." >>> can exxonmobil really go green? david faber spent months on end to find out. he went by land, sea and air he survived the mission and joins us next. >>> plus new guidelines for sleeping babies just released by the american academy of pediatrics the first time in years they've changed. what the academy now says parents should never do. policy you n er need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards li

. >>> can exxonmobil really go green? david faber spent months on end to find out. he went by land, sea, and air. he survived the mission and joins us next. >>> plus, new guidelines for sleeping babies just released by the american academy of pediatrics the first time in years they have changed what the academyoway n ss parents should never do. is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. migraine hits hard, so u hit back with ubrelvy u level up u won't take a time-out one dose of ubrelvy works fast it can quickly stop migraine in its tracks within 2 hours without worrying if it's too late or where you are unlike older medicines, ubrelvy is a pill that directly blocks a protein believed to be a cause of migraine. do not take w

can exxonmobil really go green? david faber spent months on end to find out. you went by land, sea, and air, he survived the mission enjoins next. >>> new guidelines for sleeping babies just released by the american academy of pediatrics. the first time in years that they changed. what the academy says now what parents should never do. e present. and now... we're in the future. the all-electric chevy bolt euv with available super cruise™ for hands-free driving. - dad. - yeah? do fish get thirsty? eh. find new answers. find new roads. chevrolet. ["only wanna be with you" by hootie & the blowfish] discover is accepted at 99% of places in the u.s. ["only wanna be with you" by hootie & the blowfish] >>> three inmates dead in less than a week. all in custody in new york city. two of the >>> three inmates are dead in less than a week, all in custody in new york city, two one of the states most notorious lockups, rikers island. the department of corrections announcing today that nine people have died in new york state custody so far this year. activists have been c

exxonmobile at the crossroads, tomorrow, 8:00 p.m. eastern here on cnbc. >>> coming up, check out the mystery chart. one of the worst stocks in the dow this year, but the street isn't giving up. one of the committee members just boughitt we reveal the name and discuss it next on half time in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. insights illuminate better choices. cla - cpas, consultants, and wealth advisors. allowing us to see differently and do more. with kpmg you have the people and technologies, to uncover insights and turn them into action. when we act on insight, with the right people by our side, opportunity is everywhere. let insights reveal new opportunities. >>> good afternoon, everyone here is the cnbc news update at this hour. new video showing multiple police officers armed wit

"exxonmobil at the crossroads" tonight at 8:00 p.m. right here on cnbc. >>> when we come back, we'll get jim cramer's first take on the trading day ahead. and tstay tuned you're watching "squawk box. 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. >>> welcome back let's get right downtown to the new york stock exchange. jim cramer's joining us. and we want to talk about the markets, but all i want to talk about is this mark zuckerberg interview, did you do the interview in the metaverse, like "ready player one" style >> "ready player one." well, yeah i mean, we spent a lot of time together in metaverse. it was pretty cool by the way, he made me jacked in the metaverse. i never looked as good as i did in the metaverse, but we kind of had a conversation which is what conversations are like, except we were in the bac

s&p back to almost 3,785 when we come back, more on david's documentary, "exxonmobil at the crossroads," including some of the safety measures you had to go through to get a look at this. >> yes >> on cnbc a week from tonight time for "the bond report. obviously a lot of attention being paid to yields in the u.s. and italy where we were down 42 bips on the news ouch this emergency ecb meeting. don't to g anywhere. it takes a village to support society and businesses have a responsibility to support that village. ♪ ♪ i am peter akwaboah, chief operating officer for technology, operations and firm resilience. when you think about diversity, the employee network group is fundamental to any organization to provide a community and a belonging environment for the employees. they provide an avenue to support employees and ultimately it leads to retention of the best and brightest. the employee network represents the community at large, and it provides a good feedback loop to senior management to make the appropriate decisions, which ultimately contributes towards the bottom line. if you'r

you know permitting processes, approvals, exxonmobil, same thing. listen, pull that out, they're investing a lot of money, that's the answer to the problem. >> explored and have had up but do something about it. thank you very much. we shall see in the meantime. >> along with geraldo rivera, jesse watters, she wants mystical a couple of skittles for a bald head, dana perino. president biden hitting the next target in an endless inflation blame up loose a after putting the finger at pruden, republicans, and big meat. biden is also going after big oil by sending a strongly worded letter to the heads of seven oil companies, oh, boy. threatening to use emergency powers if they don't boost supply after bashing them for turning a profit. it comes as gas prices are have officially top $5 per gallon with no relief in sight. and if you can't afford the sky-high gas prices the white house says just buy an expensive electric car. he filled up your ev by charging and he filled up your gas tank with gasoline and you have the same size tank you would save $60 per

