the national petroleum reserve of alaska set aside by congress decades ago, probably the most prolificasin in the world right now for oil and gas, when you explore there, explorers are finding billion-barrel fields. not controversial. it's been set aside, like i said, for decades for oil and gas production. three weeks ago the biden administration announced in an executive order they were going to take half of that massive petroleum reserve off the table for any exploration or development. just three weeks ago. that's the biggest oil and gas reserve in the country by far, the most prolific producing energy basin probably in the world, and they took half of it off the table. and they claim they're trying to increase production, increase supply? not true. the third one, again just in the last three weeks, mr. president, the council of economic, or environment quality at the white house issued new rules on how to implement nepa, the permitting that goes into any infrastructure project. by every measure, by every measure she is new rules are -- these new rules are meant to delay the buildi

they took off the table of the national petroleum reserve of alaska.s is area set aside by congress the size of indian that. one of the most prolific oil and gas basins in the world. they took it off the table three weeks ago, with an executive order. they are making it hard to build oil and gas infrastructure, lng export facilities and pipelines this is all crushing american energy and we're seeing predictable results. higher prices on the back of working families. elizabeth: listen to senators marco rubio, ted cruz, and you're going to see the energy secretary make a big whopper of a mistake. watch this. >> joe biden believes if gas is five dollars a gallon or a $6 a gallon or $10 a gallon, if he imposes enough pain, that eventually everyone will have this epiphany and get rid of that truck or get rid of that minivan and everyone will go buy an electric car. >> they believe the more expensive oil and gas gets the more people will buy electric cars. not everyone can afford an electric car. we don't have enough electric cars. the batteries are made in

secretary of energy, jennifer granholm toward the nation's strategic petroleum reserve in louisiana. >> which following president biden's direction is releasing 1 million barrels of crude oil every day for the next 6 months so that we can helped us do our part to stabilize. >> the that >> mismatch between supply and demand globally. but the price at the pump is only expected to keep climbing. it's all because of biden's policies in california, republican kevin mccarthy says americans are paying the price because the trucks, trains and boats used to deliver products all run on diesel. everything you buy it cost more because of the transportation and with diesel supplies running low on the east coast, the biden administration is now considering tapping a rarely used diesel reserve as the short term solution. >> and the administration is under pressure to act fast with more than 39 million people expected to travel next weekend. increasing the demand for fuel. for now in washington, i'm anna wiernicki. back to you. according to aaa, napa county - has the highest gas prices. it's a littl

tools off of >> the table on tuesday, secretary of energy, jennifer granholm toward the nation's strategic petroleumeserve in louisiana, which following president biden's direction is releasing 1 million barrels of crude oil every day for the next 6 months so that we can helped us do our part to stabilize the that mismatch between supply and demand globally. but the price at the pump is only expected to keep climbing. it's all because of biden's policies. california republican kevin mccarthy says americans are paying the price because the trucks, trains and boats used to deliver products all run on diesel. everything you buy it cost more because of the transportation and with diesel supplies running low on the east coast, the biden administration is now considering tapping a rarely used diesel reserve as the short term solution. >> and the administration is under pressure to act fast with more than 39 million people expected to travel next weekend. increasing the demand for fuel. for now in washington, i'm anna wiernicki. back to you. >> so here in the bay area, according to triple a napa county has

secretary of energy, jennifer granholm toward the nation's strategic petroleum reserve in louisiana, which following president biden's direction is releasing 1 million barrels of crude oil every day for the next 6 months so that we can helped us do our part to stabilize the that mismatch between supply and demand globally. but the price at the pump is only expected to keep climbing. it's all because of biden's policies. california republican kevin mccarthy says americans are paying the price because the trucks, trains and boats used to deliver products all run on diesel. everything you buy it cost more because of the transportation and with diesel supplies running low on the east coast, the biden administration is now considering tapping a rarely used diesel reserve as the short term solution. >> and the administration is under pressure to act fast with more than 39 million people expected to travel next weekend. increasing the demand for fuel. for now in washington, i'm anna wiernicki. back to you. all right, anna, and let's look at what we're paying now. and people are stations for

