the others had to follow. there was a

you spent time with exxon. do they feel we're a great company, should be the best stock, too >> darin wood doesn't talk about the stock per se in terms of we should be the best stock he thinks about shareholders who are very focused, it would seem to me on return of capital as much as anything else and the fact that over time you put less and less into cap x to get oil out of the ground. i'm talking over the years here as you transition to the new energy future. doesn't mean solar and wind but it means more in carbon capture, biofuels and hydrogen, all of which is our focus on the 22nd these notes, spent time talking about permian, because that's where me walking and giana near university that's where the oil comes from and the production increases are going to come from giana and the permian. >> the president has not gone to the permian and said to you guys, come on, we'll give you some incentives if you do more green esg but please pump more it's not happening because the president doesn't want to be seen wit

and it tells me, david, for instance, exxon, watching your i don't care documentary tonight, exxon's stock is down big and it's been down for a week. >> had a big day yesterday >> given that back. >> of course we look at the actual commodity to yourself to your point, down about 5%. that's the stocks but we're also seeing the latest proposal for suspension of the gas tax. that's about 18 cents. unclear whether that will go anywhere it needs congressional approval. >> there's an unbelievable moment in your documentary where you talk about the idea of to 2040 and what's going to happen if it's all electric daren woods says, listen, if we have chemicals it's almost shocking to me but there is a universe which says that perhaps in the future, the futures are indicating this, nat gas is down, oil is down so i'm always questioning whether we should go all in on the inflation thesis when we have some things that are working. >> true. you do have to wonder what this means for overall picture, not to mention to your point that powell is sort of getting a little bit of what they may want >> ye

the exclusive look inside exxon mobil, exxon mobil at the crossroads premiering tonight, 8:00 pm easternrade here. xo in. >> i would think you have to make sales here. if you look at the chart and go back, you go back on an eight year chart. exxon mobil almost got up to the dollar from its july 2014 hi, and then faded. so, granted it has had an incredible year, but for the last five, six, seven years, it has done nothing. energy has done nothing. so, i think you just say thank you, take your profit, and move on. >> these energy companies are making a lot of money right now but that makes them targets. of the administration. >> look, i think there has been a lot of noise and i think it will continue to be noise. we need every barrel they can get out of it. this is a distraction for these oil companies. chevron said this last night, they are going from probably one 50,000 a day, trying to get to 70 -- 750. they said they have 10 billion tours of new energies, i will just say this, i think these companies on so differently than they were, a 25% pullback in chevron off those highs, to me, is

exxon eating a record high. do you for -- exxon hitting a record high.o you feel this will continue? paul: interesting question. we were at this point were stock prices were falling and on yields were rising, so a correlation, for a good part of the spring. then we flipped, were stock prices would go down and bond yields will go down, a more normal pattern. we think what we are seeing now is if that pattern reverses back to an inverse relationship were stock prices fall and bond yields rise, there is concern in the market that we are not sure what happens with inflation, if it has peaked are not yet. that is a negative sign for investors and emphasizes our call to go for quality here, especially while bonds will rise as stock prices fall. francine: there is this idea of a profit recession, meaning inflation is so hurtful for companies that even if we do not see a recession, a lot of stocks or shares will be under pressure because of it. target, case in point. what are the sectors that can afford to pass on inflationary pressures to their customers? paul:

exxon is pumping more. it's a good way to transition -- >> they're the only one adding >> the permian, i watched it and saw how many wells they will be adding in guiana, but all of this taking place in the backdrop of what we were discussing every day not that long ago before gas prices became the story how much are you going to reduce your carbon footprint, are your shareholders willing to pay for that snooimts no they want the dividend. >> listen to an excerpt from the documentary. >> exxon is one of the biggest refiners and chemical weacompan. >> they will it's one of the largest chemical companies in the world and refiners >> do we have a clip >> we do it's interesting because this is the bigger issue, not about gas prices today, but about are you making the necessary investments to reduce your carbon footprint and position the company properly for the future that we all know is coming, regardless how far fast we think it is, we'll start off with a big back and forth between myself and jeff, who is a me