exxonmobil at the cross roads here on cnbc at 8:00 p.m., excellent reporting on a key industry in a transition phase >>> ahead on the show, roger ferguson is here leading up to jay powell's capitol hill grilling that's expected later on this morning. what investors should expect first a check on these two money movers la-z-boy up about 8% the furniture maker reporting record quarterly sales results coming in well above analyst estimates. plus watching toyota cutting the july production plan by 50,000 vehicles citing ongoing semiconductor shortages, they expect to make 800,000 vehicles next month, a reduction in capacity for toyota. we are back after this 've been . (dad brown) we got iphone 13s, too. switched two minutes ago, literally right before this. (vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network. for every customer. current, new, everyone. to show the love. what do you think healthier looks like? cvs can help you support your nutrition, sleep, immune system, energy ...even skin. so healthier can look a lot like...you. cvs. healthier happens together.

. >> tonight, don't miss the premier of exxonmobile at the crossroads david faber gets an exclusive inside look at the company here is david speaking on the balance of pleasing shareholders and transitioning the company to carbon free future. >> what would change the conversation that you're having with shareholders. >> palm beach is gone, i mean, i'm serious. these guys need to be punched in the face, these are money guys that they have -- >> you're not making me feel optimistic. >> no. you have to find the angle of attack so to speak that gives you an advantage, that allows you to generate a return that's the journey we have been on, the work i have done for five years, reshaping the organization i recognize i have to do both. i don't have the luxury of picking this or that >> again, don't miss exxonmobile at the crossroads tonight, 8:00 p.m. eastern time here on cnbc >>> a big interview on "mad money" at 6:00 p.m. eastern. jim cramer sitting down with meta mark zuckerberg to talk about his bet on the metaverse wl aditexonalf time insights illuminate better choices. allowing us to see di

they used to always beat up on exxonmobil. he is at it again. answered his own rhetorical question recently. take a listen. president biden: they're not drilling. why aren't they drilling? because they make more money not producing more oil. charles: well, turns out the industry is actually producing a lot more crude and really began to pick up right after the pandemic shock. joining me to discuss republican congressman lance gooden of texas. congressman, exxonmobil did answer the president biden's question. they said well we lost more than 20 billion in 2020. we borrowed 30 billion to support drilling costs. then we paid 40.6 billion last year in taxes. why do you think the white house is so fixated on bullying and demonizing the people rather than really doing something to address suffering of the american public? >> first of all i think the white house is very much mind set that the american public is dumber than they think they are and frankly people do not believe this lie from the white house that it is everyone's fault but joe biden. we w

economists raise the risk for recession in the next year >> reporter: more bad news for drivers, as exxonmobil ceo predicts years of tight supply >> you're probably looking at three to five years of continued tight markets. >> reporter: in other words, scarce production and potentially not enough oil to go around the executive responding to president biden who accused the u.s. oil industry of capitalizing on the oil shortage for profit >> how damaging is it to be attacked by the u.s. president to be saying that you make more money than god >> you've got to be thinking through today and tomorrow and not next next year and the next administration >> covid is down, gas prices are up. >> >> reporter: u.s. oil production ramped in 2017. it's not even close to pre-covid levels refining capacity to turn that crude oil into gasoline is also down, about 1 million barrels per day or 5% since 2020 >> i think the point people don't make is that a lot of these refineries changing to make renewable fuels >> reporter: high demand for summer travel is all driving the average stubbornly high and hitting americ

"exxonmobil at the crossroads" premieres tomorrow night. >>> bitcoin is getting some relief along with some of the other assets that correlate with risky things like stocks but it's been a wild few days for the entire crypto landscape. bitcoin, the price plunged below $18,000, lowest level since december 2020. even with today's bounce it is still down 50% on the year proshares looking to get in on the downturn announcing the launch of an etf that allows investors to short bitcoin kate, what kind of fees are associated with an etf like this >> yeah, so like most actively managed etfs, this will come with a fee it's less than 1%, about 95 basis points that's higher than most actively managed funds but a lot lower than what it would otherwise cost to short bitcoin or any of the short bitcoin etfs out there. there's the cost of shorting some of the bitcoin etfs to be as high as 13% so it's not easy to take the other side of the bitcoin trader interesting, though, proshares is the same company that launched the bitcoin strategy etf, bito, the first u.s. linked etf back in october. that was

