Good afternoon. The committee will come to order. The today the committee convenes for a hearing on the state of transportation and Critical Infrastructure examining the impact of the covid19 pandemic. I welcome our panel of witnesses and thank them for participating. Today we will hear from mr. John bazella, president and ceo, alliance for automotive innovation. Mr. Randy gill yot, chairman of the board, American Trucking associations. Mr. Ian jeffries, president and ceo association of american railroads. Mr. Alex oler, interim president and ceo interstate Natural Gas Association of america. And mr. Larry willis, president Transportation Trades Department aflcio. Thank you all for being here. I understand, mr. Gilliot is testifying remotely. Welcome to each and every one of you. The committee has conducted several oversight hearings on quid pro quo 19 including a comprehensive look at the aviation industry. We are considering the impact of the covid19 virus on surface transportation a
Holding onto those gains. The s p 500 up. The nasdaq is up 2. 4 . The dow is up 1. 8 . Chipotle is at the top but like many other companies it beat estimates. The dollar continues to strengthen. Standing by with a deeper dive into the action we have taylor riggs. Taylor you mentioned crude on your board and i wanted to start with oil prices. They were up 20 or so after six days of losses. Theyre trying to rebound but still down where the 50 . It is unbelievable the price action. U. S. Oil inventories have risen for a 13th straight week but there is potential positive news. Yesterday, they were shortselling on a stock and if it plunges more than 10 that would apply to the largest etf. Some of the reasons we are seeing some stability. We need to talk about the largest oil etf. It is tracking crude prices pretty closely on a yeartodate basis. We know that yesterday there was a premium to the shares given that they ran out of what to sell investors. Theyre trying to take advantage of low o
The slowdown in deaths in spain and italy are the few bright spots across europe and some countries gradually start to reopen. Brazils president joins a rally against isolation measures put in place by state governments. A grim economic fallout of the new coronavirus pandemic for the 1st time in history u. S. Oil prices have crashed below 0 dollars into negative territory thats because theres more oil in the market because of low demand and producers are running out of storage lockdowns around the world in response to the coronavirus have produced a massive slump and demand for energy u. S. President donald trump says a collapse in prices is short term and suggested that it could even be a positive thing for america. Based on the record low price of oil that youve been seeing. At a level thats very interesting to a lot of people were filling up our National Petroleum reserves through dziedzic you know the Strategic Reserves and were looking to put as much as 75000000000 barrels into th
Japan suffering its deadliest todays yet. Italy and spain are seeing fatality rates slowing down. Governments stepping up advice to wear masks in public. But this may not stop people from being infected. Shery lets get a quick check of how u. S. Stocks ended the session. We have seen a week of declines. U. S. Futures gaining 1 . The s p 500, it finished 1. 5 down. It fell for the third time in four days. We had abysmal jobs data which came before the government mandated shutdowns. We have seen payrolls plunging 701,000 in march, the first to climb since 2010. Decline since 2010. Take a look at how oil is trading. We are seeing further declines for oil futures. This is after we saw the surge in the previous session. We have reports producers were ready to cut output including the opec would hold a Virtual Meeting this week. Iraq aboutimism from a potential deal. We are seeing pressure on wti and print, down more than 8 brent down more than 8 . The relentless march of the coronavirus pan
Is glad im here putin creating a new reality on the ground in crimea moscow and explained there from ukraine in 2014 and russia as its been under International Sanctions but now the russian president has opened a direct train link to the peninsula so what does this mean for the future this is inside story. Hello welcome to the program im so whole raman a new road and rail bridge now connects the Crimean Peninsula with russia the 4000000000 dollar transport link is the longest in europe but it seemed by many in kiev as a symbol of moscows control over the peninsula and the United States and European Union consider it a violation of ukraines sovereignty and impose sanctions on Companies Involved in its construction moscow and kiev as relations have worsened since russia annexed crimea in 2014 the peninsula had only been accessible from mainland ukraine until the bridge was opened last year now marked by president Vladimir Putin he drove through it on a truck now trains are starting to cr