BINDER AND THERE HAS BEEN NO
FOLLOW-UP.
THEY REALLY HAS BEEN NO
FOLLOW-UP ALONG THE WAY OR THEY
WOULD’VE DONE THAT.
JOINING US FOR REACTION IS THE
HOST ON THE FOX BUSINESS
NETWORK, LARRY KUDLOW, FINANCES
AND THE WHITE HOUSE.
THE IDEA THAT WE TOOK OUR
STRATEGIC OIL RESERVE IN MUCH OF
THAT OIL ENDED UP IN CHINA, THAT
IS NOT WHAT THE PRESIDENT SAID
HE WAS DOING.
>> IT’S A VERY STRANGE STORY.
THAT’S ABOUT AS MUCH -- WE DON’T
HAVE ENOUGH DETAILS, BUT SOME OF
THE STRATEGIC PETROLEUM RESERVES
WERE EXPORTED TO EUROPE AND THEN
THROUGH TRADING COMPANIES MADE
THEIR WAY TO INDIA AND PERHAPS
CHINA.
WE DON’T KNOW ALL THAT WE NEED
TO KNOW.
I DON’T REALLY UNDERSTAND --
LOOK, THERE’S A COUPLE THINGS,
LET’S BREAK THIS DOWN.
FIRST POINT IS I DON’T KNOW WHY
WE HAVE TO EXPORT STRATEGIC
PETROLEUM RESERVES.
WHAT WE SHOULD BE DOING IS
EXPORTING LNG.
THAT IS THE KEY, TO HELP EUROPE
OUT AND REDUCE THEIR DEPENDENCY,
PARTICULARLY ON RUSSIAN GAS BUT
ALSO RUSSIAN OIL.
THAT IS WHAT WE SHOULD BE DOING.
BUT NO LEASES AND NO PERMITS
HAVE STOPPED ALL THAT SO THAT IS
POINT NUMBER ONE.
POINT NUMBER TWO, OIL IS
FUNGIBLE.
IT DOESN’T REALLY AFFECT THE
PRICE.
WHETHER IT’S HERE OR OVERSEAS,
IT’S A WORLD MARKET AND I JUST
WANT TO SAY WHAT’S HAPPENED,
MORE IMPORTANT, THIS IS A DUMB
THING, DON’T GET ME WRONG, VERY
DUMB THING.
BY THE END OF OCTOBER THEY WILL
HAVE GOTTEN RID OF ALMOST 50% OF
OUR STRATEGIC PETROLEUM RESERVE
WHICH IN ITSELF IS A DUMB THING
BECAUSE THAT IS ABOUT ENERGY
SECURITY AND NATIONAL SECURITY.
BUT WHAT’S GOING ON IS THAT
RUSSIA IS SELLING HEAVILY TO
INDIA AND CHINA.
SO RUSSIAN OIL PRODUCTION IS
THAT PREWAR LEVELS BECAUSE IT
GOES TO CUSTOMERS.
THEY ARE SELLING AT A DISCOUNT,
25%, 30% PERHAPS BUT STILL $100
A BARREL OR MORE SO RUSSIA IS
MAKING A FORTUNE.
INDIA AND CHINA ARE SUSTAINING
PUTIN’S WAR MACHINE BY THE SAME
TOKEN, BECAUSE JOE BIDEN HAS A
VERY FAR LEFT CLIMATE CHANGE
POLICY, ALL OF THIS CRAZINESS.
NO LEASES, YOU SAW THAT FROM THE
INTERIOR DEPARTMENT, THEY ARE
NOT GRANTING PERMITS EITHER FOR
DRILLING OR PIPELINING OR
REFINING.
THIS MAY CHANGE BECAUSE OF THE
SUPREME COURT DECISION,
WEST VIRGINIA VERSUS THE EPA
WHICH IS A TERRIFIC DECISION AND
A LOT OF THE STUFF IS GOING TO
BE HELD UP IN COURT BUT
NONETHELESS, WE ARE NOT GETTING
THE PRODUCTION OF OIL OR
GASOLINE BECAUSE THE BIDENS ARE
VIOLENTLY AGAINST ALL OF THAT.
