WE’LL LEAVE IT THERE.
ALL RIGHT, JOINING ME NOW
TENNESSEE SENATOR BILL HAGERTY.
BILL HAGERTY, YOU KNOW, THERE IS
NO HORSE SENSE HERE, THERE IS NO
COMMON SENSE HERE, THERE IS NO
SENSE HERE.
HE IS CHOOSING CLIMATE CHANGE,
RADICAL CLIMATE CHANGE OVER
NATIONAL SECURITY AND I DON’T
GET IT BUT YOU ARE THE, YOU’RE
THE FORMER DIPLOMAT AND THE
SENATOR, WHAT YOU DO THINK?
>> I THINK JOE BIDEN LIVES IN AN
ALTERNATE UNIVERSE AS DO ALL HIS
RADICAL LEFT FRIENDS IN THE
DEMOCRATIC PARTY WHO SEEM TO
WANT TO PUSH US OVER THE ABYSS
IN NEVER-NEVER LAND THEY ONLY
SEEM TO LIVE IN.
WE CAN GNAT MAKE IT WITHOUT
FOSSIL FUELS AS A NATION.
TRYING TO PUSH US INTO MORE
DEPENDENCY ON COUNTRIES-LIKE
CHINA MAKE THE SOLAR PANELS AND
LITHIUM.
WE DON’T HAVE THE INFRASTRUCTURE
TO DO THAT EVEN IF WE WANTED TO.
THIS IS ALTERNATE REALITY THAT
JOE BIDEN LIVES IN.
IF WILL NOT WORK BUT IN THE
MEANTIME AMERICA IS SUFFERING
GREATLY.
AS YOU MENTIONED IT TAKES AWAY
OUR ENERGY INDEPENDENCE.
THAT IS OUR NATIONAL SECURITY,
LARRY.
WE’RE BECOMING MORE AND MORE
DEPENDENT ON OTHER NATIONS THAT
DON’T HAVE OUR INTERESTS AT
HEART EVERY DAY JOE BIDEN WAGES
WAR ON AMERICAN ENERGY.
LARRY: SENATOR HAGERTY, LET’S GO
INTO SPECIFICS HERE.
LET’S TAKE A LOOK.
WHAT IS YOUR READING OF THE
FEDERAL GASOLINE TAX, 18.4
CENTS, THAT THEY MIGHT
TEMPORARILY SUPPRESS THAT.
AND THEN I THINK IT WOULD HAVE
TO BE COUPLED, THIS HAS BEEN
FLOATING AROUND THE WHITE HOUSE
AND ELSEWHERE, WITH SOME KIND OF
A EXCESS PROFITS TAX WHICH I
THINK THE BIDENS WANT ANY WAY TO
GET AT OIL COMPANIES BUT THEY
HAVE TO FUND THE HIGHWAY FUND.
SO I SUPPOSE THAT MIGHT BE A
COUPLING OF THE EXCESS PROFITS
TAX WITH A TEMPORARY LIFTING OF
THE FEDERAL GAS TAX.
WHAT IS YOUR TAKE ON THIS?
WHAT ARE YOU HEARING, SIR?
>> WELL I HEAR THE SAME THINGS
THAT I SURE YOU DO, LARRY.
THIS IS NOTHING BUT A MIDTERM
ELECTION GIMMICK.
THEY’RE TRYING TO BUY VOTES
RIGHT NOW WITH THIS.
I THINK IT WILL GIVE PERHAPS
SOME VERY NEAR-TERM RELIEF TO
THE PEOPLE AT THE PUMP BUT IT
DOESN’T FIX THE INHERENT
PROBLEM.
THE INHERENT PROBLEM THAT BIDEN
IS DOING EVERYTHING HE CAN TO
CRUSH SUPPLY AND IN THE DEMAND
SUPPLY EQUATION THAT HAS DRIVEN
PRICES TO THE ROOF.
THAT IS NOT VLADMIR PUTIN.
IT IS NOT ANYTHING ELSE.
IT IS JOE BIDEN’S POLICIES, DEEP
REGULATORY STATE ATTACKING
INDUSTRY, OIL AND GAS INDUSTRY.
WHETHER IT BE FINANCIAL REGS,
EPA REGS, YOU NAME IT THEY’RE
DEPRESSING SUPPLY WITH
REGULATORY CONSTRUCT, KILLING
ANY CAPITOL FLOW COMING INTO THE
INDUSTRY A SHORT-TERM GIMMICK
ISING INTO BUT THAT.
IT WILL NOT FIX THE INHERENT
PROBLEM F THEY GO TO A TAX,
PARTICULARLY EXCESS TAX ON A
PROBLEM THEY CREATED, IT SAYS
THAT YOU SAID AS ART LAFFER
ALWAYS SAYS, YOU WANT LESS OF
SOMETHING, YOU TAX IT MORE THAT
WILL NOT BE A FIX ITEM.
LARRY: DO YOU THINK AN EXCESS
PROFITS TAX CAN ACTUALLY GET
THROUGH THE SENATE, EVEN THIS
SENATE?
