Return to Transcripts main page

CNN Newsroom

US Oil Stockpiles At Lowest Levels Since 2003; Trump Account; Epstein Investigation; Extreme Weather. Aired 4:30-5p ET

Aired May 29, 2026 - 04:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[04:32:06]

KIM BRUNHUBER, CNN ANCHOR: Welcome back to all of you watching us here in the United States, Canada and around the world. I'm Kim Brunhuber. This is CNN NEWSROOM.

Iran says it fired warning shots at four vessels near the Strait of Hormuz. A telegram post from the Islamic Revolutionary Guard Corps says the ships were trying to pass through the waterway without authorization. Meanwhile, US officials say the Trump administration has reached a tentative agreement with Iran that would include reopening the strait, but the President still has to sign off.

(BEGIN VIDEO CLIP)

SCOTT BESSENT, US TREASURY SECRETARY: I think that we can see that the President very clearly stated out stated his three via open the strait, highly-enriched uranium, no nuclear program.

UNIDENTIFIED MALE: Are those three aspects that you just outlined part of the temporary deal that has been agreed?

BESSENT: If there can be no deal without those, why would there be a deal without those? We perhaps have the makings of a deal here.

(END VIDEO CLIP)

BRUNHUBER: The administration's hoping a deal will bring oil and gas prices down and replenish dwindling reserves. CNN's Matt Egan reports.

MATT EGAN, CNN SENIOR BUSINESS REPORTER: Back to back major wars have put a big dent in America's stockpile of emergency oil. So recall that four years ago, after Russia invaded Ukraine, then candidate Trump really blasted the Biden administration for aggressively draining oil from the Strategic Petroleum Reserve ahead of the 2022 midterms.

Now, President Trump's administration, after the war with Iran started, is draining the SPR at an even faster pace ahead of this year's midterm elections. So just in the last week alone, the SPR lost about 9 million barrels of crude that nearly eclipsed the record that had been set the week before. And now the SPR is down by about 50 million barrels since the war with Iran has started. That amounts to roughly 12 percent of what this reserve had gone in just the span of a few months, and it's now has the least amount of crude in two years. Now, in many ways, this is exactly what the SPR is designed to do. It is basically like an airbag that can be deployed during emergencies to try to cushion the blow of higher energy prices for consumers, for businesses. And the SPR remains the world's largest emergency stockpile of crude.

Presidents of both political parties have turned to the SPR during emergencies, including wars and natural disasters like hurricanes. The Biden administration really aggressively drained the SPR, but the fact that it's going down at an even faster pace this spring underscores the size and scope of the current energy crisis. There's estimates that about 1.2 billion barrels of crude have been derailed because of the closure of the Strait of Hormuz.

[04:35:08]

In context, that's basically 12 days of world demand that has just been completely wiped out because of this conflict. What's notable is a lot of those barrels, they're not just going to the US refiners that need the crude to make gasoline, jet fuel and diesel. Roughly half, according to some estimates, roughly half of the SPR barrels, they're actually getting exported overseas to Europe and Asia because there are countries overseas that have been hit even harder by the closure of Strait of Hormuz than the United States has.

The bottom line is, energy prices would be even higher if not for this emergency reserve of oil. But this is not a bottomless pit of crude, it's got to be refilled eventually. And when you do, that could end up lifting demand and prices higher than even after this crisis is over. Back to you.

BRUNHUBER: All right. Let's take a look at how US Futures are reacting to the latest news on Iran. The NASDAQ and S&P 500 closed at record highs on Thursday. The Dow was relatively flat, but the NASDAQ gained nearly 1 percent. Tech shares advanced after a report that Microsoft would release a new coding model next week. The S&P rose more than half a percent.

The Trump administration is encouraging American parents to save for their children's future. Their plan is called Trump Accounts, and nearly 6 million children have already been signed up. CNN's David Goldman explains how it works.

DAVID GOLDMAN, CNN EXECUTIVE EDITOR: All right. So the app for the Trump Accounts is now live, and the government is giving folks $1,000 in an account if they have an eligible child. So let's talk about what that means, how you get the money, and what this could do for the economy. First of all, who can get this?

Well, you need to be born at least starting in 2025. Now, this technically goes through 2028, although we'll see if they extend that. Now, you do need to be a US citizen and you need that valid Social Security number. But if you check all of those boxes, you can move on to the rules, and there are quite a few of them.

You can only deposit $5,000 a year into this account, but that can add up to quite a bit of money. We'll talk about that in a second. Now, these investments are going to be broad based. You're not investing particular stock. You're going to be looking at things like ETFs, right, that give you a lot of different kinds of investments.

And you can't withdraw these until you turn 18 years old. That's very important, you'll find out in just a second. Now, this kind of account is going to be either a retirement account, so that's why you can't withdraw it until you're 59.5 unless you're going to use it for college or to buy a home.

So otherwise you get a penalty, and that's going to be 10 percent on top of the taxes that you need to pay for this account. Now, why are they doing this? Well, take a look at this.

