, some day let's have a conversation between permian producers and the president. versus saudi arabia. >> well said, jim. when we come back we'll get cramer's mad dash, get ready for the opening bell futures red. we're back after a short break how do we show strength and stability? (eagle call) a mountain? a tree weathering a storm? (thunder) lions? nope. (lion rumbles) we do it with our people. think he's posting about all that ancient roman coinage? no, he's seizing the moment with merrill. moving his money into his investment account in real time and that's... how you collect coins. your money never stops working for you with merrill, a bank of america company. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire lemons, lemons, lemons. the world is so full of lemons. when you become an expedia member, you can instantly start saving on your travels. so you can go and see all t

alix: in terms of supply, you are working hard in the permian. the production is looking at a 17% increase. if i said to you today in more, -- if i said to you today, pump more could you? mike: the incentive is to pump as much as we can. the decisions were made two years ago and there are lead times. it is land work, permitting, roads, infrastructure, drilling rigs, completion crews. there is a lot that goes into planning and executing production growth. last year was the highest year of production in the history of our company. first quarter of this year we were up 10% versus first-quarter one year ago. we are doing our part to meet growing demand but it is not instantaneous. it requires a longer lead time even in the shorter cycle portion of our activity. it does not happen quickly. alix: if we pretend that maybe it could, where is the biggest thought on that? is it wages, transportation? where is the problem? mike: in the u.s., in the permian basin, it is all of the above. during the pandemic, operators shut activity down. the companies that s

we can outpit if the permian basin for adequate with quantitative, continuous methane monitoring for less than cost of 20-30 miles of interstate highway or if less than cost of the last james bonn movie. thank you for the -- james bond movie. thank you for the opportunity to contribute to the hearing. >> thank you, dr. alden. ms. smith, you're recognized for 5 minutes to provide your testimony. welcome. >> chair castor, reactioning member graves -- ranking member graves, thank you so much for inviting me to testify. my name is sarah ann smith, a global nonprofit organization working to safeguard against the worst impacts of climate change by catalyzing the rapid deployment of low carbon energy and other climate-protecting technologies. i'd like to emphasize three points. the world is warming rapidly, and serious impacts are here today. simple solutions like finding and fixing plumes of methane at oil and gas sites can dramatically cut u.s. emissions and represent the fastest way to slow warming while also limiting unhealthy air pollution and creating jobs. strong epa standards repres

>> in the u.s., it is the permian basin and it is all of the a bus -- above.ing the pandemic, operators shut activity down. the companies that support our work had to do the same. workers left to other parts of the country, rigs were stepped up. those that had maintenance issues, you took parts of rigs off, and all of those things now need to be reversed. these are very real constraints. i plan -- we plan our work and worker plans. -- work our plans. incrementally change that right now, there is a lot of work that has to happen and a lot of constraints that have to be solved for. >> it would not matter how many times dax hit a 50 week high -- stocks hit 50 week high? >> we have a long-term view on supply and demand, markets, technology, policy, and that is what sets her capital spending. tom: wti crude has climbed back up around the $120 mark. the saudi arabia prices for july in shipments to asia, expectations of a boost in summer demand. this represents a 3% jump since opec and allies agreed to jump -- boost production in their latest meeting. joining us now

mike: in the u.s., in the permian basin, it is all of the above.the pandemic, operators shut activity down. the companies that support our work had to do the same. workers left and went to other parts of the country. rigs were stacked up. those still in the field, when they had maintenance issues, you took parts off of rigs not in the yard. those things need to be reversed and there are real constraints. we work our plan, so our plans continue to grow. they were in place even during the depths of the pandemic. to incrementally change that right now, there is a lot of work that has to happen and constraints that have to be solved for. alix: it wouldn't matter how may times the stocks hit -- or the oil price is, you are saying. mike: the price doesn't affect our capital decisions and activity. we have a long-term deal on supply, demand, markets, technology, policy. that sets our capital spending. manus: the chevron chairman and ceo speaking to alix steel exclusively. though u.k. prime minister is -- the u.k. prime minister bracing for a possible conf

