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Tags: hagerty | energy | industry

Sen. Hagerty Calls Out Biden 'War' Against US Energy, Industry

Bill Hagerty
Sen. Bill Hagerty, R-Tenn. (Tom Williams/Getty Images)

By    |   Sunday, 26 June 2022 01:21 PM EDT

President Joe Biden has “waged war” on the energy sector — and American industry — since his term in office began, Sen. Bill Hagerty, R-Tenn., said Sunday.

In an interview on Fox News’ “Sunday Morning Futures,” Hagerty slammed spending-policies that have fueled inflation.

“When Biden talks about inflation here [and that] he's doing all he can, what he's done is wage a regulatory war on American industry, particularly on the oil and gas industry,” Hagerty asserted.

“And by suppressing supply with all these regulations, by killing any incentive to invest at the same time … you have stimulus spending that we saw in that March 2021 bill, you're compressing supply and increasing demand. There's only one way to go; prices have to go up. [We’re at] 40-year highs in terms of inflation right now. And if you look beneath those numbers, it's accelerating.”

According to Hagerty, inflation is “still in the pipeline” also because there’s COVID-19 stimulus funds that haven’t yet been spent.

“There's more stimulus dollars sitting in these state coffers that are getting ready to pile into the economy again, and the Biden administration will not take its foot off of American industry,” he argued.

“More regulations, more constraints, particularly when it comes to our energy policy … Biden waged war on the American energy industry since the day he came into office,” he said. “If you think about what's going to happen this Fourth of July, empty tanks, empty wallets largely due to the increased energy costs here in America … it's had a broader effect on a global basis.”

Hagerty specifically called out Biden's green energy “theology.”

“He's doing this without any regard to the real consequences,” Hagerty said. “He’s causing massive inflation here at home, and he's putting us in a position where we've got war happening in Europe thanks to these backward-looking policies.”

“This is a terrible environment for investing and continued capacity,” Hagerty added. “You look at what the EPA has done with the small refinery exemptions, they've retroactively withdrawn and imposed retroactive billion-dollar fines on these smaller refineries. They're going to go out of business.”

“We're constraining supply at every point. It's no surprise that prices are going through the roof, and we're making ourselves far more vulnerable,” he lamented.

© 2022 Newsmax. All rights reserved.


Politics
President Joe Biden has "waged war" on the energy sector — and American industry — since his term in office began, Sen. Bill Hagerty, R-Tenn., said Sunday.
hagerty, energy, industry
377
2022-21-26
Sunday, 26 June 2022 01:21 PM
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