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tv   Varney Company  FOX Business  May 14, 2024 10:00am-11:00am EDT

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...you're unstoppable. (♪) wow... are you kidding me? you can do this. at truist, we believe the same is true for banking. stuart: tenuous connection, say something. we are waiting for the president to say something on the economy in a couple of hours time.
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it is precisely 10:00 eastern time. modest gains at best, gains up 50, nasdaq up 9. not much price movement following a sharp letter price index report. people are waiting for the consumer price index that comes out tomorrow. the yield on the 10 year treasury around 4. 5%. 446. that yield is down. price of oil $78 a barrel. $78.83. bitcoin struggling around 62,000, 61-6. now this. the president delivers a big speech on the economy. time for some honesty. this economy is not working for most people and the president should admit it. the problem is inflation which is two key groups particularly hard, low income people and young people. inflation is eating up any wage gains.
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the less you make the more you suffer, low income people are suffering, the president should get on a stand stop blaming corporate greed or shrink inflation. that is misleading spin. if he were honesty would admit some of the inflation is the result of the vast spending put in place when he took office. is inflation is hurting him with black and hispanic voters. in 2,020, biden, 90 one% of the black vote. this election it is down to 63%. that is a huge swing. he cannot win if this key constituency deserts him and he can't win if of the youth vote stays home. young people are most affected by inflation. rents are sky high, home prices keep youngsters from buying their first home, 7% mortgages, if you don't start on the workforce you don't make much money and finding out that inflation is wiping out modest income. the president is trying to buy the youth vote but student loan
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forgiveness program and thinks the climate policy will help him with youngsters but that's not helping. in 2020, 62% d voters age 18 to 29. that is down to 43% support this year. the president is in denial telling cnn the polls are wrong. if you want to fight inflation he would change inflation policy but no one expects that. today the president will make a big deal about the tariffs he is going to impose on products from china. he will frame his trade policy as help for working people protecting american jobs. a few months to the election, going to be positive. hard to see how tariffs on china, bringing back low income and young voters who are already walking away from him in droves. second hour of varney just getting started.
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sean duffy, can biden wingback young voters? >> great opening. i don't think so. president biden is running around like a chicken with its head cut off doing a lot of things but not the right things to make the economy better for young people. young people as you mentioned don't have a lot of money, they are trying to get ahead and they can't get ahead under president biden's economy. homes are higher, grocery store, the car, the gas, everything more expensive. they are frustrated. they care about climate change but they only care about climate change when they have enough money in their pockets to care. they don't have the cash to care so they want the economy to work first. when president biden tells young people and all the
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american people bidenomics is working, you're a flat-out bald-faced liar because it is not. don't know who you're talking to but it is not working for me. stuart: one cnn pundit says this should be a wake-up call for biden and his campaign. watch this. >> this should be a wake-up call. young people are upset. not just the situation in gaza. the economic prospects for young people are miserable. we don't have a pathway for young people to pay off their student debt, get a house. people look at this ai wave and what career path and the pain has to be spoken to as a symbolic piece about student loans. stuart: the new york times poll showing biden trailing trump in 5 of 6 key swing states. that is what he is saying it is a wake-up call. is the white house hearing a
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wake-up call? >> good policy takes a little while to ricochet through the economy. even if president biden woke up this morning and said i will change course, i don't think you will see those results. not before the american people make up their minds about president biden. fannie and freddie going to buy second mortgages. that is inflationary, putting more money in the pockets of americans, number 2, they stay in their homes larger, driving up the price of homes. everything president biden is doing is making things worse. i don't think it will change. you mentioned the youth vote, hispanic vote, core part of the democratic party, really, you mentioned the african-american vote, donald trump got 12% of that.
