Larry Kudlow: Biden’s war on fossil fuels has taken a ‘mighty’ toll on the US economy

It’s bad enough that Joe Biden is once again looting the Strategic Petroleum Reserve, which I now call the Strategic Political Reserve. He’s doing this to cover up his utter failure on energy and energy prices.

The Biden Democrats’ war on fossil fuels has taken a toll on this economy. In fact, one reason the inflation rate has gone from about 1% when he was elected to about 8-10% today is because of skyrocketing energy prices, which combined – you know – are up 39% since February 2021, 39%.

Now we’ve had welcome relief on gasoline in some parts of the country. However, gas prices at the pump are still up 48%. Incidentally, the latest poll from Rasmussen Reports shows people are still angry at Biden over higher gas prices at the pump, but there’s more. Electricity prices up 22%; fuel 49%; Heating oil 70%.

So now “Get ready for the big chill.” That’s the editorial headline in today’s Wall Street Journal. Get this: Average US household spending this winter is set to increase on all heating fuels, including natural gas by +28%, heating oil +27%, electricity +10% and propane by 5%. All I can say is, “Brrrrr! It’s cold, in winter. Imagine that!”


Now I hope Americans wear lots of sweaters, just like they did in Jimmy Carter’s days. Well, here’s Joe Biden today announcing another drop of 15 million barrels in the SPR, broadening his earlier sales by the way. It’s even supposed to end by telling us that those SPR sales will continue through the winter, by the way.

Well, that’s great! We don’t have to worry about an oil embargo between the Saudis and OPEC during the war because Joe Biden himself will have embargoed American oil – and here’s the real gem, false, fraudulent, from Biden: In his press, he says The problem is, wait for it, wait for it, I don’t want to jump in too soon, folks, the problem is, and I’ll quote, “ensuring enough oil is being pumped from the companies.” By the oil companies! Right? For the past two years, the oil companies have been desperate not to pump oil and gas. Do you remember that. For real? They don’t want that. It’s none of their business. Not correct! What planet is Biden describing?

Then he continues, and I have to quote, “Well, the problem is that these guys are sleeping.” No, Joe, you’re the problem because you’re sleeping, and that remains the problem. You and your minions did everything you could to shut down fossil fuel dispensers. That’s why all these energy prices have skyrocketed. That’s a big reason why the economy is in such bad shape.

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In fact, sometimes you hypocritically talk about bringing supply chains home to the US, that’s called onshoring, OK? But the one thing you don’t have on land is American oil and gas exploration. You’d rather initiate it from Iran or Venezuela or Russia or OPEC+, right? They passed the energy and national security power that dominated America to our enemies and our overseas rivals, so now they dominate. You did that, Mr President, in a lousy 18 or 20 months.

We’re producing 11.8 million barrels a day today. We should be at 14 million barrels a day – that’s according to the Energy Information Agency released a few years ago, but we’re not there. We shouldn’t loot SPR. We should produce and permit and pipeline and refine and export LNG – which would not only produce more and cheaper energy, but also create high-paying jobs for workers, right?

But you don’t care about workers anymore, you only care about the coastal elite and that crazy global warming stuff. No! You’re actually standing in front of a press today, blaming oil companies. This is beyond stupid. It’s beyond stupid.

The only thing that Joe Biden has done across the board in just 18 or 20 months is to weaken this country — its energy weakness, its economic weakness, he’s damaged middle-class workers, he’s damaged our national security. One thing after another under the radical, unscientific false flag gibberish about an imminent existential risk of global warming that doesn’t exist and not even the UN climate panel agrees with it. This unfortunately fraudulent flag has done more damage to this country in less than two years than any president has done in at least the last four decades. I’m going to give credit to Jimmy Carter for discovering, at least for the last year or two, that Soviet Communism is our enemy. Biden had found nothing.

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President Biden announces the release of an additional 15 million barrels of oil from the US Strategic Petroleum Reserve

President Biden addresses energy and the Strategic Petroleum Reserve during an event in the Roosevelt Room of the White House on Wednesday, October 19, 2022 in Washington. (AP Photo/Evan Vucci / AP Newsroom)

By the way, by the way, my final point, the American Petroleum Institute, a responsible trade group whose members have long helped America weather wars and hard times — truly the world’s best energy industry, producing the world’s cleanest oil and gas.

The API said today, “The SPR was formed to lessen the impact of severe supply disruptions, not as a long-term solution to the economic woes Americans are feeling at the pump. We urge the government to recognize that short-term policy making is not a substitute for long-term strategies needed to promote energy production.” That’s a keyword: energy production. Here. Onshoring. Thank heavens there’s at least one adult in this whole energy discussion is in the room, but that name isn’t Biden, and that’s why the cavalry is coming — big time.

This article is an adaptation of Larry Kudlow’s opening commentary on the October 19, 2022 issue of “Kudlow.”


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