secretary of energy, jennifer granholm toward the nation's strategic petroleum reserve in louisiana, which following president biden's direction is releasing 1 million barrels of crude oil every day for the next 6 months so that we can helped us do our part to stabilize. >> the that >> mismatch between supply and demand globally. but the price diesel. everything you buy it cost more because of the transportation and with diesel supplies running low on the east coast, the biden administration is now considering tapping a rarely used diesel reserve as the short term solution. >> and the administration is under pressure to act fast with more than 39 million people expected to travel next weekend. increasing the demand for fuel. for now in washington, i'm anna wiernicki. back to you. >> and here in the bay area, according to triple a napa county now has the highest. so we all trade back and forth san francisco downs, napa and san francisco, second highest followed by san jose and oakland. >> 5.21 is the time happening today. president biden is expected to sign an executive order on polic

secretary of energy, jennifer granholm toward the nation's strategic petroleum reserve in louisiana. >> which following president biden's direction is releasing 1 million barrels of crude oil every day for the next 6 months so that we can helped us do our part to stabilize. >> the that >> mismatch between supply and demand globally. but the price at the pump is only expected to keep climbing. it's all because of biden's policies. california republican kevin mccarthy says americans are paying the price because the trucks, trains and boats used to deliver products all run on diesel. everything you buy it cost more because of the transportation and with diesel supplies running low on the east coast, the biden administration is now considering tapping a rarely used diesel reserve as the short term solution. >> and the administration is under pressure to act fast with more than 39 million people expected to travel next pweekend. increasing the deman for fuel. for now in washington, i'm anna wiernicki. back to you. >> 7.21 is the time and here's a look at where bay area gas prices are righ

tools off of >> the table on tuesday, secretary of energy, jennifer granholm toward the nation's strategic petroleumerve in louisiana, which following president biden's direction is releasing 1 million barrels of crude oil every day for the next 6 months so that we can helped us do our part to stabilize the that mismatch between supply and demand globally. but the price at the pump is only expected to keep climbing. it's all because of biden's policies. california republican kevin mccarthy says americans are paying the price because the trucks, trains and boats used to deliver products all run on diesel. everything you buy it cost more because of the transportation and with diesel supplies running low on the east coast, the biden administration is now considering tapping a rarely used diesel reserve as the short term solution. >> and the administration is under pressure to act fast with more than 39 million people expected to travel next weekend. increasing the demand for fuel. for now in washington, i'm anna wiernicki. back to you. >> here in the bay area, according to triple a napa county has the

secretary of energy, jennifer granholm toward the nation's strategic petroleum reserve in louisiana, which following president biden's direction is releasing 1 million barrels of crude oil every day for the next 6 months so that we can helped us do our part to stabilize. >> the that mismatch between supply and demand globally. but the price at the pump is only expected to keep climbing. it's all because of biden's policies. california republican kevin mccarthy says americans are paying the price. >> because the trucks, trains and boats used to deliver products all run on diesel. everything you buy it cost more because of the transportation and with diesel supplies running low on the east coast, the biden administration is now considering tapping a rarely used diesel reserve as the short term solution. >> and the administration is under pressure to act fast with more than 39 million people expected to travel next weekend. increasing the demand for fuel. for now in washington, i'm anna wiernicki. back to you. >> all right. let's take a peek at the pump. prices them because napa is now

secretary of energy, jennifer granholm toward the nation's strategic petroleum reserve in louisiana.ing president biden's direction is releasing 1 million barrels of crude oil every day for the next 6 months so that we can helped us do our part to stabilize. >> the that >> mismatch between supply and demand globally. but the price at the pump is only expected to keep climbing. it's all because of biden's policies. california republican kevin mccarthy says americans are paying the price because the trucks, trains and boats used to deliver products all run on diesel. everything you buy it cost more because of the transportation and with diesel supplies running low on the east coast, the biden administration is now considering tapping a rarely used diesel reserve as the short term solution. >> and the administration is under pressure to act fast with more than 39 million people expected to travel next weekend. increasing the demand for fuel. for now in washington, i'm anna wiernicki. back to you. >> thank you. and of course, here in the bay area, we're seeing prices well above the natio

