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

Is Joe Biden Serious About Stopping Record Gas Prices at the Pump? Here’s everything you need to know.

at 10:15 this morning, Energy Secretary Jennifer Granholm met with seven major oil company CEOs. At 3:30 p.m., President Joe Biden met in the Roosevelt Room of the White House this afternoon to discuss windmills with union leaders, governors and various green windmill makers.

PRESIDENT BIDEN: And together we are about to build a better America. I really mean that. I mean a better America.

Wait a second. Let’s rewind that tape. Afternoon meeting with the president, boss, in the Roosevelt Room, CEOs of energy fossils, meeting with the underboss of the Energy Department. What’s wrong with this picture?

GRANHOLM MEETING WITH OIL INDUSTRY LEADERS CONSIDERED ‘CONSTRUCTIVE’ BUT NO MAJOR BREAKOUTS

President Joe Biden speaks at the White House

President Joe Biden speaks about the COVID-19 relief package in the State Dining Room of the White House, Monday, March 15, 2021, in Washington. ((AP Photo/Patrick Semansky) / AP Images)

Since Uncle Joe is in Washington and not in Rehoboth Beach, perhaps he would have sat down with the energy people who could actually solve his oil and gas problem? No, much nicer to talk about windmills. It’s a matter of priorities, right?

By the way, I am reliably informed. The energy CEOs were unaware of the windmill afternoon with the boss. So I think that says it all.

The Bidens really believe that $5 gasoline and $100 oil and 10% inflation will be solved by wind turbines and solar farms. This is not science. This is not common sense. This is a leftist ideology, a radical climate obsession, and the American working people will continue to suffer from high food and grocery prices, along with exorbitant gasoline and diesel costs.

If the president had attended the oil and gas CEO’s meeting, it might have been a very important meeting, but he didn’t and it wasn’t. Participants tell me it was polite and in that sense ‘constructive’.

At least Granholm didn’t insult the CEOs like Biden has, but when they talked about regulatory pullbacks, restrictions, permits, Jones Act changes to transportation, even short-term waivers from overly restrictive environmental regulations — on any of these, which would increase supply and thus lower the price, the Secretary of Energy could not meet the concerns of the oil people.

So nothing has happened and nothing is going to happen, except that the US economy will continue to suffer, along with the US workforce.

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Biden’s rigid climate ideology doesn’t matter. He is being held hostage by the awake greenhorns, the unions and some of their allies in the game of renewable fuel subsidies and tax credit.

He won’t give a thumbs up fossil fuels† Biden is completely isolated. I think he is afraid to face the oil people after his recent insults and blatant factual inaccuracies.

The Energy Department’s press release states: “The secretary has made it clear that the government finds it absolutely necessary for companies to bring the offer online in order to get more gas at lower prices at the pump.”

And how exactly are they supposed to do that if they can’t get permits for new drilling, or refineries, or pipelines? How exactly are they supposed to do that? How exactly are these oil companies going to produce more? Explain that to me.

By the way, if you have a president and an energy secretary, among many others in government, who are constantly telling us that the solution to record gas prices is solar and wind farms, and that the tough policy is to abolish fossil fuels, then why would these companies set up large scale investment campaigns when they know they may not be in this fossil fuel business anymore?

The cavalry will finally come and Congress will turn Republican in November, but the White House and Biden’s executive branch may just go ahead and enact these anti-fossil fuel regulations.

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These large fossil fuel companies report to their shareholders who own the companies. These investors want management to deploy their capital at the most efficient and highest possible return.

Joe Biden tells them, don’t invest in fossil fuels, even if it used to be your business. It is over. It’s good for Russia, which is now back to the peak of pre-war oil production, good for the Saudis, the Iranians, the Venezuelans, but it’s not good for American companies.

You can’t just order more gasoline. There is a long lead time process and this SPR business has failed.

A federal gas tax vacation is dead on arrival. Gasoline discounts of some sort are a joke, so the president and his energy secretary just decided to order the CEOs. Do you remember the flawless inflation? This is impeccable refinement.

I trust the Lord in all things, but it is not clear to me that he will magically produce new supplies of refined gasoline. That’s a bit too earthly and material, I suspect, for him.

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Last point, I don’t understand the politics of this. If I were Joe Biden, and I was absolutely going to be cheated in the polls, and my party is heading for a major electoral defeat under this green policy, I would probably want to change, reset, show flexibility, so something that consumers, motorists and workers thinking “there’s someone in the White House who has eyes and ears,” but no, the Bidens double or triple, the same old failed policy, not even a little meet-and-greet cup of coffee with some of America’s greatest CEOs.

I’ll just conclude: what a terrible story.

This article is adapted from Larry Kudlow’s opening commentary on the June 23, 2022, edition of “Kudlow”.

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