Oil Spikes & “Recession’s Handmaiden”

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 8 March 2022

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In the latest international response to Russia’s invasion of Ukraine, the U.S. will ban imports of Russian oil. As the conflict escalates, global oil prices are skyrocketing, and Again Capital’s John Kilduff points out that oil price spikes have historically preceded recessions. Global head of commodity strategy at RBC Capital Markets Helima Croft traces the ripple effects of the invasion through the global oil markets to gas pumps and the White House. CNBC’s Ylan Mui reports on congressional support for American sanctions on Russia, despite the cost for stateside consumers. Plus, the NFL has suspended Calvin Ridley for betting on games. In this episode: Helima Croft, @CroftHelima John Kilduff, @KilduffReport Ylan Mui, @ylanmui Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Zach Vallese, @zachvallese

Transcript

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0:00.0	Bring in show music please.
0:03.0	This is Squawk Pod.
0:06.0	I'm C. NBC producer Zach Valisei.
0:08.0	Today on our podcast.
0:11.0	Oil spikes inflation. what's next?
0:14.0	These huge oil price spikes, they've all preceded the last four recessions.
0:19.0	Tracking the drama back to Russia's invasion of Ukraine.
0:24.0	Is there any possibility that Putin cuts his losses and turns town and retreats?
0:29.5	I just can't see that.
0:30.7	It doesn't fit with his MO or what we know of him. And unpacking what it all
0:35.3	means at the gas pump and at the White House with RBC's Helima Croft. I do think
0:41.6	this is going to be an important inflection point with this administration
0:44.6	when they think about how they manage their climate goals and energy security goals.
0:48.6	Those stories plus the NFL's wager on player bets. It's Tuesday, March 8th, 2022.
0:56.7	Squawk Pod begins right now. We'll start the podcast with Wall Street on edge.
1:07.0	A lot of selling there into the clothes.
1:10.0	It's pretty bad all day.
1:12.0	So look, it's pretty brutal out there.
1:14.6	Monday was the worst day for the SMP 500 since October 2020, dropping 3%.
1:21.5	The Blue Chip Dow lost almost 800 points and the NASDAQ, which contains many of the
1:27.2	market's biggest tech names, slid more than 3.5%, falling into bare market territory.
1:34.0	Investors remain concerned about a trio of bad news,
	...

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