There he goes again. Here’s President Biden complaining about oil companies not refining enough gasoline. Take a listen:
PRESIDENT BIDEN: “They have 9,000 leases… 9,000 leases, they should use it or lose it… They cut back on refining and say they don’t want to be caught in position… Don’t want to get stuck… I want an explanation from them as to why they’re not refining more oil.”
However, on Friday, API President Mike Sommers told us this:
MIKE SOMMERS: “Because of the COVID pandemic and because of environmental regulations and incentives from the federal government, there have been 11 refineries that have shut down just in the last two years.”
Somebody here is right and somebody here is wrong. I’m taking the over on Mike Sommers and Former Vice President Mike Pence will be here in a few moments, and he has a thing or two to say about climate czar, John Kerry actively working to stop loans and financing of energy companies, which of course would include refining operations.
Then, of course, who would want to make a long-term investment in refining knowing that this administration wants to end fossil fuels altogether?
And of course, Biden’s extreme environmental regulations including clean air and clean water would never permit a new refiner in the first place. Businessman John Catsimatidis points out that U.S. oil refiners have dropped in the last 40 years from 301 all the way down to 124.
On another front, President Biden met with Democratic economic critic Larry Summers this morning. We don’t know all that they talked about, but Summers a year and a half ago argued that excessive federal spending would cause high inflation. Biden said no it won’t, Summers said yes it will.
Summers was right, but Uncle Joe hasn’t learned much because he’s still pushing for a “build back smaller” package that would spend nearly $1 trillion according to some sources, combined with a $1.7 trillion tax hike.
If these sources are to be believed, Senator Joe Manchin is holding secret negotiations with Senator Chuck Schumer to pass this high-spend, high tax package that would make both recession and inflation even worse.
I hope these reports about my friend Joe Manchin aren’t true. I have a hard time believing it. He was so terrific in saving America and killing the original bill. Joe, please don’t break my heart. We’ve done enough damage to the American people, and to the American economy. Let’s not do anymore.
In his speech today in Chicago, our next guest Mike Pence says, “the night is always darkest just before the dawn.”
Gosh, I hope that’s true because I believe the cavalry is coming, but sometimes I’m afraid the night always looks darkest before it turns completely black. Hope that’s not the case right now.
This article is adapted from Larry Kudlow’s opening commentary on the JUNE 20, 2022, edition of “Kudlow.”