halliburton's getting hit, down about 4%, so you'd be buying, certainly, less than yesterday, same with exxonmobil. peter, we rarely, if ever, bring the same guest back -- [laughter] let alone in the same month, but the same week? you were just on, on wednesday, but something just struck me that you said very crftly, we are no nowhere near peak inflation. then we get this number. do you anticipate an intra-meeting rate cut, almost an more than type of situation or a 1% hike rather, a hike in interest rates? what does the fed do next to get hair arms around the situation? >> well, i don't think they're going to do something intra-meeting. they comeet next week, but they should raise interest rates by a lot more than 100 basis points. even if they were to raise them by 100 basis points today, it's too little to make a difference. it's not going to so the inflation problem. this has been 10 -- 12 years in the making. the fed has been flooding the economy with inflation since they lawn launched qe1, and there's no way to mop up this -- the. charles: hold on, not even a 75 basis point hike in july, whi

david faber's look at exxonmobil and he had access to workers and facilities watch the full documentary and nothing could be more timely than "exxonmobil at the crossroads" tonight at 8 c:00 eastern. >> the dow was up a moment ago interestingly enough, after chair powell's tough talk on inflation telling lawmakers that it's essential that the bank brings it down our next guest says he expects better trends and is investing for the long term. joining us now is mike bailey of fbb capital partners welcome to you i don't know if you are especially bullish on energy, but anything you've heard today that would change your mind on where you want to be in this market >> it's some interesting comments from the president and the prior guest. i think it does feedback into three of the themes when looking at it and frankly, ways to overcome the fears driving the bear market. inflation is definitely the number one theme and energy is fr front and center and the earnings to your point, at this point, nothing that we've heard makes sort of major change in our opinion. we could see a little bit of chan

in fact, this week, you may remember he called out exxonmobil specifically in a statement, exxonmobil came out and said that the president should suspend the jones act. that is an act that requires any goods going port to port within the u.s. to be on ships that are made in the u.s. as well as u.s. the statement says longer term government can promote investment through clear and concise policy that supports u.s. resource development such as regular and predictable lease sales as well as streamlined regulatory approval and support for an infrastructure plan such as pipelines. now, instead the biden administration is looking at gas rebate cards, putting them back on the table to help americans pay for gas in the united states. now, a white house official telling, you know, final decision has been made, but the option's on the table. we have also heard grumblings about some price controls. the democrats tried to do price controls specifically related to prescription drugs. that was in the build back better plan that passed the house last year, but died in the senate. now, the press dent

people stop me on the stleet, exxonmobil 8:00. the message is getting out >> the no one has stopped me on the street saying how was usc and the metaverse? >> we'll talk more about that. the news flow has been going our way to our point it's been all about energy, the back and forth between the president and your friend mike from chevron what do you make of that, jim? >> that he's playing ball? >> he's not playing ball he sends a detailed letter about all the things they can do and would do but he said it would be nice to have an honest dialogue and biden comes back and says why are you so sensitive >> to make had been one of the leaders saying let's sit down. mike worth took his budge fret $3 billion to $10 billion, spending so much money trying to be a better citizen and biden gives him the heisman. why does he get away with that because mike worth, as much as he's a terrific guy, is rarmded as an oil person, daren wood is an oil person. they make so much money. president biden doesn't want to be in the same room with him the mos

everybody should buy an electric car, it is really, really hard for companies from the exxonmobils of the world down to companies my size to say, yeah, okay, you know what? we'll take hard-earned dollars we'll put them into this industry that the president is actively trying to shut down at every single turn. neil: i can understand what you're saying. one last thing, claire i will say, again i appreciate your viewpoint. we don't hear that that much from the anybody in the media, one that gets traction in the media, with all the money oil industry is making they have little reason to want to produce more in this environment because that's expensive in of itself so why not take of advantage of prices where they are and enjoy where they are and take advantage of where they are. what do you say to that? >> well, i would say that we would love to drill more oil to take more advantage of prices where they are. if we could get more oil to market, that's obviously we're going to be making more money in that process and so, we have every incentive to produce. we have every incentive to get out

no, the american oil companies, chevron, exxonmobil, they're taking a different approach. they are sort of investing in new technologies but they tend to be things like carbon capture, unit, where you would sort of try to capture the carbon from the atmosphere and continue with fossil fuel production or try to produce, kind of, a hydrogen, using a lot of fossil fuels. but you pair it with this carbon capture to sort of neutralize the greenhouse gas emissions. so they are taking all different kinds of approaches, but they are wary of investing too much in traditional exploitation of oil fields and refining. >> even how upper is here to take your questions and comments about the gas industry what biden called for the suspension of the federal gas tax if you are republican true to a 4701. independents two 027488002. you can text us as well. first name, city, and state to 2 to 4 away 8002. we will try to read some of those as well ahead of today's meeting with the oil and gas companies at the white house the president sent them a letter how is it received? the letter was more

