and i would be buyers of either the xle or chevron or exxon mobil on any weakness. dagen: i'll talk about this as the morning moves on. i wanted to mention it, though. in terms of biden and company's destruction of our energy economy, intentional, a weakening of the united states both economically, but on the world stage. we were the swing producer. we essentially controlled global prices of oil. last thursday, the federal energy regulatory commission as the wall street journal editorial calls is in bizarre timing set rules that will block new u.s. natural gas pipelines. the rules are insane. the timing is even crazier. but again, they are still trying to destroy our consumption of fossil fuels to our financial he detriment and to our detriment in terms of geopolitical power. greg, let me talk inflation, interest rates, federal reserve, investors will wait for key data on friday, as jp morgan economists are updating rate hike expectations saying the central bank will likely raise interest rates by a quarter of 1 percentage point, nine straight hikes, that would take

i mean, here we've got exxon mobil, the largest oil company, saying we're not going to go do the major production that we were going to do because we want to do more climate related projects. what's going on? would you buy oil stocks here or is this industry changing completely? >> i actually would buy the commodity. i'm actually long the commodity itself. i think futures is the way to play it. you know, certainly the oil majors will continue to go ahead and have considerable profits and i think as the price of oil rises, they will benefit from it. like you said, they're increasingly being pressured to go ahead and focus on renewables, not only by their investors but also by government and policy makers and legislators and so, therefore, i think that it may be a little bit uncertain what profitability looks like going forward for a lot of these oil majors. however, if you're bullish on oil like i am, i'd be long, just the commodity itself. maria: david, i want to get your take on what's going on with growth right now. obviously, we've seen this real nervousness ahead of the federal res

mobil and chevron. both have over 4% dividends. it seems like all these winds in the sail of this asset of this sector aren't going to stop anytime soon. maria: yeah. by the way, one of the most important and biggest expenses for the airlines is oil. so let me just mention this major airline merger this morning, frontier and spirit air will merge. do you think that the cost of energy is part of the pressure that we're seeing in the airline business? we know they had to cancel all their flights and so much business because of covid. but now you've got a merger. spirit and frontier merging, spirit shares up 10% this morning. is oil one of the issues? >> absolutely. and all of these airlines have gotten extremely proficient in managing energy. i think delta a decade ago bought their own refinery. not so much to have their own supply but to really learn how to predict and manage their energy cost going on in the future. look, big consolidation in any industry, that to me is a bullish sign. i think the volat

with rising oil prices names like chevron, exxon mobil. total, bp among the companies on the major side that may be taking a hit because of that still oil prices certainly on the up side. back over to you guys. >> one point on that, i think bp is the largest foreign investor in russia. it's got almost a 20% stake in the oil company there. that explains why it's going against what you see in the other major oil companies as well >> absolutely, becky >>> let's take a look at this board of commodities, if you will oil, corn, wheat all up sharply this morning oil nearing $100 a barrel. joining us now a senior managing director and cnbc contributor. and we know what was happening even before any of this. now, there were troops being amassed but there are other factors pushed commodities to multi-year highs already so we're just adding this on top of that. typically in the past with things like pressed metals or even oil high prices usually ingender more production, just that's the self-correcting mechanism we see all the time. could that happen

mobile out with earnings that beat the consensus estimate of $1.93 revenue looks like it was a little light of expectations but there are only nine estimates of revenue from the street versus 21 estimates when it comes to earnings per share it does look like 84.9 billion versus the 91 billion the street was expecting, but that is a huge gain from where we are last year talking about those gains in oil prices. last year the company had $46.5 billion in revenue last year that quarter for this quarter the most recent quarter it was $84.97 billion. you're talking about the price of oil just substantially increasing as a result the company's been able to really strengthen its balance sheet. they say they paid down $20 billion in debt. they did say that the structural cost that they've been trying to take on they've reduced by an additional $1.9 billion, and that increases the total savings to about $5 billion versus 2019. you check things outright now that stock up by 44 cents to 76.40. the incredible increase you've seen in oilprices played out you see it with exxon's earnings this week j