i had told permian lou philippi has given everything for jujitsu. he's a black belt and just like the sport he lives and breathes, he's also from brazil, or is it's a match. marcial jujitsu is a ma slot focused on grappling, fighting the ground, a posture god in the whole time. it's about gaining control multiple for oil. he will often think of the final move is the most attractive passage, but the whole thing is actually a fight lateral mo, mo, or comply need to be able to control my opponent design without him getting out defending himself or attacking me. it was that is the most important disco margin for bank. also, the original goal was for a week a personal to be able to defer and against stronger personal my for icann was different there. oh, quantum of the so much bought. that's the ultimate task. when philip, he teaches his students brazilian g gypsy, which he does in 3 languages. ah, saw the vice here meeting other on i had saying hung here. he can flash me here and defend was their position by the quitman. one member of of the machine hav

i had told permian lou, philip, he has given everything fujitsu. he's a black belt and just like the sports he lives and breathes. he's also from brazil, or is it's a match. marcial jujitsu as a ma slot, focused on grappling, fighting the ground, a posture god in the whole time. it's about gaining control multiple hello. he will often think of the final move is the most attractive part is but the whole thing is actually a fight like troll mo, mo, or comply need to be able to control my opponent, died without him getting out defending himself or attacking me or that is the most important on my report, but also the original goal was for a week a personal to be able to defend against a stronger person while my for arca was different there or called him with so much watch. that's the ultimate task. when philippe teaches his students, brazilian g gypsy, which he does in 3 languages, ah, saw the vice here meeting other on i had st hung here. he can smash me here and defend was their position. by the way. is manuel member well from obama shaunte. i've als

are you afraid of the president going to permian rather than saudi arabia come on, man, come on, you real you know the real. you know what has to be done you're a realist. >> let me tell you what the president has done the president traveled to europe, and he said, i am going to increase natural gas exports to europe over the course of a couple of months what has happened, natural gas imports out of the united states are up 20%. the share of u.s. natural gas going to europe has doubled. that's happened over just the last couple of months. the president went out, said that to the world, and in fact, right now, the reason natural gas prices are going up is because we have dramatically increased exports of natural gas. that's what's happening right now. the price of natural gas is going up because those exports are increasing we are acting, and we are communicating that we're prepared to do things in the immediate term, and at the same time, to your point, there is a transition the market is driving it, and we are going to take steps to encourage that but we're practical and pragmatic a

elizabeth: you know, congressman, the permian basin is one of the nation's biggest employers.early 100,000 workers there. it supports thousands of workers in towns near it. watch climate advisor gina mccarthy brag about the fossil fuel sector losing jobs under president biden. watch? >> we just had a recent report that was put out that is showing all of the energy and the employment stats from last year. clean energy is winning. fossil fuels losing jobs. elizabeth: what do you say? >> liz, this administration and everyone who works for him is completely out much touch with reality. you know what? they're doing exactly what they campaigned on. joe biden when he was campaigning for president, he said i, look into my eyes. i guarranty you, i guarranty you, i will eliminate fossil fuels. that is what he said when he was running for office and that is in fact what his administration is trying to do. their belief is increase gas so that everyone, drive an electric car but guess what? biden, 60,000 electric car in southeast missouri is not quite easy whenever people's median income h

permian, they dominate the permian. the dividend flows are huge there. stock to own as well as chevron. there is a beta play obviously in most of these energy stocks but my favorite is pioneer. liz: i do have to say though, ernesto, dory has been on the right side of this because energy has been the winner. today it is the loser here but in the macro picture where do you see the markets going for the rest of the summer? choppy trading, kind of plateauing? >> until we see a couple or three sequential month to month cpi prints going lower i think it will be super choppy, super volatile. as the market sees those three sequential month on month declines they will start pricing in the end of tightening that will be when the market can lift off again. liz: earn knows toe, dory, in final few minutes you guys brought it. [closing bell rings] s&p fish i enters in bear market territory. all three major indices at 52 week lows. ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. during the war of 1812 an american naval camo commodore defending lake er