they say the 5 biggest companies, including shell, chevron and exxonmobil. >> how the increase their profits by over 300% in the 1st quarter of the year compared to 2021. congressman adam schiff spoke with reporters in los feel is saying he has a plan to pop the bubble and make life easier for consumers. >> his office provided figures showing big oil's profit increases in the last year. schiff is introducing new legislation which he hopes will become a bipartisan effort. he was to suspend the federal gas tax until the end of 2023, which is currently about $0.18 per gallon. >> this will lower prices at the pump. and bring immediate relief to drivers everywhere. >> schiff explains the federal gas tax pays for highway construction and improvements. mass transit and other important projects. in its absence, he would make big oil pay the costs levying a new 50% tax on their windfall or excess profits. we know that they can certainly foot the bill. >> i'm convinced this will we have toyed with the idea of a windfall profits tax on these oil company profits. we haven't really ever done and

it's one of the ways exxonmobil is advancing climate solutions. you would think if you just watched their ads, that all they do is carbon capture. but in fact, they invest less than one percent of their capital in anything other than fossil fuels. oil companies have become very good at recognizing ways to phrase what they want you to hear, which is that they're acting on climate wall continuing to produce oil and gas owner cross b p. we a changing a great example of this that i've seen pop out more and more is the phrase low carbon. we creating new and improved low carbon products. the phrase low carbon doesn't mean anything though. i mean, it's very easy to be lower carbon than a barrel of oil or a pile of coal. over the last few years, we've exhaustively studied the climate communications by exxon mobil. what we found was systematic discrepancies between on the one hand, what exxon exxon mobil scientists said in academic circles and behind closed doors, versus on the other. what the company told the general public on the open page of the new yor

exxonmobil playing a role here. take a look. >>> so you want to be a leader. do you think that exxonmobil is a leader in that area? >> i think it will be. absolutely. >> reporter: whether investors are ready to pay for faster energy transition. >> what would get you there? >> as events threaten to pivot, will lower carbon future encourage energy companies to keep pumping. >> america itself stands at a crossroad. >>> in 2008, i was writing a book on the future of conservatism and they say we need to be champions of alternative energy sources so we can be independent as a nation. i am hearing the same thing now, it doesn't make economic sense. how do we make alternative energy sources make economic sense for the markets? >> the power of the cost of solar and wind is competitive, but it takes a great of money to , in terms of the grade. at the same time we use largely, for our automobile, gasoline. we have -- it is happening relatively quickly but it will take 15 to 20 years until that is done. overall, we have the energy transition that we talk about and some pe

now one is firing back writing, exxonmobil has been investing more than any other company to raise supplies. we kept investing even during the pandemic. government can promote investment through clear and consistent policy that supports u.s. resource development. but at the white house, what they won't call for is more drilling here at home. >> we need them to actually refine the crude oil, which is not happen, and that's what we're calling on oil companies to do. >> why don't you drill more in the u.s.? >> because we don't need to do that. >> as gas prices rise, the president's poll numbers are falling. this number right there, 57% unfavorable. i'll tell ya, it gets worse for him if you go in and do it issue by issue, it's a 67% disapproval when it comes to the economy and a 71% disapproval on inflation. about the only silver lining for the president is when the voters were asked about how congress is doing, they got a 72% unfavorable. >> oh, boy. thank you, griff. >> thank you very much. >> florida governor ron desantis blaming the president for the highest gas prices the country has ever

check out this stat of the day with oil going up, oil stocks have gone up exxonmobil exxon has a market value of $435 billion. we say this because oil or exxon was worth $135 billion on its market lockdown low. that means, carry the one and do the math, oil -- i keep saying oil. synonymous exxon added $300 billion in market value in just over two years time $300 billion in 26 months. wow. let's stick with the markets and bring in our favorite guest. jon najarian c co-founder of market rebelrebel. good to have you back on this is interesting. outside of commodities your team is seeing really big buying of calls for the summer in volatility. the vix. what are you seeing and what might it be telling us >> i'm pretty sure, brian, it is a bet on the cpi, but not just one. two cpis the reason i say that is we're expected the cpi on friday if it is not benign and it is hard to imagine the 8% reading being benign, but if it is not, i really think we're in for a lot more volatility. that is what it appears, brian, when somebody yesterday bought 90,000 call options in the vix this is probably the

the advancement -- that includes tesla, saudi aramco and exxonmobil and others to report their environmental impact through cdp, the nonprofit that operates a widely used disclosure system. the chair joins us now. good morning, paul, what is the rationale for the naming of these companies. looking through the list, it will not surprised that saudi aramco is there but tesla and volvo may be a surprise. paul: that is a surprise. but the figures on the screen perfectly. but they need to be understood within context. this is the 20th annual cycle of cdp. it's been growing every year, last year 13,000 of the world's largest corporations reported into cdp databases, representing 64% of global market cap. our data goes out on terminals and all the other financial products. why are these specific companies not doing what everyone else is doing? some companies have reported to us for 20 years, so why would exxon or a tesla not report? francine: i guess the problem, if you dig down, is there are a lot of reporting organizations like yours that have other metrics. tesla does not want to be undergo scru