wanting a small developing nation has even bigger challenges. population with about an opportunity to young people that ties into the concerns about the durability of petroleum fund. phase the 2nd nation in the world after that in terms of expanding oil and gas revenue, the problem with revenue is it doesn't generate a whole lot of jobs. so you need to get into economic diversification, correct? new industries. and there's a timeframe on that because unless you feel like it might run out in 10 to 15 years. so this is a critical time. 20th anniversary of the restoration of independence. things need to change. i've the next 10 years to addition, as, as the chief to get to be the same people as to the government. he's present the k challenges, michael, it's really good to get your perspective professor of politics and international relations as women, university of technology. thank you. sled on al jazeera, raising the alarm about monkey hawks and rare disease spreading between people and puzzling scientists, impatient from russia with love. why not every one so enamored with tchaikovsky wife at the cannes film festival. and it was now or in the nation as this

punishing russia for invading ukraine, banning the purchase of russian oil and petroleum products temporarily allowing eu nationsn the pipeline. inflation in the euro zone has accelerated to an all-time high this month with consumer prices rising more than expected, eight point 1% from a year ago. food and energy was the big reason. the debate at the european central bank is about how fast to raise interest rates. the ceo of soros fund management says the u.s. is on track for a recession. >> there's a lot of discussion about a looming recession and the bottom line is that a recession is inevitable, it's a matter of when. when you look at what markets are pricing, they are pricing it fairly soon in the 2023 context pending on your asset classes, i actually think markets might be wrong and the reason is there's a consumer right here that is in extraordinarily good shape. alix: -- ritika: you can watch all of david rubenstein's exclusive interview tonight at 9 p.m. new york time. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries

patrick dehahn is the head of at the patrol petroleum analysis at gas buddy. >> the national average,er 0.02 so far day. the national average, $4.59 a gallon, although if you're in diesel, $5.58 is far more of a cost to pay. americans, though, not being deterred. our travel survey indicating that 58% of americans to hit the road this summer, that's up from last year against a backdrop of record highs, fairly impressive but given the job market and the relatively strong economy, and the fact that most of the economy's reopened, i think that is leading to what we're calling insatiable demand for gasoline as we approach memorial day. >> patrick, obviously, there's different costs in different states. california drivers saw gas prices hit $6 a gallon and jpmorgan thinks that $6 will become a national average before the end of the summer. do you agree with that? >> i would take the under on that prediction. i think that's a little overstated. i think demand destruction would likely kick in somewhere 70 cents a gallon underneath that. with a hurricane, it remains a possibility we could get

he has since raided the strategic petroleum reserve, leaving us unprepared for national security emergencies. he's made it more difficult and expensive to drill for oil and just last week president biden canceled drilling permits in alaska and the gulf of mexico. it's apparent that he wants gas prices to continue to rise. i don't know how else to say it. the folks of middle tennessee know exactly who to blame for rising energy costs. mr. rose: president joe biden. madam speaker, president biden must do better. the president's energy policies are crushing middle tennesseans, while the answer to this crisis lies right under our feet. we can't afford to wait for the next president to unleash america's energy independence. thank you, madam speaker. i yield back. the speaker pro tempore: for what purpose does the gentleman from tennessee seek recognition? the other gentleman from tennessee. >> thank you, mel. i seek unanimous -- thank you, madam speaker. i seek unanimous consent to address the house for one minute, to revise and extend my remarks. the speaker pro tempore: without objection, the g

it would been petroleum products delivered by ship but it temporarily allows nations to buy russian oil blind which will get -- russian oil by a pipeline which will get hungary to sign on. food and energy were the big reason for causing a debate at the central bank about how fast interest rates will increase. president biden has set limits as to what he can do about guns. the present cited the texas elementary school and has a new call for congress to crackdown on assault weapons used to carry out the assault. more legal headaches for deutsche bank, they have rated their largest lender. there are accusations of so-called green watching. there have been claims that dws was marketing investment products that were greener than they actually were. the chelsea football club has an offer of 5.4 billion dollars. the team was put up for sale earlier this year. global news, 24 hours a day and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ if you wake up thinking about the market and want to make the right moves fast...