If you had $1,000 invested in an account for 18 years, and you never touched it. Now let's assume a 7 percent annual growth rate, that's pretty conservative. That is way less than the stock market has grown over the last 18 years but let's just assume that.

You walk away with $3,300. And you get to use that for college. You get to use it to buy a home, maybe even start a retirement account. That's pretty good. And if you actually invested that money to the max, not everyone can do this.

But if you did, $5,000, and let's just say we'll be a little bit less conservative, 10 percent growth rate, you've got almost a quarter million dollars by the time you start college at 18. That is a really, really big deal and gives you a leg up.

Now, how do you get one of these things? OK, so you can't start investing until July 4th, but you can go to IRS Form 4547. Why do you think that is, because it's a Trump Account through and through, on trumpaccounts.gov. You can sign up, use the app starting now. And then on July 4th, you can start to invest. Back to you.

BRUNHUBER: US Treasury Secretary Scott Bessent has defended legislation to put President Trump's face on a $250 bill, saying he doesn't think there's anything untoward about it. The bill is currently languishing in Congress. But if passed, the notes would be created to mark America's 250th birthday.

Bessent said it makes sense that Trump's face goes on the bill, since he's the president during the anniversary. The treasury secretary's comments come after the Washington Post reported that prototype bills with the President's image and signature had already been created despite Congress not approving them.

Former US Attorney General Pam Bondi is due to sit for an interview today in the Jeffrey Epstein investigation. She's set to answer questions from the House Oversight Committee, but not under oath. Instead, she'll be reminded that making false statements to Congress is subject to criminal prosecution. CNN's Annie Grayer reports.

[04:40:16]

ANNIE GRAYER, CNN REPORTER: Well, the former attorney general is expected to appear for a closed door interview with the House Oversight Committee, and she's appearing voluntarily after what has been a long road in to get here. Lawmakers initially subpoenaed Bondi in a bipartisan basis back in March, and then Bondi appeared for a voluntary informal conversation that Democrats walked out of because they said Bondi was not under oath.

Then Bondi was fired from her job, and that really delayed the process here. But finally today, she will appear for this interview and lawmakers on both sides of the aisle have a lot of questions. While the Department of Justice has released 3.5 million documents of the Epstein files, a lot of those documents are heavily redacted and there's still some 2.5 million documents that even lawmakers haven't been able to see.

Also throughout this investigation and through the interviews that the committee has done so far, they've learned that the Department of Justice and FBI did not interview a lot of key figures in Epstein's orbit from previous investigations that lawmakers have a lot of questions about.

Now, when Bondi came into office, she was pushing for transparency. She even famously once said that she had the so-called Epstein client list sitting on her desk. But as time unfolded, she walked back those comments and actually received a lot of heat from even the far right base who was pushing for more transparency and information about what was in the Epstein files.

And this interview today comes at a very personal moment for Bondi who recently was revealed that she has been diagnosed with thyroid cancer and is recovering from treatment. But this interview where Bondi will be questioned by both Democrat and Republican lawmakers behind closed doors, we are expecting to receive a transcript in the days ahead from this interview, but there is not expected to be a videotape. Annie Grayer, CNN, reporting from Washington.

BRUNHUBER: A blistering heatwave has been scorching Western Europe for days now, but some may get a break from the brutal temperatures soon forecast coming up. Please stay with us.

(COMMERCIAL BREAK)

[04:45:30]

BRUNHUBER: Tempers boiled over in New Jersey resulting in violence between protesters and federal agents outside an immigration detention center. Thursday night's clash was caught on videos. You can see in which federal agents are seen taking protesters to the ground while demonstrators back away.

Several congressional Democrats from New Jersey said their offices have received calls detailing violence against inmates at the facility. This moved inmates to hold a hunger strike to protest being given spoiled food. One congresswoman says she and a colleague witnessed two ambulances pull into the facility during the short time they were there. Bolivia's senior minister is telling anti government protesters the country's president isn't resigning. Demonstrators have been blocking major streets and highways, calling on President Rodrigo Paz to step down. They want him to roll back his austerity measures and address the rising cost of living.

The blockades have strangled supply chains and cut off access to two major cities, including the capital. The senior minister told protesters on Thursday, there are some lines they shouldn't cross.

(BEGIN VIDEO CLIP)

JOSE LUIS LUPO, BOLIVIAN MINISTER OF PRESIDENCY (through translation): A dictatorship of the right or the left is exactly the same thing, and failing to respect democratic institutions and democracy itself is tantamount to attempting a coup. Rodrigo Paz and Edmand Lara were elected on a joint ticket and won with 55 percent of the vote. In fact, in La Paz, they won with 66 percent of the vote and in some provinces with more than 90 percent of the vote.

Therefore, there is clearly an absolute and complete legitimacy of this government, and it's unacceptable that after six months they attempt to demand his resignation, a mechanism that does not exist in the constitution.

