Biden is going to Saudi Arabia to ‘beg’ for oil: Peek – Fox Business

As soaring inflation passes 40-year highs and the average price of gasoline skyrockets past $5 per gallon, President Biden, who campaigned on ‘phasing out fossil fuel,’ is growing ever more desperate by the day to bring supply back in line with demand.

His latest lousy trick? Beg the Saudis for more oil. A move that will do little good because we don’t have the refining capacity in America to crank out more finished products. (Gasoline, Diesel, etc.)

Why did we lose this capacity? Much of it was shuttered during draconian Covid lock-downs. At least 800,000 gallons of capacity didn’t come back online for many reasons. A major contributing factor was interference from a Biden Administration that swore off fossil fuels. Well ahead of any capacity to migrate the vast transportation sector to anything E.V.

You add this dynamic to the already stretched to the limit supply chain, a fed that was fast and reckless with easy money policy, diluting by the trillions, and what you end up with is runaway inflation.

President Biden told oil CEOs that he might resort to using emergency powers if they don’t increase output at their refineries. He blamed high oil company profit margins for rising gas prices. Last week it was Republicans; the week before, it was Russia. The president seems desperate to get people not to blame him, but that ship has long sailed.

President Biden said companies could increase their supply of gasoline, diesel, and other refined products by increasing refinery capacity and output in the near term.

Biden’s latest attempt to curb inflationary pressure comes one day after selling 45 million barrels of crude oil from the strategic reserve, which now sits at record lows.

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