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you are not going to win michigan or wisconsin or georgia lodz even pennsylvania. he is done, the black vote will kill him at 23% for donald trump. stuart: sean duffy, see you soon. one cnn reporter was shocked by a poll showing biden trailing trump in those key states. what did he say? lauren: my goodness gracious, my god, cnn shocked by teflon trump, he is up and most of the swing states especially the sun belt states. watch here. >> president biden campaign, these numbers are disaster, smallest lead is in arizona, 9 in georgia, 13 in nevada. my goodness gracious, no democrat has lost that state, in 2004. >> in places like arizona and
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nevada, talking about sean duffy polling into the nonwhite vote, hispanics going to trump. stuart: potential trump vice president, going to appear at a political event with big-time donors. lauren: can griffin among others. that shows two big things. financial heavyweight. big-money might be cozying up to donald trump. just to refresh, can griffin was supporting nikki haley and bill ackman supporting dean phillips. are trump critics getting in line? and look at what's going on in the country, can griffin told harvard and the students as they are you need to start embracing western values, that he is bullish on trump as long as he stays pro-business. cut taxes and b pro-business.
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stuart: the polls and the money are turning towards trump. trump made a pivotal point. lauren: a lot of people don't like the two options. stuart: we shall see. check those markets. 38 minutes of business, dow is up 80, nasdaq is up 29 points. the markets are focused on this week's inflation report. what is today's ppi report for the markets? >> it means to me one of the things you are worried about is whether inflation is going to be sticky and it is sticky and it has got to push anybody for the idea of interest rate cuts, you already said on your show that what about interest rate hikes? that's not off for the table. we continue to see inflation come like this. they said last week a bunch of
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38-year-old kids running a lot of money because they graduated in 2008 during the financial crisis when interest rates were 0, and they were for 14 or 15 years and ramped up. they want lower rates. that's why we have the market. they are ignoring the fact that we've gotten this hot inflation number and now let's push our highs away and see what cpi is for tomorrow? bottom line is the number is 2%, what the fed is trying to get to and proven to be more difficult. at some point all those folks in control of that money, they have to realize it's going to be difficult to get them at all and maybe we are in a situation that this is not what you need to see to get your interest rate cuts. will be get a cut?
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interest rates go up, my mortgage is 6% but can't afford the house. my question on my show today could you afford your house you are living in today at its current price right now? there's a lot of americans that can't. stuart: can we start talking about stagflation? the economy is slowing and inflation is picking up. are we looking at stagflation? >> the only thing that hasn't come is the jobs numbers but they are starting to crap. problem with the jobs numbers it, a survey, it is a survey and the respondents, 40%, only hitting 45% of the surveys, the government is trying to project forward what these numbers should be. if you ask anybody between 25 to 40 how difficult it would be to get a job the same day, i
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have a strong feeling in my experience they wouldn't leave their job today, they are afraid even though everyone is telling them it's the best economy in the world and a ton of job openings. the fact of the matter is it's not as good as they are saying, numbers don't bear it out but when they do, that's the last leg of stagflation. stuart: more trouble brewing. always appreciate it. we have some stocks when amazon is down 1%. you have to say why? lauren: the ceo of their cloud unit, adam is stepping down, replaced by a senior vice president that takes effect june 3rd. stuart: what streaming bundles do we have? lauren: comcast is launching a streaming bundle with netflix
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and apple tv at a vastly reduced price. don't have the price yet. it's called stream saver. disney and warner bros. discovery were launching a streaming bundle. it's like cable all over the thing. stuart: you get all three. >> you don't have to have as many individual sign ups. stuart: is this united airlines? >> memorial day specifically kicks off the summer travel season, 3 million will apply, 10% from last year. stuart: thanks very much. house republicans are making moves to hold merrick garland in contempt of congress. they want to subpoena audio recordings of the special counsel, robert h you are later. the house rules committee will debate a bill today. the president from pausing military agents to israel.
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26 house democrats told biden his arms embargo only emboldens hamas. aishah hasnie has the story from capitol hill next. trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute
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and they're all coming? those who are still with us, yes. grandpa! what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly.
