On Tuesday, Joe Biden stood in front of the nation and offered us nothing.
He blamed inflation on just about everything but his own policies and he vowed to do everything he can to get this ship righted.
Then, his administration turned around and canceled one of the most high-profile oil and gas lease sales on the books.
The Key…
I am not sure if Joe realizes this is or not, but lowering the price of gasoline is the absolute key to getting inflation headed back in the right direction.
When gasoline prices are high, the cost of everything else in this country soars.
Why? Well, it is simple math.
Regardless of all other factors, when it costs more to transport goods, the cost of those goods goes up.
So, what does he do? He cancels a lease for over one million acres in Alaska’s Cook Inlet.
Additionally, two other major leases were canceled in the Gulf of Mexico.
The Department of the Interior said it canceled the Alaska lease to a “lack of interest” and the two Gulf leases due to “conflicting court rulings.”
Steve Milloy, a former Trump-Pence EPA transition member and founder of JunkScience.com, stated, “In Alaska, the problem was that the greens scared off virtually everyone.
“It’s expensive to explore and drill, and the greens made it pretty clear, they were going to make it even more difficult.”
By greens, he means the environmentalists, who are being encouraged by this administration.
Milloy added, “I blame Biden for all lack of production. He has scared away investment.
“I don’t trust him in court defending leasing.”
Frank Macchiarola, senior vice president of policy, economics and regulatory affairs at the American Petroleum Institute, added, “Unfortunately, this is becoming a pattern – the administration talks about the need for more supply and acts to restrict it.
“As geopolitical volatility and global energy prices continue to rise, we again urge the administration to end the uncertainty and immediately act on a new five-year program for federal offshore leasing.”
On Tuesday, national gasoline costs hit a new record high.
Thanks, Joe!
Source: Fox Business
