Hardpressed drillers . We will ask. Now we are quoting the next contract for june delivery. The price coming in at, where was it moments ago, what was it, 15, 16 a barrel. The president will fill the Strategic Petroleum reserve with up to 75 billion barrels. That helps storage capacity. But it makes no impression on collapsing demand which is at the heart of the oil price problem. A lot of people expect that that price, the one we see right now, what was it, 16, 15 a barrel, expect it to down from here. Well see. Stocks, theyre down in part because of the Oil Situation. Its another indicator of how badly the virus is affecting the economy. Investors not happy about the demise of Americas Energy industry. The dow will be down 500, s p, lets see, 54 points down and the nasdaq down about 82. A small loss in percentage terms compared to the dow and the s p. Well, the president s twitter account active last night, late last night. He called the virus the invisible enemy and said he would is
Colleagues have come to the floor and spoken here or elsewhere about the importance of providing assistance to state and local governments, and that if that doesnt happen that theyre there are going to be police officers, First Responders and people who have essential jobs that we rely on every single day and for whom were so grateful, that wouldnt be able to get paid. I would just point out that already as part of the Coronavirus Relief measures that congress has passed, there was 150 billion sent to state and local governments, much of which has yet to be spent. And, frankly, much of which we dont know what the actual need is out there until we have a better sense for what the revenue loss is to a lot of our state and local governments. Clearly they are sounding the alarm and are justifiably worried about what happens if the downturn in the economy continues and what that might mean to their revenues. And so they are looking to washington, d. C. For assistance, and i think that as i
Weve gone from 18,000 on the dow to well above 24,000. Look at this. The dow is going to be up over 700 points this morning, firmly above 24,000. Thats a gain of over 3 . Weve got a 2. 5 gain on the s p and the nasdaq, 1. 7 . Now, that is a friday morning rally. Boeing sure helps. It is reopening plane production at a plant in Washington State. There are major gains all across the board, especially for big tech. We will have details on that in just a moment. But look at this. The price of oil, sinking. We were all the way down to 18 a barrel at one stage this morning and right now, we are back to 17. 77. Just as plans are being made to help the flat on its back energy industry. Gas prices, look at this, down again. 1. 82 is your nationwide average and its still coming down in wisconsin. Can you believe an average price in that state of 1. 25. I will say it again. 1. 25 in wisconsin. All right. Can you believe this. Speaker pelosi says no to more help for Small Business. The money has r
President s chief economic adviser larry kudlow. Hes going to join us. Thats the question we will ask, when, where and how will some americans be able to get back to work. Now, check out the market. It reopens today after a threeday weekend. Last week was one of the best weeks in decades, with the dow rising 12 . No significant pullback this morning. We are down just maybe 70 odd points for the dow industrials and well above 23,500. How about that. The s p down about. 33 and the nasdaq, same thing, down about. 33 . That is not a significant pullback. Not helping the stock market is a forecast from jpmorgan. They suggest that gdp could fall 40 this quarter and unemployment could reach 20 . Now, that is a dire prediction. Check out the price of oil. The u. S. , russia, saudi arabia and other Oil Producers have announced an agreement that would take 9. 7 Million Barrels of oil a day off the world market. However, that has had very little impact. It may put a floor under the price of oil b
Of being cooped up together. Hello im terry Martin Thanks for joining us britains Prime Minister has announced a nationwide law down to fight the coronavirus Boris Johnson told the british people that the government was shutting down nonessential shops and services and banning gatherings of more than 2 people johnsons government has faced criticism for its perceived failure to act quickly to haul the spread of the virus. Its images like these which make it clear how quickly action is needed in the u. K. Mobile phone footage of people crammed into the London Underground the monday after Train Services were cut to deter people from using them and experts warn policy must change. And we cant control how we really viruses we can control the rate in the population and thats what we should be doing whether thats by legislation or enforcement or otherwise because at the moment its not working. When its the speaker of the british Prime Minister has faced criticism that is wait and see policies