Day two of the Saudi-OPEC October surprise. Even worse than the oil production cut and the price hike is the Biden response. From a statement by the National Security Council and the National Economic Council, the decision is, "A reminder of why it is so critical that the United States reduce its reliance on fossil fuels."
The Wall Street Journal editorial board asks, "Do these people know how preposterous they sound?" Couldn't have said that better myself. In fact, I have said it. In less than two years, the Biden lefty climate extremists have given world energy power back to Saudi OPEC, and now add Russia to that list.
Donald Trump left office with an energy-independent, dominant role. Joe Biden has squandered that legacy by quickly moving from independence to dependence. Biden's misbegotten, unscientific, hysterical obsession over climate change has landed us back in the grip of the oil sheikhs.
Make no mistake, oil power is world, economic and political power. Eighty percent of global energy comes from fossil fuels. After spending trillions and trillions of dollars in recent years for so-called green energy, the needle hasn't moved but for the tiniest infinitesimal fraction.
The radical greenies have never provided a serious, alternativen energy framework. Never. Not once. In fact, they won't even acknowledge that moving toward greener energy by itself would require substantial carbon power. They may not understand this, but the majority of Americans see right through it.
The U.S. Oil and Gas Association tweeted yesterday, and I love this: "OPEC says no, SPR options all but gone... The WH has one option left and it is the one option they should have never turned away from in the first place — the [U.S.-based] oil and gas industry. Life comes at you pretty fast... "
CEO Tim Stewart will join us later in the show. I really like his truth-telling spirit, even if the Bidens will never understand truth to power.
Meanwhile, once again, the Bidens are running to hug that famous, democracy-loving U.S. ally Nicolás Maduro, the President of Venezuela, the leading socialist, communist country in South America — for literally a couple of additional barrels of very dirty oil.
Maduro is supposed to turn Venezuela back into a freedom-loving democracy in return for which Maduro is supposed to agree to free and fair presidential elections. Mind you, that country is essentially being run by the Cuban secret service.
The real, democratically elected national leader is Juan Guaidó, the head of the National Assembly. Are the Bidens talking to him? Venezuela has been kept afloat in recent years by Russia, Cuba and China. Is this what American foreign policy should really be about?
Then there's a Wall Street Journal news report that left-wing Democrats in Congress are going to somehow stop Saudi OPEC by suing members of the cartel for anti-trust violations or removing U.S. defense systems from Saudi Arabia and the UAE.
Did the Bidens ever consider that their near-desperate efforts to cut a nuclear deal with Iran is a key reason — the terrorist scourge of Israel and the whole Middle East — might be a key reason why the Saudis are now tilting toward Russia?
Then we learn that President Biden is now contemplating a complete block on all federal offshore leases. Really? Are there any adults in the Biden administration? Is there anybody in the White House with any horse sense at all?
Then there's Treasury Secretary Janet Yellen now blaming Pakistani floods on global warming. Really? Serious climate scientists would tell her an observation like that requires about a hundred years of data, but she doesn't talk to serious climate scientists.
Instead, she's too busy appointing the Treasury Advisory Committee on Racial Equity, whose vice chair believes that racism shapes our economic rules and institutions and called for defunding the police a couple of years ago.
Here I always thought the Treasury Department was in charge of our nation's finances like spending, taxing or overseeing the banking system and keeping the dollar currency sound and reliable. Guess not. My Lord, will the cavalry get here soon enough?
This article is adapted from Larry Kudlow's opening commentary on the October 6, 2022, edition of "Kudlow."