CNBC on-air editor Rick Santelli responded in real-time on June 10th as abysmal new inflation numbers dropped, blasting the Biden administration for its hostile energy policies. The Bureau of Labor Statistics revealed Friday the consumer price index leapt 1% from April, reaching a year-over-year spike of 8.6%, the greatest rate in more than 40 years.
Santelli was speaking live on “Squawk Box” when the CPI information for May was released. After checking off the worrying numbers, Santelli unloaded on President Joe Biden.
“I will say that out of all of the above, energy, energy, energy,” Santelli began.
“You know, there are so many comments here about, ‘Oh, the administration can only do so much,'” he continued. “You know what? We all said that about the Fed. And then there’s this thing called ‘forward guidance.’ So the Fed gets the market to do things long before it takes action by telling [people] what’s in their head what lies down the road.”
Inversely, Santelli stated the “forward guidance” from Biden has actually been to demonize the oil and gas market.
“What was the forward guidance with this administration on energy? We know the answer,” he said. “Maybe they can’t get things to happen faster, but by giving positive forward guidance, by not closing pipelines, by not talking pre-election about how much they don’t like fossil fuel, maybe things would have turned out a bit different.”
BREAKING: Consumer prices rise by 8.6%. #Inflation hits the highest level since 1981. pic.twitter.com/DwyvWt77gd
— Squawk Box (@SquawkCNBC) June 10, 2022
The president attended to the continuous inflation issue Friday by once again relying on his routine scapegoats: Russian President Vladimir Putin and the oil market.
“Putin’s Price Hike hit hard in May here and around the world: high gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine,” Biden said in a statement.
The truth, nevertheless, is that gas costs have more than doubled given that Biden took workplace in 2015. The typical cost of gas was $2.39 per gallon on Jan. 20, 2021. Today, the typical cost struck $4.99 per gallon, an all-time record.
Meanwhile, Biden also said, “[I]t is also important that the oil and gas and refining industries in this country not use the challenge created by the war in Ukraine as a reason to make things worse for families with excessive profit taking or price hikes.”
That is not real. While the Biden administration has actually consistently attempted to blame oil business for rate gouging, financial experts at the Federal Reserve Bank of Dallas made it clear that oil business are not responsible for gas rates
“Since only 1 percent of service stations in the U.S. are owned by companies that also produce oil, U.S. oil producers are in no position to control retail gasoline prices,” the economists wrote last month.
H/T The Blaze
