The Biden Administration’s energy policy is "completely upside down," which is not only an economic issue but a national security one as well, former Trump administration economist Stephen Moore said Sunday.
Speaking on "The Cats Roundtable" radio show on WABC 770 AM hosted by John Catsimatidis, Moore said what is so frustrating is "the fact that we have oil at near $90 a barrel now is all the more reason we should be producing more of it. We are down two million barrels a day from where we were pre-COVID."
Moore pointed out that "every time we produce less oil, that puts more money in the pocket of [Russian President Vladimir] Putin," adding that the United States has "300 years worth of national gas. Yet we don’t build the pipelines, but we green-light [Russia’s] pipeline. I think our energy policy is completely upside down."
He emphasized that "we should be producing more oil, gas, and coal. We should be producing nuclear power…. We should also be selling our oil and gas to the Europeans, so that they’re not dependent on the tyrant Putin."
Moore also stressed that "Germany and France and Spain are feeling like they’re being held hostage to Russia for their energy. But why don’t we provide them with the energy?"
Commenting on the stock market, Moore said, "it’s been a roller coaster. It’s making me seasick watching it go up and down," adding that "we’re still down fairly significantly over the last three or four weeks, but it has certainly stabilized."
He explained that "there are a number of things that are going on: No. 1 - It appears COVID is in a very severe and rapid retreat," with the risk of more shutdowns long past us, and "No. 2 - We got a good GDP report for the fourth quarter - it came in about 7% GDP growth.
However, Moore said that "the bad news is that some of the [forward-looking] economic reports that have come out in the last couple of weeks are not so great," for example "capital spending by businesses … [has] been weak [and] retail sales have come in a little bit weak."
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