analysts are not ruling out the possibility of a national average of $5 a gallon. the ceo of oxidental petroleum to stay at high prices and gas prices will stay high as well. >> they're outrageous. >> i'm not really surprised that prices are where they are. >> it's going to kill the country, these diesel prices. >> i'm ready to catch the bus. probably cheaper. >> $5.99? craziness. >> meanwhile, the biden administration is letting chevron negotiation with venezuelan president nicholas maduro's socialist government. they agreed to talks with the u.s. backed opposition in the country. it could allow chevron to sell venezuelan oil. charles, all of this comes as the strategic petroleum reserve reached its lowest level since 1987. >> charles: absolutely nuts. all right. we'll get some of that dirty venezuelan oil. thanks, grady. appreciate it. i have a question for you. are we alone? congress trying to get to the bottom of it in the first ufo hearing in 30 years. it has lawmakers asking questions. two of them are here next. >> you know, what is within my cognizance. we have not looked at that incident

sizzles ] we're [ bleep ] clever, aren't we [ fire sizzles ] the strategic petroleum reserve, only to be used in the gravest nationalencies like a nuclear war or when gas is up to $4.50 a gallon let me get this straight we drilled 700 million barrels of oil up from underground so that we could send it to texas and put it back underground? does george w. bush know about this thing because if not, there's probably a couple of forever wars we could have avoided and honestly, after these past few years, maybe it's time to drain that sucker and create a strategic charmin reserve. i mean, at this point, you may be thinking, honestly, i've never thought about the strategic petroleum reserve once in my life didn't even know that was a thing. why is he even talking about it? it's kind of weird, actually to which i would reply, this "ya burnt" topic was sponsored by the wind and solar energy lobby. [ laughter ] sun and wind for a better tomorrow today the strategic petroleum reserve. you might be slick, but ya burnt! [ fire sizzles ] inspector gadget inspector gadget "inspector gadget. wasn't that on in, like, the early '90s

background in the petroleum distribution business, i can tell you firsthand that the misleading title of today's hearing does not reflect the reality of the domestic oil markets. as a nationaldirector of fuels for circle k, i knew what the price of petroleum products from wholesale to resale were based on a variety of factors across the valley chain, as the witnesses have discussed today. wrongly accusing oil companies of price gouging is only meant to cover up this administration's own anti fossil fuel agenda, as my peers on this side of the aisle have pointed out numerous times today. at every turn, the biden administration and my friends across the aisle want to make it hard to produce, distribute, and use fossil fuel for their chinese electrification agenda. for the hoosiers watching at home, that means higher gas prices, higher utility bills, and less energy security. the situation in ukraine tragically has compounded the presidents energy crisis. but make no mistake, this problem started long before march of 2022. house democrats have been pushing a complex equation for a green economy that's totally unattainable, can't get it done when they want to get it done. that'

his move to release the 30 million barrels from our strategic petroleum reserve was worse than a flop. it's now compromising our national security by depleting our energy source that was being saved for emergencies. meanwhile, if that's not enough, the white house is planning to further erode our economic position vis a vis china. the globalists inside the bush administration are on the verge of convincing scranton joe to help the ccp by dropping trump's tariffs and apparently for that great deal america will get nothing. but remember, china is so sleazy, it's so dishonest. it hasn't even lived up to its phase one agreement to buy two hundred billion dollars worth of agricultural products from us . it obviously knew that with trump out when they agree to it, when trump trump is out, they could welch on the bargain and there'd be no consequences . so how bad will this be already with trump's tariffs in place, china is on pace to enjoy a trade surplus of over four hundred billion with the us this year alone. so the way things look, biden is simply going to declare that whole tariff thing was a mistake that just contribute

