BACK TO YOU, LIZ.
ELIZABETH: EDWARD LAWRENCE THANK
YOU SO MUCH.
JOINING US FOX NEWS CONTRIBUTOR
LIZ PEEK AND ENERGY PRO NICK
LORIS, C3 SOLUTIONS BACK WITH
US.
LIZ, LIKE THE LITTLE BOY WITH
THE PAPER BAG IN THE ON HIS HEAD
STANDING IN THE MIDDLE OF THE
ROOM.
WHARTON COLLEGE, BUSINESS
SCHOOL, RATHER, MOODY’S
ANALYTICS, OTHER ECONOMISTS ARE
SAYING NO, THE INFLATION
REDUCTION ACT IS NOT GOING TO
LOWER INFLATION AND LIZ,
INFLATION IS MOVING FROM JUST
GOODS TO THE SERVICES SECTOR.
WE’RE SHOWING HOW RECESSIONS
HAVE SLAMMED FOUR PRESIDENTS,
NIXON, FORD, CARTER, AND
GEORGE H.W. BUSH.
HOW CAN THEY SAY THEY ARE MAKING
PROGRESS WITH THIS NEW READ?
>> I HAVE NO IDEA, LIZ.
IMAGINE WHAT THEY SAY ABOUT THE
INFLATION REDUCTION ACT, WHAT DO
THEY CLAIM IN THAT?
A 300 BILLION-DOLLAR REDUCTION
IN LONG-TERM DEFICITS WILL
IMPROVE INFLATION.
WEEKS LATER BIDEN DECIDES TO
SPEND HALF TRILLION DOLLARS ON
STUDENT LOAN CANCELLATIONS THIS
WHITE HOUSE IS LITERALLY
FIGHTING ITSELF AND IT IS NOT
HELPING.
THE READING TODAY FROM THE CPI
WAS REALLY BAD NEWS.
IT SHOWS THAT WE ARE GOING TO
HAVE A LOT MORE PAIN.
JAY POWELL HAS IMPORTANTED ABOUT
THAT.
I DON’T THINK AMERICANS ARE
READY FOR IT.
I DON’T THINK THE DEMOCRATS ARE
GOING TO SURVIVE IT.
ELIZABETH: THAT IS AN IMPORTANT
POINT WHAT LIZ JUST MADE,
BECAUSE, NICK, WE’RE TALKING
ABOUT THE POOR AND MIDDLE CLASS
GETTING SLAMMED.
THIS IS THROWING 7 1/2 TRILLION
DOLLARS IN HOT MONEY SINCE 2019
INTO A LOCKED UP SYSTEM, REELING
FROM PANDEMIC SHUTDOWNS.
THAT IS EQUAL TO FRANCE AND
GERMANY COMBINED, NICK.
>> YEAH, THAT IS EXACTLY RIGHT.
THIS IS GOING TO HIT THE POOR
THE HARDEST WHO SPEND HIGHER
PERCENTAGE OF THEIR BUDGET ON
ENERGY COSTS.
GAS PRICES ARE COMING UP TO $4
PER GALLON AGAIN AND THE
NATIONAL ENERGY ASSISTANCE
DIRECTORS ASSOCIATION WARNED
THAT HOME HEATING COSTS COULD BE
THE HIGHEST IN 10 YEARS.
PARTICULARLY IF YOU’RE NO THE
NORTHEAST AND USING HOME HEATING
OIL, THOSE PRICES ARE UP 74%
COMPARED TO TWO YEARS AGO THIS
IS ALL ECONOMIC PAIN AND ALL OF
THAT MEANS LESS MONEY AVAILABLE
FOR FOOD, FOR HEALTH CARE, FOR
OTHER GOODS THAT AMERICANS
REALLY NEED.
ELIZABETH: YOU KNOW, TO NICK’S
POINT, BY THE WAY, LET’S BACK
UP.
FOR A YEAR NOW, IT HAS BEEN A
YEAR NOW THE WHITE HOUSE HAS
BEEN MISLEADING AND GASLIGHTS ON
INFLATION.
WATCH THIS.
>> INCREASES IN PRICES ARE
LIKELY TO HAVE ONLY TRANSITORY
EFFECTS ON INFLATION.
>> TRANSITORY.