such as an aircraft engine, a rocket engine ms-21 a completely domestic passenger aircraft flies on permianelectric pumps for oil production, they operate in the caspian sea on the arctic shelf great demand from abroad today, our products occupy about 15% of the russian market and 7% of the world market. we are represented in 33 countries , and the city itself is growing, a new bridge is being built across the river, chusovaya krai. hospital. the gallery building is a whole neighborhood with kindergartens and schools, you can safely leave your child. and without e additional supervision was also interested in the construction of the school. and from the kindergarten, most of the construction projects are planned to be completed by next year in 2023. perm, the three-year anniversary of the start of the megapolis was laid by a copper and silver smelting plant. times. it connected with central russia and also with kamz, and besides, the river, chasovaya, is the only river that crosses the modern enemy mountains, perm city with a developed transport infrastructure of medicine and public spaces,

mike: in the permian basin, it is all of the above.ing the pandemic, operators should activity down -- shut activity down. are's left and went to other parts of the country. -- workers left and went to other parts of the country. rates were not in the yard. there are real concerns and constraints. we plan our work and work our plan. our plan is to continue to grow were late in -- laid in place. a lot of work has to happen and a lot of constraints have to be solved for. >> it or not matter how often it hit a high or with the oil price was? mike: it does not influence our capital position and activity. we have a long-term deal on markets, technology, policy, that since our capital spending. -- sets our capital spending. haidi: north korea has fired eight short range ballistic missiles. after president biden's recent trip. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can

in the bullet group, number two portugal will play with switzerland in the permian derby with spain team santos. i shared points with my opponent 1:11 and today i am set for the first victory in the new draw. the starting whistle will sound at 21:45. these legendary rosders wrote arrangements for his orchestras and were led by the musical directors of his orchestras, simply wonderful arrangers and composers. vadim ludvikovsky yuri saulsky vladimir terletsky, but the musical face of all the arrangements, the strategy of building the jazz programs of the orchestra was created by a musician who, due to thoughtful modesty and such a predestination of fate remained in a role that can be identified very sadly left in the shadows. ah, the last two generations of belarusian musicians don’t even know this name and now only two people are engaged in, as i would say, well, or something, the propaganda of his work is the young conductor, head of several orchestras maxim rassokhov, and i, who knew yuri davidich who communicated with him, which i wrote about in my books, and which i am talking about t

mike: in the u.s., in the permian basin it is all of the above.ndemic, operators should activity down. the companies that support our work had to do the same. workers went to other parts of the country. rakes were stacked up, but those who were still in the field, you took parts of rigs that were in the yard. there are real constraints. we plan our work and work our plan. our plan is to continue to grow. to incrementally change that right now, there is a lot of work that has to happen and a lot of constraints that have to be solved for. >> it were not matter how long it hit a high or with the oil price was? mike: the price of the day does not influence our activity. we have a long-term view of markets, policy, that is what sets our capital spending. haidi: mike wirth speaking exclusively with us. set tv , dive into any of the security is of the bloomberg functions we talked about to become part of the conversation, send us instant messages during our show. this is for terminal subscribers only. this is bloomberg. ♪ haidi: here is a quick check

