i heard it from energy workers in the permian basin, men and women who know that american energy independences not just about dollars, it is about national security. and freedom. it is about families being able to fill their gas tanks without emptying their bank accounts. but common sense is not complicated. it tells us that borders have to mean something. it means laws must be enforced. that children deserve innocence. and that prosperity comes from work, not a handout. here's what common sense tells us above all -- for the people who built texas, whether their families came five generations ago or five months ago understand texas better than any social engineer in washington never will. when i returned to the senate, i carry with me not just a victory, but a mandate. a mandate from the people of texas. let me be crystal clear about what that mandate means. first, we must secure the border. [applause] not with empty promises, but with concrete and steel and law and order, and with the unshakable resolve from knowing we are protecting those we love. the cartels who poison our communities, the

[applause] but rather, it is right here in texas in the permian basin and throughout the state of texas[applause] we will drill. we will frack. we will produce, and we will lead the entire world. [applause] and we will never again let foreign dictators hold american energy independence hostage. third, we must defend our god-given rights. not some of them, not most of them, but all of them. the right to speak truth in an age of enforced lies. the right to worship the lord god almighty with all of our heart, mind, and soul without government getting in the way. [applause] and the right to protect our families without asking bureaucrats for permission. but above all, this mandate means fighting for what we believe in. fighting every day, in every way that matters, fighting for texas jobs, for texas values, for texas families. fighting for the constitution and the bill of rights. and fighting without retreat and without apology. because this isn't just about politics. it's about preserving a way of life that has made texas the last best hope for freedom for mankind. [applause] i know this i

many women the permian basin have been meeting those needs we got to the point where we are exporting more than we were importing and you places like the bucket in the marsalis and the utica all throughout the united states and we need to cut regulation and we need to unleash the potential that we have, it creates american jobs in their partners and allies want to depend on us not russia or venezuela or china. maria: meanwhile, the president is meeting with the world largest polluter this weekend speaking with china's president xi at the apex, and south america. will he hold president xi. brian: the climate or anything else to the fire do you think. >> we have seen his track record in our enemies don't fear him, our allies don't respect him and what he should say the president xi you're responsible get 30% of the worldwide mission. and stop sending fentanyl precursors into our country and stealing her intellectual property and that's why it's so important for president trump to be inaugurated and get us back on track and any other aspect of the national security and economic puzzle. m

petroleum museum in the city of midland, part of oil country, everything here sits on top of the permian basin and oil field that stretches from west texas to new mexico. a. there's a bunch of old oil equipment here because texas has been at the center of the us oil booms for decades. and all of these behind me are old drilling rigs. they did back to the 1920s, did the 1st step. and while extraction drilling a well, then come to pops there. sometimes we can go look at over there actually. so when they 1st oil, it basically explodes out of the ground due to changes and pressure. but after a while it doesn't really explode so much anymore. and you have to actually pump these are the ponds to do exactly that. but it's not a simple process to hear more about it. we spoke to brian grant, the executive director, the oil was actually trapped with in layers of rocks that are in these different layers strata. so we have to not only drill but then we have to crack the rock. people have been cracking the rock to get that oil for more than a century, mostly with explosives. and after that, they're g

they said they would be over 1 million barrels a day in the permian.e ago, it was less tthan one tenth of that. if you have trump administration, it is drill, baby, drill. you think you are already doing that and you don't want to hit more in production and the permian may be plateauing out, too. we will see what happens with that right now, the stock is up 2.8%. >> another ceo that doesn't want -- i like both. >> he pointed out to me he had to correct a lot of stuff. >> no one's going to say i would rather have trump. >> he said the biden administration has not been friendly is how he characterized it >> you would be crazy to say either side. it's tuesday coming might as well wait. >>> coming up, sony suing cbs over licensing revenue for two popular game shows a great idea the boomer update every morning. a boomer friday update on this "wheel of fortune" and "jeopardy!." >>> later, elon musk sweep stakes is seeking to continue after the federal lawsuit. we'll bring you the latest as "squawk box" is coming right back of something bigger? thank goodness