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inside every splenda product is a mission. to help people live happier healthier and longer lives by making it easier to cut out sugar. from our factory to our stevia farm, splenda's team of over 2000 individuals are dedicated to helping people live their best lives. taking pride that everyday millions say “i use splenda.” and now sweeten drinks wherever you are with splenda zero-calorie liquid sweeteners. try all three. available in the baking aisle. stuart: this is interesting. the un quietly changed the number of casualties in gaza since the start of the war. they raised the total casualty counter lowered it? lauren: they cut it in half. these are the numbers. the casualties of women and children in gaza originally 14,000 children were victims.
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this week the agency said 7797. originally 9500, less than 5000. what is the take away? the un was using interesting statistics that came from hamas. hamas's goal is to smear israel as a genocidal regime. is this not a silent admission that israel might be doing a decent job of trying to kill off hamas by not increasing casualties? stuart: it makes the use of the word genocide outrageous in this context, they should never do that which that's my opinion. republicans want to stop biden delaying weapon's aid to israel. aishah hasnie joins me from capitol hill. i don't think the progressives like this one. >> they will hate this bill. they want to see the president
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block or condition aid as he is trying to do to israel. but you might see dozens of centrist democrats, moderate democrats join with republicans in this effort. later this afternoon, the house rules committee is going to take up this israel security assistance report that would prohibit the president, stop him from causing weapons transfers that are already approved by congress. the white house reacted to this and they are not happy about it. >> we strongly oppose attempts to constrain the president's ability to deploy consistent with foreign policy and national security objectives. >> reporter: the bill's co-author is fire back and took a brutal shot at the president. >> what this bill says, the president has to adhere to the law, that he signed into law a
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recently which was to send armament and equipment to the israelis. the one violating that but changed his mind once again, the one who is incompetent and inept and confused is the president of the united states. >> reporter: the president is facing a tense blowback from both sides of the aisle on this. last week, a 26 house democrats led by congressman josh gotheimer said it would only embolden our mutual enemies and make hostages, a hostage agreement harder to achieve. fox is told to expect a vote on this bill this week thursday, it will be interesting to see how democratic leadership tries to contain this and get a handle on this. dozens of democrats sort of completely side with republicans on this.
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stuart: appreciate it. congressman mike lawler joins me now. what does biden's weapons delay due to our relationship with israel? >> i want to point out many of my democratic colleagues have been relying on hamas ministry of health death counts, as the basis for calling it a genocide, the basis for trying to block aid to israel. the white house bought that hook, line, and sinker, because they are concerned about electoral politics. it needs to be called out for what it is. it is shameful. it is disgraceful. the president needs to make clear that he stands with our ally israel over a terrorist organization that used propaganda to smear israel and turn the world against them. their mission is to eradicate the state of israel. israel has the right to defend
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itself. nobody would have told the united states after 9/11 not to defend itself, not to go after al qaeda. or not to eradicate isis during the war on terror. what the president is doing, putting electoral politics above all else. relying on hamas's propaganda to justify it, is disgraceful. the fact the united nations, that beacon of anti-semitism, has even admitted that these numbers are a joke, should speak volumes. stuart: those numbers being a joke just be revealed, that should make a difference to this debate about genocide. changing the subject for a second. house republicans want to see and hear the audio of biden's interview with robert hur. these tapes are about biden's cognitive ability. we want to see it. we want to hear it. how are you going to get the
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tapes? >> lawful subpoenas have been issued. they should be enforced to. i think the administration, the department of justice needs to cooperate. attorney general garland should turn over the tapes, the transcript have been released. there is no reason not to turn over the audio and videotapes of that interview and he should do so and if he fails to do so then congress should consider all actions including contempt, going to court to get the tapes. stuart: that would take some time, wouldn't it? >> there's always a legal process that takes time to work for real but the administration and the department of justice should cooperate. the transcript has been released. this is not some secret. i think they should cooperate. they should release the tapes to congress when a lawful
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subpoena has been issued. stuart: they will move heaven and earth to delay the release of these tapes until after the election. thanks for being with us as usual. see you again soon. justice department promising to crackdown on an election related threats. what kind of threats are we talking about? lauren: threats against election workers amplified by artificial intelligence of the justice department is vowing prosecution. >> if you threaten to harm or kill an election worker, volunteer or official, the justice department will find you and hold you accountable. we will aggressively investigate and prosecute those who threaten election workers. lauren: election threat task force prosecuted more than dozen people, one man got 3.5 years for sending bomb threats to an election worker, this is serious stuff. the country is on high alert,
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six months until election day. it will be a close election if not a contested one. stuart: a colombian man wanted for murder in his home country, after illegally crossing the southern border. ice mistakenly released him. the democrats are thinking about reviving the border bill that was rejected by republicans earlier this year. will this actually deal with the border crisis? or is adjusted democrat strategy to get more votes? chad wolf will deal with it next.