>> TRANSITORY PRESIDENT
INFLATION RATE MONTH TO MONTH IS
UP JUST AN INCH.
ELIZABETH: UP AN INCH.
UP LIKE 900 YARDS.
LOOK AT POLLS FROM CNN,
"POLITICO," ECONOMIST.
DEMOCRATS CAN NOW LOSE THE
SENATE.
INDEPENDENT VOTERS IN SWING
STATES ARE TURNING AGAINST THE
WHITE HOUSE.
HARVARD HAS A POLL OUT SURVEY
ANALYSIS SHOWING TO NICK’S HOUSE
IT IS SLAMMING MINORITIES THE
POOR AND MIDDLE CLASS.
AS CAROL ROTH SAYS THE FEDERAL
RESERVE, THEY CAN’T PRINT MORE
OIL, THEY CAN’T PRINT MORE FOOD,
THEY CAN’T PRINT MORE
COMMODITIES OR LABOR.
INFLATION IS A BIG PROBLEM BUT
NOW THEY HAVE THE CAPITOL RIOT
HEARINGS TODAY.
WHAT DO YOU THINK OF GOING ON?
>> THIS IS A MASSIVE
DISTRACTION.
THEY’RE SO HOPING THIS ELECTION
IS REFERENDUM ON DONALD TRUMP
INSTEAD AFTER REFERENDUM ON
JOE BIDEN.
LOOK, LIZ, THE BIGGEST ISSUE IN
INFLATION IS ENERGY.
NICK JUST SAID HOME HEATING OIL
AND NATURAL GAS ARE UP 60, 70%
YEAR-OVER-YEAR.
WAIT UNTIL PEOPLE SEE WHAT IT
WILL COST TO HEAT THEIR HOMES.
BUT BIDEN WILL NOT ENCOURAGE
DRILLING IN AMERICA.
THIS IS UNCONSCIONABLE.
HONESTLY I THINK IT IS THE
DUMBEST POLITICAL MOVE I EVER
SEEN IN MY LIFE.
THIS IS WHAT HIS APPROVAL
RATINGS ARE TIED TO.
WHEN GASOLINE PRICES WENT DOWN
FOR 98 DAYS HIS APPROVAL RATINGS
WENT UP.
GASOLINE PRICES, JOE BIDEN’S
APPROVAL RATINGS WILL GO DOWN,
IT WILL HURT HIM BIG TIME IN
NOVEMBER.
ELIZABETH: WATCH ABC’S
GEORGE STEPHANOPOULOS, AND WATCH
AOC, ALEXANDRIA OCASIO-CORTEZ,
SHE GOT SHOUTED DOWN BY A VOTER,
WATCH THIS.
>> SAYING THERE WILL BE ALL THIS
NEW SECRET SERVICE EVIDENCE
COMES OUT BUT I GUESS MY BIG
QUESTION IS WHAT ELSE DO WE NEED
TO KNOW?
HE LOST THE ELECTION.
HE LIED ABOUT IT.
HE STOKED UP A CROWD OF ARMED
MILITANTS.
THEY STORMED THE CAPITAL WHILE
HE WATCHED ON TV.
SHOULDN’T THAT BE CASE CLOSED?
>> CONGRESSWOMAN, NONE OF THIS
MATTERS UNLESS THERE IS A
NUCLEAR WAR WHICH YOU VOTED TO
SEND ARMS AND WEAPONS TO UKRAINE
TULSI GABBARD SHE LEFT THE
DEMOCRATIC PARTY BECAUSE THERE
ARE WAR HAWKS.
OKAY?
YOU ORIGINALLY VOTED, YOU RAN AS
AN OUTSIDER.
YET YOU’VE BEEN VOTING TO START
THIS WAR IN UKRAINE.
YOU’RE VOTING TO START
THERMONUCLEAR WAR WITH RUSSIA
AND CHINA.
WHY ARE YOU PLAYING WITH THE
LIVES OF AMERICAN CITIZENS.
ELIZABETH: VOTERS ARE OUTRAGED.
YOU CAN FEEL IT, NICK.
I MEAN THEY’RE NOT, SO THEY’RE
TALKING ABOUT THE CAPITOL RIOTS
BUT NOT THE ORIGINS OF THE COVID
PANDEMIC.