. >> in terms of supply, you are working hard in the permian.production is looking to be 70% increase -- 17% increase. if i said to you, pump more, literally could you? mike: i could not pump more today. the incentives today are to pump as much as you can and in the decisions that lead to today's activity, they were made it two years ago. there are lead in all of these things. it is land work, permitting, roads, infrastructure. it is drilling rigs, completion cruz. there is a lot that goes into planning and executing production growth. last year it was the highest year of production and history of our company. first quarter of this year we were up 10% versus first quarter a year ago, so we are doing our part to meet the growing demand, but it is not instantaneous. it requires lead time in the short cycle portion of our activity. it does not happen quickly. >> so if we pretend that maybe it could, where is the biggest bottleneck? is it labor, wages, transportation? where is the problem? mike: in the u.s., in the permian basin where there is most

permians and why more and more tourists are rushing there, albert musin's report modern industrial andll this, perm is a new millionaire one of the largest cultural, industrial and scientific centers of russia, probably, the main mission of perm of the perm territory, as an industrially developed region, is to provide a country a country with everything necessary, such as an aircraft engine, an ms-21 rocket engine, a completely domestic passenger aircraft flies on perm pd-14 engines or like this electric pumps for oil production, they operate in the caspian sea and the energy shelf are in great demand from abroad. today, our products occupy about 15% of the russian market and 7% of the world market. we are represented in 33 countries , and the city itself is growing, a new bridge is being built across the river, chusovaya krai. hospital. the gallery building is a whole neighborhood with kindergartens and schools, you can safely leave your child. and without e additional supervision, the construction of the school was also interested. and the kindergarten, most of the construction proje

that's ye that's why i mentioned chevron and permian growing. the enp companies are minting money.try is minting money. before the war, oil was at $80 a barrel because of all these things, because of all these changes that are happening from the energy companies and their strategy so they hare printing money and are trying to return it to shareholders which is the right thing to do. you sure are going to see better earnings from the energy companies. >> stephanie, thank you. >> always love your insight. thank you, appreciate it all right, there you go. chesapeake and diamondback on the tape let's get more with dom chu and some of the other market movers. dom, what's moving in. >> yesterday during that massive rally you spent time with stephanie link they were among the biggest gainers in the s&p 500 during yesterday's rally. some of these names are also keeping, we're keeping a close eye on them, because they were among the s&p 500's biggest gainers yesterday. we're still talking about that roll volatility narrative the single biggest gainer in the s&p 500 in yesterday's session, y

the president is trying to get houston on board, he is trying to get the permian to pump more, and callingm out. tomorrow's meeting is going to be interesting. lisa: is there anyone in the administration who is saying the approach to russia and tanning oil from that nation hasn't worked -- banning oil from that nation hasn't worked? annmarie: this cap on oil prices, russian oil could make it into the market. but, russia is not reaping the benefits of the prices we are seeing. this is something the president energy secretary said to us very early on when russia invaded ukraine. it was the fact that, not just you are taking russia product from the west, but that putin can still sell that same oil to china and india and get a premium. what did russia make last month according to the iea? $20 billion filling their fossil fuels. tom: thank you very much. we have got to take time on the various strikes and rumblings of strikes in the united kingdom. you wonder, the largest train strike in 30 years, complete chaos in there. airlines, as well. does that come across the atlantic into a more fractio

you may see some price volatility in the stocks, that the permian basin energy stocks, they have a lotbreakeven. and we like value tech. i have always been a fan of ibm. the last couple of years, i feel like it was a misunderstood, turnaround story. and they are doing great. you have to spend money as a company on your i.t. infrastructure. you can't afford to not have somebody to help you when your server goes down, or help you with the cloud and make sure services are connected, and the software, so we think the revenues ibm has are sustainable and will grow. and who does not love costco? i feel sorry for anybody who hasn't been to a cosco. but it is a discount store, right? and consumers will be looking for embarking. you don't have to buy 50 pounds of goldfish crackers, but you can. so hey, if you have it on the budget, you are going to purchase in bulk! [laughter] haidi: i was just saying that if the world ends, i know my parents will shery: crypto hedge fund three ares capital has been ordered into liquidation record in the british virgin islands. it has appointed partners from a