>> NO, I DO NOT THINK SO.
IF YOU GET DOWN TO THE ROOT
CAUSE OF ANYTHING THAT THEY
MIGHT DENOMINATE AS AN EXCESS
PROFIT IS THE FACT THEY ARE
STARVING ANY END SIEVE TO
REINVEST CAPITAL IN THE AMERICAN
OIL AN GAS INDUSTRY.
THEY’RE NOT REINVESTING,
DEPRECIATION LINE IS
ININHERRENTLY BY DEFINITION GO
DOWN YOU MAY HAVE A SHORT TERM
INCREATION BUT THEY HAVE NO
OUTLET TO REINVEST PROFITS.
WE SHOULD REINVEST AMERICAN
ENERGY BY CREATING INCENTIVE TO
DO THAT.
LARRY: SENATOR HAGERTY, DO YOU
THINK THEY GIVE UP ON THE GAS AT
THE PUMP REBATE IDEA?
I THINK THEY WOULD PUT IT OUT
WITH DEBIT CARDS OR SOME SUCH
THING?
IS THAT ALIVE OR STILL COLD?
>> I STILL HEARD ABOUT THE
REBATE IDEA.
IT IS ANOTHER FORM OF STIMULUS,
MORE INFLATION.
IT ALSO DOESN’T GET AT THE ROOT
PROBLEM OF FIXING THE SUPPLY.
SO THEY’RE LOOKING AT EVERY WAY
THEY CAN TO BUY VOTES AHEAD OF
THE MIDTERM ELECTION THAT IS THE
ONLY SIGNAL WE CAN TAKE FROM
THIS, LARRY.
LARRY: THE OTHER ONE IS,
APPARENTLY I THINK I READ SOME
PLACE THEY’RE GOING TO KEEP
MILKING THE STRATEGIC PETROLEUM
RESERVE, KEEP RUNNING, THAT AS
YOU WELL KNOW, THAT WAS ALWAYS
DESIGNED FOR NATIONAL SECURITY
PROBLEMS OR MAYBE YOU KNOW,
HORRIBLE HURRICANE WOULD SHUT
THINGS DOWN IN TEXAS BUT IT WAS
NOT DESIGNED FOR POLITICAL PRICE
FIXING.
>> THAT IS EXACTLY WHAT IS
HAPPENING.
MEANWHILE CHINA IS BUILDING UP
THEIR STRATEGIC PETROLEUM
RESERVE.
THEY’RE BUYING BELOW MARKET FROM
RUSSIA AND BUILDING THEIR
STRATEGIC PETROLEUM RESERVE AS
WE DEPLETE OURS.
THEY ARE STRENGTHENING THEIR
NATIONAL SECURITY AS WE WEAKEN
OUR OWN NATIONAL SECURITY.
IT IS WEAKENING DOMESTIC
POLITICS BUT NOT PROVIDING
NATIONAL SECURITY.
LARRY: AS HE REPEATS HIS
MOTHER’S ANECDOTE I DON’T WANT
TO DISRESPECT HIS MOTHER.
HIS MOTHER PROBABLY HAD MORE
COMMON SENSE.
REPEATING THAT ANECDOTE, WE’LL
CHOOSE THIS IDEOLOGY, THIS
RADICAL, GREEN NEW DEAL IDEA
RATHER THAN NATIONAL SECURITY.
WE’LL NOT GOING TO PROTECT,
WE’RE NOT GOING TO PROTECT
CONSUMERS, WE’RE NOT GOING TO
PROTECT MOTORISTS, BLAH, BLAH.
WE’LL NOT PROTECT OUR OWN
HIGHWAYS AND BIWAYS.
WE’LL DO EVERYTHING WE CAN TO
TAKE ADVANTAGE OF 120-DOLLAR
OIL, FIVE DOLLAR GASOLINE TO
LOCK IN THE GREEN NEW DEAL
AGENDA.
I SEE THIS AS A CONSCIOUS
CHOICE.
>> YOU’RE SPOT ON, LARRY.
THEY TALKED ABOUT THIS ON HIS
TRIP TO ASIA.
WE’LL GO THROUGH THIS TERRIBLE
TRANSFORMATION, HE DIDN’T USE
THAT WORD, THIS TRANSFORMATION
WILL BE VERY PAINFUL IN THE
SHORT AND MEDIUM TERM.
WHAT HE LEAVES OUT THE FACT
WE’LL WIPED UP IN STRATEGIC DEBT
WE’RE ALREADY IN HIS LEADERSHIP.
THIS TRANSFORMATION IS NOT
WORKING.
IT IS NOT GOING TO WORK.
THE TECHNOLOGY IS NOT THERE THE
INFRASTRUCTURE IS NOT THERE.
IT MAKES US MORE DEPENDENT ON
COUNTRIES LIKE CHINA, THAT DO
HAVE CAPACITY TO PRODUCE SOLAR
IMPORTANT NELS, WIN TURBINES AND
PRODUCE THE LITHIUM WE DON’T
HAVE HERE IN AMERICA.
