Putin is not responsible for the uncontrollable gas prices in the United States. Biden is, writes ANDY PUZDER

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Mr. Puzder is the former CEO of CKE Restaurants, Senior Fellow at the America First Policy Institute, and Visiting Scholar at the Heritage Foundation.

Let’s make one thing very clear, oil prices are rising because of President Joe Biden and his crazy green energy policy.

I am no apologist for Russian dictator Vladimir Putin and I am appalled at the war crimes his regime is committing while waging a war of willful aggression against Ukraine.

But Putin’s war crimes shouldn’t pull Biden off the hook.

The president made it very clear during the election campaign that his administration would do everything possible to sacrifice domestic energy production on the altar of the green energy fantasies of the left.

Now Americans are suffering the consequences.

Inflation is at an unimaginable high of 7.9% on an annual basis. That’s a new 40-year high – for the third month in a row.

‘[The] The inflation report is a reminder that Americans’ budgets are being strained by price hikes and that families are starting to feel the pinch of Putin’s price hike,” Biden said Thursday.

Leave me alone!

Let’s make one thing very clear, oil prices are rising because of President Joe Biden and his crazy green energy policy.

The historic rise in consumer prices preceded the Russian invasion by several months.

I and many others have warned that Biden is stoking the inflationary fire by pumping trillions into the economy.

Today’s spike in energy prices was also entirely predictable.

As the saying goes, Biden should have been careful what he wished for – because now he has it.

Speaking at a presidential debate as Senator Bernie Sanders looks on, Biden made his energy policy very clear.

“One, no more subsidies for the fossil fuel industry. No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue drilling, period, end, number one .

Consistent with Biden’s campaign pledge, his administration has taken deliberately calculated steps to raise energy costs in hopes of making fossil fuels as unaffordable as possible while making less efficient and more desirable “green” alternatives more desirable. dear.

The destruction of the Keystone XL pipeline and the suspension of drilling permits in the Arctic National Wildlife Refuge (ANWR), the Gulf of Mexico and other federal lands were just the beginning.

John Kerry, the administration’s “climate czar,” has pressured banks and financial institutions to reduce their commitments to U.S. oil and gas companies and withhold financing for oil production worldwide by joining the Net-Zero Banking Alliance.

I am no apologist for Russian dictator Vladimir Putin and I am appalled at the war crimes his regime is committing while waging a war of willful aggression against Ukraine.

I am no apologist for Russian dictator Vladimir Putin and I am appalled at the war crimes his regime is committing while waging a war of willful aggression against Ukraine.

Major banks including Citi, Wells Fargo, Bank of America, Morgan Stanley, Goldman Sachs and JPMorgan Chase all joined the Alliance in March last year, just 2 months after Biden took office.

The explicit intent of this pressure campaign is to cut off funding from oil producers, increase production costs and reduce supply, which drives up prices at the pump.

It’s not rocket science.

Kerry’s action attracted attention.

Members of the Senate Banking Committee sent a letter to Kerry last April objecting to his “pressure on banks to make extralegal commitments regarding related lending and investment activities.” to energy” which would result in “increased energy costs for American consumers”.

The following month, 15 state treasurers sent Kerry a letter complaining that he and other members of the Biden administration were “privately pressuring American banks and financial institutions to refuse to lend or to invest in coal, oil and natural gas companies, as part of a misguided strategy to eliminate the fossil fuel industry in our country.

So it wasn’t like people hadn’t seen what Kerry and Biden were doing long before Putin invaded Ukraine.

But scapegoating is nothing new for this president and his administration.

While Biden blamed Putin for rising energy prices, White House press secretary Jen Psaki pointed the finger at the US fossil fuel industry, observing that there are 9,000 leases of pre-approved oil and gas drilling that lay unused.

“I would suggest you ask the oil companies why they don’t use them if they want to drill more,” Psaki quipped to a Fox News reporter earlier this week.

PSAki’s claims ignore reality.

For one thing, drilling is expensive, and the Biden administration has done everything to make getting funding for these projects as difficult as possible.

While Biden blamed Putin for rising energy prices, White House press secretary Jen Psaki pointed the finger at the US fossil fuel industry.

While Biden blamed Putin for rising energy prices, White House press secretary Jen Psaki pointed the finger at the US fossil fuel industry.

Even if you have a lease, you still need a permit, shipping access, and capital to run the rig.

The cost of land drilling starts at around $20 million and can go as high as $26 million per oil rig. Offshore drilling costs start at around $210 million.

Even if you have a lease for drilling, commissioning an oilfield is an expensive business.

If you’re an independent producer, the costs can be prohibitive, especially if you’re short on credit.

In addition, companies large and small considering making the necessary investments to open new wells need to be confident that the federal government will not regulate them.

As things stand under Biden, that level of trust is low.

The price of oil is, of course, set internationally based on global supply and demand as well as anticipated supply and demand.

So when the United States, then an independent energy nation and the world’s 4th largest oil exporter, elected a president committed to cutting production, anticipated supply fell.

Given the surge in demand as the world emerged from the pandemic, it’s no mystery or coincidence that global energy prices have soared – even before Putin invaded. Ukraine.

When America was aggressively exploiting its vast shale deposits under President Trump, pump prices fell and inflation was low.

John Kerry, the administration's

John Kerry, the administration’s “climate czar”, has pressured banks and financial institutions to reduce their commitments to US oil and gas companies.

When Biden reversed that momentum, prices soared, contributing to a spike in inflation.

If Biden wanted to see energy prices fall, he could let the world know that supplies were about to increase by announcing that his administration would aggressively support U.S. oil and gas producers, encourage — rather than discouraging – investment, granting permits, building pipelines and reducing regulations.

An increase in expected supply alone would reduce current prices. Of course, none of that will happen because Biden’s goal is to raise — rather than lower — fossil fuel costs.

But the Biden administration’s determination to stifle domestic oil production has failed to reduce consumption.

In fact, the US Energy Information Administration predicts that US consumption will continue to rise in the future.

On the contrary, Biden’s policies have resulted in an increase in our oil imports mainly from our geopolitical adversaries.

Why anyone considers it better for the environment to burn foreign oil rather than oil produced in the United States remains a mystery.

What we hope to learn from Putin’s horrific invasion of Ukraine is that empowering our enemies with oil dollars both diminishes our economic strength and endangers our national security.

We are simply financing our enemies and adversaries and helping them to pursue goals contrary to both world peace and our national interest – when we could meet our own energy needs without depending on our adversaries, strengthen our economy and reduce inflation.

It is simply insane that Joe Biden apparently would rather buy oil from totalitarian regimes and terrorists than from Texas.

What Vladimir Putin is doing to Ukraine is reprehensible. But let’s face it, fear of it is only part of the reason oil prices are rising.

America could offset these fears with aggressive support for the US energy sector. Failure to do so is Joe Biden’s fault.

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