including releasing millions of barrels of petroleum from the strategic petroleum reserve, expanding gasoline to 15% inth national. and -- ethanol. and systemic imbalances in our company are enabling companies to further drive up costs. put simply, they're tacking advantage of hardworking americans and raising prices just because they can. all for the sake of extraordinary profits. as americans are working to recover from two years of an unprecedented health crisis and the economic downturn it caused, companies are reporting record profits as worker pay remains stagnant and families feel the squeeze on their pocketbooks. this is especially true in the case of gas prices. exxon, for example, is reporting in the first quarter of 2022, its net profits have more than doubled to $5.5 billion compared to last year. and chevron has reported the highest quarterly profit in nearly a decade. these record profits are a direct result of record gas prices. if these prices were solely based on inflation or supply chain issues, these companies wouldn't be seeing these obscene increases in profits. to make matters worse, these r

national security interests. the world is dependent on fossil fuels and authoritarian petroleum and petro states. it undermines our interests and safety. your response to the policy questions so that climate change will be a critical consideration in all we do. can you elaborate on that? >> sure. first, our national defense strategy with that out. it is something we have to consider in everything we do. but right now i am responsible for army activities in africa. africa suffers from the certification -- desertification. lack of resources, new your location, you can find it. the grain shortage is exacerbated by drought in india. all this is having an impact inside my ao are -- or -- aor in africa and i take it seriously. if you look at europe, the arctic is changing and the military geography of the high north, which nato and others are dealing with now. >> i appreciate your thoughtful response. this is a crisis that often gets overlooked in national security and is betting to all of us. over the past two months, congress has provided tens of billions of dollars of emergency spending to support t

the irony is we're looking at $115 crude and $4.38 national average for gasoline the big strategic petroleumsterday. it was announced by the president march 31st i don't want to get into the weeds about colonial pipeline. is there anything besides that, what you just mentioned, the potential treaty idea that can bring down oil and gas prices in the near term? >> if we can turn on north america, just that alone, canada, alaska, has 100 years worth of oil there's no reason why we should pay the russian, spay the saudi arabians $114 a barrel you don't have to. we're making americans poorer, and we're making them richer i mean, it just doesn't make any sense. >> well, you know red apple group, your holding company, john, you've got quick fill, convenience stores, you're in the food business as well. we saw the walmart numbers this morning coming in much weaker than expected. i know the dollar volumes of gas stations will go up because the price of a gallon of gas is higher, but can you talk about houg how much the price of gas influences your consumer >> the prices at the grocery stores are goin

petroleum exporting countries group. the countries coordinates oral production quotas with russia through the opec plus initiative. riyadh has find itself under pressure from western nations since the beginning of the conflict and ukraine, but has so far resisted calls to attempt to further isolate moscow. well, to get some more, all no less cross to london to entrust an oil, an energy expert doctor, mum to solomon, you're very welcome to the program. so saudi arabia has made it clear that it will have dialogue with russia within opec plus and won't stop cooperating. with moscow, why does react maintain such a strong position as regards those ties? saudi arabia and ration out of the parameters of the global oil market. they might, you had i vents in different markets like china, india, europe, and many parts of the world. nevertheless, they care about the she unity of the market, the sat video remarking, and they want to make sure that the market is balance and that price is then sure higher than what the economy guarantee. and from that angle, that is a mutual impasse for them to pull it and that has been vacated and strengthen. oh, big less in the market as the most inf

the region as of petroleum was set up by right wing groups 2 to protect fight against these separatists. but later it was incorporated in the ukrainian military in the cranium. national guard, as under the ministry of the interior to the more precise and most of the original founders left the battalion and it became more something like an elite troop. it never completely like the symbols of the beginning they stayed. but the most of these are right, right. when people they left or they were later driven out when they administer your interior to control and now i have lost you. i think you're all right. ok, yes. well, let's talk about the situation in the east. russian troops have just pulled back from khaki, where you are now, what is the latest on fighting in that region? so russians will so put back, they were 1st driven away from the city almost on to the border. and now we've been hearing that there withdrawing or have already withdrawn in some places. the city is now calm. we have been all today. it's still people are still very few people on the street. some people do not seem to trust this. the shops are still barricaded and it's very, it's a very empty city,

