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 issue an executive order banning temporarily further legal immigration. He says that will protect the country and protect jobs. The move to open some parts of the economy in some states, it has begun. Some stores in South Carolina reopened yesterday. Georgia and tennessee plan to start opening up soon. And the protests at the shutdown, they continue and so does the counterattack. Facebook will bar content that advocates inperson gatherings that dont follow Government Health guidelines. In other words, dont organize a protest on facebook. Late news just breaking. Important stuff. Senator schumer, Senate Minority leader, says a deal has been reached on the next rescue package. 125 billion of it will go to the unbanked and to mom and pop operations. 75 billion will go to hospitals. It is possible there will be a vote this afternoon at 4 00 eastern time. That news just coming at us. Makes no difference to the market, though. We have a big show for you. Here it comes. Just wait until you hear what aoc is saying about our devastated economy. Varney company is about to begin. Stuart all right. We are going to have lots more on this possible deal that we are talking about here. Look, the price of oil that you are seeing on your screens right now, that is for the closeout i believe of the may contract. That has nothing to do with the price of oil on the june contract which is what we really should be quoting. Thats around 15, 16 a barrel. But yesterday, as you can see, the price fell below zero, fell to that minus price. I think we need some explanation on that so come in, susan. Whats the explanation here . Susan well, its an anomaly according to the experts in the month of may. Thats because nobody wants the oil, no ones driving at this point and no ones taking planes. The planes are parked and according to the International Energy agency, we are back down to 1995 demand levels for oil, and as a result, theres no place to put it onshore. Effectively at minus 37 a barrel, that was the historic drop we saw from may futures which by the way expires later on today, this effectively had the producers paying anybody to take the oil off their hands. Recovering a bit overnight as you see, so we are down to minus 4 a barrel but some say this is just an anomaly in the month of may. Take a look at june. We are at what, 15, 16 a barrel from what i see, july is trading at 23 a barrel. I know what youre thinking, because you are opportunistic. Do people have to get paid to fill up their gas tank at the pump. No. Thats not how it works. Crude has very little influence on gas prices. What impact gas prices . Wholesale gasoline. You are still paying 1. 81 according to aaa this morning, thats the average across the u. S. , which is down five cents from last week, but again, track wholesale gasoline prices which have risen, they are trading at twice the price they were trading at last week. Theres a confluence of taxes you have to pay at the pumps and of course, Profit Margins for the oil companies. So no, you still have to pay to fill up your tank. Stuart i knew that but dont spoil my fun, because the price of gas is going to come down. Its just that most of us cant take advantage, can we, until we get back to start using cars and planes again. But it is coming down and rapidly so. Weve got a winner in this oil price situation. There is a winner and it is the shipping companies. Lauren, you better explain that one. Lauren what do you do with all this oil if you can find a buyer for it . You have to put it on a ship, a huge vessel at sea. These stock prices have been surging, they are up again today in the premarket. Diamond shipping, scorpio tankers. Heres the deal. Spot rate to quickly put some barrels of oil on a ship is going at 150,000 a day. Thats up five times what it was just a year ago. There is estimated to be a record between 140 and 160 Million Barrels of oil at sea. How many tankers are there . Well, they are limited and most of them have a lot of oil on them right now. They like the coast of south africa because that way you are near the european market, near the north American Market and the asian market. Its kind of central in terms of how the buyers are thinking about it. Stuart what a story. Who would have thought we would see shipping companies doing well because they are storing oil. But thats exactly whats happening. Lauren, good stuff. Thanks. Now, heres what President Trump had to say about the oil glut. Roll that tape. Based on the record low price of oil, that you have been seeing, its at a level thats very interesting to a lot of people, we are filling up our National Petroleum reserves, strategic, you know the strategic reserves, and were looking to put as much as 75 Million Barrels into the reserves themselves. That would top it out. That would be first time in a long time its been topped out. We would get it for the right price. Stuart i think i said 75 billion barrels of oil in the Strategic Petroleum. Thats wrong, its 75 million they can put in there. That man on