Joe Biden’s policies have already turned a growing economy into a recession. He’s created the worst inflation in 40 years. And, by declaring war on fossil fuels, he single-handedly gave up our energy independence in exchange for rocket-high gasoline prices. Now, he wants to destroy capitalism!
Ironically, the oil and gas companies, which have been pushed by the Biden Administration and the ESG crowd to drill less, are cash-flowing sizable profits from the higher energy prices from the reduced supply. Biden suggested that instead of reversing his destructive policies, oil companies should share their profits with customers instead of shareholders. Karl Marx is smiling, and Ronald Reagan is cringing.
How could the leader of America suggest something so Marxist from the White House? If every business in America forsook their shareholders and “shared” company profits with customers our economic system would implode. We’d quickly come to look like Venezuela – no food on the shelves, not enough gasoline for cars, and riots in the streets.
Biden also admonished from his lectern that oil and gas companies should “increase production and refining.” The commander of the war on fossil fuels now wants energy companies to drill more! How can this be when the administration won’t approve new leases for drilling? How can this be when Biden and Senator Chuck Schumer won’t make good on their promise to Senator Joe Manchin for permitting reform? How can this be when Joe Biden won’t approve sales for oil production and shuts down energy pipelines?
Biden’s fallback strategy is to release another 15 million of the 180 million barrels from the U.S. Strategic Petroleum Reserve (SPR). The SPR had 400 million barrels before all its drawdowns. The SPR is meant for times of natural disaster or America at war, not for price fixing before an election.
When asked by a reporter about the upcoming elections, Biden said his only motivation for using the SPR was to ensure there is enough oil supply to meet the country’s demand for gasoline. “It’s not politically motivated at all,” he said.
If you believe that, I have some Oklahoma oceanfront property I would really like to sell you.