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biden: we will make sure everyone knows exxon's profits. exxon made more money than god this year. nothing has changed. one thing i want to say about the oil companies, they talk about how they have 9000 permits to drill. they are not drilling. why are they not drilling? they make more money not producing more oil. the price goes up, number two, the reason they are not drilling is they are buying back their own stock, which should be taxed. buying back their own stock, making no new investments. i always thought republicans were for investment. exxon, start paying your taxes. thanks. [applause] [indiscernible chatter] [indiscernible chatter] [captions copyright national cable satellite corp. 2022] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> american history tv, saturdays on the spent two. -- on c-span two. join us for live coverage as they join authors across the nation against the past, present and future of democracy. scandals, the history of public housing. and, oh former speechwriter

mal imagine how exxon feels. what does biden do he'd rather make a deal with the murderous government of saudi ar arabia powell can't solve the war in ukraine and he can't get more oil in ukraine and the same goes for the other base of inflation. food farmers can't keep up with demand on top of that, the weather is not playing ball there is a global food price and of course it is going to scream higher when you take out all that capacity. in the meantime, we don't have enough staff in our slaughter houses thanks to covid poor times all around. yes, there will be massive famines in africa because of ukraine. i hope you pay attention getting the food to the stores next that requires trucking and an amazing number of truckers are retired. it could not be predicted. we don't have enough younger truckdrivers to take the place because younger people have been told it will be autonomous driving so why go into it. what's fascinating, though, is the ceo of coca-cola told me yesterday when they introduced the new jack and

is expanding its refinery capacity, and the president's picking on exxon >> and exxon has one of the largest refinery footprints snop they're building more and producing more the president said exxon, touch produce more, what are you doing? they jacked it up. >> we go into detail on that and spent a lot of time looking at it >> when was that >> june 22nd >> the president picks on exxon. i said this to a group of people last night and they all said don't you know exxon -- you understand that exxon is like the worst company on earth i said, no, i don't understand they're increasing their production they're the only company in america that's expanding refinery capacity. they're committed to trying to be a cleaner citizen, and the president, his reaction is to just mock them by saying, well, they're having a better year than god >> but to this letter today, is there something to be said for the fact that margins now are higher than they were the last time crude was at this price >> i was surprised i was waiting for congress to call for refinery investigation. i didn't think it would be t

biden: we will make sure everyone knows exxon's profits. exxon made more money than god this year. nothing has changed. one thing i want to say about the oil companies, they talk about how they have 9000 permits to drill. they are not drilling. why are they not drilling? they make more money not producing more oil. the price goes up, number two, the reason they are not drilling is they are buying back their own stock, which should be taxed. buying back their own stock, making no new investments. i always thought republicans were for investment. exxon, start paying your taxes. thanks. [applause] [indiscernible chatter] [indiscernible chatter] announcer: c-span's "washington journal," every day we take your calls live on the air on the news of the day and discuss policy issues that impact you. coming up monday morning, the week ahead on capitol hill and at the white house. and max richman, will discuss the program's fiscal liability. watch washington journal, live at 7:00 eastern on monday morning, on c-span, or on c-span now, our free mobile app. join the discussion with your phone

exxon-mobile, its profitability is great. i like chevron, but you're right the increase in petroleum products, listen a few years ago these companies took petroleum products for granted, right? they were all on the green energy movement, we're not worried about that old fuel, but this is a reminder that fossil fuels plays a part, a much deeper part in the economy. we're not just talking about transportation and eating and all that stuff. we're talking about production, manufacturing, across-the-board and to think that it doesn't have an impact on inflation or the economy, i think that's a wakeup call. i kind of listen to janet yellen today. it's like janet yellen, is this a thing janet yellen that was treasury secretary, you know i mean, where she tries to tell us that spending money from the government doesn't raise in population and printing for money? she used to have a different tone when she was the fed chairman. i don't know. i don't know if it's the same janet yellen. i have to go back and think about that. liz: well y

evercore also bullish on exxon saying the current valuation is adding more than 20% discounting.ping to its highest level since back in july, 2014 evercore did downgrade occidental to in line saying tailwinds may be reflected in the stock's massive outperformance year to date. shannon, the ceo of the big commodity trading firm telling "the financial times" that we could still see parabolic moves higher in energy prices and wouldn't we surprised to see $150 a barrel or higher. do you just stick with these names? >> yeah, we're in some of the more high beta names i think what you're seeing is this rotation to names like exxon. you're probably going to see some similar positive notes on chevron, because it focuses on capital allocation if you go back to 2005 and 200 sticks, we were talking about big oil prices then too. but there was capital investment that didn't make sense if oil prices dropped what people are finding is they have been much more disciplined in terms of putting capital to work i think that was what was cited in the note. and i think it's a good point. as you rotate

