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Biden’s war on oil is funding Putin’s war on Ukraine
June 24, 2022

Biden’s war on oil is funding Putin’s war on Ukraine

Liz Peek Articles

President Biden’s bizarre and implacable hostility to U.S. oil producers is helping Russia win its war against Ukraine.

No joke, as Biden might say. Not only has the president’s unswerving effort to squash domestic oil and gas production caused higher prices for consumers, a looming recession as the Federal Reserve struggles to dampen inflation and disastrously low approval ratings, it is also funding Russia’s destruction of its neighbor.

The U.S. is the world’s largest oil and gas producer. Because of the COVID-19 shutdowns, but also because of the many restrictions and costs piled onto domestic producers by the Biden administration, and in recognition of those likely to follow, U.S. output has declined from 13.1 million barrels per day in February 2020 to 11.9 mb/d today.

Taking over 1 million barrels per day off the world market amid what was until recently a global economic expansion has helped boost prices. And higher prices are funding Putin’s war with Ukraine.

Consider: On June 10 the central bank of Russia dropped its key lending rate by 150 basis points, the fourth such cut in the past few months.

This even as financial authorities around the world, including in the U.S., are pushing rates higher to dampen demand and squash inflation.

Why would the Bank of Russia be such an outlier? Because the economy of that belligerent nation, though suffering rising poverty and double-digit inflation, is doing much better than expected. The reason is oil prices, which are 60 percent above levels from one year ago.

Higher oil prices have helped stabilize Russia’s export revenues, and its currency. The ruble had tumbled to a value below one U.S. cent in March, after Russian President Vladimir Putin invaded Ukraine, down from 1.4 cents the year before.

Today, the ruble is trading at 1.8 cents, its highest level since 2015.

This is how ineffective the West’s sanctions against Russia have been. Yes, Putin’s economy is contracting; yes, inflation is at levels that would have Fed Chairman Jerome Powell run out of town on a rail. But the truth is, the West’s concerted efforts to slam Russia’s income have been a dismal failure.

Because of oil prices. Russia’s current account surplus for the five months January through May exceeded $110 billion, more than triple the amount earned during the same period last year.

This is shocking considering that Biden promised Americans that imposing the toughest-ever sanctions on Russia would “impose severe costs on the Russian economy, both immediately and over time.” Those restrictions, he promised, would “impair their ability to compete in a high-tech 21st century economy.”

Those much-ballyhooed sanctions have come up short. This means that Putin can continue his destruction of Ukraine, which according to one estimate is costing $876 million per day, or roughly the same as its revenues from energy exports, while the West continues to sit by and watch. This is unacceptable.

It also begs the question: Did no one see this coming? Did not any of the financial experts in the White House or in the United Kingdom or France imagine that cutting off a major oil exporter might drive prices higher?

Did no one imagine that western nations might want to anticipate such an outcome by pushing every means possible to increase oil and gas production elsewhere? Including, for instance, in the U.S.?

This is not Monday morning quarterbacking. This seems like common sense, and yet apparently this entirely inevitable outcome has come as a surprise. Not least to our president, whose obdurate hostility to American oil and gas producers is as puzzling as it is harmful.

Did Biden’s family get short-changed at the local service station? What caused the peculiar animosity that Biden seems to harbor against Big Oil and Little Oil too?

Imagine: during a verifiable energy crisis, with gasoline prices so high that people are cutting back on driving, Biden will not meet with oil industry executives. While he has met in person or virtually with other industry groups, he refuses this most important get-together of all, instead delegating the sit-down to his energy secretary, Jennifer Granholm.

White House spokesperson Karine Jean-Pierre confirmed that the president won’t attend the meeting, but is “keenly interested in its outcome,” according to one report.

Biden’s antipathy towards the oil and gas industry is unfortunate. His campaign promise to shut down fossil fuels may have been hot air, but as he scrambles to address voters’ number one concern – inflation – energy is key. It is true there is no short-term fix for the current high cost of oil. But a sensible stand-down of punitive regulations and a constructive long-term plan to boost production of oil and gas here at home would begin to bear fruit by 2024, an important year for beleaguered Democrats.

