https://thehill.com/opinion/white-house/3535437-bidens-war-on-oil-is-funding-putins-war-on-ukraine/
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.