biden: exxon's profits this quarter, exxon made more money than god this here. nothing has changed. one thing i want to say about the oil companies, they talk about how they have 9000 permits to drill. they are not drilling. why are they not drilling? they make more money not producing more oil/ . the price goes up, number two, they are buying back their own stock, which should be taxed. buying back their own stock, making no new investments. i always thought republicans were or investment. exxon, start paying your taxes. thanks. [applause] [indiscernible chatter] >> march for our lives at the national mall of washington. also, our free mobile video app, or online at c-span.org. >> after months of closed-door investigations, the house january 6 committee holds public hearings. watch day two as committee members question key witnesses what transpired, and why during the assault on the u.s. capitol. our live coverage begins on monday morning at c-span. you can watch on our free mobile deal app or online at c-span.org. c-span, your unfiltered view of government. ♪ >> american history t

take a listen what the president had to say. >> exxon made more money than god this year. by the way, nothing has changed. another thing wednesday about oil companies, they talk about how they have to have 9000 permits to drill. they are not drilling. why are they not drilling? they make more money not producing more oil. emily: joining us now from the port of l.a., bloomberg's ed ludlow. walk us through the president's message he got pretty heated. >> he did, it was interesting, he started at the port of los angeles, the work they have done the coordination between the different tentacles of the system, the truckers, the operators, the shipping companies. he also talked about the broader problem around the supply chain, the impact of the war of ukraine, he had the ire for the oil companies, he also talked about ford shipping companies -- foreign shipping companies. retailers in this company -- country, walmart, target, amazon pay to get good from a to become he says those rates are high. the bloomberg terminal ic since september shipping rates have come down 27%, he did t

what do you think we should do about these gas prices aside from trying to get corporations like exxon mobile and other corporations to lower their prices and absorb those cost? >> a windfall profit tax on these global or national operations particularly the oil companies, particularly chevron and exxon mobil, that would be helpful because you can take those revenues from that tax and provide them back to the u.s. treasury and the state so that the treasury can eliminate temporarily these gas taxes and that would be enormously helpful to consumers. >> we appreciate your expertise and all you have done. >>> the first question, aside from gas prices what is the biggest price increase you have seen on facebook -- construction materials. it is very bad. also on facebook michael jennings said food is so high right now i won't even look at something like stakes anymore. and dixon says tires, some brands and styles have doubled. painful all the way around. so stuck on a ship outside shanghai for months, she has been documenting the whole ordeal on youtube. we talked to her about what it was l

and in europe i think about a stock like exxon mobil trading at nine times forward. i think it was two or three weeks ago paul was talking about we had energy and the oil markets. he said exxon mobil's forecast to have about $10 earnings per share. he sees upside of up to $14. for me, that potential upside at this valuation, i think you want to lean in the selloff >> another dynamic that's the strong dollar the move today was staggering. up 1% in a single day. part of that is powell his unconditional commitment to price stability is a de facto strong dollar policy, tim. >> some of it is the absurdity of other central banks this week, we've got the boj still targeting the short end of the curve in 25 basis points for folks that don't know what the composition of the dollar basset is, it's about 60% euro, dollar yen and swiss frank the most important thing is our fed ahead of other central banks. i'll say this. strong dollar is certainly a help to cpi. it's not going to be great for earnings, but for the headwinds consumers face, especially on import prices, it's very

plus, exxon on the move. climb tog a nearly eight-year high >>> later, a new season picking up for the premier lacrosse league pll and paul will be here to break it all down. this is "fast money" live from the market side. tim, karen, guy and dan, both jumping nearly a percent dow up nearly 260 points all three erasing losses from earlier in the session the strength coming despite a big warning from target this morning saying rising inventories will hit profitableties this quarter and that got us thinking about a couple of big questions. first, for target's inventory struggles emblematic of broader issues second, when supply chain challenges get resolved, will demand for these products still be there and finally, what will the consumer look like then? potentially a much softer market guy, where do you stand? >> the second question tim mentioned this last week microsoft warned on fx tim said based on warning on demand, that's going to be a problem. listen, seems to be target and walmart specific if demand is t