Meanwhile, the war in Ukraine drags on. So far, the U.S. has committed $54 billion to that unhappy nation, more than one-third of its pre-COVID annual GDP. Other countries have pitched in with war materiel and assistance. And yet, it is evident that Russia has regrouped after early setbacks and is steadily expanding its hold on Ukraine territory.

How can we be surprised? Biden reportedly criticized Defense Secretary Lloyd Austin and Secretary of State Antony Blinken for saying the U.S. wanted Ukraine to win its war against Russia. The president thought they had gone “too far,” according to NBC News.

Winning is apparently off the table. So too is the one measure that could take us there: a full-out effort to raise U.S. oil and gas output, which would finally slam Putin’s economy.

Biden’s war on oil is funding Putin’s war on Ukraine

Published on The Hill

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Liz Peek@lizpeek·

9h

No tax is pain-free; taxing business hurts workers & stockholders- and the economy. #recession

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Liz Peek@lizpeek·

6 Aug

This is true- millions retired & now retuning to workforce bec they can’t afford food & shelter

deena10@MissDeeMissDee

Biden didn’t create new jobs. People are going back to work (finally) so they can afford the #BidenInflation in food shelter and fuel. F J B and zero #BidenBoom

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Arsen Ostrovsky@Ostrov_A·

6 Aug

Hi @CNN. I think you got this back-to-front … it is Palestinian Islamic Jihad terrorist that have rained down over 250 rockets at Israel! Israel doesn’t even fire rockets at Gaza, as you blatantly lie!

Hi @CNN. I think you got this back-to-front … it is Palestinian Islamic Jihad terrorist that have rained down over 250 rockets at Israel! Israel doesn’t even fire rockets at Gaza, as you blatantly lie!

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Lance Gooden@Lancegooden·

5 Aug

The U.S. military is struggling to recruit troops.

The Border Patrol is running short of agents.

Meanwhile, Joe Biden is focused on hiring 87,000 new IRS agents.

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Yusuf Unjhawala 🇮🇳@YusufDFI·

5 Aug

Taiwan: “After reunification, we will do re-education”, says the Chinese ambassador to France.
—
One Country, One Gulag. https://t.co/5U2Yzguave

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Liz Peek

9 months ago

Liz Peek

Are you better off than you were 2 years ago?
www.foxnews.com/opinion/inflation-hurting-americans-biden-bill-worse-liz-peek
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Inflation already hurting Americans, and Biden's Build Back Better will make things even worse

Are you better off than you were two years ago? That’s what Republicans will ask voters a year from now.

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Inflation is worldwide and COVID induced.

3/7

Swamp Think

Peek's article posted today on the Fox News website did not mention one word about President Trump's accomplishment of not only leading the way to American Energy Independence but for the country to become net exporters of the energy we and our allies could really use now.

Under President Trump, oil was in the low 40s (while on the same page, oil traders are now predicting as high as $200/barrel this month!), gas in our tanks cost below two bucks, inflation was under two percent and gas station attendant Putin with an economy about the size of Italy's and who is totally dependent on the price of energy was placed in an economic cage… by President Trump.

Instead Peek gives credit to media Saint Obama for his "all the above" strategy which consistent with how he operated was all campaign talk with ZERO follow through.

Does Peek not remember that Saint Obama's response to Putin invading Crimea was to send blankets.

If you want a quick read on Swamp Think, check in with Fox News.

From the Murdoch boys and Paul Ryan on down, no one is pushing the self-serving, elite globalists agenda of running the world as their personal piggy bank harder than Fox News.

And how are the globalists doing at managing world affairs?

No Trump, No Trump Doctrine

There's a growing rumble, by the minute, from people all over the planet who are suddenly missing Trump's policies, not necessarily Trump.

First, Trump's policies, domestic and foreign, were clear and common-sense driven which is anathema to the Swamp control freaks who thrive on complication and confusion to mask their real agendas and who they're really working for.

