Varney: This is what happens when you shut down pipelines
Inflation hits 40-year high, putting strain on consumers
Stuart Varney: This is what happens when you shut down pipelines
FOX Business host Stuart Varney argues it’s time for Biden to 'change course.'
"Varney & Co." host Stuart Varney discusses Biden's next challenge as inflation targets the energy sector, arguing this is what happens when the president shuts pipelines during his "My Take" Tuesday.
STUART VARNEY: Energy price inflation has arrived.
You can see it. You can feel it. It’s a huge political problem for the president. It’s a problem for us all.
A cold snap hit the Northeast and upper Midwest this week, and electricity prices spiked.
Utilities are having to pay up for increasingly scarce natural gas. That’s what happens when you shut pipelines as the president did.
BRENT CLIMBS ABOVE 7-YEAR HIGH ON MIDEAST TENSIONS, TIGHT SUPPLY
Two days ago Iranian-backed rebels attacked the big oil facility in Abu Dhabi. That’s right at the center of the Mideast oil patch.
That’s why oil has spiked to $85 a barrel, the highest in years. This is part of the pressure the Iranians are putting on President Biden in the nuke talks.
Gas prices are high now, and they're going up some more with $85 oil.
Biden has no answer for this inflation spike. He's blaming oil companies, gas stations. Laughably, he blames "meat conglomerates" for $5 a pound hamburger.
But we pay for bad policy. Inflation leads to higher interest rates. It started already. Mortgage rates are up, so your monthly payments are up.
The stock market is selling off, so your 401k is going down.
COMBATING INFLATION ISN’T ON BIDEN ADMINISTRATION’S TO-DO LIST: NORQUIST
It’s time for the president to change course. Stop the wild spending. Raise energy production! But he won't – he can't.
The socialists and the climate crowd run the Democrat party these days. They don't care about inflation. But voters do.
The president should hope for a little global warming this winter.