the righthand side of the screen is scott shellady, the man with the cow jacket. Today we are talking oil. Look, the president says open up the Strategic Petroleum reserve, theres room for a lot more oil. Does that put a floor of any kind under the price . Stuart, it will struggle to put a floor because we have had other bullish oil news that has really not stopped the slide. You have mentioned the next month is trading around 15, 16 a barrel. Weve got negative in the front month which closes out today but i have been concerned about this. We have had the president trying to do some deals and get some oil offline to get that oil price back up and it just hasnt rallied. You know what, that could be one of the canaries in the coal mine and the other one i dont like, you kind of already mentioned, we cant get this tenyear yield going anywhere. Weve got two big things, Economic Indicators out there, that tell me weve got a long way to go here. This shutdown is touching all corners of the american economy. Every day we get up with more negative news and thats going to be the real story here, how bad this really gets. Stuart you just explained the bleedover from the sharp decline in oil to the selloff in the stock market. You are explaining it in terms of energy affects every corner of the economy. Its really in bad shape. Therefore, stocks go down. Thats it, scott . Yeah. I mean, whats the price of a stock if youre not making any money as a country . Look, we have had the retailers, we had nordstrom, neiman marcus, lord taylor, the airlines, everybody is getting affected by this. There isnt any good news. The bad news is day after day. I say this oil thing is a canary in the coal mine. Watch that tenyear yield. We have some more negative news there. Where are the inflation hawks because we have all this money thats supposed to be out in the system here, its just not happening. So when we try to get things going bullishwise, get good news to get the market going and it doesnt, that tells me theres more pain ahead. Stuart we hear you. Hold on for a second. I want to turn to what the president was doing very late last night. He made headlines in a tweet with immigration. Ashley, tell me about it. Ashley yeah. Really interesting. Lets get straight to the tweet to explain what the president said. He said in this tweet in light of the attack from the invisible enemy as well as the need to protect the jobs of our Great American citizens, i will sign an executive order to temporarily suspend immigration into the united states. Now, this will be an extension on to already travel restrictions in place for most of europe, china, canada, mexico and what we dont know is when it will go into effect and for how long it will last. There are reports out there that it could be for about 120 days or so on some work visas. You know, those that support this move say it protects american jobs, millions and millions of people want jobs and they should get access to those as opposed to immigrants coming into the country. Interesting with those, you can imagine democrats calling it xenophobic scapegoating. Stuart why am i not surprised. Ash, thanks very much indeed. I want to turn to edward lawrence. Weve got this latebreaking news from senator schumer about the details within this rescue package. What do you have for us . Reporter yeah. We have not heard from Senate Majority leader Mitch Mcconnell yet but senator schumer saying there is a deal. The senate will be back in session at 4 00 p. M. Eastern time today. There could be a vote on that potentially later on today. The house comes back in tomorrow to possibly take up this legislation. Now, the Payroll Protection Program ran out of money five days ago and republican senators clearly visibly frustrated with senator schumer and House Speaker nancy pelosi for the delay here. Senator john kennedy this morning, for example, saying this moneys an emergency for Small Businesses, needs it right away. The other stuff they are going to put in the deal is not an emergency today, according to senator kennedy there. Now, again, the frustration, there could be more delay. The Small Business administration, sounds like there are changes now to the ppp program with 125 billion going to Community Banks and rural area banks and those who do not have banking, so the sba now has to go through their process to figure out the guidelines in this for banks to go forward. Once the bill is passed. On one more note, the Treasury Department also finalizing the payroll support program. Look at the list of airlines, american, delta, united, southwest, all of those airlines have now money, 2. 9 billion under the payroll support program. Thats designed to keep the airlines afloat. Stu . Stuart thanks very much, edward. We got it. Futures unaffected by this move towards the next rescue package. We are still down 500 points for the dow industrials. I cant resist taking a look at gas prices. They continue to come down. We are at 1. 