Sen. Bill Hagerty, R-Tenn., says the Biden administration's $1.9 trillion American Rescue Plan and war on American domestic energy production is to blame for record inflation levels.
"The Biden administration … on day one … launched a war against domestic energy here in America," Hagerty stressed Sunday to "The Cats Roundtable" radio show on WABC 770 AM, hosted by John Catsimatidis.
"The day that Biden came into office … he canceled the Keystone pipeline permit; stopped drilling offshore and … on federal lands … He basically sent a very clear message to the capital markets that this administration was not going to support any sort of investment in the oil and gas industry," Hagerty said.
"Global energy prices have increased dramatically," the congressman continued. "And one of the biggest beneficiaries of this is, guess who? Vladimir Putin … He's been able to use this windfall from Biden's shortsighted domestic energy policy … to fuel his war machine that he has now unleashed on Ukraine. It's unbelievable that America would find itself in a situation where we are actually fueling the fire."
According to Bloomberg, Pierre Andurand, a French commodities trader, sees oil hitting $200 a barrel.
"I don't think that suddenly they stop fighting, the oil comes back," Andurand told reporters. "It's not going to be the case. The oil's going to be gone for good. We'll have to live with higher prices to keep demand down."
Andurand believes that so far, 4 million barrels of oil per day have been sidelined since Russia invaded Ukraine.
© 2026 Newsmax. All rights reserved.