you have the permian basin in west texas eaglefred shell in south texas to them. this is about their livelihood and getting rid of their livelihood and so that's why people are very like these are folks that are trying to impact me when you talk about defunding the police or defunding law enforcement the number of people that are in south and west texas that are that were have a family member working for border patrol or the sheriff's office or local pd. that's a large. that's a large group of people. so it is this a salt on their ability to to provide for themselves. now here's what's going to happen. it's it's almost accepted. it is accepted that republicans are taking house back in 22. if we had a vote today, some would say likely to send it as well. this is not a mandate from the american people being like hey gop. we love you. yeah for those that are watching on tv everybody laughed here and and and republicans come in and don't have a vision of how we're going to solve some of these problems if we don't if we only talk with the things that we're against all

i will give examples, for example, permian at the moment.is a great company that produces breast pumps for the oil industry. uh, and we generally expect that if we present them as an assembly point, we will be able to collect such competencies in order, in principle, to become an alternative supplier or replace those who today, uh, well, make a decision to change the market, fiber uh, we uh, this saransk enterprise mordovia as the governor of the body. agreed to develop it to the source material. well, of course, we will complete the construction of another redistribution in order to sustainably provide you and us. of the two waste incineration plants, we began to apply this competence and began to look for new technologies . e. now rosprirodnadzor does not get out of there. and uh, surprised, but still looking for some kind of mistake. that is, we have no emissions, because there is no combustion. if we talk about further reincarnation of rosnan, that is, probably, it has become the time to think about private public partnerships. we are lo

go to saudi arabia and negotiate with them than talk to the american ceos who dominate the texan permianasin. our biggest basin where all the oil is we're aware of that. if the president would encourage them and offer assistance in building much needed pipelines i'm confident these company was do it. by the way, it would help national security because we get natural gas maybe to europe. but to get these executives to trust it, biden would have to cozy up or at least seem like he is to the oil industry and stop talking just about renewable energy, something that would infuriate his base like most politicians biden doesn't want to do it and made it more difficult to build new pipelines. the stuff coming out in the last few weeks is bad for the pipeline industry. i do believe biden could placate the oil industry growing more and more responsible about the environment. even as they are fossil fuel companies. but biden would have to throw many core supporters to the wolfs to make it happen. i think it's a good deal for the president if he can get us lower oil prices by 2024 unfortunately bide

domestic production i'm in a patch e, pioneer, that covers the permian , and oil services, schlumberger, but i'd like to get into baker hughs i just haven't had the market opportunity to do so yet and your retail investors at home will love this. i run the su-10 portfolio stock s for the street, and for that portfolio, i have southwestern energy, swn, and transocean, rig in the bullpen. liz: okay but the tech names are you picking up anything here? our investors are looking at some of these prices down 20, 30 , 40% from their recent highs. >> oh, sure. in fact this week, i added to my service now, which is a software name, added to my service now position and added to my sales force position. as far as those kinds of names go, yeah they are a little rich and not in the ballpark of the names i usually trade but when it comes to software i invest in ceo's so i'm investing in microsoft, bill mcdermot, and as far as sales salesforce, that's benihoff. so i pick the guys i perceive as winners i want them to work and win for me. liz: well, guys, you know, again , the ending and beginning of su

you want to see what the permian looks like 9:00 p.m.usk's plans for twitter, adobe's earnings slump and as we go to break, check out eks e ggards on the s&p for the we athdow is hitting some session lows, down 230 don't go away. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. ♪ ♪ connecting to opportunity is just part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy future. (applause) ♪

in the permian basin we are almost at 5.9 barrels a day with one third less active rigs so you're right. you agree with president biden when he says the not producing enough? >> by 2023 we will be at the highest levels of? >> do agree with president biden when he accused produces in a similar fashion that he said to refiners that they are not producing enough? .. to the assaulter. we have talked about the manipulation. putin is not to blame for american energy prices. we only import 10% historically from russia. putin is not the cause of that. now there's an energy crisis ongoing in europe and we can be a part of the solution. what is the additional capacity of lng that we have right now to ship off our shores? quick sear additional capacity to ship off our shores. but the energy prices like the gas prices that's the global oil market for it you high production levels in united states, the global oil market is affected by thin ukraine regardless. correction would be competing with actor to take the place of them shipping their products, their oil and gas people like venezuela, iran, nor

