Amazing that as Russia has invaded Ukraine, Joe Biden has fled Washington DC for his compound in Delaware. Call him “Runaway Joe.”
Biden’s green energy policies make the US more energy dependent on foreign countries such as … Russia. Now we see the folly of Biden’s energy policies.
For example, gasoline futures are up 99% since December 31, 2020. Some of the recent increases in gasoline futures can be attributes to the Russian invasion of Ukraine, but the price surge started when Biden entered the White House and killed off energy exploration. Way to go Joe! Is Swedish climate activist Greta Thunberg his actual Secretary of Energy??
Of course, rising energy prices (self-inflicted wound on the US economy) begat our 7.5% inflation rate. Apparently, Biden likes energy prices and inflation HOT. Thanks to his executive order.
President Joe Biden has followed through on a campaign pledge by introducing a moratorium on new oil and gas leasing on federal lands and waters. With nearly 25 percent of U.S. oil and gas production coming from federal lands, the policy shift may have significant implications for future investment and production. The backlash from oil and gas producing states will be fierce and lawsuits have already begun, but the Biden administration views this policy as a key part of its climate agenda and is unlikely to change course.
The US Treasury 10Y-2Y curve has flattened with rising energy prices and inflation.
In defense of Runaway Joe, President Obama said that 91% of the White House staff is left over from his administration and Biden is simply finishing what Obama started.