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Throughout an interview on “Fox & Pals Weekend” Sunday, FOX Enterprise host Larry Kudlow weighed in on the Russian invasion in Ukraine, asserting that President Biden has made an “huge mistake” by making the US energy-dependent.
RUSSIAN FORCES PENETRATE UKRAINE’S SECOND-LARGEST CITY AS FOURTH DAY OF FIGHTING CONTINUES
LARRY KUDLOW: John McCain put it very effectively, it was certainly one of his most interesting moments, he was a good friend of mine. He mentioned Russia’s an outdated fuel station masquerading as a rustic. All they do is oil and fuel. That is it. They’ve some uncooked supplies, too, so the best way to get at them is to open the spigots huge. OK, drill, drill, drill. Pipeline, pipeline, pipeline. Get the world oil worth down. That is the place Biden has made an infinite mistake and has handed Putin, you already know, on a silver platter, lots of monetary energy. I will offer you a bit of little bit of historical past actual quick. When oil costs bought to $150 a barrel in 2008, Putin took Georgia OK, then oil costs simmer down. Then oil costs in 2014 bought again to $100 a barrel. Putin took Crimea. Then, with the fracking revolution, which began below Obama, though he opposed it after which continued below Trump with power independence. Oil costs have been low, you already know, 25, 40, 45, possibly $50. You by no means heard from Putin. The previous 12 months, oil costs have jumped from $50 to $100. Putin made about 85 billion in earnings from that, and he is utilizing that cash to finance his conflict on Ukraine.
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So the ethical of the story is: open the spigots. Biden is doing precisely the reverse. At his press convention Thursday, Biden attacked the oil and fuel corporations, “do not reap the benefits of it.” Jennifer Granholm proper now, the power secretary has a maintain on six LNG export initiatives she will not put it by. The Inside Division has stopped all new federal leasing for brand spanking new initiatives, whether or not it is oil and fuel or LNG exports. They’re doing the whole lot to assist Putin relatively than to harm him. So, I am for sanctions. You understand, and we have to go additional on that. We have to sanction the central financial institution. We have to sanction all of the industrial banks that may damage rather a lot, however finally pour it on. We may produce 15 million barrels a day. We’re solely at 11 and a half now. You do this. Gasoline costs come down the world crude worth comes down. Putin loses cash. So like Ukraine, he is caught in Ukraine has price him much more cash than he thought. That is the best way to go after him. Reinstate the Keystone Pipeline. Reinstate the drilling in Alaska. So easy. All of the above, the power policy- I am not in opposition to renewables. I am saying, do not shut down our principal supply as a result of we’re handing Putin earnings and he makes use of these earnings to train, you already know, his no matter demonic…he desires to interrupt up NATO, take the U.S. and simply drill, drill, drill.
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