The Biden administration is better characterized as corrupt and evil than incompetent. From Tom Luongo at tomluongo.me:
I won’t blame anyone if they are confused by the actions of the Biden Administration. To any rational person they beggar belief. If these people are supposed to work for the betterment of all Americans how can they act in such openly hypocritical ways?
The first of many executive orders Biden signed on day one of his Presidency was cancel the Keystone XL pipeline. We can argue all day about whether we need Keystone or not. But the market is telling you that we do.
When Biden signed that EO oil closed at $53.13 per barrel. Natural Gas was $2.49 per million BTU and the national averages for gasoline and diesel fuel were $2.379 and $2.696 per gallon.
Today those numbers are $76.10, $5.109, $3.399 and $3.734. In the case of crude oil and natural gas, those numbers are 20% below their peak at the beginning of the month.
Instead of improving the domestic production environment or working with international leaders to improve the global supply and demand mismatch, Biden and company doubled down trying to get the Enbridge No. 5 pipeline from Canada shut down to starve the Great Lakes region of energy this winter.
Now, having stayed the course on Trump’s ridiculous treatment of Venezuela and further deteriorating our relationship with Russia we are now not only more dependent on foreign oil than we’ve been in years but we’re actually more dependent on Russian oil than we’ve ever been.
As a fleet of Russian ships steam their way across the Atlantic, not full of hard-assed, stone-faced Russian marines and Spetsnaz troops, but millions of barrels of Urals grade medium sour to feed those Gulf Coast refineries Venezuela used to keep filled.