when it it comes to the s&p 500, the winners rights now include exxonmobil topping the list. up 67% this year chevron, oil and gas, up 50% no surprise there. a big gap from there with at&t following up in third. up 12% rounding out the top five. johnson & johnson and berkshire hathaway turning to the dow chevron and johnson & johnson and merck with a 15% climb so far in 2022. as far as the nasdaq 100 goes, of the 15 most profitable companies out there, all had a negative stock performance so far this year. keep an eye on the dynamic with price appreciation and stocks. there's not many in the down market some of the profitability. >>> to the top stories meta is rethinking the deal to pay for news content on the platform according to the wall street journal, meta has not provided publishers it plans to increase the partnership in the current format or at all facebook has paid a fee of $10 million or more to each to the likes of the washington post and new york times and wall street journal. the report adds the organization is preparing for a revenue shortfall of tens of million

. >> thank you >>> quick reminder, by the way, tune in, got an upcoming documentary on exxonmobil and dealing with the issues, of course, not just supply and production, but the energy transition as well exxonmobil at the crossroads, june 22nd, 8:00 p.m. >>> as we go to break, check out the biggest laggards on the dow. one point, green, that is coke and the worst performing of the year, boeing, down almost 8.5% don't go away. zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. what the world needs now... is people. people who see flight a little bit differently. so it takes less fuel to bring people together... ...and make faraway places feel a little closer... ...with engines that power planes more efficiently. because seeing a better-connected world isn't far in the future. we're building it... now. ge. building a world that works. - super excited to open up my diploma from southern new hampshire university. - i'm nervous, i'm ex

somebody gets blown over by the wind, anyway joe biden went on to blame congressional republicans and exxonmobil. he previously was blaming vladimir putin, big meat conglomerates, covid-19, people with diabetes, climate change billionaires. when all else fails just plain donald trump. naturally joe biden himself has not accepted any of the share of responsibility or blame to get the trillions of dollars in new spending there were fish a reduction of and gas supplies because his adherence to climate alarmism and that religious cult and according to joe that has nothing to do with gas prices are inflation. it has everything to do with it. now meanwhile joe biden's friend will she has her own to be honest crazy insane conspiracy theory about gas prices and inflation that involves mitch mcconnell and january 6th. you can't make this up either take a look. >> i'm on a percent sure that mitch mcconnell was tuned in. he is no friend of donald trump. no he can't stand donald trump. he is worried about donald trump's candidacy winning primaries which makes it harder for them to take back power. no it is

you know, biden wants to tax excess profits, he's going to bring the national guard in to surround exxonmobil operation, probably march the national guard to midland, texas, a fully declared war. he would not give the supreme court justices protection but will bring in the national guard to attack the oil companies. i'm making a joke here but pardon my cynicism, it's the most silly thing. open up the spigots, ok. that would be a big plus. stop attacking business. afl/cio meeting yesterday he talked about raising taxes on corporations. that's what he shouldn't do. >> sandra: unbelievable. >> larry: you need to increase the supply of goods and services in energy, and do it by lowering taxes and pulling back regulations. trump's most brilliant policy, i have to say this, was his deregulation policies and hopefully the federal government will not spending and creating money. left to its own devices, janet yellen is selling the biden budget on capitol hill. last week, did not get near enough press. that budget has build back better. that's another 5 trillion in federal spending. stop the spending,

they say the 5 biggest companies, including shell, chevron and exxonmobil. >> how the increase their profits. why over 300% in the 1st quarter of the year compared to 2021. congressman adam schiff spoke with reporters in los feel is saying he has a plan to pop the bubble and make life easier for consumers. >> his office provided figures showing big oil's profit increases in the last year. schiff is introducing new legislation which he hopes will become a bipartisan effort. he was to suspend the federal gas tax until the end of 2023, which is currently about $0.18 per gallon. >> this will lower prices at the pump and bring immediate relief to drivers everywhere. >> schiff explains the federal gas tax pays for highway construction and improvements. mass transit and other important projects. in its absence, he would make big oil pay the costs levying a new 50% tax on their windfall or excess profits. we know that they can certainly foot the bill. >> i'm convinced this will we have toyed with the idea of a windfall profits tax on these oil company profits. we haven't really ever done it.

