John Carney, Breitbart economics and finance editor and author, told GB News on Wednesday that U.S. oil prices have plummeted, coupled with several mistakes made by President Joe Biden’s administration in energy policy. He said there is a high possibility that prices will soar to $100.
“I think oil prices will definitely reach $100 a barrel, but I don’t see any reason for them to go down,” Carney said. The Biden administration has now really messed up by releasing large sums of money from the Strategic Reserve. They have nothing left. They have fired more or less all the bullets, so there is no source of oil that can be released into the market to bring down prices. Saudi Arabia and Russia want to push oil prices closer to $100, and that’s where they’ll end up. ”
He added: “Right now the US actually produces a lot of energy. It could be producing a lot more, but frankly the UK has deliberately crippled itself and basically We were putting a hammer in our own knees and we couldn’t produce enough energy. We don’t need to be dependent on it. We especially don’t need to be dependent on Russia. It was a massive policy failure. Our company produces large amounts of liquefied natural gas in the United States, so it could actually become a supplier to the United Kingdom and all of Europe. We will strengthen this relationship and ensure that our dependence on Russia never returns. You should do so.”
Carney added: “Joe Biden will not allow the United States to become an energy exporter to the rest of the world because he has the same ideas that halted energy production in Europe. ” he added. He wants to do it here. President Trump has said he wants to free up U.S. energy production and remove the shackles the Biden administration has placed on energy production. So I think Mr. Trump will do that. That’s probably his top financial priority at the moment. ”
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