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....................
“Now shut up and get in the HANDBASKET,” you mean!................😎
Or that women are inferior chess players... can't do high level math, have IQ's clustered around the mean... or something true like that.
as long as it is electric
The ‘Electric Handbasket’..........Good name for a band.............
They were not elected to be armchair quarterbacks. They are put in to make decisions in the best interest of the country on the first decision. And saying now that they are screwups is a lot late. For too many there is no “do over.”
wy69
“its purpose was to get young voters involved in politics..”
Its purpose goes way beyond that and started much earlier.
Effing Up is not a town in any state.
I knew a guy who claimed he came from there. Now we live there. All of us.
“Keystone Pipeline cancellation was ‘mistake,’ economist under Obama, Clinton admits — and slowing oil permits, ‘being hostile’ toward natural gas were errors, too”
I guess Biden’s mentors didn’t make that clear to him.
The Dems were well paid by Putin to shut down the American Oil Business so Putin could finance his war with Ukraine. In other words, America financed the Russians to go to war in the Ukraine.
Any other mistakes you guys would like to admit?
Compounding his “errors”, Biden is mulling over banning all drilling on Federal lands, as well as banning offshore drilling.
By the time Biden’s first term is up, there will be no oil drilling any where in the USA. By the end of his second term, long black outs will be common every day - people will have to chose whether to cool their food or turn on a light. At that point the USA will be no different than some poor African countries.
“Now we live there.”
Could be corrected at the next few elections.
wy69
They weren’t mistakes: they were intentional sabotage of the USA.
Yup....good cop....bad cop. Disgusting, disingenuous people. Liars, grifting off tax money, and using our tax money to buy votes from illegals and corrupt public unions among others. Then going after their political enemies.
They will be hard to beat cause they give money away to buy votes.
But nowadays you ask a 20 yr. old how many states are in the USA...you might get 1 in 12 to know that question.
Kinda like that.....Burt America....But more like the Dims want is Bust America.
The Keystone pipeline has been in operation since Obama was president, becoming operational in 2010. What is being talked about here was the proposed Keystone XL pipeline. An addition and a shortcut. As most of the oil refined from the tar sands of Canada, an expansion of the pipeline wouldn’t have done us here in America much good as far as gasoline prices are concerned.
Dem. Others believe the more you suffer the more it shows you really care. Perfect mindset for collectivists.
Reality check:
Government has too much control over the energy sectors.
Think about it this way, how would you like to have a business that one year you can be productive and then the next year the government essentially shuts you down...then the next year they say you can go for it?
Who the hell runs a business that way? But that’s is exactly how we expect oil companies to operate in this country and it is wrong for them and bad for the nation.
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