CNBC’s Rick Santelli warned Friday on “Squawk Box” that the global economy is “doomed” if leaders continue to oppose fossil fuels.
Santelli warned of inflation and consumers feeling the effects in the near future.
“If you look at inflation, I think one of the guests said he thinks it’s probably going to stay sticky. I think it’s the rate of change, and the American public isn’t stupid, that which means it’s definitely going to stop rising as fast as it is, but prices aren’t – and I stress this – not going back to where they were.” he said. “You need months and months and months of minus signs year over year, months over months on CPI and PPI Don’t think you’re going to have months and months, and on the others data on this jobs report, I would say the rest of the world is in much worse shape than we are.
“I think it’s really funny when I see the Eurozone debating what to do with oil and gas, and Putin is somewhere watching it. It looks really weird, he’s holding the switch. He can do it whenever he wants,” Santelli added. “And I keep saying that if there’s one word about what the future of the global economy looks like in the future, and people aren’t going to like it, it’s the cost of it. ‘energy. If people want to keep energy prices high and governments want to have secret meetings about not really being in love with fossil fuels at this point in history then we’re all doomed to slower savings down the road, period.
President Joe Biden has reversed several Trump-era energy policies since taking office, with former Interior Secretary David Bernhardt recently saying the move hurt Americans amid the Ukraine crisis.
“As a candidate, President Biden was very, very clear that he had a different energy vision than the vision of energy independence — or even energy dominance — that Trump had,” Bernhardt told the Daily Caller News Foundation.
“President Biden campaigned with a very different vision,” he added. “His vision, I think to be honest, would be a vision of climate activism rather than energy independence or energy dominance.”
Biden revoked the Keystone XL pipeline permit upon taking office and declared a moratorium on new federal oil and gas concessions, following a campaign promise to “get rid of fossil fuels.” (RELATED: Biden Admin Says Oil Production Is at Historic Highs. But There’s a Problem)
Under the Trump administration, the United States increased domestic oil production from 8.9 million barrels per day to nearly 13 million barrels per day between 2016 and 2019. The United States has become a net exporter of oil. total energy in 2019 – taking into account trade in oil, coal and natural gas – for the first time in almost 80 years.
The United States is expected to become a net oil importer again in 2022 under the Biden administration, having cut oil production since November to around 11.3 million barrels per day.