Trump slams Biden’s energy policies amid Russia-Ukraine war: US oil situation 'worst' it's ever been
Trump warns oil prices 'could go unlimited'
Trump: US has 'worst situation in oil' than ever before
In an all-encompassing interview with 'Mornings with Maria,' former President Trump reacts to President Biden's State of the Union address, discusses oil prices and the Russia-Ukraine conflict.
Former President Trump slammed President Biden’s energy policies on Wednesday as the Russian invasion of Ukraine rages on, arguing that the United States has the "worst situation in oil" than ever before.
In a wide-ranging interview on "Mornings with Maria," hours after President Biden delivered his State of the Union address, Trump warned that oil prices "could go unlimited."
Throughout the interview, Trump stressed that the United States should stop buying Russian oil and encouraged the country to "'open up your own oil," arguing that Biden can help stop the conflict overseas by increasing U.S. oil production.
"Stop paying Russia immediately," he urged. Trump's comments come as oil prices continue to rise amid Russia's attack on Ukraine.
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Oil surged by more than $5 per barrel early Wednesday despite an agreement from the United States and other major governments to release supplies from strategic stockpiles aimed at calming market anxiety.
The 31 members of the International Energy Agency, the club of major oil consumers, agreed Tuesday to release 60 million barrels of crude from stockpiles.
"America will lead that effort, releasing 30 million barrels of oil Strategic Petroleum Reserve. We are prepared to do more united with our allies," President Biden said during the State of the Union address on Tuesday night. "These steps will help blunt gas prices here at home."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 71.04 | -0.57 | -0.80% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 28.77 | -0.23 | -0.79% |
The announcement to release crude from stockpiles failed to calm concern about disruption in supplies from Russia, the second-biggest exporter behind Saudi Arabia.
Trump argued that in order to reduce oil prices Biden must "create new energy," and said the windmills "are not going to do it."
Benchmark U.S. crude jumped to $108.49 per barrel in electronic trading on the New York Mercantile Exchange on Wednesday. The day before it rose $7.69 to $103.41.
On Wednesday morning, Brent Crude, the price basis for international oils, gained more than $5.00 to around $111 per barrel in London. It soared $7 during the previous session to $104.97.
"Our country is run by fools," Trump told host Maria Bartiromo, adding that the war in Ukraine would have "never happened" if he were president, especially since the U.S. would have been exporting oil to all countries, which he argued "would have kept it from happening in itself because Russia wouldn’t have been making a fortune on oil."
He went on to blast the U.S. for paying Russia "all of this money" for their oil.
"It's crazy, and we have more oil than they do," Trump stressed.
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"We were energy independent one year ago. We were exporting energy for the first time ever in the history of our country," the former president added, noting that the U.S. was on track to "double the size this year."
"It would be double the size of Saudi Arabia and Russia combined," he argued.
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In a series of orders aimed at combating climate change, President Biden temporarily suspended the issuance of oil and gas permits on federal lands and waters and canceled the Keystone XL oil pipeline project.
President Biden revoked the permit for the 1,700-mile pipeline on his first day in office, ending a project that was expected to employ more than 11,000 Americans last year.
Biden has come under increasing pressure to walk back resistance to domestic oil production in the wake of Russia's invasion of Ukraine, with Rep. August Pfluger, R-Texas, arguing such a move would help the U.S. "regain our dominance on the world stage."
On Wednesday Trump argued that, had the U.S. retained its energy dominance, America would have "been selling to everybody in Europe."
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He reiterated that Biden should increase oil production in the U.S. and should stop buying oil from Russia in an effort to end the conflict overseas and reduce energy prices.
"It will take a while. That’s the problem," Trump warned, arguing that "our country would have made an absolute fortune" under his administration’s energy policies.
"We had low energy costs and it was very abundant," he went on to argue, noting that the Biden administration reversed course and "ended exploration."
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Russia's full-blown attack on Ukraine, which started last Thursday, could push prices even higher with many NATO countries such as Germany dependent on Russian oil to fuel their countries.
That dependence has also limited the international response to Russia's invasion, with sanctions being specifically designed not to target Russian fuel exports amid fears such a move could send energy prices soaring in Europe.
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Trump argued that the administration needs to get Ukrainians the necessary weaponry in order to stop the conflict, and reiterated that Biden should "open the oil" immediately. The former president asserted that action will bring prices down and "affect inflation tremendously," and will also "affect Russia."
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The consumer price index rose 7.5% in January from a year ago, according to a Labor Department report released last month, marking the fastest increase since February 1982, when inflation hit 7.6%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.6% in the one-month period from December.
Price increases were widespread: Although energy prices rose just 0.9% in January from the previous month, they're still up 27% from last year. Gasoline, on average, costs 40% more than it did last year.
Trump argued "it would look like" a recession could happen this year or next, especially given what's happening with energy.
FOX Business’ Ken Martin, Megan Henney and The Associated Press contributed to this report.