STEVE: WELL, THERE’S A STIFF
COMPETITION GOING ON RIGHT NOW
FOR THE TITLE OF THE BIDEN
REGIME’S MOST STUPID AND MOST
SELF-DEFEATING POLICY.
SAYING TO THE TALIBAN, YOU KNOW
WHAT?
WE DON’T NEED TO CONTROL ALL OF
KABUL, YOU TAKE THE REST.
WAS IT PAYING PEOPLE TO STAY
HOME AND WONDERING WHY THE JOBS
REPORTS ARE GETTING WORSE AND
WORSE?
WAS IT DEFUNDING THE POLICE AND
SEEING VIOLENT CRIME GO OUT OF
CONTROL?
OPENING THE SOUTHERN BORDER AND
SEEING ILLEGAL IMMIGRATION RISE
OUT OF CONTROL?
THEY’RE ALL STRONG CONTENDERS.
BUT TONIGHT I’M GOING TO MAKE A
CASE THAT THE MOST STUPID AND
MOST SELF-DEFEATING POLICY IS
BIDEN’S WAR ON ENERGY.
TO BE FAIR, HE DID WARN US.
>> WE ARE GOING TO GET RID OF
FOSSIL FUELS.
STEVE: HE WASN’T KIDDING.
AS SOON AS HE GOT INTO OFFICE,
BIDEN STOPPED NEW OIL AND GAS
LEASES ON PUBLIC LANDS, CANCELED
THE KEYSTONE PIPELINE AND
ANNOUNCED THE REIMPOSITION OF
THE RED TAPE BEFORE TRUMP GOT
RID OF IT.
THEY KEEP TALKING ABOUT WIND
POWER, DOESN’T HELP MUCH IF IF
YOU HAVE A, QUOTE, WINDLESS
SUMMER LIKE IN THE U.K.
THEY WANT SOLAR POWER EVEN
THOUGH IT CAN’T BE ECONOMICALLY
STORE THED, AND THE PANELS ARE
MADE WITH CARBON AND SLAVE LABOR
FROM CHINA.
THEY’RE SHUTTING DOWN NUCLEAR
POWER WHICH IS THE MOST RELIABLE
CARBON-FREE SOURCE OF ENERGY
WE’VE GOT.
WHAT’S THE ENTIRELY PREDICTABLE
RESULT?
THE PRICE GOES UP.
SO NOW WE HAVE GAS PRICES AT A
SEVEN-YEAR HIGH, ENERGY COSTS
PUSHING UP AND HEATING COSTS
PREDICTED TO JUMP AS MUCH AS 54%
THIS WINTER.
SO WHAT ARE THE GENIUSES IN THE
BIDEN REGIME DOING ABOUT THIS
CRISIS THEY CREATED?
IN THEIR GIANT SPENDING BILL,
THEY WANT TO TAKE MORE MONEY
FROM AMERICAN WORKERS AND GIVE
IT IN SUBSIDIES TO RICH
DEMOCRATS IN CALIFORNIA SO THEY
CAN VIRTUE SIGNAL ABOUT HOW
GREEN THEY ARE.
EXCEPT AS A RESULT OF THE
CLAMPDOWN ON OIL AND GAS, WE’RE
NOW IMPORTING MORE OIL FROM
SAUDI ARABIA.
AND MOST INSANE OF ALL, THEY’RE
TRYING TO FILL THE ENERGY GAP
THEY CREATED IN THE NAME OF
FIGHTING CLIMATE CHANGE BY
BEGGING OPEC TO PUMP MORE OIL.
SO THEY’RE AGAINST ENERGY IF
JOBS IN THIS COUNTRY, BUT IN
FAVOR OF THEM IN OTHER
COUNTRIES.
THEY WANT US TO BE MORE RELIANT
ON ENERGY THAT’S LESS RELIABLE
AND ON DICTATORS AND DESPOTS
INCLUDING VLADIMIR PUTIN, I
THOUGHT THEY HATED HIM?
ALL THE WHILE INCREASING FUEL
PRICES AND CARBON EMISSIONS.
CAN ANYONE IF MAKE SENSE OF
THIS?
LET’S SEE IF LARRY KUDLOW CAN.
HE IS, OF COURSE, HOST OF
"KUDLOW" ON THE FOX BUSINESS
NETWORK --
[LAUGHTER]
AND HE JOINS US NOW.
ALL RIGHT, LARRY, WHAT IS THIS
ABOUT?
>> BY THE WAY, IT’S A REAL HORSE
RACE ON WHICH IS THE DUMBEST
POLICY.
I MEAN --
[LAUGHTER]
IT’S A STOCK LOOKING FOR A
BOTTOM IN THE CHARTS.
BUT, LOOK, THERE IS, BECAUSE OF
THE BIDEN POLICIES YOU WERE
DISCUSSING, THERE IS NOW A
SHORTAGE OF FOSSIL FUELS.
THERE’S A SHORTAGE HERE IN THE
U.S., BUT THAT SHORTAGE IS
GLOBAL.
AND I’LL GIVE YOU PROBABLY THE
BASE CASE HERE.
WE WERE THE SWING PRODUCERS,
UNDER TRUMP, WE WERE THE SWING
PRODUCERS, THE U.S., OF OIL.
AND UNFORTUNATELY NOW UNDER
BIDEN, WE ARE NO LONGER THE
SWING PRODUCER.
THE SAUDIS AND OPEC PLUS IS.