MEANWHILE RUSSIA WITH CHINA AND
INDIA HAVE COMPLETELY BLOWN UP
THE OIL SECTIONS.
>> Jason: BUT LARRY, WHAT TO
ME PERMEATES THIS WHITE HOUSE
AND ADMINISTRATION IS ONE OF
INCOMPETENCE.
IT REMINDS ME OF JIMMY CARTER.
JOE BIDEN WAS ACTUALLY A SENATOR
WHEN JIMMY CARTER WAS PRESIDENT
OF THE UNITED STATES.
THOSE TWO GUYS HAVE KNOWN EACH
OTHER, THEY’VE GOT TO LEARN FROM
EACH OTHER.
AND THE PROBLEM IS THE PRESIDENT
STANDS UP AND SAYS "PUTIN,
PUTIN, PUTIN."
AND I’M GOING TO RELEASE THIS
OIL RESERVE TO RELIEVE THE PRICE
OF GAS AND THEN I’M PLAYING $130
TO FILL UP MY F-150 AND PEOPLE
ARE SICK OF IT BECAUSE THIS
PRESIDENT DOESN’T KNOW WHAT HE’S
DOING AND HE BLAMES SOMEBODY
ELSE.
WHY DO WE NEED JOE BIDEN IF HE
CAN GET IT DONE?
>> WELL, THAT IS AN IMPORTANT
QUESTION.
I THINK YOU WILL GET AN ANSWER
COME NOVEMBER WHEN THE CAVALRY
COMES AND TAKES THE HOUSE AND
MOST LIKELY TAKES THE SENATE.
PROBABLY IS GOING TO BE A
LANDSLIDE.
I ACTUALLY WAS A JUNIOR
WALL STREET ECONOMIST DURING
JIMMY CARTER’S PERIOD, SO I
ACTUALLY REMEMBER SOME OF THOSE
CRAZY MISTAKES.
LOOK, EVERYTHING BIDEN DOES IS
PERMEATED BY THIS LEFT IS
CLIMATE CHANGE GREEN NEW DEAL.
HE REALLY BELIEVES THAT WE CAN
ABOLISH FOSSIL FUELS, HE HAS
SAID IT MANY TIMES, AND HE
REALLY BELIEVES THAT THIS HIGH
PRICE OF OIL WILL BE
AMELIORATED, MITIGATED WITH THE
USE OF RENEWABLES.
FOSSIL FUELS, 80% OF OUR POWER
RIGHT NOW, RENEWABLES, MAYBE 4%
OR 5%.
IT’S NOT GOING TO HAPPEN.
BUT THEY ARE STUBBORN AND
NARCISSISTIC AND SELF-CENTERED.
HE HAS BLAMED TRUMP, BLAMED
COVID, BLAMED PUTIN, BLAMED OIL
PRICES, EVEN GAS STATIONS
BECAUSE THE INTERN WHO RODE THE
TWEET DIDN’T HAVE ECON 101.
I LOVE THAT TWEET.
I THINK THAT IS FABULOUS.
AND I DON’T THINK JOE BIDEN
UNDERSTANDS IT.
I DON’T KNOW WHAT HE KNOWS.
HE SAW HIS PRESS SECRETARY, SHE
DOESN’T UNDERSTAND IT.
I DON’T KNOW WHO UNDERSTANDS IT.
ALL I CAN SAY IS WE ARE NOT
GOING TO END FOSSIL FUELS.
MAYBE WE WILL AND A HUNDRED
YEARS OR 150 YEARS BUT IT WON’T
BE ANY SOONER THAN THAT.
>> Jason: IT IS CLEAR,
TRANSPORTATION SECRETARY
PETE BUTTIGIEG DOESN’T HAVE A
CLUE, THE CONGRESS
SECRETARY DOESN’T HAVE ANY
ANSWERS, THEY DON’T HAVE ANY