(END VIDEO CLIP)

BRUNHUBER: People across Western Europe have been sweltering under extremely high temperatures. New records have been set in several cities this week. By the weekend, though, things are expected to cool down in parts of France. CNN meteorologist Allison Chinchar has the forecast.

(BEGIN VIDEOTAPE)

ALLISON CHINCHAR, CNN METEOROLOGIST: An early blast of heat is making late May in Europe feel like the dog days of August. A powerful heat dome, which traps hot air over a region like a lid on a pot, broiled parts of the continent this week, sending temperatures 10 to 15 degrees Celsius higher than what's typical for this time of year.

Tourists tried to make the best of it.

NIMA GHESHLAGHI, GERMAN TOURIST: Theoretically, it should be cooler than this, but unfortunately we are seeing this global climate change happening in real life, yes.

CHINCHAR: The high heat is expected to continue in Spain and Portugal through the weekend, capping off a week of extremes across the continent.

RUBEN DEL CAMPO, SPANISH WEATHER AGENCY (through translation): In Western Europe, there has been a spell of very high temperatures not only in Spain, but also in Portugal, our neighboring country, which has also reached 38 to 39 degrees Celsius. In France, temperatures have also exceeded 33 degrees Celsius. In the UK, a milestone has been reached. For the first time since records began, temperatures have hit 35 degrees Celsius somewhere in the British Isles.

CHINCHAR: That was on Tuesday, when the UK had its hottest day ever recorded in May. But some areas are still struggling from the effects of the high heat. Bottled water was handed out at emergency stations in Kent, England, because thousands of people were without tap water due to high demand.

But there's a cooldown expected in parts of France like Paris, which for much of the week was sizzling above 30 degrees Celsius. By Sunday, those temps are finally expected to drop. But workers in Bordeaux in Southwest France, where temperatures surpassed those in the capital, say it's been brutal to be outside.

HENRI VISSE, FRENCH ROAD WORKER (through translation): It was very difficult. There was the heat from the engines, the heat from the equipment and no air. So naturally, we made more stops, we took more breaks.

CHINCHAR: Summer hasn't even officially begun yet, but forecasters say it's an early indication of what's to come. Spain's weather agency is warning of possible dangers ahead, saying the brush on the ground could quickly dry out, igniting yet another deadly fire season. Allison Chinchar, CNN.

(END VIDEOTAPE)

[04:50:00]

BRUNHUBER: A country dealt more than its share of hardship has something to celebrate. Haiti is getting ready to play in the World Cup. Look at why this marks more than just a sporting victory. That story coming up, please stay with us.

(COMMERCIAL BREAK)

BRUNHUBER: Drones will have to stay away from key venues during the upcoming World Cup events in the US. The Federal Aviation Administration is imposing temporary flight restrictions around stadiums and fan events. That means drones and other aircraft can't get closer than three nautical miles from those venues.

Flying below 3,000ft is also off limits unless operators are authorized by air traffic control. Officials say violators can face criminal charges and fines of up to $100,000.

We're now less than two weeks from the start of the Men's Soccer World Cup, and excitement is building everywhere, especially in Haiti. The Caribbean underdogs will be competing for the first time in more than a half century, facing Brazil, Morocco and Scotland in group C.

Stefano Pozzebon shows us what this means for a country that could really use a win.

(BEGIN VIDEOTAPE)

STEFANO POZZEBON, CNN CORRESPONDENT: This was the moment Haitians held their breath. Their national team made it to the FIFA World cup, the first time in more than 50 years. It was more than a sports victory.

[04:55:10]

It was some much needed good news for a nation battered by humanitarian crises. And national team players like Wooddensky Pierre don't take that responsibility lightly.

WOODDENSKY PIERRE, HAITI NATIONAL SOCCER PLAYER (through translation): I always had in mind that playing for the country was a privilege and I would be able to use my talent to help the country.

POZZEBON: Gangs have overrun much of the capital, Port au Prince, and parts of Haiti's main agricultural region. In Port au Prince, the violence has made it hard to access medical care. Entire families are fleeing. Add to that a deepening hunger crisis and economic turmoil.

Because of the unrest, Haiti's soccer team cannot even practice at home. But now there is something to look forward to, a new hope, especially for younger generations.

SAID ZAVI, 12-YEAR-OLD HAITIAN SOCCER PLAYER: I want to play for the national team. My dream is to win a World Cup with the Haitian team, to show others what Haiti is.

POZZEBON: It's a dream Pierre hopes is within reach for more and more young Haitian athletes.

PIERRE: Playing in Haiti and making it up to the national team, this is something to be proud of, to be happy. And there's going to be an opportunity for a lot of other younger talent in the national league to make it to the national team someday.

POZZEBON: Haiti's World Cup stint will not solve its problems, but for now, it's given the country something to finally celebrate. Stefano Pozzebon, CNN.

(END VIDEOTAPE)

BRUNHUBER: All right, that wraps this hour of CNN NEWSROOM. I'm Kim Brunhuber. CNN HEADLINE EXPRESS is next.