the spending showdown is about to go down. chad pergram following it all, a lot of details to pull together, but he s the man to do it. chad, what s happening? reporter: david, good morning. senate democrats aim to pass the climate, health and spending bill this weekend, but it may be a long weekend. we just got a ruling from the senate parliamentarian, she green lighted a provision in the bill to let medicare negotiate the cost of prescription drugs. democrats say that makes the cost of pharmaceuticals cheaper. elizabeth mcdonough has a lot of sway in process. the closer you can demonstrate a connection between what you re proposing and its fiscal impact on the federal budget, the more likely it is that it qualify for a simple majority vote out will. if i it doesn t, if it runs afoul of the rules of the road and/or is more designed to impact private sector activity reporter: on tapped today a marathon vote session with perhaps 15 consecutive hours of votes on amendme
crude oil than i might have two months ago. is so that s one thing. the other thing that s, frankly, happening and t kind of sad is that because it s a commodities market, traders react to the market sentiment and, of course, that s, a lot of that s directedly because of the ukraine-russia situation, and there s just fatigue around that, right? you can only listen to that so many times on nudes, and you get tired of it on the news, and you get tired of it. not really tired of it, you get numb to it. you put all three of those together, and prices david: rusty, you re the best there is. sorry to rush you, but we do have some breaking news i ve got to get to. terrific stuff is, thank you very much. this is [inaudible] we re getting of airstrikes in the middle east. i think we can roll that. what s happened, this is in the gaza strip. these are israeli airstrikes because of, apparently, there were rockets coming from this
minutes ago, yeah, they did it, and it probably helped. david: rusty, we talked about demand, and just to put a fine point on it, we are now the demand for gasoline is now to where it was during the summer of 2020 when we had all those lockdowns, so it s a dramatic drop in demand. maybe it was demand destruction because prices got too high. maybe it s, though, because of the fact that we had two down quarters in gdp. the winter and the spring. so is it the fact that people are really worried about a recession? yeah. remember, oil trades in a commodity market, so not only are fundamental supply/command issues supply/demand issues important, but also just the general sentiment in the market. so what s happened is that there s a lot of traders that are just very concern about what the economic outlook looks like over course of the next couple of years and, therefore, i m going to pay less money for
on, but french president was meeting with biden and said, hey, they can t do it. so he was right. the biden administration was wrong. and my only comment to that is i bet he did know the mic was on. [laughter] david: yeah. he was grandstanding a little [inaudible] david: yeah. gas prices have come down though, rusty, and that s great news for consumers, but the question is why? there s a lot of talk these days about demanding being down. what do you think is bringing prices down? well, it s really two hinges. number one, just like what you said, just as soon as prices at pump hit $5, hen a lot of folks stopped driving as much. and that cut demand, and when you cut demand, you re going to see lower prices. but more than that, crude oil prices are way down. when the pump price hit clash 5, crude oil prices were $120 a barrel. now they re less than 90. so that decline in crude oil
david: well, opec+ is not giving the big boost in production that president biden was pushing for during his trip to saudi arabia last month. the oil cartel deciding to raise its output by just 100,000 barrels per day. that s not much in the grand scheme of things. even still, oil prices seeing a big drop this week as demand drops. rbn energy if ceo rusty brazil joins me now on the apparent snub by opec. what happened? is it because they don t want to produce more or they can t produce more? they can t produce more. so, you know, when you look at what opec did over the past couple of months, they were over 600,000 barrels a day increase, and they couldn t make those numbers. frankly, it didn t make a whole lot of sense if they were to have promised a lot bigger number just because biden visited. david: isn t that exactly what the french president remember that sort of off-camera, they didn t know they had a live mic