President Joe Biden’s domestic energy policies have been the driving force behind the skyrocketing record-high prices for oil and gas worldwide over the past year and a half, but now that prices have begun to inch down a small amount — likely due to a forced decline in demand — the Biden administration is attempting to take credit for the minor price reductions.
That won’t fly with investment executive Robert Nardelli, the former CEO of Chrysler and Home Depot, who asserted Friday that President Biden chose to “surrender our energy independence” as soon as he entered office, Breitbart reported.
Nardelli’s remarks came during an interview with Fox News Radio host Brian Kilmeade and were likely in response to comments the day before from Brian Deese, the director of Biden’s National Economic Council, who claimed that Biden’s controversial and continuous release of oil from the Strategic Petroleum Reserve was responsible for a recent decline in gas prices.
Biden admin brags about the minor drop in gas prices
Marketwatch reported Thursday that gas prices had declined by around 21 cents per gallon on average over the past month, and while Deese acknowledged that prices were still “unacceptably high,” he nonetheless heralded what he described as “moderation” in pricing.
In an interview with Bloomberg News, Deese asserted, “The release of oil from the Strategic Petroleum Reserve sounds esoteric to people [but] oil-market analysts … will say it was singlehandedly responsible for keeping oil prices from going higher.”
He further insisted that Biden was working closely with domestic energy producers to maintain refinery capacity, highlighted the president’s non-starter call for a temporary gas tax holiday, and suggested that the administration was making other moves to try and bring prices down even more.
Biden “decided on day one to surrender our energy independence”
In his conversation Friday with Fox News’ Kilmeade, Nardelli noted that he had worked with Deese previously in the private sector and seemed to suggest that, in his experience, “execution” and outcome were far more important than whatever “words” were being tossed around.
“This administration decided on day one to surrender our energy independence and make us vulnerable and more dependent on supply from Saudi Arabia and other countries that we kind of held at arm’s length, because of some of their political issues and humanitarian issues,” Nardelli said.
“But I think supply chain, on a broader scale, is inseparably linked to inflation. And again, I heard what Brian said about prices coming down,” he continued.
“I just spent an hour this morning with one of our portfolio companies. Again, I deal with Fortune 500 mid-caps and we’re seeing 20 percent increases regularly,” the investment executive said. “I was in L.A. last week and I saw a 4 percent price increase for a health and happiness charge for the restaurant. I don’t see this going down at all.”
“Price increases are almost like COVID — it’s spreading like crazy and everybody is rushing to increase prices because they think the door might close as we get into a further decline in the second half of this year,” Nardelli added.
This former CEO knows what he is talking about, and he is correct that Biden’s anti-domestic energy production policies are what initially drove prices sky-high and are now, somewhat ironically, responsible for the minor price reductions in as much as Biden has artificially reduced demand and induced an economic recession … not exactly the method by which Americans want their energy costs to go down.