Biden’s Energy Strategy is ‘Drill, Baby, Drill’ — in Russia

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Drel’, detka, drel’. That, according to Google, is how to say “drill, baby, drill” — in Russian. That’s also what I’m taking away so far from this United Nations climate confab at Glasgow, Scotland.

It seems it’s okay for Russia to drill for fossil fuels. It’s okay for Saudi Arabia and other oil producers to pump more oil. It’s just not okay for American producers to restore America First energy independence.

President Biden killed the Keystone XL pipeline. It put a moratorium on new fossil fuel leases on federal lands. It stopped any drilling in the Arctic National Wildlife Reserve in Alaska. It failed to appeal a federal court order halting ConocoPhillips’ Willow Master Development Plan in the Western Arctic.

Yet now the Biden administration is trying to get people to believe that the near doubling in gasoline prices is not really the President’s fault. It’s the fault of Saudi Arabia, OPEC, and Russia. Huh?

This is about as believable as the notion that vaccine shelves were bare when he first came into office. Or ignoring President Trump’s American-saving Operation Warp Speed, which, by the way, produced vax jabs for Mr. and Mrs. Biden. It’s about as believable as saying he inherited a deep recession.

It ignores the strong V-shaped recovery that Mr. Trump delivered as the pandemic began to ease and businesses began to reopen on the strength of tax cuts, deregulation, and energy independence.

It’s of a piece with blaming President Trump for the Afghanistan withdrawal catastrophe or blaming the 45th president and the U.S.-Mexican border wall for the illegal immigration catastrophe that has emerged on Mr. Biden’s watch.

Blaming Mr. Trump won’t work. That’s why President Biden’s polls are crumbling. His policy actions are failing — badly. Until he owns it, and changes it, he’s going to continue to fail.

In respect of oil, America was, before the pandemic, producing a bit more than 13 million barrels a day. Then, during the pandemic, as the economy closed down, all production fell to around 11 million barrels a day.

The problem is that as the economy has picked up, and energy demands have sky-rocketed, American producers and frackers are still running around 11 million barrels a day. That’s the big reason why gasoline prices have nearly doubled.

We shouldn’t have to beg the Saudis and Russia. We, America First, energy independent, could be the swing producer — if the White House would let us produce. Rig-count recovery has been minimal. Why?

The answer is because Mr. Biden’s obsession with the Green New Deal to destroy fossil fuels has completely stifled any investment spirits in the energy business. The administration is a wet blanket. No one wants to risk future money today because they fear the Biden progressive leftwing assault on fossil fuels, which is still about 80% of our energy.

The irony in all this is that the natural gas fracking revolution has lowered our carbon emissions by well more than 20% since 2005 because natural gas is a clean burning fuel.

We’ve nearly hit the Paris climate accord’s targets five years early. None of the lefty-greenies want to talk about this.

Here’s an even bigger problem: The G20 in Rome, combined with this COP26 in Scotland has essentially produced a world economic policy of reduced energy and higher taxes. This is an austerity policy, not a prosperity policy.

A modern economy can’t grow without energy. That means oil, natural gas, coal, wind, solar, hydro, nuclear. All of the above. We should be using new technologies to produce cleaner and cleaner power across the board rather than abolishing major power bases.

All the nations of the world should adopt this attitude. Both developed and less developed countries need to move to an economic growth model, a prosperity model, and reject an austerity recession model. Right now is the time to be cutting taxes everywhere and increasing energy everywhere. That will rejuvenate and rebuild the post-pandemic world economy.

________

From Mr. Kudlow’s broadcast on Fox News.


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