Larry Kudlow: Is Biden serious about stopping record gas prices?

Is Joe Biden ever severe about stopping file fuel costs on the pump? That is all you want to know.

At 10:15 this morning, Vitality Secretary Jennifer Granholm He met seven CEOs of main oil corporations. At 3:30 this afternoon, President Joe Biden met within the Roosevelt Room of the White Home to speak about windmills with labor leaders, governors, and a number of other makers of inexperienced windmills.

President Biden: And collectively, we’re on the verge of constructing a greater America. I actually imply it. I imply America is healthier.

Wait a minute. Let’s wrap this tape once more. Afternoon assembly with the President, the President, Within the Roosevelt Room, Fossil Vitality CEOs met with the President on the Division of Vitality. What’s mistaken with this image?

Granholm assembly with oil business leaders thought-about ‘constructive’ however no main breakthroughs

President Joe Biden speaking at the White House

President Joe Biden speaks a few COVID-19 reduction bundle within the White Home State Eating Room, Monday, March 15, 2021, in Washington. ((AP Picture / Patrick Semansky) / AP Pictures)

Since Uncle Joe is in Washington, not Rehoboth Seashore, would he have been sitting across the desk with the vitality individuals who might truly remedy the oil and fuel drawback? Nah, extra enjoyable to speak about windmills. It is a matter of priorities, is not it?

By the way in which, I’m reliably knowledgeable. Vitality CEOs did not know in regards to the afternoon windmill assembly together with his boss. So, I believe that claims all of it.

Biden truly thinks so 5 {dollars} of petrol And $100 oil and 10% inflation can be solved by wind generators and photo voltaic farms. This isn’t science. This isn’t frequent sense. It is a left-wing ideology, a radical local weather obsession, and dealing People will proceed to undergo from excessive meals and grocery costs, together with the exorbitant prices of petrol and diesel.

If the president had attended the oil and fuel CEO assembly, it might need been a vital one, however he did not and he wasn’t. Members informed me that it was well mannered and on this sense “constructive”.

On the very least, Granholm did not insult CEOs the way in which Biden did, however once they talked about rolling again laws, restrictions and permits, altering the Jones Act on transportation, and even short-term concessions to extremely restrictive environmental laws — at every of those factors, it might improve provide and thus Lowering costs, the Minister of Vitality was not in a position to fulfill the considerations of the oil individuals.

Subsequently, nothing occurred and nothing will occur, besides that the American economic system will proceed to undergo on the aspect of the American workforce.

Texas’ energy grid might have to run low on vitality reserves as demand grows

There isn’t any giving in to Biden’s strict local weather ideology. He is been held hostage by the Awakening Greens, labor unions, and a few of their allies within the recreation of subsidizing renewable fuels and tax credit.

He is not going to surrender an inch Fossil fuels. Biden is totally remoted. I believe he’s afraid to go and confront the oil individuals after his latest insults and blatant and real looking distortions.

“The Secretary made it clear that the administration believes it’s crucial for corporations to make provides on-line to get extra fuel to the pump at decrease costs,” the Division of Vitality’s press launch stated.

And the way are they precisely supposed to do this once they cannot get new drilling permits, refineries, or pipelines? Precisely how are they supposed to do this? Below the load of utmost laws from the Granholm Division of Vitality and the Residence Workplace, the Environmental Safety Company, and the Securities and Alternate Fee (which you suppose is now the SEC), how precisely are these oil corporations going to provide extra? Somebody clarify it to me.

By the way in which, in case you have a president and a secretary of vitality amongst so many different individuals within the administration who continually inform us that the answer to recording fuel costs is solar energy and wind farms and that strict coverage is to remove fossil fuels, why would these corporations launch any expansive funding campaigns once they know they may Are they utterly outdoors the scope of this fossil work?

In spite of everything, the cavalry is coming and Congress will swap to the Republican Get together in November, however the White Home and Biden’s govt department can proceed to go these fossil gasoline laws.

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These massive fossil corporations report again to their shareholders who personal the businesses. These buyers will need administration to distribute their capital in probably the most environment friendly and highest attainable fee of return.

Joe Biden tells them: Do not spend money on fossil fuels, regardless that that was your online business. is over. It is good for Russia, which is now again at its pre-war peak oil manufacturing, good for the Saudis, Iranians and Venezuelans, however not good for American corporations.

You may’t simply ask for extra gasoline. There’s a time consuming course of and this SPR enterprise has failed.

The federal fuel tax vacation is lifeless on arrival. Gasoline reductions are type of a joke, so the president and his vitality secretary simply determined to concern orders to CEOs. Bear in mind pure inflation? That is pure refining.

I belief the Lord with all the pieces, however it’s not clear to me that he’ll magically produce a brand new provide of refined gasoline. I believe it is a very earthly and materialistic matter for him.

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Final level, I do not perceive the politics of this. If I have been Joe Biden, and I used to be feeling very battered within the polls, and my social gathering was headed for a significant electoral defeat underneath these Greenie insurance policies, I’d in all probability need to change and reset and present flexibility, so there’s one thing that makes customers, motorists and employees suppose that” Somebody within the White Home has eyes and ears,” however no, Biden is doubling, or tripling, the identical previous failed insurance policies, not even one small cup of espresso to satisfy and greet with a few of America’s biggest CEOs.

I will simply conclude: what a horrific story.

This text is excerpted from Larry Kudlow’s opening touch upon the June 23, 2022 version of Kudlow.