Storage is limited amid the coronavirus prices. Oil closing, folks, at the lowest point ever seen since the original Oil Futures Contract began trading back in 1983. The drop is choking the stock market. We are very close to session lows at the moment, with the Dow Jones Industrials down as far as the biggest percentage loss here, 2. 25 or 534 points to the downside. The market action, believe it or not, would actually have been worse if it werent for the fact that we could be just about 72 hours away from another half a trillion dollar infusion from the federal governments financial fire hose, as congress inches closer to a deal to replenish the Small Business loan program. Congressman kevin brady, republican of texas, is the Ranking Member of the house ways and means committee. He is here live and we are going to ask whats going on behind closed doors as best he knows, and whats the plan eventually to pay for all of this spending. We are learning that some of the rescue money went where it absolutely was not supposed to go, where it wasnt even needed. Shake shack already returning 10 million but theres no doubt the restaurant industry, at least some of them, are getting absolutely pummeled by the coronavirus wrecking ball. Zane tankel runs all of the new york city applebees locations. We are going to ask him what will his restaurants postcovid crisis begin to look like. The virus is draining the lifeblood out of the standardized testing world, as more colleges scrap the penultimate admissions requirement. The College Board which is the Organization Behind the s. A. T. Test, will not let go so easily. The College Board ceo is here in a fox business exclusive on the future of the s. A. T. S and how he is keeping them alive. Its a fox business exclusive. Less than an hour to the closing bell on a very historic monday. Lets start the claman countdown. Liz we can guarantee that nobody has ever seen this before. Crude oil not only falling through the floor, but then falling through the basement, trading negative for the first time in history. It is dragging Energy Stocks with it, not just the broader market. Lets take a look at some of these names. Occidental petroleum, weve got pioneer natural resources, one oak, marathon oil, Hess Corporation getting absolutely torched. Occidental petroleum is down 8 . That was a 63 stock within the last 52 weeks. Right now, it trades at just 12. 54. Marathon down 4 , just a 4. 18 stock. If you look at the baskets of crude, the Exchange Traded funds, they have been caught in the tornado as well. No surprise there. U. S. Oil fund, i believe thats the largest, down 7. 6 to 3. 89. The Energy Select spdr fund down 3. 33 . Oil and gas exploration, probably because you have natural gas in there modified just a bit, is trading up about. 5 . Which brings me to cabbot oil. If you are asking why would they be up, 3. 5 , nice move there, well, it got a couple price target hikes today, possibly also the fact that it does have some exposure to natural gas versus just all crude oil. Weve got this breaking news. White house and congressional negotiators are reportedly inching closer and closer to a deal to replenish funding for the treasurys paycheck protection program, the loans that enable Small Businesses to pay their workers during the corona crisis. As you know, the treasury departments first installment which was 349 billion, vaporized in just 13 days, clean ran out of money. The new deal reportedly grants a fresh 310 billion to the ppp, another 60 billion for disaster loans, 50 billion earmarked for hospitals struggling through the pandemic and 25 billion to shore up testing capacity. How the country pays for all of this will, in part, be up to my next guest. House ways and means Ranking Member, kevin brady, republican of texas. Good to have you, sir. Thank you for joining us. First give us your best guess as to when you believe the house will get this in front of them and be able to vote on this next phase. Yeah, liz, thanks for having me. I think the short answer is very soon. I think we could have a vote as soon as wednesday. I know most of us are planning to fly back to washington tomorrow for the vote. Perha perhaps, i hope not. Look, our Small Businesses need this cash infusion. I know the number of local businesses that are just desperately waiting for these funds to be replenished and texas certainly, theres a lot of them. Its this way around the country. I think this is a good package. If you think about it, almost 370 billion for Small Businesses either through the ppp or the economic eidl loans which a number of our businesses are using as well. Thats a lifeline right there and as far as the extra funding for hospitals, theres no question they are going to need it. Liz i agree with you. But i have heard that some experts say the amount is a little lopsided and should be at least focusing more on earmarking more than 25 billion for testing because thats really the only way the experts say that the economy can reopen with the confidence and the safety that would get us back on our feet. Well, i do think we need an effort, ways and means republicans certainly working on really a healthy workplace type of tax incentive that while this money may go to our Government Agencies and others to accelerate the testing, we think businesses, if they return their workers and create a workplace safe for customers as well, are going to need a little help on the testing side as they reconfigure their stores and their plants and workplaces, as they buy the protective gear they need and we think theres a way for congress to help create incentives to help them do this this year. It really varies. I think businesses are responsible and can find a way as we continue to apply maximum pressure on the virus to