During his latest "My Take," "Varney & Co." Stuart Varney sounds off on Biden's energy agenda as OPEC announces oil production cuts, arguing the president's policies just got "worse" as he's committed to the climate cause.
STUART VARNEY: It has been obvious since day one that Biden's energy policy has been a disaster.
It just got worse.
OPEC will cut oil production by over a million barrels a day. Now we can see the damage done when Biden ended America’s energy independence.
Look at the price of oil today: straight up. In the Trump years, America was the world's largest oil producer, effectively pushing the price down. But to satisfy the climate crowd, Biden gave up that role.
The Saudis, now call the shots.
It’s not only a failure of energy policy. It’s a failure of foreign policy. Remember when Biden called the Saudi ruler a pariah?
Mohammed bin Salman hasn't forgotten.
He may have done a fist bump with our president, but he knows Biden is committed to the climate cause that opened the door for them to control the price of oil again, and for China to walk in and take over Mideast diplomacy.
The full effects of this oil price spike are not yet known. But it is safe to say that gas, now at $3.50 a gallon, will be going higher.
That means energy price inflation will likely pick up. That means your buying power will likely go down.
And if inflation picks up, kiss goodbye to any pause in rate hikes.
OPEC+ ANNOUNCES SURPRISE OIL PRODUCTION CUT THAT COULD LEAD TO HIGHER PRICES AT PUMP
What Biden should do is take immediate steps to build and finish pipelines, drill for more oil and frack for as much nat gas as we possibly can!
But he's sold his administration to the environmentalists. He's committing over a trillion dollars of future spending to green energy.
The greens run the show. They won't let him reverse course even if he wanted to.
GET USED TO 'NEW ERA OF HIGH ENERGY PRICES,' EXPERT SAYS
My advice: fill up today, because it will cost more tomorrow.
Biden's green dreams are turning into America’s energy nightmare…
