EDITOR NOTE: For a short and shining moment, America was the world’s top oil producer. We were no longer reliant on the Middle East or any region in the world for the very thing we needed to “drive” our economy. The Keystone XL oil pipeline was critical to maintaining our energy independence. Now, with President Biden in office, American oil independence is about to undergo a major decline. We’re about to spend a lot of money--most of which will be wasted--hastily pursuing green energy at the most inopportune time. The cart is well ahead of the horse, and it's more than obvious, unless you’re a Washington Democrat. Before you know it, we may be crawling to Middle East nations and even our rival Russia, begging for “legacy oil” supplies--an industry we left in the dust. We’re going to approach them from a position of weakness which they’re going to use against us. By that time, the cost to fill up your gas tank may end up draining your wallet. But the pain doesn’t end there. Government spending on green energy will eventually catch up to your dollars’ value, making gas and other oil products even more expensive. Don’t doubt it for a moment, the likelihood that Biden will bring an energy disaster to America is exceedingly high. On a practical note, you can’t stash enough gas supplies to last you for years. You can hedge using RBOB gasoline futures, but then you risk losing everything should you not have enough capital to handle the leverage. But you can hedge the dollar’s descent. Remember, the Dems care very little about the value of your dollar. Most obviously don’t understand how such basic economic principles work. It’s up to you to preserve your household’s wealth. And investing in non-CUSIP gold and silver is the easiest, smartest, and, frankly, the only way to thrive when the inflation plague infects the American economy.
In his first public speech since leaving office in January, former President Donald Trump slammed President Joe Biden’s energy policies and said they would bring an “energy disaster” to America.
The pro-oil former president touted throughout his term in office America’s energy independence, supported the oil industry, and issued a Presidential Permit to the U.S.-Canada Keystone XL oil pipeline. Trump also actively engaged with OPEC and the OPEC+ group to influence their decisions, including by tweets and phone calls to the leaders of Saudi Arabia and Russia.
President Biden, however, placed green energy as a priority for his Administration, rescinded the Presidential Permit for Keystone XL on his first day in office, and paused all oil and gas permitting on federal lands and waters, and canceled lease sales.
During his speech at the Conservative Political Action Conference (CPAC) in Florida on Sunday, Trump said:
“The Biden policies are a massive win for other oil producing countries and a massive loss for the United States and our great citizens.”
Trump also criticized President Biden’s move to rejoin the Paris Climate Accord.
The U.S. became the world’s top crude oil producer, Trump said, (and America still is the world’s top oil producer).
“Bigger than Saudi Arabia, bigger than Russia by a lot. We left them all in the dust. They were all in the dust. But if the Democrats have their way, we are heading from energy dominance to energy disaster,” Trump said.
“We will now be relying on Russia and the Middle East for oil,” he added.
“He wants to put you all out of business. He’s not okay with energy. He wants windmills, the windmills. The windmills that don’t work when you need them,” said Trump, adding that “Joe Biden has had the most disastrous first month of any president in modern history.”
“So enjoy that when you go to the pump and they’ll say that’d be about $200 to fill up your van,” Trump said.
Originally posted on OilPrice.com