that is my reaction. >> when i went to the permian i was in the new mexico part of the permian there is a lot of activity there you are saying they could go even further. >> by the way, - did the numbers so i am withdrawing the idea they have to do the theme park. >> you are not going to push that? >> - i may have to just text a biker and say the pressure for the new mexico the park is over. >> why not combine the two and have an oil drilling related ride? what do you think? >> fund for the entire family. >> it is so great like the pipeline at shawshank let's go. >> speaking of economic personnel, jamie diamond spoke yesterday at the apex summit, talked about lower incomes groups across the world how they have not kept pace. also talked about the present's post he will not be invited to join the administration. >> first of all i wish the president well and thank you. i just want to tell the president i've not had a pass for 25 years i'm not about ready to start. >> some people joked about - >> the board is a little slap on the board or is it like but jensen did to - you sold us but i

petroleum museum in the city of midland, part of oil country, everything here sits on top of the permian basin, an oil field that stretches from west texas to new mexico. the. there's a bunch of old oil equipment here because the texas has been at the center of the us oil booms for decades. and all of these behind me are old drilling rigs. they did back to the 1920s through the 1st step. and while extraction drilling a well then come, the pumps are there. sometimes we can go look at over there actually. so when they 1st oil, it basically explodes out of the ground due to changes and pressure. but after a while it doesn't really explode so much anymore. and you have to actually pump in these are the ponds to do exactly that. but it's not a simple process to hear more about it. we spoke to brian grant, the executive director, the oil is actually trapped with in layers of rocks that are in these different layers strata. so we have to not only drill but then we have to crack the rock. people have been cracking the rock to get that oil for more than a century, mostly with explosives. and afte

company also posted a top and bottom line beat in q3 alongside record production in the permian, andt card from the oil patch exxon shares higher an mixed q3 results. better than expected production, raising its dividend by about 4% of course, we mentioned with mike, how much of the capital returns story is just embedded in all of these energy trades. >> yes, and doing quite well today as well. stocks trying to rebound following a rough month of trading. the s&p breaking a five-month winning streak after seeing only three sectors end in positive territory for the month of october. led by the financials. six of the major big banks all ending the month with gains led by wells fargo up around 17% during that timeframe, the financials outperforming the s&p year to date as well so i don't want to say this is too surprising because we saw those numbers come out in the middle of the month and they were much stronger by and large than expected. and they also had all of this macro tailwind as well as the economy appears to be coming in more for a soft landing. and there was some interesting d

you look at the lifting costs for the permian basin, every year the price dropped. why did we have a deflation? because of innovation and there's charts that show -- and we were setting the price for the world. given we were driving down marginal costs, we were able to drive inflation down. when anyone hears from president trump about driving down inflation, he talks about energy. because he achieved it during his timeframe and it was achieved because of the three points i just raised. energy innovation, good public policy, private sector capital. when we give you a few other data points. when we wanted to impose embargoes on venezuela and iran for other political purposes, prices didn't go up. where did the oil come from? the united states and canada. when iran attacked the saudi arab facilities, prices barely moved. when the united states decided to move its embassy to jerusalem, the trump administration knew that opec could not retaliate like it did in 1973. that was actually discussed in the situation. during the late 2010, the united states helped organize the

an energy state and we heard from chevron and exxon this morning, they are producing more in the permian. stuart: fascinating stuff. right before the election. to the markets, up 375 points at this moment, almost one% higher, nasdaq composite over 1%, 193 points. mike lee, microsoft and meta is sold off because of the increasing cost of ai. do you think that selloff was a wrong move before the stock? >> absolutely. you have a lot of shareholders and investors and fast money traders. these fast money traders want to see immediate results immediately. and the momentum based algorithms pile on. if they were to beat short-term hurdles, stocks would be higher in a short-term inflated view. roughly 5% to 6% off, and two of the most successful companies in the world, putting it in perspective. one of 2 people has access to the internet, users meta-property daily. stuart: by both now. >> if you don't already, a long-term investor, small speed bumps that will get out-of-the-way. if you start thinking about ai, it is sorting through data. if you think of all the data that was created and collected