>> we're going to make sure everyone knows exxon's profits. why don't you tell them what exxon's profits were this quarter? exxon made more money than god this year. and, by the way, nothing's changed. the one thing i want to say about the oil companies, you talk about how they have 9,000 permits to drill. they're not drilling. why aren't they drilling? because they make more money not producing more oil. the price goes up, number one. and number two the reason they're not drilling is they're buying back their own stock, which should be taxed, quite frankly, and making no new investments. i always thought republicans were for investment. exxon, start investing and start paying your taxes. thanks. [ applause ] >>> good afternoon. you're watching "chris jansing reports" live from msnbc headquarters in new york city. that was president biden taking a shot at exxon and oil producers. also talking about supply chain issues, sky high inflation, acknowledging it's a real challenge for american families. and while you feel it, new numbers punctuate th

. >> we will make sure that everyone knows exxon profits why don't you tell them what exxon's profits were this quarter? exxon made more money than god this year, and by the way, nothing's changed and they're not -- one thing i want to say about the oil companies. you talk about how -- they have 9,000 permits to drill they're not drilling why aren't they drilling because they make more money outproducing more oil. the price goes out, number one, the reason they're not drilling is they're buying back their own stop which should be taxed, quite frankly, and buying back their own stock and making no new investments. so i always thought republicans were for investment. exxon, start paying your taxes thanks [ applause ] >> that was president biden speaking in california at the port of los angeles at long beach on inflation and it was not just inflation that he hit on there he, as you heard at the end, he hit on the profits that companies like exxon, he says, make from rising oil prices as well as what he calls the gouging profits made by nine foreign shipping companies that have made in hi

tom: darren woods, chief executive of exxon mobil.u perspective about exxon considering 3.6 billion dollars coming down 18%. i will lick kaylee talk about what that means per day. five dollar a gallon gas. gas is a little bit lower, may be in the last couple of days? kailey: -- lisa: my favorite story of the gas rebate story is they haven't been able to produce as many cards in order to get the rebate. it shows how multifaceted his problem that we are in really is. tom: matthew miller noting it is tuesday, tom, you giddy it. thank you for that. it shows the crib though program is today, not tomorrow. kaylee tells us about the agony. kailey: if three bet -- if the rebate is sustainable -- marked out the equity cap last week. there has been major destruction and crypto. a lot of retail is in this market. there could be ripple effects stemming from crypto to broader financial conditions. something badly global advisors were talking about this weekend. tom: bloomberg has a hydrocarbons team second to none. julia -- julian lee says he is a

and given the move in exxon mobile, may be timely to see exxon mobile at a cross roads, 8:00 p.m. june twektd right here on cnbc. >> takes a lot more money to drive to the cross roads and once you're there, you have to make a decision. >>> let's kick it off with retail target sending a warning across the industry as it says it will take a hit to profit as it cancels order and marks down unwanted merchandise brian cornell telling cnbc we thought it was prudent to be decisive, act quickly, get out in front of this address and optimize inventory in the second quarter. they added the current inventory was 33% higher than a year ago totaling more than $15 billion joining us is international whole sale distribution company that provides products to macy's, amazon resalers and more what to make of this, really i have a friend in the business of home goods, supplying bed, bath and beyond and others and was was talking about inventory piling up and have issing to question what to do with that, having to do with the spending slowdown and misjudgment about what was going to sell through. it

cnbc is out with a very new documentary out tonight, it's called exxon mobile at the cross roads.rted by cnbc's own david faber and he's going to explore exxon's efforts to lower carbon emissions and whether it's really ready for that massive energy transition in the offing in one of several exclusive interviews he asks ceo darin woods about the rise of electric vehicles and if exxon's business will take a hit from their wider spread adoption. >> we did work early on, let's just make the assumption that ultimately every car in the world that's sold is electric and ultimately i think we got to by 2040 every vehicle in the world is electric. so you don't have gasoline sales. at the time we did that, we projected oil demand would be what it was in 2013, 2014 time frame. we were a successful business in 2013, 2014 so that change will come at some pace but that's not going to make or break this business or industry, quite frankly. >> it seems hard to imagine that you can sit here and tell me exxon mobile is not going to really take a hit, so to speak, from a vast reduction in gasoline

