No More Begging! America Should Produce It's Own Oil

On 'Varney & Co.' Heritage Foundation economist Diana Furchtgott-Roth discusses U.S. oil prices and inflation caused by the Biden' Regime's policies.

Stuart Varney: But in the event of a wider war which I think now looks probable, what happens to the price of oil and what impact does that have on us, the markets, and the global economy?

Diana Furchtgott-Roth: Well, I think that what this war has shown us is first of all surprises happen and secondly that we need to be self-reliant, and that means that we need to be producing our own oil.

We don't want to be going to Venezuela begging bowl in hand, or Saudi Arabia begging bowl in hand. And it's time for President Biden to roll back his war on domestic oil, which he has. We're having a war on domestic oil.

Stuart Varney: Diane, he's not going to do that. In all sense of reality, he's not going to do that.

Diana Furchtgott-Roth: Well, no one would have said that he built a border wall. No one said he was going to announce a wall on the border. But this would help him politically. Because, right now he has a divide in his faction. He has a divide between the blues and the greens. So there's the green environmentalist and the blue collar workers. He's been favoring the greens, but not the blues. And so, the price of electricity is up, the price of gasoline is up, the prices of appliances are up because he wants to outlaw, for example, gas stoves, dishwashers that use a lot of water, cars that people like to drive, like F-150s, in favor of electric vehicles that people don't want to drive.

So, it would help him going into an election year. And not that I an economist want to be giving advice to President, but I know what my friends say. I know what everybody thinks. Everybody thinks prices are too high. Price of gasoline is too high, and they want something done about it. So, if he just said, all right we're going to approve these leases sooner. We're going to approve the pipeline sooner. I'm not going to ask the Securities and Exchange Commission to penalize companies because of the investments they make in fossil fuels. We're not going to penalize banks for the loans they make. He would say the Middle East war . . .

Stuart Varney: I'm smiling because he's not going to do it.

Diana Furchtgott-Roth: The Middle East War is a perfect excuse.

Full Interview:https://www.youtube.com/watch?v=TVGb3ghfA4g

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