water management, recycling supply solutions to fractioners in the permian basin. engineered equipment used in the energy production process. big moves there. i can't say they're unreasonable. these are three very profitable businesses. they're about to face a much more benign regulatory environment. what else? here is a tough one. fannie mae and freddie mac on hopes trump will release these companies. i don't know if you remember them from the great recession. oh, boy, they were front and center. i don't want to get too deep in the weeds. it's a complex situation. but, in general, it makes sense for them to rally on this republican sweep. there are plenty of one-off trump trades like tesla, up 35% for november thanks to elon musk's special relationship with the president-elect. of course if musk stars getings on trump's nerves, you could see a serious pullback. i would be a buyer. how about natural groceries by vitamin cottage, the appointment of rfk jr. as secretary of health and human services. he has nutty views on vaccine, critical of big pharma but is a healt

yes, i do represent the permian basin.bout the back ken, marcellus, the other form ises that can unleash american energy. president trump is absolutely right in the first days in office to take executive action. we'll back that up in the legislative branch. we're going to continue to pass as we have hr1 and other energy related bills but here's the deal. it lowers costs here domestically. it helps our economy. it helps people live that american dream because energy is the foundation for everything that we do and our partners and allies around the world want american energy, they want lng, they want our nuclear technology. every single source of energy is going to have to be hair evidence in. harnessed, we can't afford to pick winners and losers in the government. president trump is absolute right when he says drill, baby, drill. that's the first thing he told me when he visited recently. we're going to help him do that. maria: there's a moment to cut back on regulations, right? a number of oil men and women have told me an

>> i would say on the permian, that's the big show in town.you look at where we're getting heavy crudes. no doubt he'll take another run i think on canada, those are heavy crudes coming in. we're getting from venezuela right now and steams they mine hydrocarbons with backhoes. i think we'll look at moving forward being cleaner on the energy portfolio. i think heavy crudes from north america and be less dependent on foreign adversaries for energy needs, i think that's a positive step. maria: absolutely. great to see you. thank you very much for joining us this morning. >> always a pleasure. maria: quick break and then president biden has his final meeting with xi jinping at the apac summit as china gets ready to work with the incoming trump administration. victoria coats is here on how the 47th president, incoming president trump, should handle beijing this time around. you're watching "mornings with maria" live on fox business. stay with us. ♪ ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement

his family's from the permian basin in midland, odessa in west texas.tian that makes it very authentic. >> seth: that's good. so, an oil man would watch this show and be like, "it good." >> it good! [ light laughter ] ol. you wouldn't say oil, though. you'd say "ol." >> seth: well you did work. you had to work on the accent. and by the way, very -- i will say, i believe the scene we saw was your first day of shooting. and so, you are now -- you have to do a texas accent. >> that's right. >> seth: in front of billy bob thornton. >> oh, my god, i know, mr. arkansas. but it's like, the accent was so specific. everything in this job was just like, it was big time. you know, i was working with oscar winners, taylor is such an incredible storyteller. and you know, part of it is also the mental game. you know, like, you do the work. you know, i work with my acting coach and dialect. but then you have to show up. and the way that taylor shoots, there's no rehearsal. there's no blocking. this is my first day of shooting. i am in five-inch hills getting off a g-5

and then the big daddy of them all, the permian basin in texas and new mexico, another 290 tons an hourat is 9 to 14 times higher than the rates that the industry agreed on. now, jim this was marketed as a clean bridge fuel to get off a coal. that natural gas is going to be so much cleaner than coal. but that's only true if it never leaks. and now we're seeing it leaks in ways that nobody ever imagined. it's the easiest thing to fix. it's low hanging fruit for industry to fix those leaks capture that methane and use it as a product. but the stuff is so cheap and plentiful they just let it leak or flare it before will be interesting to see what the trump administration's stances on this. a lot of fracking companies supported him. don't want any methane regulation, but imagine that is 80 times more powerful that gas than carbon dioxide in the near term. so it is vital to fix those leaks if we want to save a livable planet. >> all right. bill weir thanks, as always, for your coverage on that issue. thank you so much. in the meantime, macy's thanksgiving day preps are underway in new york c

and then when you get to the permian basin, that is the beating heart of the texas oil patch. it goes into new mexico. they're between 9 and 15 times higher than the industry has admitted. the question now is what are these companies going to do about it? >> well, first of all, methane, man, the uk, they talk funny too. what is the trump administration's view on all this? >> well, if you take the early statements and the whole project 2025 thing, they have just sort of a sneering disdain for any regulation in this space. feeling emboldened, a lot of fracking companies are saying you can ignore this, but physics, you

