print-icon

Saudis Respond To Biden: Your Energy Crisis Isn't Our Problem

Tyler Durden's Photo
by Tyler Durden
Friday, Nov 05, 2021 - 12:09 PM

US gas prices at the pump (national average) are at $3.421, having soared since President Biden was elected - much like they did when President Obama was elected - to some of the highest prices in history...

President Biden refuses to take any blame for this. Instead of realizing the climate-crisis-focused policies are impacting the fossil fuel supply chain before the replacements are ready to fill the void, he has blamed COVID and OPEC+ - driving America to be more dependent on foreign oil rather than increase production domestically.

OPEC+ made it clear this week what exactly they think of President Biden's proclamations by not budging from their oil-production plan and Bloomberg reports that Saudi Energy Minister Prince Abdulaziz bin Salman told reporters:

“Oil is not the problem... The problem is the energy complex is going through havoc and hell.”

Of course, always wanting to signal their virtue and follow the narrative - and amid the farce that is COP26 - Democrats have decided that this is the right time to offer a bill that stops banks from financing fossil fuel plans.

Senators Edward Markey and Jeff Merkley introduced the bill which would would require the Federal Reserve to mandate that major banks stop the financing of projects that emit greenhouse gas emissions.

The legislation would prohibit financing of new or expanded fossil fuel projects by 2022 and prohibit the financing of all fossil fuel projects by 2030. It would also prohibit thermal coal financing by 2025.

Which, of course, will lead to less development, lower supply, and higher and higher prices...

And finally, if that wasn't enough, shortly after commenting that "the Biden administration is very concerned about the price at the pump," here is how Jennifer Granholm, the US Energy Secretary, responded when asked by Bloomberg's Tom Keene how the Biden administration would increase crude production to meet demand and lower gas prices for average joe...

She added:

“It is not the president’s doing that is causing the oil and gas companies right now to decide to slow down. They were slowed down because of Covid,” Granholm said.

“Right now, we are not at the point where the build-out of clean energy is enough to supersede the need for fuels -- fossil fuels,” Granholm said.

“And so making sure that this winter that people don’t have to pay through the roof for gas, gasoline and natural gas is an important agenda item for the president.”

Not exactly reassuring to Americans whose cost of living is soaring.

0