On 5/26/2022, Sen. John Kennedy (R-La.) spoke on the Senate floor about the burden Louisiana families and workers are suffering as a result of record-high inflation and gas prices. He said, “President Biden took office on January 20 of last year. So, what are we, we’re in day 490 of Build Back Better? From where many of people sit, nothing’s been built, and nothing is back, and nothing is better.
“I respect the president, but honestly what what planet did he parachute in from? I had just finished reading JP Morgan’s energy report and JP Morgan looking out until 2030 not 2050 just eight years from now, said in 2030 at the rate we’re going the demand for energy in America, that at a minimum in 2038 years from now the demand for oil is going to be 10% higher in America and the demand for national natural gas is going to be 18% higher. You know what that’s going to do to prices?
“the President in March of last year, sent every American a $1400 stimulus check and they were grateful but then the Biden Administration for its next trick, crashed their 401ks, increased their food bills by as much for some as much as three thousand dollars a year, increase their rent for many as much as two thousand dollars a year and increase their gas bills for as much as a thousand dollars a year, and they don’t see that as a good trade
“There’s not a more appropriate example of that than the cost of living: inflation. When President Biden took office, the cost of gasoline in my state was $2—$2—a gallon. It’s between $4.15 and $4.25 right now. And it’s not just gasoline, Mr. President. I mean, I don’t need to tell you: A dozen eggs now cost $2.52. Ground beef is $5.41. A pound of chicken is $4.10.
“The price of oil, the price of gasoline, affects so much in terms of our economy. I mean, most of our food, our clothes, our plastics, the things we use every day are delivered by air, by van, by tanker—all of which use gasoline. Pharmaceuticals are affected by the price of oil.
“I don’t think it’s any secret that the Biden administration is trying to disrupt the production of oil in America. I think that’s just a fact. We see it in the president canceling leases on federal lands in the Gulf of Mexico and ANWR. We see it from the difficult regulatory environment for oil and gas producers.”
“Now, President Biden has said he has no control over the price of oil, and, therefore, the price of gasoline. But, Mr. President, you can’t have regulatory control over the drilling, the transporting, the storage, the refining, the trading, and the taxation of oil—as the president does—and say you have no control over the price of the commodity. I mean, that’s just not true.”
“Here’s his energy policy: wind, solar, and wishful thinking. It’s just not realistic. And, among other things, it is hurting our country—it’s hurting my people of Louisiana desperately because of the rise in gasoline prices … The good people in Louisiana, they just can’t afford it. And my people deserve better.
“Now, what’s the answer? Here’s my opinion: We’ve got to stop spending. The Federal Reserve has got to be given a chance to do its job. The United States Congress has a budget that we have set for the United States of America. We need to live within our budget. Except for defense spending, we need to freeze spending. We need to freeze it and give the Federal Reserve a chance to get this inflation under control.”
https://facebook.com/HygoNewsUSA/videos/589426702303198/
Kennedy: BBB nothing built, nothing back, nothing better. Oil demand going higher in 8 years. Stimulus check & next trick not good trade