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car, where are we going? we're here. (♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com stuart: the dow is up 60, nasdaq up 71. that the state of the markets. jerome powell is speaking. he said the producer price index report out this morning is mixed. or definitive than that. they made real progress on inflation. we will get inflation down to 2%. he doesn't think the next move will be a rate hike. that's not having much impact on the market. lahren is looking at the
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movers. i want to know what's going on with roku. lauren: they are acquired exclusive multiyear rights to major league baseball, live games and a package previously held by peacock, starts on may 19th. stuart: got it. boston beer. lauren: twisted tea, ever hear of it? a twisted tea summit. every says it's time to buy boston beer. price target 360 at 293. checks show hard teas including twisted tea are popular. stuart: twisted tea is alcoholic. lauren: a hard tea and yellow label. stuart: a warning. lauren: the sneaker company up 18%. they lifted their annual sales forecast. they are expensive and popular,
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strong demand helping them out. stuart: a colombian man wanted for murder in his home country was arrested by ice in massachusetts. wasn't he arrested by ice previously and released? why was he released? >> a lot of finger-pointing going down as to which agency dropped the ball. he was apprehended at the border and released. exactly which agency did that? trying to figure that out. thousands of migrants come in with no id and no confirmation of real identity, something we talked about for years. despite assurances, background checks at the border, often we have no idea, or they are mistakenly released. 49-year-old katherine vargas wanted in columbia for murder, after position of a deadly weapon, sentenced to 17 years in prison.
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somehow even with that criminal record and an outstanding warrant, a country with good us relations. released in arizona illegally. apprehended by border patrol and given a notice to appear in court. ice found him last week, sources say unless a country provides electronic access to the criminal database, mexico, if he entered into their system. and who is entering the border. they look through the gaping hole we know as the southern border. stuart: interesting story, more comes along to. you've got the story. quick check of a market please and we have the s&p up 10
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points. should we see the meme stocks? they are acting this morning at all over the place, mostly up. it is up 72%. it halted twice of this morning, all these meme stocks, halted at that price. lauren: it was up 1000%, nothing compared to them but it is happening again. this frenzy to get the hedge funds. we went democrats may revive the border bill rejected by republicans earlier this year. chad wolf is with us. does this bill if they reintroduce it and it passes for some reason is this going to restrict border entry or speed up the process? which is it?
