Senator Rand Paul Opening Remarks at Small Business Committee Mark Up. Paul talked about about runaway federal spending.
During press conference, Senator Kennedy said Biden admin is trying to bankrupt American oil and gas industry. He said: “Someone showed me a Facebook post yesterday and the poster commented: my neighbor is so excited he just filled up his gas tank for 28 bucks. The bad news is it was his lawnmower [Laughter]. I think that kind of reflects the sentiments in America today not just in not just gasoline prices but inflation.
And it is a serious problem for lower middle income and poor Americans .for upper middle income and higher Americans this inflation led by gasoline prices may cause them to have to choose between Amazon prime and Netflix. But for our less fortunate Americans it’s a choice between filling up their car paying their rent buying the food.
It’s no mystery why we’re having this inflation and gasoline when you’re when your demand remains constant or it increases and your supply shrinks you’re going to see price increases every single time. Why is supply shrinking? well I think the main reason there are other reasons but I think the main reason has to do with president Biden’s energy policy. We know now after 14 months that president Biden’s energy policy is wind solar and wishful thinking.
The American economy is the most powerful economy in all of human history. It can’t run without energy. Eighty percent of our energy comes from fossil fuels. Someday that will be lower but that day is not here and gasoline markets and oil markets are like every other market, the price does not just reflect the current situation markets are forward-looking the price of gasoline today and the price of the oil and natural gas also reflects what people who produce the product and who buy the product think about the future. And there’s no question that they look ahead under the budget administration and see that they expect the Biden administration to continue to do every camp thing it can to bankrupt the oil and gas industry.
And I know that Biden administration will respond by saying, oh Kennedy we’re producing more oil today and natural gas in America than we ever have. But once again these markets are not just today looking at today they’re forward-looking and that’s just basic economics 101. I’ll give you one example quickly the president says I’m not against oil and gas. All you have to do is look at his proposed new rules for the national environmental policy act, the proposed rules for NEPA. Take a good look at a pipeline because you won’t see another one in America if these rural rules pass you and you can’t produce certainly natural gas without pipelines.
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Kennedy: filled tank costs only $28 but lawn mower. Paul: runaway federal spending, waste and fraud.