Expert schools Biden admin on energy industry amid ‘crazy’ and ‘dangerous’ moves
Phil Flynn believes Biden admin is more interested in the price of gas than ‘sending a strong message to Russia’
Senior energy analyst at The PRICE Futures Group Phil Flynn warned on Friday that the stakes in the global oil market "have never been higher" as the war between Russia and Ukraine rages on and with the potential of the U.S. getting more Iranian supplies in the event of a nuclear deal with Tehran.
Flynn argued that an advancement with Iran would be "crazy" and "dangerous" and warned that the move would compromise national security.
The energy expert made the argument on "Mornings with Maria" as the invasion of Ukraine by Russian forces intensified.
Russian forces gained ground, shelling Europe’s largest nuclear power plant and sparking a fire early Friday as they pressed their attack on a crucial energy-producing Ukrainian city. Oil prices remained elevated early Friday.
|USO||UNITED STATES OIL FUND L.P.||64.80||+0.71||+1.11%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||25.98||+0.31||+1.21%|
U.S. benchmark crude hovered around $111 per barrel on Friday morning while Brent crude, the international price standard, was around $113 per barrel.
Oil prices are set to post their strongest weekly gains since the middle of 2020, with U.S. crude up more than 22% and Brent at 16% after hitting their highest in a decade.
Flynn argued that one of the reasons oil prices remained elevated on Friday is because of "concerns that the world is going to blow up."
"One of the biggest concerns overnight was this taking over of this nuclear power plant, a fire was there, it shows that the stakes in the global oil market as well as the world have never been higher," Flynn told host Maria Bartiromo. "This is really dangerous stuff."
Those signs of an escalation in the conflict overseas, with the reports of a fire at a Ukrainian nuclear power plant, spooked markets before authorities reportedly said the fire in a building, identified as a training center, had been extinguished.
Flynn noted that oil markets also experienced "big volatility" on Thursday and prices "were set to continue to soar, but then all of a sudden we started hearing reports that the Biden Administration is just on the door of a nuclear power deal with Iran and don’t worry Iranian barrels are going to be to the market very soon."
Flynn then "blasted" the "crazy" advancement, arguing that "we’re dealing with the devil."
"Europe made a deal with the devil in Russia and now their being held hostage to their own energy policies," he told Bartiromo. "Now the Biden administration wants to make a deal with the devil in Iran and have the United States held hostage to bad energy policy."
He stressed that if that were to happen, it would be "a danger to the world."
Oil prices moved in a $10 range on Thursday, but settled lower for the first time in four sessions as investors focused on the revival of the Iran nuclear deal, which is expected to increase Iranian oil exports and, in turn, ease tight supplies, Reuters reported.
"This is how desperate the Biden administration is right now," Flynn said. "They want to get back into a deal, any deal because they know that they are taking the heat for rising energy prices."
He went on to argue that the Biden administration doesn’t "have a plan" and "want to embrace Iran and bring their barrels to the market."
"It’s just ludicrous," he stressed, arguing that the potential move is "why the market is nervous."
A White House spokesperson did not immediately respond to FOX Business’ request for comment.
Meantime, the Biden Administration is facing increased pressure from both sides of the aisle to ban energy imports from Russia.
Responding to a question from Fox News White House Correspondent Jacqui Heinrich on Thursday, White House press secretary Jen Psaki argued that Russian oil only accounts "for about 10% of what we are importing."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"I have not made any announcement about any decision on the front, but our objective here and our focus is making sure that any step we take maximizes the impact on President Putin and minimizes it on the American people and anyone who is calling for an end to the carve-out should be clear that that would raise prices," she continued.
Flynn argued on Friday that the Biden administration acknowledged that it is "more interested" in the price of gasoline than "sending a strong message to Russia" by not banning Russian oil imports.
CLICK HERE TO READ MORE ON FOX BUSINESS