80 right now. Thats the National Average for regular. Are they going to keep dropping . I think so but lets ask, we will be asking gas buddy, the guy who follows prices. Weve got him later this hour. Also in the 10 00 hour, Energy SecretaryDan Brouillette. I want to know what is he doing to help the drillers who are rapidly going bankrupt. I also want to know joe biden, what would a presidency, what would a President Biden do to our tax situation . That story and more after this. Look, this isnt my first rodeo. And let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. 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So you can. Retire better. Stuart some states in the southland are aiming to reopen their economy sooner rather than later. Come on in, ash. Whos doing what and how . Ashley yeah. Well, let me begin with South Carolina, where the governor has allowed some stores to reopen as early as, well, yesterday. Can you believe. Yesterday afternoon, only two weeks after asking them to close. Department stores, Sporting Goods stores, flea markets now open in South Carolina. In georgia, certain businesses able to reopen as early as friday, including, well, bowling alleys, gyms, fitness centers, hair salons and Massage Therapy businesses. In tennessee, they are hoping to reopen by may 1st, at which time the governor there, bill lee, says almost all businesses will be allowed to open, in 89 counties, beginning may 1st. That is way ahead of what some of the other states we have heard from, certainly in new york, but those three states really getting on with getting their economies open and running. Stuart youre right. Its a start. Glad to see it. Thanks, ash. Now, local governments have been doling out Unemployment Benefits but we have had 21. 8 million newly unemployed in the last three weeks, more to come. Have they got the money . The answer is no, they dont. Grover norquist is with us. Grover, look, they doled out all of this money. Their funds for the Unemployment Benefits are clearly either running out or about to run out. Would you be in favor of helping these high tax states, california, illinois, new york, new jersey, because they have run out of this unemployment money . Well, you are talking about states that when you give them money, spend it on new projects, not on the crisis of the day. All of them are asking money to deal with their pension problems which then created over the last 30 years of incompetent or dishonest state and City Government where they have deliberately committed money to government workers that they have no ability to raise from their own citizens, and people actually leaving those states. So the challenge is if the worst of the states, california, illinois, new york, new jersey, if they simply had grown their budgets over the last 20 years as fast as peoples incomes in the country have grown, inflation plus population, they would be in massive surplus today and they wouldnt need a penny so were not talking about dramatic spending reduction. Were talking about having the government grow over the last 20 years. Stuart well, but look, the question stands, grover. Would you deny them the money . Well, i think you have to go to the states and offer to help them find out how to reduce spending first. Stuart theyre not going to do that, grover. Theyre not going to do it. Then they dont have a right, they dont have a legitimate claim to ask competently run states to go out and have their taxes raised on them. All this money is coming from taxpayers. If it comes from federal taxpayers theyre just taking it out of the left pocket instead of the right pocket. If the state either raises taxes, they ought to be reducing spending. If you allow them to start the conversation with what kind of money are you going to give us, you will never get to a conversation of how are you going to rein in spending. Stuart what about taxes in the future . We are racking up an enormous amount of extra debt. Are we going to be asked to pay more in federal or state taxes or whatever taxes, pay more, to in some way pay off this debt . The first thing you have to do when you have a crisis is not do permanent stupid things to solve a temporary problem. However awful the virus and the economic shutdown has been, they are temporary. They are not permanent. Ragz t raising taxes is about as permanent as you get. When we fought the spanish american war, the taxes lasted 100 years. The war didnt, but the taxes did. The johnstown flood, taxes paid for that more than 100 years ago. That tax is still on the books raising money. You raise taxes because of a crisis, that tax will be here damaging the economy five years, ten years, 100 years from now. Stuart you follow the tax situation very closely and im sure you have been following joe bidens candidacy. What would he do if he were elected president , what would he do with taxes . Well, hes told us, you know, clinton and obama lied and said they werent going to raise taxes on anyone who made less than 250,000 a year. Thats gone. Bidens promise to repeal the entire trump republican tax cut, about 2 trillion, his tax increases total 3. 4 trillion that he admits to. He also doe