A little juggling tonight as we open our show. President Biden must speak. Right now we are following him. If there are titles, we will come back to them for you.
In addition, we are grateful to have with us the distinguished Republican Senate Whip, John Thune of South Dakota, and we will provide him with his comments.
Let me start with an abbreviated riff tonight. First of all, as I mentioned before, President Biden’s handling of this matter Putin-Business in Ukraine has been uncertain, ambiguous, reactive and embarrassing for anyone who believes in “America First”.
Biden is expected to send Putin a full diplomatic demarche – not another phone call – but a written statement giving him a March 1 deadline to return Russian troops to their normal barracks and if they don’t, on March 1, the US will impose massive general banking and energy sanctions. We should have done this six months ago.
Next topic: Global oil prices top $90, most likely up to $100 or more, but the radical climate scientists who populate the Biden administration with the President’s enthusiastic support continue to wage war on all forms of fossil fuels and pipelines.
Europe and the rest of the world need more oil and natural gas and they need it now. We have enough of an inflation problem as it is. So naturally, Team Biden is doing everything they can to prevent that. Sure, they stopped drilling in Alaska, shut down the Keystone XL pipeline, and increased drilling fees on public lands.
In recent weeks, the fossil fuel jihad has intensified. First, they pulled the rug out from under the infrastructure bill by stopping the only federal decision, NEPA allowing the provision, with excessive regulatory burdens for the environment and endangered species. Bridges, roads and highways will be harmed and new pipelines could be dead.
Then Biden’s regulator FERC, or Federal Energy Regulatory Commission, voted on Thursday to push for climate regulations and red tape on any new gas pipeline projects. OK? So say goodbye to pipelines.
KUDLOW: RASKIN IS A DISTANT RADICAL
Additionally, the SEC is working hard to pressure investors away from fossil fuels with heavy new climate disclosures and there is a battle royale over Biden’s nomination of Sarah Bloom Raskin as Fed Banking Supervisor, as she has vigorously advocated in public for allocating bank and loan capital to the fossil fuel industry.
Then there’s the Larry Fink Blackrock story where he and other big, massive index funds are forcing investors away from any fossil fuel companies, but of course they’re also trying to move investors so that they invest in China, their army and their communist party. .
So the world needs oil and natural gas and Joe Biden is doing everything he can to say “no”.
Do you think Vladimir Putin has a smile on his face about this? Yeah. I bet he does.
His best friend is Joe Biden who is killing the world’s biggest energy industry here in America with presidential edicts and regulatory czars at FERC, FED, SEC and elsewhere – and God knows what else they are up to. It’s my riff.
This article is adapted from Larry Kudlow’s opening comment in the February 18, 2022 edition of “Kudlow”.