Second, the hypocrites who are now lamenting Trump's policies are the same, domestic and foreign, who fought Trump every inch of the way to prevent the implementation of policies that clearly worked.

Third, without Trump the fighter, no Trump policies would have ever seen the light of day.

And without what is now collectively the Trump Doctrine, what clear metric would we have to truly understand the depth and devastation of the Biden/Swamp debacle?

Don't you know that the global supply chain story is done on purpose for there to be empty shelves at the grocery stores and what not to screw with the public. This is done by the world economic Forum with the likes of Klaus Schwab Bill Gates and George Soros and their ilk

YOU are the delusional personality, dear. Sticking it against the US to please 🖕trump and putin. Disgusting anti American.

Maybe Liz you would support some immigration reform , you bitch about not having enough servers in your entitled selfish world , oh and you are against mask wearing too , how trumpian of you, the pandemic is all a hoax to you , just dont get sick out there might not be any hospital beds for you . The drs and nurses are sick and tired of taking care of anti mask anti vax selfish repubs Go claim your Darwin Award .

President Trump lost the election you are such a dummy he got over 95 million the other yo-yo got about 45 million the rest was fake you're a disgrace. Www.magapill.com

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Liz Peek

9 months ago

Liz Peek

Progressives got hammered on Election Day- but that was only the latest big defeat. What does this mean for Dems? Can Joe pivot? (spoiler-probably not)
www.foxnews.com/opinion/progressive-drubbing-biden-pivot-changing-guard-liz-peek
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Liz Peek: Progressives' drubbing opens door to (unlikely) Biden pivot, changing of the guard

They may not know it yet, but the ultra-liberal cabal that has choked Democrat politics and humiliated spineless party leaders like House Speaker Nancy Pelosi, D-Calif., has lost its mojo.

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Liz have you not heard latest on the “russia collusion” “steele dossier” Fiona Hill???
Or are you a typical msm reporter?

President Trump lost the election you are such a dummy he got over 95 million the other yo-yo got about 45 million the rest was fake you're a disgrace. Www.magapill.com

Liz Peek

9 months ago

Liz Peek

Joe Biden wanted to be an historic president- and he has done that. Worst ratings slide of any president since WWII.
He (or whoever is running WH) doesn’t care about voters’ top issues – instead Team Biden obsessing about climate change, gender and race.
No wonder he’s in trouble!
www.foxnews.com/opinion/biden-polls-ignoring-voter-concerns-liz-peek
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Liz Peek: Biden vs. Americans – his priorities, like climate change, ignore top worries of most voters

Voters are worried about inflation, jobs, crime, education and our open border, while the Biden White House is laser-focused on climate change, transgender rights, racism and reducing inequality.

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The great days turned to very bad days in less than a year.
Congress needs a flip to GOP next year to stop the craziness

Climate change is important.
The GOP may not care about it now, but their children will.
He is trying to get an infrastructure bill through.
He has had issues with Afghanistan, but what else could he do
The people who are taking over Afghanistan were released by the previous administration.
I am sure that Biden is not perfect but he is better than Trump.

Your bias is ridiculous. Makes you a bad writer. Btw avg teacher pay is way above 31000. Sensationalize much?

#LetsGoBrandon

Joebama

www.facebook.com/1218170708/posts/10226625535324074/

Duuuuuh President Trump lost the election you are such a dummy he got over 95 million the other yo-yo got about 45 million the rest was fake you're a disgrace. Www.magapill.com

worst ratings only from a side thats ignorant to the truth. the effects of coming off a pandemic with oil companies profitting off the pumps in order to pay their shareholders back from profits lost. inflation effects the entire world but of course your base doesnt pull their heads out their asses for one second to look around and use common sense. keep spreading bullshit and weakening our country til it no longer functions as a democracy….bc i see through your fake Christian patriotic pow wows. you are the opposite of ehat you claim and you are the definition of what you claim your rivals are. deflection, projection, hypocrisy. 3 words that sum you up

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