U.S. Oil Buys & Home Depot’s Demand Problem 5/16/23

Squawk Pod

CNBC

Investing, Business News, News, Business

4.2 • 543 Ratings

🗓️ 16 May 2023

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

In DC, the Senate Banking Committee is prepared to hear testimony from former Silicon Valley Bank and Signature Bank executives. Senator J.D. Vance (R-OH) shares his concerns about regulator oversight in the regional banking crisis, and he weighs in on the debt ceiling showdown. White House energy advisor Amos Hochstein discusses the administration’s newly announced plans to buy three million barrels of oil to replenish the U.S. Strategic Petroleum Reserve. Plus, the U.S. Virgin Islands issued a subpoena to Elon Musk in connection with the Jeffrey Epstein lawsuit, and Home Depot’s rough quarter is weighing on the Dow. In this episode: Amos Hochstein @AmosHochstein Sen. J.D. Vance, @JDVance1 Eamon Javers, @EamonJavers Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer.
0:07.0	Today, on Squackpot.
0:09.0	Avoiding default, debt sealing negotiations coming down to the wire.
0:13.8	Ohio Senator J.D. Vance says it's between two leaders.
0:17.7	The Senate Republicans can't really drive this process.
0:20.1	The Senate Democrats can't drive this process.
0:22.1	This is between McCarthy and
0:24.0	Biden and they need to come together and offer a deal.
0:27.0	Also on President Biden's agenda, replenishing the Strategic Petroleum Reserve, White House Energy Advisor Amos Hochstein.
0:35.6	We have the SPR for a very good reason.
0:38.0	We need to keep it there to use it in cases of emergency and to safeguard the U.S. economy.
0:44.0	Plus Home Depot's ugly quarter, and Elon Musk now looped into the Jeffrey Epstein story
0:50.5	via Bank J.P. Morgan,
0:52.1	C. NBC's Aeman Javers reports.
0:54.0	The only thing that could short circuit that
0:56.0	is if J.P. Morgan decides to just settle this thing
0:58.0	and write a check and say, you know,
1:00.0	we're just not going to participate in this anymore.
1:02.0	It's Tuesday, May 16, 2023, Squawk Pod begins right now.
1:08.0	Stand Becky by in three, two, one, queue please.
1:12.0	Good morning everybody.
	...

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