K.T. McFarland: Joe Biden Helps Russia, Hurts America by Increasing Oil Prices

K.T. McFarland noted how the Biden administration’s energy policies benefit Russia by driving up the price of oil in an interview on Friday’s edition of SiriusXM’s Breitbart News Daily with special guest host Joel Pollak.

Since the inauguration of Joe Biden, the price of crude oil has risen 25 percent, from $53.24 per barrel to $70.91 as of this article’s publication.

“Russia is a gas station with a flag,” McFarland said. “Russia needs high energy prices — that’s its only export — and so by pushing the world price of oil down … and by making the United States the world’s major energy source, we were in a great position, but [Joe Biden] has reversed all of that.”

Under former President Donald Trump’s tenure, the U.S. became a net exporter of oil and natural gas. September 2019 marked the first month U.S. exports of crude oil and petroleum products exceeded imports since 1949.

McFarland highlighted America’s securing of energy independence in the oil and natural gas industries “because of the fracking industry.”

The price of oil is a geopolitical matter, McFarland noted, highlighting the centrality of oil exports to Iran’s and Russia’s economies. “[U.S. energy independence] is great for our economy [and is] particularly good because it put our adversaries —  Russia and Iran — in a bad place.”

Economist Stephen Moore warned that the Biden administration’s energy policies, ostensibly pushed to combat “climate change,” will erase American energy independence and prevent the development of multitrillion-dollar domestic resources.