total, exxon investing $2 billion. as you said, it is five years off.rscores the problem. even if you decide to invest today in gas or oil, unless it's something like shale i the u.s.n, it's not going to come on stream for years. right now, there is no obvious solution. in the oil market, you are looking at the saudis and the emiratis. manus: they need a surety on policy, that is the blockage in the fracking market. thank you very much. let's see what today yields for you in the hallway. i am right behind you. that is paul wallace, our team leader on oil and energy. breaking news coming through on ecb speaking. dani: that's right. the bank of france speaking to french radio ring of, bringing us back to the do whatever it takes era of mario draghi, saying they will do what's needed to meet inflation go in 2022. on monday, he said euro area growth is resilient, recession is not expected, they should try to reach the neutral zone in an orderly manner. manus? manus: coming up in the show, it's all about inflation. it is due in 15 minutes. the cpi for the un

exxon, start investing, start paying your taxes. thanks. [ applause ] >>> president biden there at the port of los angeles making a pretty broad economic speech, finishing up with a mention of the price of gas, which is a penny shy of $5 a gallon on average across the country. he talked about prescription drugs and supply chain issues, but of course the big headline of the day, the increase of inflation, the rate of inflation, 8.6% from may of 2021 to may of 2022. fastest paced in more than 40 years. >> we have cnn chief white house correspondent, katilan collins, cnn reporter matt egan. matt, i want to start with you. the president just said the economy is doing very well, but for inflation. that seems like a big caveat. >> that's a huge asterisk. he's right, the jobs market is very strong, but the problem is that people's paychecks are not going as far as they used to. i mean, inflation was supposed to level out. we learned today it actually got worse. it's really about the four big key items, food, fuel, shelter and used cars. an

it is literally today's news what you went into, which is exxon trying to find the balance between new how to position itself >> without a doubt you're right the news is played to our strength here in terms of presenting this documentary tonight, but it is that pressure that they're always under an that the ceo is under in terms of pleasing shareholders, who may not want you to put that much more money back into the ground so to speak to continue to increase production over a long period of time. no that they aren't, because they are that's video of us climbing the huge tower in corpus christi. you think of et lean, all the building blocks for plastics when it comes to oil and gas, exxon is still increasing its oil and gas production its shareholders, how do they feel about it? also the efforts to the company to reduce its carbon footprint that's something we took a hard look at and asked executives about. how serious are they what kind of capital commitment are they making? what opportunities do they see that are available at scale today to reduce carbon the way they have said they wi

not 2022 when exxon lost $22 billion. so what were we talking about then. president biden campaigning on a message of trying to help big oil that lost so much money. exxon this year will make good profits. they're going to make less than of google. less than half of amazon and a third of apple. but the fact of the matter is, exxon will spends $25 billion this year on a capital expenditures and will do the same for the next five years to grow jobs. this entire line of attack is economically and idealogically irrational. >> neil: when you think about it, too, the oil companies are big. they're big companies. but they're in the middle of major corporate sectors as far as the money they may make off of that. leaving that aside, there does seem to be a concerted effort to blame them nor gunning a bad situation, leveraging off of that and sticking to it the american people much as the administration recently had done when it looked at food providers and those, you know, processing food who pass along bigger than normal justified increases. so to sort of put in am

exxon made more money than god this year. exxon started investing, start paying your taxes. >> who had the better year >> i don't know what god's looking like these days. hopefully god wasn't in a lot of crypto >> when does degrom come back? >> soon. >> what does that have to do >> i'm trying to get away about going against the deity. now, david, i know on june 22nd at 8:00 p.m. >> correct >> you're doing a documentary about a religious documentary. god. david, if exxon and chevron were saying behind the scenes we're willing to pump more if there's a meeting of the minds with the president, does this make it more likely they'll pump more or less >> i don't understand the comments i'm sure you don't >> the oil companies told me they're ready to sit down with the president, but the president is not going to sit down with zeus and mercury >> you make that point, they pay their taxes, and by the way, yes, they're going to generate an enormous amount of cash flow. >> are we going to do a windfall test >> that's been discussed i ha

