Closing below 1400 for the First Time Since june. Markets around the world are holding their cheollective brea as the allies and the u. S. Weigh options against syria. And such at a tack on syria could send crude surging to 150 barre barrel. And jpmorgan is going to settle lawsuits settled from subprime mortgages. The nasdaq and the s p coming off of the worst levels. And the fears of u. S. May attacking syria in the next few days, stocks are posting the biggest drop in eight weeks on the syria concerns. There is some line of thinking, jim, because today is a big event on the National Mall anniversary of the i have a dream speech, that the president may not act today and he is overseas and so a window of thursday and friday where if they are going to dit, they will do it. I read the speech again and i have to go listen to it. I do, too. And we listened to it tomorrow. Yes. It is on youtube and even though it is online, it is not part of the public domain. True . Yes, we can only play s
drill more to our gas prices go down. he knows with gas prices going up everything goals up because those truckers need the gas to deliver every single thing you need to buy in the grocery store. steve: watch the president say that yesterday at the white house. today gas prices are lower than they were early in this decade. but they are still high enough to create a pinch on working families. one key thing about the infrastructure bill that just passed the senate is there are no gas tax increases. no gas tax increases. but that s not enough. recently, we have seen the price oil companies pay for a barrel of oil begin to fall, but the cost of gaffes lien at the pump for more american people hasn t fallen. that s not what you would expect in a competitive market. we also made clear to opec, the major oil exporting nations of the world. that the production cuts made during the pandemic should be reversed as a global economic
hasn t fallen. that s not what you would expect in a competitive market. i want to make sure nothing stands in the way of oil price declines leading to lower prices for consumers. so today my director of the national economic council has asked the chair of the federal trade commission to use every address any illegal conduct that might be contributing to price increases at the pump while the cost of a barrel of oil is going down. we also made clear to opec, the major oil exporting nations of the world, that the production cuts made during the pandemic should be reversed as the global economic the global economy recovers in order to lower prices for consumers. the child tax credit, stepping in to address the supply chain challenges, my competition orders, the ftc investigation
The OPEC oil cartel and allied countries said Thursday that they have decided to add gradually add back some 2 million barrels per barrel per day of oil production from May to July, moving cautiously in pace with the recovery of the global economy from the COVID-19 pandemic. The group is gingerly adding back production that was slashed last year to support prices as demand sagged during the worst of the pandemic recession, which sapped demand for fuel. The group will add back 350,000 barrels per day in May, 350,000 in June, and 400,000 in July. Meanwhile Saudi Arabia will restore an additional 1 million barrels per day in cuts that it made on its own.
it. police in norway will interview anders breivik today. he s in solitary confinement in a prison near oslo. meanwhile police have called off the search for more victims of the shooting rampage on utoya island. 68 people were killed. a formal inquiry into britain s phone-hacking scandals began in london. a woman who worked with the now depuck news of the world tabloid after her daughter s murder now says her phone was hacked. sara payne had defended the tabloid, even writing the last edition, and calling it a force for good. there s been some break for the rain-soaked korean peninsula, and the clean-up is under way. huge tract ts of farmland are flooded in northee kra and about half a meet over rain poured down on the south korean capital in just 48 hours. at least 51 people died in floods and mud slides. those are the headlines. i m zain verjee, and world business today starts now. captions by vitac www.vitac.com a very good morning to you. from cnn london, i