NOT PANDEMIC FRAUD WHERE
GOVERNMENT WORKERS AND HOMELAND
SECURITY AND IRS ARE STEALING
PANDEMIC RELIEF MONEY SO THAT IS
WHAT IS GOING ON, NICK.
>> THEY’RE NOT TALKING ABOUT
ENERGY AFFORDABILITY AND ENERGY
SECURITY WHICH AMERICANS
DESPERATELY WANT AND NEED.
AGAIN ON DAY ONE, IT WAS
ANTI-ENERGY POLICIES.
LOOK AT THE CANCELLATION OF THE
KEYSTONE XL PIPELINE WHICH COULD
HAVE BROUGHT UP TO 830,000 BEARS
OF OIL A DAY DOWN TO GULF
REFINERIES.
INSTEAD WE’RE RELYING ON
VENEZUELA, SAUDI ARABIA, OPEC
PLUS PRODUCTION CUT.
THIS IS NOT A GOOD FROM ECONOMIC
STANDPOINT.
NOT GOOD FROM EMISSIONS
STANDPOINT RELYING MORE ON
VENEZUELAN PRODUCTION THAN
AMERICAN PRODUCTION AND
CERTAINLY NOT A GOOD FROM A
PRICE STANDPOINT AS AMERICANS
PAY MORE AT THE POINT.
NOT A ECONOMIC SENSE OR
ENVIRONMENTAL SENSE.
ELIZABETH: THEY’RE NOT GOING TO
TEXAS OR ALASKA FOR OIL.
YOU’RE GOING TO OTHER DICTATORS.
LIZ, NICK, FINAL WORD ON THIS,
SAUDI ARABIA CONFIRMS THAT THE
PRESIDENT AND THE WHITE HOUSE
DID PRESSURE OPEC TO DELAY CUTS
IN OIL OUTPUT UNTIL AFTER THE
MIDTERMS SO GAS WOULD NOT GO UP.
WAS THIS TO KEEP DEMOCRATS IN
POWER?
I WILL ASK YOU BOTH ABOUT THAT,
WHITE HOUSE SAYING WE ASKED FOR
THE DELAY UNTIL OPEC MEETS AGAIN
WHICH IS AFTER THE MIDTERMS.
WHAT DO YOU THINK, LIZ?
>> WITHOUT A DOUBT.
LIZ, THEY ASKED FOR A ONE-MONTH
DELAY, WAS THAT TO FOR AMERICANS
HELP AMERICANS TO PAY FOR FUEL
THIS WINTER?
NO.
IT WAS TO HELP DEMOCRATS.
AS I SAID EARLIER IT IS TRACKING
TOTALLY WITH ENERGY PRICES,
GASOLINE PRICES, FILE OIL
PRICES.
THAT IS WHAT DEMOCRATS ARE
WORRIED AOUT.
THIS IS ALREADY HURTING THEM.
THIS WAS A HUGE EMBARASSMENT.
ELIZABETH: WHAT DO YOU THINK,
NICK?
>> I THINK THAT IS EXACTLY
RIGHT.
LIZ HIT THE NAIL ON THE HEAD AND
PRESIDENT BIDEN NEEDS A CHANGE
IN POSTURE AND POLICY TO OPEN UP
DOMESTIC PRODUCTION HERE, GET
PERMITTING REFORM BACK ON THE
TABLE SO WE CAN ALLOW ACCESS TO
ALL OF THE ABOVE ENERGY POLICY
TO BUILD THE NECESSARY
INFRASTRUCTURE, GET SUPPLIES
ONLINE TO LOWER COST.
ELIZABETH: NICK, THIS IS NOT A
GOOD LOOK TO BE ASKING TO DELAY
THE OIL PRODUCTION CUT UNTIL
AFTER THE MIDTERMS, NICK.
>> NOT AT ALL.
IT IS POLITICS AT ITS WORST.
IT IS REALLY THE AMERICAN PEOPLE
WHO ARE SUFFERING FROM THESE
DECISIONS AND AGAIN THE MORE
SUPPLY WE CAN GET ONLINE FASTER
THAT IS WHAT THE PRESIDENT
SHOULD BE ENCOURAGING US TO DO.
ELIZABETH: GOT IT.