Posted on 10/10/2022 11:48:37 AM PDT by Red Badger
Larry Summers — who served as treasury secretary under former President Bill Clinton and was the director of the National Economic Council under former President Barack Obama — admitted during a Friday interview on Wall Street Week that cancelling the Keystone Pipeline was a "mistake" and that slowing oil permits and "being hostile as a country" toward natural gas were errors as well.
What are the details?
During the interview, Summers was asked about the OPEC+ move to slash oil production by 2 million barrels a day in order to control prices — a move that was a blow to President Joe Biden, who made a trip to Saudi Arabia over the summer to implore oil kingpins there to increase production in order to lower gas prices.
Specifically, Summers was asked if the oil production downturn will have "larger macroeconomic effects" and possibly speed us into a global recession.
"There's nothing good in this," Summers replied.
Later he added that "we made a mistake by canceling the Keystone pipeline. We made a mistake by slowing down all kinds of permitting activity. We made a mistake by being hostile as a country to natural gas."
He also said that "we made a mistake in the Congress a few weeks ago when we didn’t pass" the program from Democrat U.S. Senator Joe Manchin of West Virginia to expand permitting.
"We crucially need regulatory relief, or we’re not gonna get renewables online fast, and we’re not going to get the transmission lines that are necessary for renewables to become a large part of our energy fast," Summers added. "So, the real lesson [of] this is we need a different kind of energy strategy than the one that we’ve had. We need a strategy that is balanced rather than an unbalanced strategy of total hostility to fossil fuels, or God knows the kind of total strategy of favoring fossil fuels that we had ... even egregious favoritism toward Saudi Arabia that we saw during the Trump administration. We need to find a balance. And I think we’re making our way in that direction.”
VIDEO AT LINK....................
He’s a liberal.
They live in an echo chamber.
They speak only to others of their hive mind................
Only two years late to the party, now that’s leadership.
Obviously.......................
Back to the gulag with him!................
Yep.
5.56mm
“Mistake.”
No, it was intentional. Nobody makes “mistakes” like that.
The only debate on their side involves tactics and the timing of when to force their agenda.
They are only arguing about logistics. Some on their side don’t want their fingerprints on the damage and prefer to be able to blame someone else. The other side doesn’t care and welcomes their fingerprints all over it.
And I can’t find the name Biden in this article, when he’s the one who did it.
And now Obama has changed his mind but will see that Biden gets the blame for those policies. No honor among thieves.
Well Bill & Barak... you geniuses turned your party over to Bernie Sanders and his economic agenda. Go look in the mirror (well, not you Barak. You look in the mirror entirely too much, Mr. Selfie).
Biden and the climate string-pullers have no intention of replacing existing energy production with so-called renewable energy sources, although they want to appear as doing so.
A good example of the energy transition two-step is this article from Reuters, reporting 8 months after the fact that the Biden administration quietly took away a project grant they rewarded to great fanfare two weeks prior. The project was to expand lithium extraction in the U.S. for batteries. U.S. steps away from flagship lithium project with Buffett's Berkshire
And then there's... Environmentalists Want Renewable Energy, But Not Power Lines
The climate warriors oppose every energy project they can, the media covers for them.
Yeah it takes a lot of deep intelligence to figure that out…all the liberal leftists jumped on the Greta bandwagon…a angry 16 yo with Asperger…imagine that…now Europe is freezing and energy supplies are sky high and/or not available…
Well duh !
Sure. And Pearl Harbor was just a mistake, oops. Certainly not part of a broad plan being implemented, just an oopsie.
Then they would have to get real jobs....................
Tooooooo late commie aholes!-)
When they discourage production, prices go up and the oil companies make more money for doing less.
Genius!!
Larry is running for Treasury Secretary. I think he’s capable to eff things up as much as Yellen. Don’t be swayed by a few reasonable words.
all part of the plan
now shut up and get on the bus
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.