Kudlow: Putin is smiling as Biden kills the world’s biggest power business
A little bit of juggling tonight as we open up our present. President Biden is scheduled to talk. Proper now, we’re monitoring it. If there are any headlines, we are going to get proper to it for you.
Additionally, we’re grateful to have with us the distinguished Republican Senate Whip, John Thune of South Dakota, and we’ll get proper to him for feedback.
Let me start with an abbreviated riff tonight. Initially, as I’ve talked about earlier than, President Biden’s dealing with of this Putin-Ukraine enterprise has been unsure, ambiguous, reactive and embarrassing to anyone who believes in “America First.”
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Biden should ship Putin a full assertion diplomatic demarche —not one other cellphone name — however a written assertion giving him a March 1 deadline to return the Russian troops to their regular barracks and if they do not, on March 1 the U.S. will impose large across-the-board banking and power sanctions. We must always’ve completed this six months in the past.
Subsequent matter: World oil costs are surging above $90, fairly probably to $100 or extra, however the radical local weather individuals populating the Biden administration with the president’s enthusiastic assist proceed to wage warfare towards all types of fossil fuels and pipelines.
Europe and the remainder of the world want extra oil and pure gasoline and so they want it proper now. We have got sufficient of an inflation downside as it’s. So naturally, Group Biden is doing all the things it might to forestall this. In fact, they’ve stopped the drilling in Alaska, stopped the Keystone XL pipeline and jacked up drilling charges on public lands.
In current weeks, the fossil gasoline jihad has intensified. First, they’ve pulled the rug out from below the infrastructure invoice by stopping the one federal determination, NEPA allowing provision, with extreme environmental and endangered species regulatory burdens. Bridges, roads and highways can be short-changed and new pipelines could also be lifeless.
Then, Biden’s FERC regulator, that is the Federal Power Regulatory Fee, voted on Thursday to press local weather rules and pink tape on any new pure gasoline pipeline initiatives. OK? So, kiss pipelines goodbye.
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Additionally, the SEC is working arduous to strain buyers away from fossil fuels with burdensome new local weather disclosures and there is a battle royale over the Biden nomination of Sarah Bloom Raskin because the Fed’s prime financial institution supervisor as a result of she has argued strenuously in public to allocate financial institution capital and loans away from the fossil gasoline business.
Then there’s the Larry Fink Blackrock story the place he and different large, listed funds massive photographs are forcing buyers away from any fossil gasoline firms, however in fact, they’re additionally attempting to shift buyers to put money into China, their army and their communist social gathering.
So, the world wants oil and pure gasoline and Joe Biden is doing all the things he can to say “no.”
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Suppose Vladimir Putin has a smile on his face over this? Yup. Guess he does.
His greatest good friend is Joe Biden who’s killing the world’s biggest power business right here in America with presidential edicts and regulatory czars at FERC, FED, SEC, and elsewhere—and lord is aware of what else they’re cooking up. That is my riff.
This text is customized from Larry Kudlow’s opening commentary on the February 18, 2022, version of “Kudlow.”