. >> after months and months of reporting do you think exxon mobile's efforts to go green is sincere?> that's the key question and one we try to answer with this documentary. i'm going to leave it to the viewer to decide we put that question to the exxon executives we had plenty of critics the answer is, well, most likely they are certainly committed to the idea of it, but whether or not they're going to fully engage with it i think is something viewers have to judge for themselves based on what they heard >> right now it feels like in this climate the one of today, not the one they planned for, but today they must be making money hand over fist >> yeah, they're having a great year last year they made $23 billion. by the way, i would point out apple and google made i don't know even know how much more money than god because they made multiples more than exxon did. but this year given gas prices exxon is going to have a great year one of the key questions we ask in the financial markets is what are they going to do with all that cash? are they going to put it back on the ground to redu

oil producer that is exxon mobil corporation as you know basically saying listen while we are paying at the pump, they are pumping up their profits and then president biden said u.s. oil companies are using higher profits to buy back stock, not to drill more oil. in fact here's a quote for you imparts, president biden said exxon made more money than god this year. why aren't they drilling? because they make more money not producing oil exxon pushes back on the state's thing of course it has continued to increase output. if we take a look at this reuters report i was reading earlier this is from yesterday it says quote exxon posted its biggest quarterly profit in seven years when it reported fourth-quarter earnings in february after halting share buybacks several years ago it resumed them this year end pled she spent up to 30 billion through next year. numerous companies have said they are holding down spending that could boost oil output to lower $100 plus per barrel oil prices because that is what investors are demanding. all right, jon there is this notion which get your take on th

. >>> plus, exxon's ceo darren wood says the clean energy transition is to blame for high oil prices is he right? we will take a close look at energy policy, try to find possible solutions and figure out what it's all going to mean for your utility bills first, let's get a quick check on the markets where the dow is near session lows down almost 300 points right now after being up 400 earlier today it's the outperformer down 8/10, s&p is down 1.3, nasdaq down 2.25 energy is the best performing sector led higher by names like hess, marathon, and williams we also have qualcomm spiking midday on an analysts' tweet the tweet said apple is likely to keep using qualcomm 5g modem chips. qualcomm shares are up 5.5% right now. the market is facing a major test in the form of profit margins. bob pisani takes a closer look at the new york stock exchange bob. >> hello, kelly. goldman sachs says profit margins are likely to decline next year whether or not the economy falls into a recession how much will profit margins decline? well, again, it depends on what side of the recession debate you're o

exxon, conoco phillips all along the leader board oil has. holding up well.d, it's down about 1% for the week but we're about 6% off of the rekrepts low that we hit that was may 20th the big issue guys going forward is going to be any news on inflation will get cpi fairly soon we want the see some moderation from that 8% numbers that we have been seeing there those will be the numbers. back the you >> absolutely. thank you very much. we have rates on the rise once again but what are the traders think about it let's go to rick out in chicago. rick >> they think it was a pretty decent jobs report and rates were on the rise here and abroad look at interim. it sits at 2.66% it's up 3 on the day up 18 basis points on the week through one week chart, it's up 22 bay ses points on the week. if you think that's aggressive, two year notes closed up 31 basis points as did ten-year notes. boons closed up 31 base point ons the week those are huge, huge moves remember, ecb next week. if we look at what's going on with the dollar index, here is a chart going back six weeks

>> exxon is an interesting story.not an oil company per se, the really much more than that. their massive conglomerate and they have businesses that do well when oil prices go up in their business prices that do well when oil prices go down, begin refining, distribution. they quit syndicated here we think about china as the largest market in the world to export goods into, not to buy cheap stuff from and you think about the united states we do not produce that much anymore. we produce cars and a lot of oil. exporting oil to places like china could be a windfall for companies in one of the challenges we have to fix our tax loopholes. there's no reason that companies that make serious significant profits don't pay a decent amount of taxes. the corporate tax changes that have been previous 456 years ago a really ill-advised enclosing some of those loopholes and getting them to reinvest the capital into production, getting u.s. production back to where it should be a think are all initiatives that we could really prosper

