Things Joe Biden and Jen Psaki won't tell you about the oil crisis

The biggest reason I watch Larry Kudlow's program on FBN is because it tells me things that Joe Biden, Jennifer Granholm and Jen Psaki won't tell me about fossil fuels. Larry's daily opening riffs often are the highlight of my day. Today's riff isn't any different.

Today's riff introduces the concept of "the Biden regulatory octopus." Kudlow explains it this way:

Put aside federal permits and leases and look at private lands. They don't need federal permitting, but—and it's a huge but—private oil development may run into federal opposition from the Endangered Species Act, the Clean Water Act, NEPA, or other federal statutes that would block drilling and that is exactly what's happening.

9,000 federal leases or not, reality is the EPA, FERC, the SEC and the Federal Reserve are all working against new oil and gas production, particularly the EPA and FERC. They are invoking this crazy social cost of carbon metric which is, as I've said, covers upstream, downstream, global, and past centuries estimates of CO2 emissions. That's right, centuries. Now that's tough to fight and, in fact, that's how the Biden regulatory octopus is stopping oil and gas production.

Apparently, there's a wing of the Democrat Party that is unyieldingly stiff-necked about their worship of Mother Earth. Apparently, Joe Biden isn't willing to cross that wing of the Democrat Party.

When Jen Psaki lights into her 9,000 permits schtick, she's intentionally avoiding talking about the lack of pipelines required to transport product to refineries or ships. Ms. Psaki isn't talking about banks that won't lend to companies who drill or frack for oil or gas, either. Then there's this from Mr. Kudlow's riff:

President Biden won't acknowledge this. He's too busy attacking the fossil fuel industry, but his big government socialist central planning apparatus, something right out of Hayek's "Road to Serfdom" is regulating fossil fuels out of existence. That's why we're a couple of million barrels per day below pre-pandemic levels and you've got the SEC on the verge of issuing important climate change regulations on investors and the possible appointment of Sarah Bloom Raskin at the Fed to use bank supervision to reallocate capital from fossil fuels to green energy.
That certainly describes hostility towards fossil fuels, doesn't it? This is definitely hostility towards fossil fuels:
Incidentally, FERC has stopped new pipelines because of the social cost of carbon, but producers will tell you they're not going to drill more unless they can find some additional pipeline space. So, there's a bottleneck.
Republicans should commit to introducing a fossil fuels infrastructure bill if they're elected to the majority in the House and Senate. Then the GOP should pass a budget reconciliation bill that includes re-opening drilling in ANWR, too. Force Democrats to vote yea or nay on those bills by making them part of the budget bill that funds the government.

It's time to tell the U.S. who's fighting for America First policies and who's fighting for AOC's Green New Deal.

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