reopen safely for their workers and customers. We just have to give them some standards and criteria in which to operate and i will tell you, so many people are ready to go back to work and they believe they can do it safely as well. Liz lets hope so. As the socalled fog of war clears, we are seeing, and i know you know about this, some companies and organizations that were already flush with cash soaked up much of the First Tranche of the Small Business money even though they were far from hardship cases. What kind of backstops, if any, would you like to see put into this phase and is that even possible as we rush to get the money out . I think the cares act was really focused on injecting cash into the businesses, just as you say, but it was really about ebbing to keeping workers on payroll. It doesnt matter if you are a server or dishwasher at ruths chris or you are at mels country cafe in texas, your job really matters. So those dollars were designed to go help those workers keep their jobs as well as allowing these businesses to ride it out. I did note, as you said, shake shack has found another way to finance themselves through this virus and get ready to rebound. Thats terrific. I think the majority, im pretty confident, much of the dollars in the ppp are going to Small Businesses from small lenders really across the country. Liz yeah, because you dont want to see Forensic Accounting later that shows a huge amount had gotten to, you know, the hedge funds, we have been seeing that, some of the private equity guys who are making a lot of money, they arent doing anything illegal by taking the money but its not in the spirit. Sir, nobody denies the americans and the American Public are in deep financial trouble and need that urgent, urgent help but at its core, your organization, ways and means, that committee is supposed to come up with the policy that would create the revenue to enable this massive amount of spending. When this is over, how will tax pay policy need to be adjusted . Would you be comfortable in raising taxes on corporations who have a very comfortable rate right now . Well, right now, i dont think we can do anything worse than raise taxes on either workers or the businesses that employ them. Liz of course. So i really think democrats especially ought to call a timeout on their need for higher tax increases. We ought to focus on getting the economy back up and running, getting those jobs, those paychecks, the same things we did to create the most competitive economy in the world, incentivize Business Investment and reward work, we ought to be doing Going Forward as well. I dont think that includes tax increases. I think it continues, in fact, i know it does, it really should include a way to contain our expenses, grow the economy like every other business thats working their way out of this coronavirus, we will have to work our way longterm out of the spending we have made to get out of this. Liz got you. Before we go, congressman, we have this breaking news on oil, trading negative, your state, texas, the economy is highly dependent on oil production. As we watch crude do something its never done before, this is for may delivery and its because theres no storage and theres no demand. The industry is setting up mayday flares. Would you be pushing for a bailout of the oil industry and to that end, who wouldnt you bail out . Would it be the cruise industry . Cruise lines . I have to tell you, energy is taking so many hits upon hits here over the last two months. It is incredible. Seeing it trade in negative territory, i never in my life thought i would see that. I dont think that will last. I think this is temporary. I think it is double whack on demand and no storage. I think the industry knows how to work their way out of this. I think it is helpful to be able to have Strategic Petroleum reserve buying some of this for storage. I do think the opec plus agreement is helpful over time. But theres no question about it, this has been, in states like ours, this is uncharted territory. Liz yeah. Indeed. Hang in there, congressman. Thank you very much. Thank you. Liz great to see you. Thanks, liz. Liz congressman kevin brady. Any time. By the way, as we look at the markets, lot of red on the screen, we will bring in our traders from around the nation. The floor show is next. Dont go away. To everyone navigating these uncertain times. Whether youre caring for your family at home or those at work, principal is by your side. Were working hard to answer your questions. Like helping you understand what the recently passed economic package can mean for you. Were more than a financial company. Were a together we can get through anything company. Now, more than ever. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] liz what youre seeing in the markets right now are bailout failouts. When we are talking about bail out failouts, they are drenching markets in the red. The dow is down 449 points, but look at oil right now. Crude has crashed to negative, again, this is never seen that minus sign by the left side on the price, negative 35. 94. Opec pluss attempt at cutting output to stabilize prices a week and a half ago has failed. Second bailout failout, the Federal Reserve has said you know what, we are going to try and buy junk debt from Good Companies just to prop them up. That has failed as well. Gas buddys Patrick Dehaan is on the upside for consumers when it comes to gasoline and we have scott redler, our trader, to talk about this intervention by the fed and how the junk bond bailout has failed at the moment. I first want to get to patrick. Theres an upside here and that is for the consumer. Not that they are driving that much right now, but tell me what youre seeing a couple weeks down the line for gasoline prices, if oil is trading at negative 37 a barrel for may delivery. Well, gasoline is going to continue to fall nationally. We are likely in the next ten days to fall under previous 2016 lows. As we continue to go down theres a good possibility we will take out the 2,000 low with the National Average falling to 1. 