you know permitting processes, approvals, exxonmobil, same thing. listen, pull that out, they're investing a lot of money, that's the answer to the problem. >> explored and have had up but do something about it. thank you very much. we shall see in the meantime. >> along with geraldo rivera, jesse watters, she wants mystical a couple of skittles for a bald head, dana perino. president biden hitting the next target in an endless inflation blame up loose a after putting the finger at pruden, republicans, and big meat. biden i

everyone and anyone but themselves and they're going after the oil giants, let's look at companies like exxonmobil, their profits are flat over the last quarter and in 2020, guess what, joe? many of these companies lost money. they made no profit at all. but you're not going to hear that from the administration, because they're just looking to scapegoat. they'll blame putin, trump and blame oil companies. they'll blame meat companies. they'll blame poultry companies. so let's be very clear. joe biden caused this problem. he caused it because of his election promises. he told you and promised every american this is what he was going to do. i will remind you, again, so you never forget it, and you can tell all of your friends. take a look. >> if we don't stop using fossil fuels? >> we're all dead. doing away for any subsidies for fossil fuels, number one. and number two, holding them liable for what they've done, particularly in those cases where your underserved neighborhoods and, you know the deal, ok? and by the way, when they don't, we'll put them in jail. >> kiddo, i want you to just take a loo

exxonmobil at the cross roads premiers tonight >>> shares of kohl's are plunging following a report that franchise group is considering a lower bid for the retailer closer to $50 a share than the previous 60. that coming from cnbc.com's lauren thomas. she joins us now on the phone. so tell us about what you have learned, what has unfolded in the last few weeks since we first heard that this deal was on the table >> yeah, thanks, sarah i know this is a situation that you've been following pretty close as well. new drevelopments kind of spilling out week by week. and the latest this afternoon according to a source that franchise group is now actively weighing a lower bid, essentially. closer to $50 a share like you said down from that $60 mark that it had put in now the two companies have been in this exclusive sales talks window that's run about three weeks. that's set to expire this weekend. so come this weekend, we would expect one of three things to happen either we would see an extension of those talks we would see a termination of those talks essentially franchise group walking away

just yesterday, exxonmobil, their stock had its first record close since 2014. and, remember, stock markets aren't doing so hot lately. so, perhaps these companies can take all this big money they're making and do a whole lot more drilling here in the u.s.. so we can tell these complicated oil and gas producers on the other side of the world ticket to the curb once and for all. just a suggestion, i know we are all mad about the price of gas, we are blaming the white house, where blaming all these different things. look who's making all the money, those big, big companies. coming up, well the plight of thousands of desperate migrant families, once again, distract and enrage american viewers. one network sure hope so, when the 11th hour continues. >> we are also tracking tonight, another massive caravan, as a matter of fact the largest to date. marching to the u.s. border as biden's open borders agenda is now a full blown threat to u.s. national security. >> the last thing before we go, tonight, counter programming. the january six hearing? what january six hearin

>> very constructive. >> constructive, and that's the exxonmobil c.e.o. leaving the meeting right now, and sources are saying inside that meeting the energy secretary talked about suspending the jones act, shipping between u.s. ports be made on america's ships. no talk about new leases for oil or natural gas, no talk about pipeline projects. in a statement, a joint statement from the industry groups, says this. productive outcomes today should send positive signal to the markets the u.s. is committed to long-term investment in a strong u.s. refining industry and aligning policies to reflect that commitment. this morning the president and c.e.o. of the petroleum institute says the president's policies do need to change. an make sure rhetoric about the importance of this industry meets policy. the rhetoric is wrong, they continue to demonize the industry, and get the policy right. if we get those two things in line, i'm confident we can get the energy we need. >> the president singled out his villian every chance he gets. >> to the companies running gas sta

besides insulting the ceos before they got there, especially mike worth of chevron and darren woods of exxonmobil, besides doing all that high school stuff he is doing, he is jeopardizing america's national security after damaging our energy security. to me it is unpardonable. elizabeth: this is what you get with a guy that has been around since the nixon era. you quoted john mccain every time russia oil hits 100 they start invades. you pointed out they invaded mole dave yaw, crimea, and ukraine. i want your reaction to this, you pointed this out so beautifully on your show, federal reserve chairman jerome powell again rebutted the president's narrative today. >> yes. elizabeth: jerome powell says we got to get back to the trump market. more mayhem out of d.c. reaction to this. watch. >> for all those republicans in congress criticizing me today for high gas prices in america are you saying we were wrong to support ukraine. >> are you saying the war in ukraine was primary driver of inflation in the america? >> inflation was high before the war in ukraine broke out. >> we're talking about 18 cents