currently serves as chairman of the petroleum alliance of oklahoma board member of domestic energy producers alignmentt, counsel for secure america and the oklahoma city nationalseum. native oklahoman he has degrees from oklahoma state and university of tulsa law school. so we will get started. [applause] [applause] xg the beacons uniforms but i guess they will do. good afternoon. i'm going to talk about what happened in texas parenthesis personal story for me. my wife lauren is here, less ephemera 153 are out for 45t hours. talk about why that happens. i'm going to address, i revise my slide deck a few minutes ago after hearing some of andrew's comments moment to talk by the eu what's happened in the eu because texas it io cases are very important because they are so similar. okay so i'm not going to read the slides you burn going to let you read it. 700 people died not all of them because of lack of electricity. but i want to underscore this point, the grid came this close from a complete meltdown. said on vibrate 25th of the emergency board of directors meeting the grid was with about four and a half minutes at a complete shutdown not going to spend much ti

petroleum alliance of oklahoma. board member of the domestic energy producers alliance or deepa kelso4 is secure america and the oklahoma city nationalorial museum. and native, oklahoma. he has degrees from oklahoma state and the university of tulsa law school. so we'll get started. this is great. let's see the beacons uniforms, but i guess they'll do. good afternoon. i'm going to talk about what happened in texas, and this is a personal story for me. my wife lauren is here last february 15th. we were blacked out for 45 hours. going to talk about why that happened. then i'm going to address my slide deck just a few minutes ago after hearing some of andrew desler's comments with alex epstein and then i'm going to talk about the eu and what has happened in the eu because the texas and eu cases are very important because they are so similar. okay, so i'm not going to read this slide to you. i'll let you read it 700 people died. not all of them because of lack of electricity. but i want underscore this point. the urcott grid came this close that close. from a complete meltdown bill magnus said on february 25th in the emergency board of d

also know he will highlight the releases from the strategic petroleum reserve to bring gas prices down. gas prices reached record highs. nationallylar unleaded. diesel a record also. no policy shifts for more restrictions and more regulations. >> i think what he will probably do is offer a bunch of subsidies which don't lower costs. they simply socialize it. in february 2021 inflation in the united states was the same over a 12-month period in the euro area. over the subsequent 12 months the increase in the rate of inflation in the united states was more than five times that in the euro area. >> that former economic advisor under president trump says the difference is in march of 2021 president biden signed the american rescue plan when the economy didn't need another boost. we know about the gas prices at record high diesel fuel is also at a record high and that pushes prices on goods, everything else on that board you are seeing in double digit inflation. baby food is up 10.8% including baby formula which has shortages because of the supply chain issues and recall. >> when we look at economic data internally, a lot of ex experi

currently serves as chair of the petroleum alliance of oklahoma, board member of domestic energy producers alliance, counsel for secure america and oklahoma city national memorial museum. i needed oklahoma and he has degrees from oklahoma state and university of. . [applause] >> i guess they'll do. good afternoon. i want to talk about what happened in texas and this is a personal story for me. my wife lauren ishere last february 15 we were blacked out for 45 hours we talked about why that happened . what i'm going to address i'd advise my slide deck a few minutes ago after hearing andrew's comments'with alex epstein and then i'm going to talk about the eu and what has happened in the eu because those cases are very important because they are so similar. okay, so i'm not going to read this slide to you. i'll let you read it. 700 people died, not all of them because of lack of electricity but i want to underscore this point. the grid came this close from a complete meltdown. bill magnus said on february 25 in the emergency board of directors meeting the gridwas about 4 and a half minutes from a completeshutdown . think for just a minute , 26 million texa

national average hitting 4:62 a gallon. 52% more expensive than a year ago. they're $0.39 higher than the day before president biden announced that record setting release from the strategic petroleumeserve. i asked the secretary general about this. she defended the strategy and said the president is obsessed what she described as outrageous gas prices. demand is strong. people are traveling again. an estimated 35 million americans hit the road this holiday weekend. that's up 5 % from last year. but supply is just not keeping up. opec not pumping as much as before covid. u.s. oil companies under pressure from wall street. they're not providing as much supply. then the war in ukraine that's scrambled global supply chain, and another development today with european union agreeing to phase out 90% of russian oil imports by the end of the year. that's driven oil prices higher again today. brent crude up 1%. and that could signal even higher gas prices. >> not good at all if you're an average person who needs to drive to get around to meet your responsibilities. but kaitlyn, the other thing that stands out to me in the op ed from the president is that he's saying he supports the fed and

