CNBC editor Rick Santelli unloaded on the Biden administration on CNBC’s “Squawk Box” Friday morning, saying anti-fossil fuel policies helped to spur inflation.
“What was the forward guidance with this administration on energy?” Santelli asked. “We know the answer. Maybe they can’t get things to happen faster, but by giving positive forward guidance, by not closing pipelines, by not talking pre-election about how much they don’t like fossil fuels, maybe things would have turned out a bit different.” [bold, links added]
The Biden administration revoked the permit for the Keystone XL pipeline in January 2021 and canceled plans for offshore lease sales in May.
Many experts argued that the Biden administration’s disincentivizing of oil and gas production caused the higher prices.
“I will say that out of all of the above, energy, energy, energy,” Santelli said about the cause of inflation as the Bureau of Labor Statistics reported Friday that the Consumer Price Index hit 8.6%, its highest level since 1981.
Gas prices surged above $5 a gallon Thursday, according to GasBuddy.
President Joe Biden suggested the higher gas prices were a way to reduce dependence on fossil fuels in May, calling it “an incredible transition that is taking place” and that “we’ll be stronger, and the world will be stronger” when it is over.
Read rest at Daily Caller
Most of our News is Leftists Propaganda not News
“CNBC editor Rick Santelli…:
Not for long. If he’s still employed this time next week I’ll be very surprised.
I’m surprised…..
remember that Rick Santelli is the origin of the 2010 Tea Party movement
The Peacock turns on the Jackass
All the Biden Administration has done is add the “icing” on the global cake. We are in a global oil supply shortage that started in 2014 with continued underinvestment in the sector and was exacerbated by the demand destruction from COVID lockdowns in 2020-21. The war in Ukraine was a nasty recent development, for sure. There has been PLENTY of upward pressure on world oil prices due to supply shortages. Domestically, cancelling pipelines, pushing ESG in financial markets to “squeeze” sector capital and creating a HOSTILE regulatory regime has NOT proven helpful. So, to be fair, while the current Administration is not responsible for ALL of the run up in gasoline prices, they sure have done LITTLE to move the “needle” in the right direction…