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>> at the border, a lot of provisions, untested policies, untested procedures, doesn't do anything to slow down what we see here. that's why i was against it when they unveiled legislative language. what we should be doing is going back to policies and procedures that work under donald trump and president obama and president bush, let's do things that work that we know works instead of trying to reinvent the wheel which this bill does. stuart: if trump were reelected to a second term, what do you think his first step should be on the border? >> you've got to declare a national emergency along the border. you can use a number of executive authorities and actions to turn individuals around, re-momentum remain in mexico which won't happen, the program, won't happen overnight but it will be a, start to slow down what we see along the
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border, end catch and release, removing and repatriating, deporting individuals, a host of things that can be done on day one to change the dynamics along the border. stuart: trying to get the numbers right here. since president biden took office how many million people have come in? illegally, the getaways, got aways, how many million? 12, 10, 15? >> i would say about 11 billion individuals that have crossed the border illegally, the question becomes how many are in the united states, that is from 7 to 9 million have been released into american communities and remain here? stuart: doesn't look like we will deport 7 to 9 million. >> it's difficult, not to say you shouldn't try and a number
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of ways you can start to remove, incentivizing people to voluntarily depart the united states, a variety of mechanisms you can use and should be exploring. none of that is occurring today. stuart: it is not occurring today, thanks, see you again soon. i am going to go back to the meme stocks, game stop, trading has resumed and it is up 70%, looks like the meme frenzy is back, i'll about the return of a roaring kitty. we are on it throughout the show. america buys more chips than any other country, 12% of them are manufactured here. one hundred% made in america chips, another contract to produce chips for the navy. chief executive is next. ♪
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stuart: something of a turnaround in the markets, we were up across the board. now we are not. down was down 16, sb down a fraction. this may be because of what chair powell is saying. he is speaking right now. he has said we've seen demand for workers cooling-off substantially. that's a plus for the market. he says you see wages, that might be a plus for the market but apparently traders are now delaying the timeframe when they expect rate cuts in september because of inflation numbers and they pushed it back later in the year. we are still pretty mixed, not much of a price tend trend at
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the moment of the veterans affairs a permit offering race-based training program, that specifically exclude vets. lauren: they report white veterans are being excluded from these trading programs that are meant to be inclusive, they are part of eu -- they are part of dei in ohio. here is congressman jeff andrew. >> we are all, all of us have more thought we shared together, yet this administration constantly wants to spend money, to ensure they separate us anyway they can because they think they game politically. we need the fastest, best, smartest, strongest, laserlike military in the world. lauren: the guiding principle, northstar the biden administration is dei, diversity, equity, not
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equality, and in collusion. stuart: my next guest is the ceo of aloma, a us-based chipmaker, jonathan joins me now. you landed a deal with the navy. did you get the deal because your ships are really good or because they are 100% made in america? >> the answer to that question is both chips are made 100% in america, we have a 30 year facility in california and work with a number of us-based boundaries, technology we develop is of high interest to the us government and commercial sector. stuart: to your ships specifically improve our military weapons, are they designed to improve weaponry? >> not specifically but we build semiconductor chips used for sensors on a number of platforms, work we are doing
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with of the navy, putting on aerial platforms understanding how these chips will perform in extreme environments, so they could be in the field and enhancing the communications systems on aerial flights and have cutting-edge technologies that is of interest to the us government, you mentioned the economy and an earlier one and at the secretary of defense with the department of energy. our technology is broadly applicable. stuart: how has the chips act affected your company. my question is are you getting money from the government directly? >> coming. most of the announcements you've seen regarding the chips act are incentivizing bigger semiconductor companies, you mentioned earlier a lot of the semiconductor manufacturing companies offshore, us manufacturers 12% of advanced chips, so much that
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incentivizing semiconductor companies, we are part of the major initiative, in the department of defense brings together the defense in aerospace industry along with small and medium-sized companies. they were taking advantage now to smaller businesses like this. stuart: do you make the chips there as well? >> one piece of the manufacturing in the house, the piece of our intellectual property. no one else knows that. the rest of the prospects happened at us-based founders. 100% built in america. stuart: thanks for joining us at this morning, one hundred% made in america. appreciate it. a quick update on the bridge collapsed in baltimore.
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authorities demolished a key portion of the francis scott key bridge, they use controlled explosions. later this week they will try to re-float the cargo ship that struck the bridge later this week. coming up, if you get into a car accident, it will cost you a whole lot more. auto repair costs jumped through the roof in the last four years. jeff flock will tell us why small repairs can set you back. national average for regular gas, $3 and consume one sense, prices one cents, prices rise as we get closer to memorial day. it's the start of the driving season. gas buddy guy patrick dehahn is next. ♪ after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" bacon and eggs 25/7. you're darn right. solar stocks are up 20% with the additional hour in the day. [ clocks ticking ] i'm ruined. with the extra hour i'm thinking companywide power nap.
