Ok.T. McFarland famous how the Biden administration’s power insurance policies profit Russia by driving up the worth of oil in an interview on Friday’s version of SiriusXM’s Breitbart Information Each day with particular visitor host Joel Pollak.
Because the inauguration of Joe Biden, the worth of crude oil has risen 25 p.c, from $53.24 per barrel to $70.91 as of this text’s publication.
“Russia is a gasoline station with a flag,” McFarland stated. “Russia wants excessive power costs — that’s its solely export — and so by pushing the world value of oil down … and by making america the world’s main power supply, we have been in an ideal place, however [Joe Biden] has reversed all of that.”
Beneath former President Donald Trump’s tenure, the U.S. became a web exporter of oil and pure gasoline. September 2019 marked the primary month U.S. exports of crude oil and petroleum merchandise exceeded imports since 1949.
McFarland highlighted America’s securing of power independence within the oil and pure gasoline industries “due to the fracking trade.”
The value of oil is a geopolitical matter, McFarland famous, highlighting the centrality of oil exports to Iran’s and Russia’s economies. “[U.S. energy independence] is nice for our financial system [and is] notably good as a result of it put our adversaries — Russia and Iran — in a foul place.”
Economist Stephen Moore warned that the Biden administration’s power insurance policies, ostensibly pushed to fight “local weather change,” will erase American power independence and stop the event of multitrillion-dollar home assets.
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