late february and the national average today is more than 50% higher than memorial day weekend last year. you saw patrick in that piece. he is with us now as well, the head of petroleum good to have you with us. first and foremost, do you believe that we've hit the price peak yet? or is there an expectation this is going to surge further? >> well, christi, i don't think we've hit it yet. we saw oil prices make a noticeable jump yesterday. i think we will continue after a little bit of a slowdown here in the last five days or so, we will likely see the national average starting to pick up steam again. that could happen as soon as this weekend. the national average now 4.61. it could head closer to 4.75. and as we progress beyond memorial day, i now peg our odds at $5 a gallon of gasoline nationwide at 60%. so that could be coming. >> so, when you say that you believe these prices are here for the next -- for months. how many months are you talking? is this a summer surge that might start to wane a little bit in the fall? or do you see this going through the end of the year? >> well, i think first and foremost, it's a strong likelihood through at least the first half,

nations refuse to buy russian oil. biden's policies has have not reduced prices. >> 1 million barrels per day for the next six months. >> in march, the president tapped the strategic petroleum reserve. in april he added more ethanol to the gas supply. >> it gives you a choice at the pump. >> today the president again blamed oil companies. >> under my plan, they would have to pay taxes and if they don't use those leases to produce more oil. they can't sit on it. >> yet producers see mixed signals. taking off as biden slapped a drilling moratorium on federal lands. then asked oil companies to pump more. he demanded more production from opec but never befriended the saudis. >> oil producers have been hesitant to increase production significantly or even at all. >> so today the white house says suspending the per gallon gas tax of 18 cents is on the table. trace, the other problem for inflation, of course is diesel. it powers the economy, tankers, trucks, and trains and at this price, almost 7 bucks a gal thereon fill up some 18 wheelers here would cost you about $2,000. trace? >> trace: 6.69 is not to go unnoticed. stocks were mixed today. the dow lost 85. the s&p 500 finished

petroleum products. on the stock exchange also, lukoil should not carry out direct protectionism in relation to the nationaloducers themselves support and products on the stock exchange in the main trading session. the requirements are aimed at developing competition in the markets. now the question is how exactly, this coordination is manifested, for example, industry councils are being created. experts believe that lukoil will start supplying gasoline and diesel fuel at the gas station of the ministry, but for now this is, of course, scattered control. you need one like this, as they say. may early june. now these gas stations operate only in the store rejecting the russian defense. where all the information is collected will negatively affect the standard of living of people in the european union, said the head of gazprom neft, alexander dyukov, president of the decision, now such a body is also needed, but at the same time, i see that the government. unfortunately, nonetheless. i hope that the embargo on energy prices will rise even more, also, there may be interruptions in supplies automotive fuel. so

petroleum analysis. want to go to brandon arnold, as you heard he's with the national taxpayer's union by the way is thatg what the rich do, being greedy and selfish and not paying their fair share in taxes and they are compounding this problem. what did you think of that? >> yeah, this was an absolutely infuriating speech because he blamed absolutely everybody except for himself. it was the meat packers for high food prices, it was the oil companies for high oil prices and it was the rich, of course for not paying their fair share in taxes. of course one of the reasons why the corporations don't pay as much in taxes as perhaps biden would like is because of some of the tax policies. policies that are passed on a bipartisan fashion that allow them to drive down their tax liability, particularly in times when we're facing tough economic circumstances, has been the case over the past years for a lot of companies, so that's why a lot of companies aren't paying as much as they'd like. raising taxes, of course at this time at a time when the economy is really struggling, due in large part of course to the bid