SO WE WERE PUMPING OUT 13
MILLION BARRELS PER DAY
PRE-PANDEMIC, AND SINCE THE
PANDEMIC OR AS WE’VE RECOVERED
IT HAS DROPPED TO 11 MILLION
BARRELS A DAY DESPITE THE
INCREASE IN ECONOMIC DEMAND.
THERE HAS BEEN NO INCREASE IN
THE SUPPLY OF OIL.
THE SAME IS TRUE FOR NATURAL
GAS.
LOOK, THE OIL PRICE TONIGHT,
TONIGHT IS TRADING AT $83.05.
I CHECKED BEFORE I CAME ON.
THAT’S DOUBLE WHERE IT WAS
ROUGHLY A YEAR AGO.
NATURAL GAS IS $5.25, THAT’S
ALMOST A DOUBLE FROM WHERE IT
WAS A YEAR AGO. AND GASOLINE -- WHICH IS DRIVEN
AND GASOLINE -- WHICH IS DRIVEN
BY OIL -- IS $3.31.
IT’S NOT QUITE A DOUBLE.
SO THESE ARE CRAZY POLICIES.
WE HAVE GONE FROM THE SWING
PRODUCER, WE HAVE GONE FROM
PLENTIFUL, RELATIVELY CHEAP OIL
AND NATURAL GAS, NATURAL GAS IS
REALLY THE BEAUTY OF IT ALL,
CLEAN BURNING, RELATIVELY CLEAN
BURNING.
WE’RE NO LONGER THE CHEAP --
THEY’RE NOT INVESTING.
OUR GUYS AREN’T PRODUCING.
NOW, THERE WAS A STORY IN THE
PAPER SATURDAY MORNING THAT JOE
BIDEN HAS REDISCOVERED FRACKERS,
OKAY?
[LAUGHTER]
SOMEONE MUST HAVE TOLD HIM THAT
WE CAN PRODUCE OIL IN THE U.S.
SO HE DOESN’T HAVE TO GO TO
SAUDI ARABIA HAT IN HAND OR
RUSSIA FOR EUROPEAN NATURAL GAS.
SOMEONE PROBABLY TOLD HIM,
WHETHER THEY TOLD HIM DIRECTLY
OR THROUGH A MEMO, I CAN’T
VERIFY THAT.
I’VE BEEN OUT OF THE WHITE HOUSE
FOR QUITE A WHILE.
BUT MAYBE HE’S NOW LOIN -- GOING
TO GO TO OUR OIL COMPANIES AND
NATURAL GAS AND SAY, GO AHEAD,
PRODUCE BECAUSE HIGH PRICES ARE
DAMAGING THE MIDDLE CLASS, HIGH
PRICES ARE PART OF THE PROBLEM
OF RISING INFLATION.
MAYBE.
I DON’T KNOW THAT THIS IS GOING
TO HAPPEN.
I’M JUST SAYING THAT WAS THE
HEADLINE.
STEVE: VERY INTERESTING.
YOU KNOW, I LOVE THAT.
YOU LAID IT OUT SO CLEARLY,
LARRY.
AND THE THING THAT I ALWAYS
REMEMBER, WHEN YOU WERE IN THE
WHITE HOUSE AND YOU TALKED ABOUT
THE ECONOMIC SITUATION AND ALL
THOSE PRO-GROWTH POLICIES, THE
THING I ALWAYS NOTICED WAS THAT
YOU ALWAYS PUT ENERGY IN THERE.
ENDING THE WAR ON ENERGY, YOU
ALWAYS SAID IT.
AND THAT IS BECAUSE YOU
UNDERSTAND THAT IT’S THE
FOUNDATION.
IT’S NOT SOME SEPARATE PART OF
ECONOMIC POLICY, IT’S THE
FOUNDATION OF A GREAT,
SUCCESSFUL ECONOMY.
AND YOU MADE IT HAPPEN WHEN YOU
WERE THERE, AND LIKE WITH
EVERYTHING ELSE THERE, HEAVY
GONE INTO REVERSE, AND IT’S A
DISASTER.
ANYWAY, WE’VE GOT TO LEAVE
THREAT, LARRY --
>> ALL RIGHT.
STEVE: GO ON.
QUICKLY, NO, GO ON.
>> I WAS GOING TO SAY IT’S A
NATIONAL SECURITY ISSUE, AND
IT’S AN ECONOMIC ISSUE.
STEVE: YES, EXACTLY.
>> ONE OTHER POSITIVE THING
HERE.
JOE MANCHIN, I THINK, IS FORCING
BIDEN TO TAKE OUT A BIG CHUNK OF
THE GREEN NEW DEAL IN THIS CRAZY
BUDGET RESOLUTION.
I THINK HE’S GOING TO WIN THAT
BATTLE.
AND THERE’S A REVOLT.
SO AT SOME POINT, I THINK WE’RE
GOING TO GO BACK TO BEING THE
SWING PRODUCER.
BUT THE MORE BIDEN FIGHTS THIS
AND THE MORE THE CRAZIES ON THE
LEFT FIGHT IT, THE WORSE THE
AMERICAN ECONOMY’S GOING TO BE
AND THE WORSE OUR NATIONAL
SECURITY POSITION’S GOING TO BE.
STEVE: EXACTLY RIGHT.
I’M GLAD I LET YOU GET THAT IN
THERE.
VERY IMPORTANT POINT BOTH ON THE
NATIONAL SECURITY FRONT AND ON