he called out exxon mobil at the same time.s white house is supposedly engaging with companies like exxon right now. it speaks to the relationship president right in has with oil companies, when he -- president biden has with oil companies. >> other than his -- putin's price hikes, there are thousands of wells the oil companies are not utilizing. the idea they could produce more if they wanted to, they just aren't. something has been -- he has been trying to do, we are less than five months away from the midterms. how long does the president have before the fate of november is sealed? joe: it was sealed before the war in ukraine. the inflation that existed before putin ever went into ukraine. this white house doesn't have a lot of options aside from messaging. i think most of us overplayed the idea of the impact of the president of the united states, even washington as a whole can have over the economy and inflation. in many cases, the economists in our capital are watching it from the sidelines like we are. tom: the last four

he targeted exxon mobil, cass at castigated exxon, and he's going overseas to beg for more oil. energy policy is backwards and it's failing on every measure, not only economically but from a geopolitical, security standpoint, around the board. and going to saudi arabia is a tacit add police station that am to make saudi arabia a pariah state has backfired. there's a greater strategic interest for the united states. this is a guy that met with vladimir putin and other people, he didn't have a problem with that. so he really what has to step back and rethink this energy policy which is a mismatch and a disaster right now. dagen: it is a disaster but you have the -- they still keep talking about electric vehicles, that -- so the pain's the point, to repeat what katie pavlich has said, biden from day one, moment after moment, started taking a hatchet to our energy economy, a moratorium on new leases on federal land and in august of last year sent a letter, begging he opec plus which includes russia to pump more oil. this is all by design or at least it seems take way. >> it is. or i

these moves fueling energy stocks exxon and chevron hitting all-time highs check this out exxon has gained $300 billion in market value in just 26 months it has really been the year of the fossil fuel comeback meantime, a different story for corporate credit the hyg, etf dropping as bank stops also got dumped. the big bank etf kbx posting its lowest close in a week with 98 of 99 components down. my math says that's nearly all the components a little bit scary so guy adami, energy rising, banks falling, what does that tell you and what do we do about it >> hey, sully, well, look, energy rising. now everybody seems to be talking about it i know for a fact pete was talk about this last summer on "fast money" we were talking about it with tim in the summer into the fall. now everybody seems to be talking about it obviously for good reason. what does it tell me well, it's not particularly good apparently the energy market didn't get the memo for the feds while you softening data across the board, you have energy prices that continue to grind higher and i think that's why interest rates are goin

exxon mobil responded to the letter they received from president biden. what did exxon say?often used in emergencies to help lower prices like waving the jones act requiring the ships that carry gasoline bus built, that makes it more extensive for the companies. long-term this is what exxon says, give us clear and consistent policy and support infrastructure like pipelines. as for the comment from the white house from biden, you make more money than god, this is what exxon says. we have invested double what we are and over the past 5 years, one hundred $18 billion, new supply compared to net income of $55 million. stuart: that is a pretty good response. rather restrained. lauren: it was to the point. let's get to the cryptos, show me bitcoin, it lost 30% of its value in the past week. i call that a crash. i'm saying youngsters are losing their shirts and we have more crypto coverage on the way, china may be spying on you through your coffee maker, sounds absurd. we will tell you what to look for before you brew your next couple. border patrol encountered 240,000 migrants las

we say this because oil or exxon was worth $135 billion on its market lockdown low. that means, carry the one and do the math, oil -- i keep saying oil. synonymous exxon added $300 billion in market value in just over two years time $300 billion in 26 months. wow. let's stick with the markets and bring in our favorite guest. jon najarian c co-founder of market rebelrebel. good to have you back on this is interesting. outside of commodities your team is seeing really big buying of calls for the summer in volatility. the vix. what are you seeing and what might it be telling us >> i'm pretty sure, brian, it is a bet on the cpi, but not just one. two cpis the reason i say that is we're expected the cpi on friday if it is not benign and it is hard to imagine the 8% reading being benign, but if it is not, i really think we're in for a lot more volatility. that is what it appears, brian, when somebody yesterday bought 90,000 call options in the vix this is probably the trader that you heard and referred to i'm sure as well as 50 cent. it is not curtis it is a trader that ge

resource development writes exxon in a statement.t now florida congressman michael waltz, member of armed houses committee and former green beret commander. if joe biden admits that his decisions to cancel the xl pipeline, to cancel drilling on federal lands was the wrong move and that is why we are in this situation, the whole climate agenda goes up in smoke, isn't that right? they are going to dig in which is what they are doing. >> that's right, maria. look, i don't call it gas anymore. i think they are just moments of brutal honesty from the president and especially from his energy secretary jennifer keep down in progressive hearts they believe that the high gas prices are a good thing because if this gets painful enough and it gets expensive enough, maria, you will -- 7, $8 a gallon, you will go and trade in and get rid of your gas carbon-emitting and trade in for electric vehicles even though electric vehicles exceed the median income of families in the united states, i think deep down that's what they believe and to the extent

