Breitbart economics and finance editor and author John Carney told GB News Wednesday that U.S. oil prices will likely surge to $100 per barrel adding President Joe Biden administration has made several energy policy mistakes.
Carney said, “I think oil is definitely going to reach $100 a barrel, and I don’t see a reason why it’s going to come down. The Biden administration really messed up by releasing so much from the strategic reserves right now. They have nothing left. They fired all the bullets, more or less, and so there’s not a source of oil that can be released into the market to break down prices. The Saudis and the Russians want oil up near $100, and that’s where it’s going to go.”
He continued, “Right now, the US is actually producing a lot of energy. We could be producing a lot more but the UK, frankly, has intentionally crippled itself, basically took a hammer to its own knee, and it could not produce enough energy. It doesn’t have to be dependent. It especially doesn’t have to be dependent on Russia. That was a colossal policy failure. We make so much liquefied natural gas in the US that we actually could be the supplier to the UK and to all of Europe. We should cement that relationship and make sure that this dependency on Russia never comes back.”
Carney added, “Joe Biden won’t allow the US to expand to become the energy exporter to the rest of the world because he is in that same mindset that cancelled energy production in Europe. He wants to do that here. Trump has said he wants to free up American energy production, that he wants to remove the shackles that the Biden administration has placed on it. So I do think Trump will do that. It is probably his number one economic priority right now.”
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