petroleum reserve made a slight difference. on tariffs, there is about $300 billion a year in china tariffs. i think they're look at some subset of half of that, those not related to national security. consumer goods, beach toys, things like that that some consumers would notice. so they will do some subset of the $300 billion in tariffs, and it will have a modest impact. but much smaller than everything the fed is trying to do, poppy. >> so much in the fed's hands and only so little the fed can really do. thanks so much for the great reporter at the white house. >>> moments ago, there is a new survey out that shows consumers are more optimistic about the economy and job market than analysts were expecting. >> cnn business reporter matt egan is covering. we're watching a lot of these and, let's be frank, a lot of the data is mixed. there's great data and there is some tough data. but what are we hearing on consumer confidence? >> jim and poppy, consumer confidence did fall again in may. didn't fall as much as expected. the fact that people are feeling so negatively right now about the economy is really all about high inflation. the cost of living has just gone up so signif

nation today to lay out his understanding and his focus on ways to try to address it. the first it by trying to address gas prices and energy prices, by releasing from the strategic petroleumeserve in coordination with our partners around the world, encouraging gas and oil companies to use their leases and improve their drilling so we have more oil supply and gas supply on the market. he also wants to lower cost for families. health care costs, particularly prescription costs, childcare, housing because we know that by easing those costs and making it easier for families to balance work and family, we could improve economic growth in a sustainable way going forward. and finally he wants to do this by reducing the deficit. so it was reduced by $300 billion last year by his watch and his plan on this year we're on track to reduce it by another $1.5 trillion and by raising taxes on the healthiest individuals an corporations. he will contrast that with the republicans which you mentioned in your header, want to do so by raising taxes on the 95% or so households that make less than $100,000 in contrast to the president who won't go near the taxes for those making less than $400

the national average for a gallon of regular unleaded, $4.59 a gallon. joining me now, american he petroleumis report and it came from bloomberg about the biden administration and members of his team talking to the oil industry about restarting refineries. >> well, this is a real concern, dagen. the united states hasn't built a new refinery since the 1970s and there's one refinery in philadelphia that never came back from the covid decline in demand and another one in new jersey that's operating at about 50%. so we do need more refining capacity in the country because from pre-covid to today we're about a million barrels of refining capacity down on a nationwide basis. so we need more refining capacity in this country. but the real concern is, is the messages that we're getting from the biden administration continually are divided. sometimes they say we feed to produce more, we need to refine more. but all of their policies continue to point to lower production here in the united states. we need a concise, solid message from the biden administration to get production back going to where it n

petroleum reserve in a non-emergent situation. here over an over again that energy security is national security. are you putting our national security at risk with these releases from the spr? >> i don't know the extent of the risk is but there is received with it, i think it's going to be replenishes reserves. it's a point hopefully when prices are lower. but i do think that this is obviously a short-term measure for what is really a long term, opportunity to increase u.s. production in a way that satisfies the global market and again reduces the courts of power of authoritarian regimes. >> thank you. i think you for testimony. thank you -- >> the chair now recognizes miss rice for five minutes. >> thank you, madam chairwoman and i'd just like to make note of the reference that, the reference that was made before to the credibility of russian propaganda when it comes to energy issues. i just wish that more of my colleagues could give that same credibility to russian propaganda when it comes to impacting our elections and the future of our democracy. and hopefully we -- more of them will go in t

the national average is $4.37 a gallon after the prices peaked in march after the russian invasion in ukraine and the u.s. released record amounts of oil from the strategic petroleumerve, and that was for a short time but now with the key prices of gas prices and oil now climbing up above $100 a barrel, and as michael says this has sent the stock market tumbling in the last couple of days and we have seen dramatic shifts in investor sentiment and volatility and sent the stocks down 3%. and the stocks down which is the key part of people's retirement down 17%. >> and that is very volatile. what does this mean for the economy concerned about recession? >> the analysts are saying that the odds are rising for a recession. nothing certain, but deutsche bank is saying recession is expected by late 2023 or early 2024. goldman sachs puts tprobability at 35%. in the next 24 months. >> thank you, rebecca. robin? >> and now the showdown of the abortion rights. this is leading to tensions across the country and capitol hill, and this is while the security around the justices is being stepped up. our congressional correspondent rachael scott is covering all this. >> reporter: