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This is a rush transcript from “Your World,” March 7, 2022. This copy may not be in its final form and may be updated.
NEIL CAVUTO, FOX NEWS ANCHOR: It is now infecting the markets worldwide, the Dow Jones industrial skidding more than 800 points today, because energy costs are out of control today.
What is being started with what’s happening in Ukraine is now reverberating on energy prices that are now the highest they have been in about 13 years, all the major averages plummeting today, the Nasdaq in and out a bear market territory, a 20 percent decline from highs reached little more than a few weeks ago.
But what was dominating those markets was the fact that those oil prices could go still higher, $4 gas the average now, $5 gas not too far around the corner, especially when you’re talking more than $119 for crude oil, which has effectively doubled this young year, and about half of that is since the invasion of Ukraine.
What to make of the pain at the pump and a lot more pain to come.
Welcome, everybody. I’m Neil Cavuto, and this is your well, selling, world. We have markets the world over now into what they call bear market territory, falling 20 percent or more in Germany and in France and in England, and now an index that follows Europe that really is dependent on all that energy it gets from Russia that it soon might not be getting at all.
We’re going to look at what the White House is planning to do about this and tapping some unusual sources to make up for Vladimir Putin’s oil. Then there’s the issue of Vladimir Putin and who he sells that oil to. Do not think that he hasn’t lined up customers. I will give you a hint. One of them is China. You won’t believe the other one is.
We are on top of all of these fast-moving developments.
Kira Rudik is with us, the Ukrainian member of Parliament, also Garry Kasparov with us as well, the grand master who says this is a grand strategy that appears to be working perfectly to…
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