just yesterday, exxonmobil, their stock had its first record close since 2014. and remember, the stock market is not doing so hot lately. so perhaps these companies can take all of this big money they're making and do a whole lot more drilling here in the u.s. so we can tell these complicated oil and gas producers on the other side of the world to kick it to the curb once and for all. just a suggestion. i know we're all mad about the price of gas. we're blaming the white house. we're blaming all of these different things. let's just think about the money. the big, big companies. coming up, will the price of thousands of desperate migrant families once again distract and enrage american viewers? one network sure hopes so. when the 11th hour continues. when the 11th hour continues it's time for our summer sale on the sleep number 360 smart bed. it senses your movement and automatically adjusts so you both stay comfortable, and to help you get almost 30 minutes more restful sleep per night. and now, save up to $700 on select sleep number 360 smart beds. plus, 0% in

fight back head of exxonmobil writes a statement back at president biden, after he threatened gas companies with emergency powers, blaming the oil companies for record high gasoline so letter exxon sends back is exxon writes in a statement they've been investing more than any other company, to develop u.s. oil and gas supplies the governmented can promote investments clear and consistent policy supports u.s. development you know as well as i know the climate change agenda, is permeating throughout the government not just joe biden can't blame joe biden only here it is his cabinet the democrats, aoc, it is bernie sanders, you know, it is the -- the democrat congress, that is actually also pushing this whole narrative of avoiding fossil fuels. >> absolutely, and, by the way, his regulating agency financing agency sec cfpb alphabet agencies coming after energy companies we had heads of oil and gas before emergency and commerce the head of xop mobile other heads held up a list of regulations i said is this hurting your able to do to produce more lower the price of gasoline they all said "yes,"

the president delivered this message in a letter to seven ceos of major oil companies, include, exxonmobile, dp and shell. and the biden administration is going to hold an emergency meeting with energy secretary jennifer granholm and the president told these companies that he wants them to explain the reductions in refining capacity that they made and also offer some concrete ideas for how to lower prices. now at least one energy trade group is already firing back. the head of the american petroleum institute, saying they welcome these conversations with the administration, they believe it's the quote administration's misguided policy shifting from domestic and national gas that is compounding these precious. the biden administration is trying to show they have a handle on inflation or trying to take additional steps. there is little the administration can do. at this moment biden is trying to ramp up pressure on the big oil companies. >> arlette, thank you. cnn's matt eagan is here to join that conversation. after that i will come back to the president's letter in a minute. the biggest thi

. >> energy secretary jennifer granholm will speak with officials from exxonmobil shell and chevron. this comes after president biden sent a letter to those companies just last week accusing them of taking advantage of the russian invasion of ukraine, keeping supply low and cashing in on record profits. oil companies saying they are producing as much as they can. biden is not expected to attend today's meeting. and president biden's proposed gas tax holiday is already meeting some resistance on capitol hill. >> by suspending the $0.18 gas tax, federal gas tax. the next 90 days we can bring down the price of gas and give families just a little bit of relief. the administration, of course, is coming up with is yet another gimmick. >> another band-aid and something they know is dead on arrival up here in congress, fish and effective administration. big new idea. >> it was a silly proposal that senior members of their own party have already shot down well under drive. >> the president called for a suspension of the federal gas tax yesterday. he's also asking states to suspend their own g

exxonmobil for one responded to the white house saying, we have been investing through the downturn to increase refining capacity, even during the pandemic, when we lost more than $20 billion, and had to borrow more than $30 billion. overall in the united states, oil refiners are operating at about 94% capacity though the amount of oil they're capable of refining has fallen by about 1 million barrels of oil per day since the pandemic peak today, the press secretary said companies should increase gas supply at all costs for the good of american consumers. >> we see that as an important first step in making sure that the oil refineries are doing their part, again, patriotic duty, in making sure they're putting out capacity and they're not taking advantage of a war that is hurting the american public industry executives, i'm told, have privately provided some of their own tactical suggestions like the white house investing alongside companies to reopen shuttered refineries, supporting an existing oil pipeline from canada called line , and removing steel tariffs that have made drilling equ

they say the 5 biggest companies, including shell, chevron and exxonmobil. >> now the increase their profits. why over 300% in the 1st quarter of the year compared to 2021. congressman adam schiff spoke with reporters in los feel is saying he has a plan to pop the bubble and make life easier for consumers. >> his office provided figures showing big oil's profit increases in the last year. schiff is introducing new legislation which he hopes will become a bipartisan effort. he was to suspend the federal gas tax until the end of 2023, which is currently about $0.18 per gallon. >> this will lower prices at the pump. and bring immediate relief to drivers everywhere. >> schiff explains the federal gas tax pays for highway construction and improvements. mass transit and other important projects. in its absence, he would make big oil pay the costs levying a new 50% tax on their windfall or excess profits. we know that they can certainly foot the bill. >> i'm convinced this will we have toyed with the idea of a windfall profits tax on these oil company profits. we haven't really ever done it