well, and then the permian, the granddaddy of all the big oil patch in texas and new mexico, almost 300 tons per hour that's 9 to 15 times higher than the limits that the industry agreed to. so the big question is now the theory was what the environmental defense fund was. if we could see the stuff countries, governments would do something about it. but the trump administration has been sort of openly scornful to all environmental regulations. it remains to be seen what kind of leverage this will these new pictures and this new data will will do towards pressuring any kind of regulation around these leaks yeah. >> so i guess it does remain an open question just how this satellite might help us fight climate change. >> yeah, it's sort of if a tree falls in the forest, does anybody hear it? if a satellite points out our super polluters and leaders don't want to hear that, does it make a difference it's so much. now. we have the technology to measure and stop these problems. the question is is the political will exist in the age of populism bill, we're have a happy thanksgiving. thank you

and then when you get to the permian basin, that is the beating heart of the texas oil patch. it goes into new mexico. they're between 9 and 15 times higher than the industry has admitted. the question now is what are these companies going to do about it? >> well, first of all, methane, man, the uk, they talk funny too. what is the trump administration's view on all this? >> well, if you take the early statements and the whole project 2025 thing, they have just sort of a sneering disdain for any regulation in this space. feeling emboldened, a lot of fracking companies are saying you can ignore this, but physics, you can't ignore this is happening. this is heating up the planet in real time we're great to see you. >> good to see you. happy thanksgiving. likewise. brand new hour of cnn news central starts right now it is one for the record books, friends millions of americans on the move. >> we're going to show you right here. this is chicago o'hare. look at those shining faces everyone is jazzed to be there. 18 million will fly. so many more than that are going to be hitting th

i heard it from energy workers in the permian basin.en and women who know that american energy independence is not just about dollars and cents. it's about national security and freedom. it is about families being able to fill their gas tanks without emptying their bank accounts. but common sense is not complicated. it tells us that borders have to mean something. it means laws must be enforced. that children deserve innocence. and that prosperity comes from work, not a handout. here's what common sense tells us above all -- for the people who built texas, whether their families came five generations ago or five months ago understand texas better than any social engineer in washington never will. when i returned to the senate, i carry with me not just a victory, but a mandate. a mandate from the people of texas. let me be crystal clear about what that mandate means. first, we must secure the border. [applause] not with empty promises, but with concrete and steel and law and order, and with the unshakable resolve from knowing we are prot

higher oil production from the permian basin helped offset a drop in crude prices.ning. chevron indicated potential job cuts are to come with a new cost-cutting plan. $3 billion in cost savings will come from asset sales and the use of new technology and workflow changes. intel shares are surging premarket 5.5%. they gave a fourth-quarter revenue forecast about vestment -- above estimates. >> we laid out a strategy. we reaffirmed that with the board of directors. we have taken the steps this quarter and restructuring and getting cost where they need to be. we have the capacity to go on the journey. dani: in the prior quarter, intel cut jobs and suspended investor payoffs. elon musk staving off a challenge to his $1 million voter giveaway. a judge says the judges on -- the cases on hold when the federal court decides to take the case. it comes after the philadelphia district attorney sued, saying it violated consumer protection law. that is your brief. jonathan: more from dani in about 30 minutes. they are running out of time to deal with that. lisa: if they want to

the look at the lifting cost for the permian basin. if you look at the average -- ei every year the price dropped. the price dropped. why did we have deflation? it is because of innovation. and there are charts that show the lifting costs associated was dropping every year and we were setting the price for the world. ok, so giving we were driving down marginal costs -- this is kind of like econ 101 -- you were able to drive inflation down. i think when anyone hears from president trump about driving down inflation he talks about energy. because he achieved it during his time frame, and it was achieved because of the three points i just raised. energy innovation, good public policy, private sector capital. let me give you a few other data points. when we wanted to impose embargoes on venezuela and iran for other political purposes prices did not go up. where did the oil come from? it came from the united states and canada. when iran attacked the saudi facilities in 2019 with their drones the prices barely move. why? the market. the unit