Kudlow: America shouldn't be held hostage to Russian natural gas
Kudlow reveals Biden's 'mistake' in Ukraine crisis
Kudlow: This is Biden's mistake
FOX Business host gives his take on the president's energy policies amid the war between Russia and Ukraine on 'Kudlow.'
On a Sunday talk show, Madam Psaki said Biden critics are "misdiagnosing" the problem vis-a-vis Vladimir Putin and his oil and gas.
We don't need more oil and gas in the US; we need to ween ourselves off it. Reopening fossil fuels is not the answer.
Well, she's wrong, dead wrong. Just ask Germany and Europe, who decided to go green. That didn't work. Their economies slumped. They even had to go back to coal and ultimately are held hostage to Russian natural gas.
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Russia's President Vladimir Putin gives comments to the media after a ceremony to sign a declaration on allied cooperation between Russia and Azerbaijan at Moscow's Kremlin. (Mikhail Klimentyev\TASS via Getty Images / Getty Images)
America shouldn’t be held hostage to Russian natural gas or anything else for that matter.
Joe Biden has not yet sanctioned Russian energy companies or energy lending banks, but he has sanctioned the entire American fossil fuel industry. That's his mistake.
Besides ending the Keystone Pipeline, stopping drilling in Alaska, raising drilling fees on public lands and generally insulting our energy companies at every turn, as he did last Thursday for example, now the Interior Department has frozen all new leases on federal lands.
The Energy Department has frozen six applications for LNG exports, four of which would go to Europe. FERC, the SEC, and quite possibly the Federal Reserve are all waging a jihad against fossil fuel companies. This is madness.
We're still pumping under 12 million barrels of oil per day. We should be moving toward 14 million and then 15 million.
Our natural gas and LNG is the cheapest and cleanest in the world.
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FOX Business host gives his take on the war between Russia and Ukraine on 'Making Money.'
Turning on all the spigots full throttle should be our policy right now. That would reduce prices for world oil and domestic gasoline and would undermine Vladimir Putin's war financing.
How Biden can't see this is beyond me. Solar panels and wind turbines are not going to defeat Putin. Gearing up energy independence for the world's greatest energy industry will defeat Putin.
Don't forget – sky-high oil prices empower the Russian dictator. In 2008, with $150 a barrel, he took Georgia. In 2014, with $100 a barrel, he took Crimea. This past year, going from $50 to $100, for an $84 billion profit, he has invaded Ukraine, and there is no telling where else he will go.
That is the cold, hard facts of history.
The U.S. and Europe have finally done the right thing in sanctioning Russia's central bank. That neutralizes their $630 billion foreign exchange reserves. The ruble has collapsed. Other investment sanctions will badly damage Russia's economy.
But, but, but … we have not sanctioned Rosneft and Gazprom, nor some of the energy lending banks, so Putin's oil and gas war financing scam continues.
We're going to have to make a tough call pretty soon about this, unless the brave Ukrainians can somehow stop Putin's war machine. But this whole problem was brought on by radical left, Green New Deal policies, and of course, the catastrophic withdrawal from Afghanistan.
These problems are of Biden's own making. We'll see what he says Tuesday night in his State of the Union, but here's one last thought: No matter what Biden and his cronies may say, the problem is not America.
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U.S. President Joe Biden delivers remarks about Russia's "unprovoked and unjustified" military invasion of neighboring Ukraine in the East Room of the White House on February 24, 2022 in Washington, DC. (Photo by Drew Angerer/Getty Images / Getty Images)
The problem is not Jimmy Carter's American malaise. The problem is a malaise in the Biden administration, with big government socialist policies that the American people have completely rejected.
The American folks are alive and well. The cavalry is coming. Save America.
This article is adapted from Larry Kudlow's opening commentary on February 28, 2022, edition of "Kudlow."
