Wall Street execs think Biden’s Energy Policy is incomprehensible
Charlie Gasparino on Fox Business
Charlie has written several books on Wall Street and politics and is an in the know guy. He states the execs will not go public but are beyond the pale on Biden and energy.
Consider what Biden inherited. Finally we had an energy independent USA. He cancelled the Keystone Pipeline the first day in office. Progressives want high gasoline pump prices to get you excited for electric cars, which of course have to be recharged using some kind of energy. But blocking every kind of pipeline, drilling project, issuing more restrictive regulations only increased the price of oil and gasoline. Gasoline soared to $4. The Saudis see Biden wanting to eliminate carbon fuels. Okay in that case the Saudis conclude they want all the money they can make between now and electric heaven to come. By the way, electric cars will drive on asphalt roads which are a product of oil refining. As more nations build roads and move from motor bikes to automobiles, the demand for asphalt will only increase.
In yet another moment of ‘shoot myself in the foot’ Biden declared Saudi Arabia a pariah over its alleged murder of a journalist. (The USA of course has never ordered a hit on anyone…) Now we learn that Team Biden begged the Saudis to postpone a production decrease until after the mid-term elections. Running his own country, The Prince went the other way.
Now incredibly, Democrats want to curb US arms sales to the Saudis. Biden continues to try to deal with Iran, the Saudi enemy. And of course, CA Governor Gavin Newsome wants a windfall profits tax on oil companies. In the 1980s that resulted in a retreat from the US by major oil companies, is that what we need?
Bench oil hit $98 this week. With the election just a month off, the stock market down 7,000 Dow points this year, rallied 827 points Thursday. Gee, the Plunge Protection Team is back! But I doubt this gets us beyond 31,000 from our present 30,038. Jimmy Carter tried similar stunts in his re-election bid like trying to force interest rates down. It did not work for Jimmy and I doubt this will work for Joe.