MAKES US LONG FOR THE DAY WHEN
YOU’RE WITH THE NATIONAL
SECURITY ADVISOR, NATIONAL
ECONOMIC ADVISOR WHEN OUR
NATIONAL SECURITY WAS MUCH
STRONGER, GAS PRICES WERE LESS
THAN WHAT THEY HAVE TODAY.
WHEN YOU TALK ABOUT A GAS TAX
HOLIDAY, EVERY DAY UNDER
PRESIDENT TRUMP’S LEADERSHIP WAS
A GAS TAX HOLIDAY BECAUSE WE
ENJOYED FAR LOWER PRICES THEN.
LARRY: SENATOR, DO YOU KNOW WHO
USES FOSSIL FUELS?
THE U.S. MILITARY.
YOU KNOW WHAT IS NOT GOING TO
CHANGE, FOR I DON’T KNOW HOW
MANY YEARS IF EVER?
THAT.
IT IS NOT GOING TO CHANGE OUR
OWN MILITARY ARE USING FOSSIL
FUELS THESE PEOPLE ARE PRICING
OUT, IT WILL BLOW UP THE BUDGET.
NATIONAL SECURITY FOR CHINA.
CHINA IS MUCH SMARTER THAN WE
ARE AT THESE THINGS.
>> THE ANSWER IS ON OUR
DOORSTEP, STOP WAGING WAR ON THE
AMERICAN ENERGY INDUSTRY.
BIDEN HAS THE TOOLS TO DO THAT
BUT HE WILL NOT DO THAT.
THE MOST INFLATIONARY COMPONENT
THE FACT HE WAGES WAR ON ENERGY.
ENERGY IS SO MUCH OF A FACTOR IN
OUR ECONOMY THAT IS THE DRIVING
FORCE BEHIND THIS INFLATION.
AS YOU MENTIONED MANY TIMES
BEFORE, THIS IS FUNDING PUTIN’S
WAR MACHINE AGAINST UKRAINE,
WEAKENING US FROM A NATIONAL
SECURITY STANDPOINT, BIDEN
CONTINUES AN PERSISTS PURSUING
THIS BLIND GREEN NEW DEAL POLICY
TO GREAT DETRIMENT TO THE
AMERICAN PUBLIC.
LARRY: ONE LAST WORD,
JOE MANCHIN, CHUCK SCHUMER,
RECONCILIATION DEAL, HARD TO
KNOW EXACTLY WHAT IS IN IT, BUT
WE’RE TOLD BY SOURCES THAT THERE
IS $500 BILLION OF RENEWABLE TAX
CREDITS.
AT LEAST THERE MAY BE A LOT OF
HEALTH CARE SPENDING, DRUG PRICE
CONTROLS AND, WORST OF IT IS
WELL OVER A TRILLION, MAYBE AS
MUCH AS 1.6 TRILLION IN HIGHER
TAXES.
DO YOU KNOW ANYTHING ABOUT THIS?
I MEAN NOTHING’S BEEN SUBMITTED.
IT BREAKS MY HEART TO SEE
JOE MANCHIN GO IN THIS DIRECTION
BUT THAT MAY BE MY PROBLEM.
ANYWAY, I’M SAYING WHAT CAN YOU
TELL US ABOUT THAT IF ANYTHING?
>> I HEARD THE RUMORS THAT YOU
HAVE, LARRY BUT AGAIN ONLY
RUMORS.
I’VE SEEN NO TEXT.
VERY HARD FOR ME TO BELIEVE
JOE MANCHIN WHO HELD THE LINE
BEFORE WOULD LOOK AT DOING
SOMETHING LIKE THIS AT THIS
POINT.
HE WAS CONCERNED ABOUT INFLATION
EARLIER WHEN HE TURNED DOWN THE
$3.5 TRILLION PACKAGE THAT WOULD
HAVE PROBABLY BEEN 5 OR
6 TRILLION.
NOW WE’VE SEEN THE POLICIES
MANIFEST THEMSELVES.
WE’RE LOOKING AT RECORD
INFLATION RIGHT NOW AND THAT
INFLATION IS ACCELERATING.
I HAVE A HARD TIME BELIEVE
SENATOR MANCHIN WOULD GO TO
POLICY RAISE CORPORATE TAXES
PASSED THROUGH CONSUMERS, AGAIN
MORE INFLATION AND ANY STIMULUS
SPENDING THEY’RE TALKING ABOUT
IN TERMS OF GREEN NEW DEAL
POLICY AGAIN INHERENTLY
INFLATIONARY, PARTICULARLY
CONSTRAINS SUPPLY OF ENERGY IT
WILL DRIVE PRICES UP EVEN
FURTHER.
I CAN’T BELIEVE THAT JOE MANCHIN
WOULD WANT TO DO THAT.
LARRY: NEITHER CAN I, SIR.
IT WOULD BREAK MY HEART.