>> THANKS FOR HAVING ME.
>> GENE SPERLING.
JOIN US SOON, I HOPE.
NOW WE HAVE REPUBLICAN SENATOR
FROM LOUISIANA, JOHN KENNEDY.
HE SITS ON THE SENATE BANKING
COMMITTEE.
SENATOR KENNEDY, WELCOME.
GOOD TO HAVE YOU HERE.
I’D LIKE TO GO BACK AND START
WITH THAT SOUND BITE FROM JEROME
HOWELL AND GUYS IN THE CONTROL
ROOM IF WE CAN PLAY THAT JEROME
POWELL SOUND BITE WHERE HE --
MANY WOULD SAY CONTRADICTS WHAT
WE’VE HEARD ABOUT WHAT REALLY IS
THE DRIVER OF INFLATION IN THE
COUNTRY.
HERE IT IS.
>> WOULD YOU SAY THE WAR OF
UKRAINE IS THE PRIMARY DRIVER OF
INFLATION IN AMERICA?
>> NO.
INFLATION WAS HIGH CERTAINLY
BEFORE THE WAR IN UKRAINE BROKE
OUT.
>> Martha: WHAT DO YOU THINK
ABOUT THAT, SIR AND WHAT DO YOU
THINK ABOUT THE ECONOMIC ADVISER
TO THE PRESIDENT’S RESPONSE TO
THAT?
>> I THINK CHAIRMAN POWELL
ANSWERED TRUTHFULLY.
I LISTENED TO MR. SPERLING’S
DIALOGUE.
I THINK I SPEAK FOR MOST
AMERICANS WHEN I SAY THAT IF YOU
PUT MR. SPERLING AND HIS
COLLEAGUES IN THE WHITE HOUSE IN
CHARGE OF THE SAHARA DESERT,
THEY WOULD RUN OUT OF SAND.
THEY’RE SIMPLE MINDED.
EITHER THAT OR THEY’RE NOT
TELLING THE TRUTH.
THE PRESIDENT’S LATEST PROPOSAL
IS TO ELIMINATE THE 18 CENT
FEDERAL GAS TAX FOR THREE
MONTHS.
MY AVERAGE GAS IN MY STATE IS
$4.51.
IS $4.33 BETTER THAN $4.51?
SURE.
THE PRICE ISN’T GOING TO STAY AT
$4.33 UNLESS WE DO SOMETHING.
THE ONLY WAY TO GET GASOLINE
PRICES LOWER IS TO FLOOD THIS
COUNTRY WITH OIL, OUR OWN OIL,
AND GUARANTEE TO THE INDUSTRY
THAT IF IT INVESTS CAPITAL TO DO
THAT, THAT IT WILL BE ALLOWED TO
GET A RETURN ON ITS CAPITAL AND
THAT AS SOON AS THE PRICES PAST,
THE BIDEN ADMINISTRATION WON’T
PUT THEM OUT OF BUSINESS.
RIGHT NOW THE BIDEN
ADMINISTRATION IS TRYING TO PUT
THEM OUT OF BUSINESS.
THE BIDEN ADMINISTRATION HAS
BLOCKED OIL AND GAS LEASES IN
THE GULF, BLOCKED OIL AND GAS
LEASES IN ANWAR, SICKED THE FTC
ON THE INDUSTRY.
PROMULGATEING NEW RULES SO YOU
CAN’T BUILD A PIPELINE IN
AMERICA.
THOSE ARE FACTS.
I THINK MR. SPERLING IS BEING
VERY DISINGENUOUS.
THAT IS THE MOST CHARITABLE
THING I CAN SAY.
>> Martha: LET’S REMIND
EVERYBODY.
THIS IS A FLASHBACK TO THE
DEBATES.
THIS IS OCTOBER 22, 2020.
HERE’S THE BACK AND FORTH
BETWEEN PRESIDENT BIDEN, NOW
PRESIDENT BIDEN AND THEN
PRESIDENT TRUMP.
WATCH.
>> IT HAS TO BE REPLACED BY
RENEWABLE ENERGY OVER TIME.
OVER TIME.
I’VE STOPPED GIVING THEM FEDERAL
SUBSIDIES.
>> SO WHAT HE’S SAYING IS HE’S
GOING TO DESTROY THE OIL
INDUSTRY.
WILL YOU REMEMBER THAT, TEXAS?
WILL YOU REMEMBER THAT,
PENNSYLVANIA, OKLAHOMA?
>> Martha: JUST THE OTHER DAY,
PRESIDENT BIDEN SAID THIS
OPPORTUNITY PROVIDES US THE
MOMENT TO TRANSITION TO THESE
OTHER AREAS.
I THINK MOST AMERICANS, SENATOR
KENNEDY, ARE NOT OPPOSED TO
INVESTING IN AND DISCOVERING NEW
FORMS OF ENERGY AND NEW WAYS TO
PROPEL THE COUNTRY.
YOU CAN’T CLOSE DOWN THE
INDUSTRY THAT PROVIDE US
EVERYTHING THAT WE HAVE RIGHT
NOW.
>> NO, YOU CAN’T.
PRESIDENT BIDEN’S ENERGY POLICY
IS WIND AND SOLAR AND WISHFUL
THINKING.
THAT WON’T POWER THE MOST
POWERFUL ECONOMY IN ALL OF HUMAN
HISTORY.
LOOK, MARTHA, WE’RE IN A -- IT’S
TIME FOR -- I’M DISAPPOINTED IN
MR. SPERLING.
IT’S TIME FOR THE GAME TO END.
WE’RE IN A HELL OF A MESS HERE.
INFLATION IS HITTING MY PEOPLE
SO HARD THAT THEY’RE COUGHING UP
BONES.
OUR NATIONAL DEBT IS GREATER
THAN OUR NATIONAL OUTPUT.
CRIME IS WAY UP.
THE BORDERS IS WIDE OPEN.
RESPECT FOR OUR INSTITUTIONS IS
WAY DOWN.
70% OF THE PEOPLE THINK THIS
COUNTRY IS HEADED IN THE WRONG
DIRECTION.
THE ECONOMISTS THAT WORK FOR
PRESIDENT BIDEN KNOW THIS.
THE ONLY WAY TO GET THE PRICE OF
GASOLINE DOWN IS TO INCREASE THE
SUPPLY.
THE ONLY WAY TO INCREASE THE
SUPPLY OF GASOLINE IS TO
INCREASE THE SUPPLY OF OIL.
THE ONLY WAY TO INCREASE THE
SUPPLY OF OIL IS FOR THE BIDEN
ADMINISTRATION TO GET ITS BOOT
OFF OF THE NECK OF THE OIL AND
GAS INDUSTRY.
HE HATES THEM.
HE MOCKED THEM YESTERDAY AND
THEY’RE COMING TO THE WHITE
HOUSE.
HE WON’T EVEN DANE TO MEET WITH
THEM.
I MEAN, WHEN SOMEBODY ACTS LIKE
THEY DON’T CARE, SOMETIMES IT’S
NOT AN ACT.
>> Martha: SENATOR KENNEDY,
THANK YOU VERY MUCH.
WE’LL SEE HOW THAT MEETING GOES
AND YOU PUT IT SUCCINCTLY.
A PLUS B EQUALS -- TWO PLUS TWO
EQUALS FOUR AS YOU SAY.