exxonmobil responded to biden's comment saying it is producing more oil and the president once again accused oil companies of not drilling, despite having 9,000 permits. shannon? >> shannon: matt finn, thank you very much. let's go in depth now on the state of the u.s. economy, the consequences of record high gas prices, and president biden's ongoing effort essentially to deflect responsibility. tonight's bream team channel, former eric trump economic advisor steve moore, author of "how trump is making black america great again," forced cooper. judgmental welcome back. this is the year to date price hikes for groceries up nearly 12%, gasoline nearly 50%, fuel and oil 107%, natural gas 30%, new cars over 12%, used cars over 16%. steve, what is the state of the economy tonight, inflation's numbers coming in today? >> you know, the last time we were on the show i think a couple weeks ago we were talking about this very issue and i mentioned the 8% inflation and i got a lot of mail and angry calls of people saying hey, inflation is just 8%, you mentioned everything from eggs to oil to pr

and exxonmobile shares rose above $100 up 70% just this year. fears about the climate crisis and loads of debt kept investors away. global oil prices as everyone knows are rising sharply as demand outpaces supply. bad news for gas prices, bad news for consumers, but that is good news for oil companies and their investors. want to show you this, an index of oil stocks up more than 65% this year compared to the broad s&p 500 which is likely what you have in your 401(k) down more than 13%. mortgage giants are taking action to make it easier to buy a home and close the racial home ownership gap. get this, 72% of white americans are homeowners, only 42% of black americans own a home. changes include down payment assistance, lower mortgage insurance premiums and a credit reporting system that factors in rent payment history along with a plan to introduce technology that will improve access to credit and make home appraisals more equitable. we'll see if it works. >>> the boston celtics back in front in the nba finals. the "bleacher report" is next. h.

biden singled out one scapegoat in particular, exxonmobil, saying the company makes, in his words, more money than god by not pumping oil. sources say the chief executives of exxon and chevron arranged meetings with top officials at the white house this week to discuss new production, prices, and sanctions, but no new policies were agreed here in los angeles, rising inflation worldwide looming over talks of western hemisphere leaders, some who are seeing higher spikes. colombia, 9%, brazil, 12%. the u.s. is in relatively good company as officials closed out the summits of the americas pledging to better police migrants in the region in hopes of relieving pressure along the u.s.'s southern border a senior administration official said the fine print of all that was negotiated here is still to be worked out in the coming months shep >> sara eisen live in san pedro, california >> weather alert, more than 50 million people across the southwest bracing for a dangerous and potentially deadly heat wave. it's expected to last through the weekend. extreme high heat alert now in effect from califo

the president this morning sending a letter to the ceos of seven oil refining companies including exxonmobil, shell, bp, and marathon, just among the few. and in that letter the president wrote, quote, your companies and others have an opportunity to take immediate action to increase the supply of gasoline, diesel and other refined products. he added my administration is prepared to use all reasonable and appropriate federal government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied. now, a short while ago, energy secretary jennifer granholm was on our air, talking about how the president is ready to use every tool at his disposal to try to produce more energy for americans as they are seeing these soaring prices that is really hitting so many americans pocketbooks at this moment. in recent weeks, you have really seen president biden try to cast these high gas prices as not only being a result of russian president vladimir putin's war against ukraine, but he also has repeatedl

. >> exxonmobil going back to mega caps it literally has gained 100% from last summer or so that's $200 billion in market cap. it's right back at the 2014 highs. in 2014, the fed was doing the same thing they're doing right now. they're trying to normalize interest rate policy so we had the dollar rally and that was the top in crude. and we saw it come down. and then we had plenty of growth scares throughout. what's different this time why is it? every recession has been preceded by a move like this in oil. and i know we can come up with a million reasons. what's coming up in europe and china coming back on i just don't see it happening too differently right now. >> it can be different this time it's never different, it's always the same. but this time is different because if you go back historically, oil and gas companies didn't make money. they didn't make cash flow, right? you have high oil price, costs are high you spend a lot of money, you burn cash. >> i was going to say, scott, can i correct you in is that they threw a pile of money into a fire, threw a match oven it. >> ten year

he also vilified exxonmobil today. so how is that going to look when he goes groveling to saudi arabia to beg on his knees figuratively the crown prince to pump more oil, which he did, which the administration last august after taking a hatchet to every corner of our energy industry? his position o still calling it putin's putin tax and putin's price hike that simply says nothing will get done out ofth this clown. nothing will happen. there is no plan to fix this .or and it'sta important that on the fiscal side that the white house and the left wing liberals running the senate and congress for now dor something to pull n back like get rid of the moratorium on the student loan paymentsn. that is literally a handout to rich lawyers and doctors, but m they're still doling out that money. schumer's talking about anothert trying to cobble togetherhe some bits and pieces of builde back better to the tune of one point three trillion dollars. that's terrible for inflation. what's happenedd is because they won't do anything and