FOX Business host Larry Kudlow on President Biden and John Kerry’s energy agenda and attacks on ‘Kudlow’ on fossil fuels.
At the end of our economic segment last night, I asked former Assistant Treasury Secretary Michael Faulkender if he could suggest anything to help keep us out of a recession. Please listen:
FAULDER: I think the most important thing we can do, Larry, is unleash American energy. Ultimately, cheap access to energy has broad implications for the broader economy, and the best we can do to support economic ingenuity here in the United States is to lower energy prices and start the war on American energy break up .
Larry: That’s a great answer.
And it was a great response, a concise, to-the-point, excellent response from a respected economist, and even though the time for the segment was up, I wanted to remind everyone what former Secretary of Energy Rick Perry told me on the radio last Saturday. He said “free-market capitalism and abundant fossil fuel reserves have been the biggest contributors to American success and prosperity,” adding that “most of the rest of the world would agree,” but not the Bidens.
The Biden administration has been at war on a daily basis with America’s oil and gas industry, which is the best in the world, employs over 11 million people and produces the cleanest fossil fuels around. The Biden war on fossils was a disaster. It has contributed to high inflation, wrecked family budgets, depressed workers’ real wages and led to a recession. It has damaged our economic security at home and our national security abroad – an absolute disaster.
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John Kerry, US special presidential envoy for climate issues under the Biden administration, speaks before the Council on Foreign Relations on ending “business as usual” on October 25, 2022.
Well, Biden’s climate czar, John Kerry, speaking in Egypt today, continued to bang on about fossil fuels, going on to argue: “Math and science make it crystal clear that we simply cannot reach net zero if we invest into fossil fuels ‘dramatically’.” With all due respect to Mr. Kerry, I would argue that his policies have taken the economy to net zero, even below zero. With record high inflation, of course, and I might add that the Mathematics and science clearly make no such claim.
You know, people of good will and common sense have argued for decades that in the event of climate change, all energy sources should work side by side: fossil, renewable, hydro, nuclear. You can’t just take out 75% of our power without an alternate game plan… which the Bidens never provided. Following the passage of the Green New Deal in August this year, incorrectly dubbed the “Inflation Reduction Act,” climate expert Björn Lomborg, using the UN climate model, proposed that $400 billion in additional climate spending would reduce the temperature by 28 thousandths of a degree Fahrenheit could lower. Mr. Lomborg and others have repeatedly implied that the global climate needle has barely moved after the $5 trillion in global spending over the past few decades, and for my part I would add that many in this crowd of climate existentialists see the difference between changes in temperature or today’s weather and long-term climate trends over 50 to 100 years. I’m just saying! You don’t know the difference.
Now back to the sensible positions of Assistant Secretary of State Faulkender and former Secretary of Energy Perry. I don’t think anyone out there understands how important fossil fuels and resources are to our everyday economy. We all talk about how turning off the faucets has pushed up inflation and pushed us into recession, but we need to talk about how important fossil resources are to everyday products in our lives.
Knowing what fossil fuels are used for: phones, clothes, toothpaste, asphalt, garbage bags, laptops… wait, I’m just warming up here. Don’t forget diapers, pacifiers and toys used by parents and babies around the world, all made with oil or natural gas or both, but wait a second! In hospital operating rooms that keep us healthy, fossils are used for life-saving products and equipment such as pacemakers, MRI machines, IV bags, tubing, surgical instruments, monitors and stethoscopes. Fossils are also crucial for prosthetics, hearing aids, glasses and contact lenses. But hold on! Chemicals derived from petroleum also help in the manufacture of soaps, antiseptics, aspirin, and life-saving medicines used by paramedics and doctors.
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John Kerry, President’s Special Envoy for Climate, speaks on the United States’ international climate efforts ahead of COP27, the upcoming 2022 United Nations Climate Change Conference, Tuesday, October 25, 2022, at the Council on Foreign Relations (Associated Press)
I know I have to end this list somewhere, but there are about 150 other fossil-based products that have been released by the Department of Energy. I can’t read them all, but when I go through the list I see tennis racquets, tents, tires, toothbrushes, backpacks, pens, umbrellas, dog collars, fertilizer, golf bags, golf balls, guitar strings, hair curlers, insect repellent.
All right, all right, enough already… I see. Basically, everything in daily life consumes fossil fuels. You get what I mean, but here’s the problem: John Kerry doesn’t get what I mean. Joe Biden doesn’t get what I mean and finally to my friend Rick Perry who gets me and touted free market capitalism along with fossil resources, it’s our very system of free enterprise that innovates, invents and the new technologies that will solve the climate problems that we have in the next 100 years – not the central planners of government, but free people using their God-given talents. Isn’t that really the most important point? This is my reef, thanks.
This article is an adaptation of Larry Kudlow’s opening commentary on the October 25, 2022 issue of “Kudlow.”
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