exxon is 13%. flow is 10% and exxon pretty had that free cash flow you've got to do something if you're not going out in drilling. you got to return to shareholders bro that's the reason why we like that sector. smacking you give us two more names there? canadian natural resources there some interesting companies in canada that are outside the geopolitical fray. and they are generating incredible cash flow. cn q is being one of them. jack: you also kind of like a big tech here. that's really interesting because that of course dominated the market along with speculative names for ten years or so. are we at the point where those prices have fallen up they are attractive and that macro story is still strong? >> i will give it equal parts to both of those points. but i think we have to separate when we talk about technology. the zero coupon tech companies, meeting those that are burning cash and do not generate free cash flow. and those that are generating copious amounts of free cash flow. that includ

exxon snapped back. going to give you some of the numbers exxon delivered.kept investing even during the pandemic, when we lost more than $20 billion. i wanted to emphasize that. and make all these points about investing in america, etc., then they have some tips for policy at the end. the letter concludes by saying, longer-term government could promote investment through clear and consistent policy. tom, a bit of a snap back from exxon yesterday. tom: and it is really off the radar this morning. brent crude down to 118. within all of this battle over commodities and particularly hydrocarbons -- i saw jeff curry with us earlier this morning. jon, european night gas speaks volumes. it is not out until february 24, but day by day there is a different hydrocarbon to get your attention. jonathan: the news from gazprom yesterday, maybe restraining some of the supply in europe. my gumby had -- might not be a massive story right now, to be a bigger one further down the road. tom: right now we are going to digress. this is a story that i think internationally needs

exxon made more money than god this year. president biden was sworn into office he had a 57% approval rating, gas was just 2.39 a gallon. today's approval rating was presume plummeted to 39%, some lower in some polls. and gas nationwide soared across the country and the president's popularity has gone down. president obama once told him his popularity was tied to the price of gasoline and it's happening once again today. soaring energy, housing prices, driving up costs the fastest pace in 40 years. inflation costing an extra $460 a month according to analysts. gas is up nearly 50%, airline tickets 40%, used cars and mik up. and baby food up 13%, monthly rent up 5%. for months the biden administration says the inflation crisis is transitory, but last night at a democratic fundraiser in los angeles the president reportedly admitted inflation is going to be a while and only come down gradually. griff: it does feel transitory. thank you. anita. >> gas prices are soaring to record highs for 15 straight days and the national averag

let's hit the energy sector, up 5.6% shares of exxon in particular are getting a boost. raising the price target to 125. the company is well positioned because exxon maintained investments in oil and gas projects as some of the other global majors cut back let's bring in jeff degrasse as we try to figure out just how much more this sector and names like exxon can run after being up 40% so far this year, what do the charts tell you? >> well, the charts say the trends are still in place. the relative trends are still in place. they were the only game in town for a while and they're correcting we had over 90% of the energy constituents oversold in our proprietary work so we were looking for some type of rebound. frankly, probably, a resumption of the uptrend i do think importantly what viewers should keep in mind is that the energy sector on a relative basis will peak roughly six weeks prior to the peak of the inflationdata, so it's a really important sector to watch, because it does tend to be a window into the soul of inflation. if we see deterioration in the relative per

here's the thing the other thing going on exxon mobil really hammering president biden for his erroneousucers are not increasing production to lower gas. exxon is saying we have already invested double what we have earned over the last five years into global oil production. the white house should just get out of the way. >> that is exactly right. and it makes it hard to invest in the future when you are being hammered by regulations at the sec when you cannot explore on federal lands and flutter waters. we cannot build pipelines to deliver the oil to the refineries. it makes it more challenging to expand that refining capacity. all of these things the energy industry wants to do to bring down the price of energy for american families and businesses and they are being stunted. essentially at every level. again if the federal level just got out of the way for all energy sources, consumers to be in a much better situation. nick loris come back soon is great and i don't have a good weekend. we are watching the foxbusiness that were digging into the government data preferred to an earlier sen