49 a gallon or more. We will have to obviously keep an eye on this. But the physical market now, i mean, just look at the numbers from today. Now the whole concern is that theres just basically no one to demand these barrels of oil. Basically nobody is filling their tanks. Liz it shocks me, because the actual steel that the barrel is made of isnt worth anything at this point, as we trade minus 35 and change in the aftermarket. I do want to make something clear foor peopr people. The may delivery is expiring the day after tomorrow. What we are or tomorrow, i believe. So its june, the june contract thats around 22. Its still down precipitously but plus 22. Give us a sense, you said 1. 49 was the previous low we had seen for gasoline per gallon. Couldnt that be a lot lower and what will that mean to a lot of the gas stations and retail sales because that includes gasoline within that number. Yeah, i think the National Average could go even lower. I think a lot of what we are seeing, we are seeing the slowdown in the decline. The decline had been really gaining momentum a few weeks ago but that has slowed. I think stations are worried about lowering prices too quickly even though they have the capacity to do it, worried about lowering prices with gasoline demand figures that are down 50 to 70 . Some of these storers are holding back on delivering low prices to basically absorb the margin as their businesses could be in peril. Liz natural gas, interestingly enough, is up 12 . Still only 1. 95. Its been languishing there for awhile. Let me get to scott redler. Obviously this situation, this bizarre move that we are seeing with oil at negative 35, is something that is gyrating the markets, too. Is today a day to at least pick up some names, because on friday, we saw the dow up more than 700 points. Well, liz, i will tell you right now, at this point oil is at the same level or below, when the dow was below 10,000. Although i do think longterm the market does win, at this point, be very careful because the market right now has not shown how bad the economy is right now or the effects of the coronavirus. We havent even seen the First Quarter earnings let alone the Second Quarter earnings that will really be affected. At this point i would say dont rush in. Traders are trying to go week by week, investors should stick to their plan. Right now oil where it is, it could cause a lot of bankruptcy. You heard what the fed did two weeks ago when we had the crazy unemployment claims. They said they would buy junk bonds. Thats unprecedented. At this point, they are doing unprecedented things to keep this economy intact but theres only so much they can do. They say dont fight the fed. We understand that. You want to stay the course. But you also dont want to have a false sense of security here because we dont know how long this is going to last and at this point, after a 25 plus move off the lows, i would be a little more careful and i would wait a little bit for lower prices. Liz i do just want to say that we have now had a new low for the Dow Jones Industrials, minus 615. We are kind of bouncing around on that bottom there and the s p not doing well at all either. Its good to see both of you. Patrick dehaan is calling for maybe lower than 1. 49 average per gallon of gasoline coming up. It will certainly be a relief for consumers to pay that once we get out of our quarantine. Scott redler, always a pleasure. Thank you so much. Closing bell ringing in 39 minutes. Dow jones industrials, kind of bouncing around the lows here but lower by about 587 points at the moment. The coronavirus still troubling travel. United airlines hitting rough skies on its forecast of a 2. 1 billion loss in just the First Quarter as major cruise lines also sink. Look at these numbers once again. We have carnival, royal, norwegian all down anywhere from 3 to 7 because jpmorgan took a hacksaw to its price targets on all three of them. All three of them. To another victim of the coronavirus crisis, standardized testing, the anxietyinducing rite of passage for students allimportant entry into college, now being cut by more than a handful of universities amid the outbreak. What the College Board ceo, the guy behind the s. A. T. , now says is the future of standardized testing. Its a fox business exclusive. Its next on the claman countdown. Ive got kids. I want to know what they will be doing. Stay tuned. If youre the spouse of a military veteran, heres money saving news from newday usa. Your spouses va streamline refi benefit lets you easily refinance when Mortgage Rates drop. And they just dropped to the lowest in newdays history. Refinance now. Theres no income verification, no appraisal, and no out of pocket costs. One call can save you 2,000 a year. Refi now. Heres the thing about managing for your business. S when youve got public clouds, and private clouds, and hybrid clouds things can get a bit cloudy for you. But now, theres the Dell Technologies cloud, powered by vmware. A single hub for a consistent operating experience across all your clouds. That should clear things up. Liz it was about two weeks ago that the university of california, we are talking about berkeley, irvine, san diego, ucla, all of them decided to suspend the requirement for s. A. T. S and a. C. T. S, the standardized testing for college entry, in 2021. This amid the coronavirus pandemic, where you cant do social distancing if youre sitting close to students. According to the Nati