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 member of exxon's board. take a listen. >> what would change the conversation that you're having with t

of the wonders your company driller operate in the permian basin?art: talk to me about natural gas, 150. gasoline to $6 in july. what about natural gas? >> as winter comes on after the summer with what is going on in the ukraine crisis, it will converge, $30 btu for gas and the numbers will converge over time and will export more and more to feed europe. stuart: you pointed out what you are looking at is an escalating spiral upwards for energy prices. >> we underinvest in the sector since covid and that plus the administration's focus on renewables having a chilling effect on further investment, put us between a rock and a hard place. stuart: other businesses apart from the oil business. is it slowing down? >> just at the inflection point. things are canceled. it is order for industrial, it we are at the fulcrum where it is shifted. >> it is just beginning right now. stuart: aren't we all. today's the first day of the hurricane season and i can't believe this. i am reading the prompter here. arson residents in florida saying hi gas prices will keep

the climate change sort of extreme here and so look what's frustrating is we know even though the permianyear is going to produce more than every other country in the world except for saudi arabia and russia, the president still nix ing the pipeline, to lease the permits, squeezing the finances for american-made energy, and so look he's driving these prices higher. it's really just, families, look , an average family will spend $2,000 more this year for gasoline. that is a huge pay cut. ashley: huge. all right, well, congressman on that happy note we'll have to leave it there but thank you for taking time out of your day to chat with us we really appreciate it. >> you got it. ashley: amazon by the way, amazon facing a fresh problem, running out of people to hire. lauren you got the details. lauren: what? right? a leaked internal memo which is actually not being refuted by amazon shows that they are worried they are going to run out of people to hire by 2024. not everywhere but in specific warehouses like those near los angeles and in phoenix. so if they look at the available labor pool, i

diamondback is a low-cost producer in the permian, great dividend yield.j maxx, they are a retailer and retail sales were down in may. >> yeah, a brutal brutal industry to be in retail but tj maxx is probably the best of the bunch. the next big catalyst for retail is going to be back-to-school shopping. it's amazing to say at the beginning of summer we're already talking back-to-school but that's the next main catalyst for retail. i suspect that most of the retail back-to-school shopping will happen at off- price retailers like tj maxx as opposed to full-price. stuart: full of bargains at tj maxx. >> that's it. stuart: as gas prices climbed to record highs biden's climate czar, that's john kerry, insists we do not need to be drilling for more fossil fuels. roll tape. >> energy security worry is driving a lot of the thoughts now about we need more drilling, we need more drilling of this , we need to go back to coal. no, we don't. we absolutely don't. stuart: i beg to differ. i think we do need to drill for more fossil fuel. it's a first for musk. he voted r

right now, in operation, 727 versus 457 a year ago, and oil is also going to be extracted from the permian pete: we were reading the same stuff, it was either exxonmobil or chevron -- will: chevron. pete: -- ceo that said we'll likely never build another refinery again in this country which means we're only digging a deeper hole. joe biden may go to saudi arabia and go beg those autocrats, theocrats -- carley: yeah. and they're already loosening the strings around venezuelan oil and gas, and chevron is going to be, apparently, importing some of that, or they're working on some sort of deal. so the point there is just going to another country as opposed to producing oil right here at home. we have so much of it, we could be doing it here much more effectively. pete: absolutely. so we're going to go from gas to something else you consume which is pizza. and and my favorite pizza on the planet is pizza hut. i've been open on this show about wanting to be a spokesman for pizza hut. i have asked for that sponsorship directly. it has not only been met with science and denial, but now it's not go