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we just need to advance the cure. it's a bold initiative to try and bump cure rates all around the world, but we should. it is our commitment. we need to do this. inside every splenda product is a mission. to help people live happier healthier and longer lives by making it easier to cut out sugar. from our factory to our stevia farm,
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splenda's team of over 2000 individuals are dedicated to helping people live their best lives. taking pride that everyday millions say “i use splenda.” and now sweeten drinks wherever you are with splenda zero-calorie liquid sweeteners. try all three. during my entire life i have been somewhat of available in the baking aisle. an outdoors person. golf, gardening around here. how can i stay out of the sun? so about two years ago i was diagnosed with basal cell carcinoma. when they discussed the mohs surgery on my face, i was not really a fan of that because the scarring can be disfiguring. if you've been affected by skin cancer, surgery is no longer your only option. we chose gentlecure. gentlecure is a surgery-free treatment that uses low energy x-rays to kill skin cancer cells
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with a 99% cure rate. plus, there's no cutting, no surgical scarring and no downtime. the results are absolutely fabulous. see why so many people, including doctors, are choosing gentlecure. call today or go to gentlecure.com. stuart: to repair costs skyrocketing thanks to inflation and new technology. tell me how much of costs gone up? >> there is no such thing as tiny repair anymore. it is all complicated. you ask how much. according to the latest cpi,
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the auto repair, tell mister varney a what this is. >> this is a sensor, what detect a possible collision. >> reporter: guy has no damage on the front of his vehicle, he said he got bumped, no damage, but it came off. >> on the dashboard it said collision warning system needs to be serviced. when we scan the codes it says the sensor went bad. it set aside if dropped, this could be damaged not just physical damage but bumping. the sensor is $900. >> reporter: to install it? >> 5 to $600 on top of that. >> reporter: the average repair will curl your hair, over
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$4,000 for the average repair for the internal combustion engine car and more for electric. these are complicated things. >> every year cars get more complicated. we want more safety. all these systems are being added and technicians need to work on those systems, program computers, figure out electrical issues and these things get tight under the hood so the bigger the engine the less you have to work on it so it takes longer. lauren: a major pick up where i still crank the windows. i leave you with a picture. the bags are full, a lot of people getting cars repaired these days. stuart: great report. interesting stuff. showed me the price of oil, $78 a barrel and move to gas buddy guy patrick dehahn. what is your forecast for gas
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prices this summer? >> good news. gas prices still $0.10 higher than where they were last year but most americans will be paying amid $3 a gallon range, similar to last summer. there is a risk if you're planning the road trip for august, hurricane season likely to be very active. we could see another spike. for now, approaching memorial day, expect gas prices to continue operating, national average down $0.10 a gallon. on the west coast you are not going to want to look. california dealing with gas prices in excess of $5 a gallon. stuart: gas in california could go up $0.50 a gallon and every year thereafter thanks to new environmental rules. are you familiar with that? >> we are familiar with california's rules and regulations. that's why california is paying one dollar and $0.64 a gallon more than the national average
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today, low carbon fuel standard, cap and trade programs in addition to the nation's highest gasoline taxes, california, the list goes on and on. unfortunately for california motorists, higher gas price and the years ahead. stuart: my question, is demand overall demand for gasoline in the united states, is it down because there are so many electric vehicles on the road these days? >> it is down. part of it is the rise of evs. gasoline demand behind last year, is because some americans are moving to evs. in the years ahead we won't see gasoline demand make much of an increase. the economy is still slower in light of high interest rates but i think there is a small part of the decrease in demand because of the transition to evs. as you saw those numbers evs won't get more affordable in the years ahead. stuart: good stuff.
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study as she goes for gas prices. that is gas buddy's statement. still had, south dakota senator mike rounds demands president biden recent military aid shipments to israel. jason rantz on san francisco spending 5 million on a pilot program that gives free alcohol to homeless alcoholics. jimmy failla voters telling see in and they are disgusted and bored with trump's trial. 11:00 hour of "varney and company" is next. (ella) fashion moves fast.
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>> we're seeing it again and again in polls, they're losing young people. and it doesn't help to have the white house press secretary saying, oh, no, no, no, young people love biden. >> this president has taken 200 attacks on american energy. every one of those makes china stronger, russia stronger, iran stronger, and they hurt america. >> really anti-constitutional, you know, how they're pursuing this based on on

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