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Video: Energy Industry Heads Call Out Biden Admin’s Misinformation On Record High Prices

“We need some clarity just in the regulatory sense that this administration is behind domestic energy production.”

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Energy industry heads have hit back at the Biden administration’s efforts to blame them for rising prices, noting that it is a ‘distraction’ from the reality that Executive actions are really to blame for supply chain issues.

Following Jen Psaki’s embarrassing attempts to deflect the energy crisis onto Russia and American oil companies who she claimed “need to drill more,” American Exploration & Production Council CEO Anne Bradbury urged “That accusation is a complete red herring.” 

She continued, “It’s really a distraction from the fact that this administration has paused leasing on federal lands, something that we’re concerned about and something that we think needs to continue right away.”

Speaking at the CERAWeek energy conference, Bradbury further noted that it takes a long time to explore and develop a federal lands lease, adding that the Biden administration is legally mandated to sell the leases.

“The fact is that industry is producing at a higher level on existing leases on federal lands than in the last 20 years and these leases take many years to explore, to develop and produce on,” Bradbury added.  

“The fact is that industry is producing at a higher level on existing leases on federal lands than in the last 20 years and these leases take many years to explore, to develop and produce on,” Bradbury emphasised.

Watch:

American Petroleum Institute (API) president and CEO Mike Sommers also noted that Psaki’s claims represent “a fundamental misunderstanding as to how this process works.”

“Once you lease land there is a whole process that you have to go through. First you have to actually discover whether actually there is oil and gas in that land. Second of all, you have to get a permit to actually develop that land,” he asserted.

“Right now we actually are developing more leases than we have in two decades so the White House certainly doesn’t have their facts straight on this,” he further responded.

Energy Workforce and Technology Council CEO Leslie Beyer also hit back at Psaki, noting that “some permits are viable and some are not.”

“The moratorium on leasing certainly adds an additional… block to American energy production, so that is the opposite of what we need to be doing right now,” she said, adding “We need to stop the rhetoric that’s anti-fossil fuel and we need some clarity just in the regulatory sense that this administration is behind domestic energy production.”

Meanwhile, Joe Biden twice said Tuesday that Russia is to blame for gas prices being at record highs, even calling it “Putin’s price hike” as he  announced a ban on all imports of Russian oil:

He also again claimed that it isn’t true that his own policies have affected the supply chain:

Biden repeated Psaki’s deflections from yesterday, claiming that “In the United States, 90 percent of onshore oil production takes place on land that isn’t owned by the federal government. And of the remaining 10 percent that occurs on federal land, the oil and gas industry has millions of acres leased. They have 9000 permits to drill now, they could be drilling right now, yesterday, last week, last year. They have 900 to drill onshore that are already approved.”

“So let me be clear, let me be clear, they are not using them for production. Now, that’s their decision. These are the facts. We should be honest about the facts,” he added, again blaming oil companies.

In reality, oil companies are ramping up production in Texas and New Mexico.

Practically everything is to blame for the price hike, except Biden’s own policies of course:

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    Economy

    Video: Amid Banking Collapse, White House Says “We See A Strong Economy”

    Strange choice of words

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    Steve Watson

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    As inflation continues to skyrocket and amid huge banking collapses, the White House press secretary declared Wednesday that the Biden administration “sees a strong economy.”

    CBC’s Caitlin Huey-Burns asked Karine Jean-Pierre about Joe Biden’s support for Federal Reserve Chairman Jerome Powell and what the Fed is doing to attempt to reduce inflation. 

    “We understand what the American people are feeling, that is why we have made it a priority to do everything that we can to lower costs for Americans,” Jean-Pierre responded.

    Then came the kicker.

    “We do not see a recession or pre-recession. We see a strong economy and it’s because of the work that this president has done,” Jean-Pierre declared.

    You don’t see it or there isn’t a recession?

    Strange choice of words.

    Keep saying it and it might become reality:

    When asked if there will be an economic downturn owing to two giant bank collapses, KJP had no answer, other than to quote the Fed chairman saying the economy is sound:

    Powell claims that rampant money printing isn’t driving inflation:

    Treasury Secretary Janet Yellen claims that just growing debt forever is sustainable:

    Are they wilfully ignorant or just flat out lying?

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    Economy

    Elon Musk Responds To Biden’s “Pay Your Fair Share” Tax Tweet

    “I paid more income tax than anyone ever in the history of Earth”

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    Steve Watson

    Hannibal Hanschke-Pool/Getty Images

    The world’s richest man Elon Musk has responded to a tweet sent out by Joe Biden calling for higher taxes for billionaires, noting that he’s paid more tax than any human ever in the history of the planet.

    Biden sent out the following tweet calling on rich people to “pay your fair share,” along with a claim that the average tax billionaires pay is three percent.

    Musk responded, noting that he paid a whopping 53 percent tax on Tesla stock options at both the state and federal level, and that he paid more taxes than any person on Earth in 2021 ($11 billion) and will do so again for the 2022 fiscal year.

    Musk also called for a fact check on Biden’s three percent claim.

    Musk’s call led to the following correction from the Tax Foundation being added to Biden’s tweet, showing how Biden is either just flat wrong or lying:

    Others chimed in on Musk’s comments:

    While others had some choice responses for Biden:

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    Economy

    SVB’s London Bankers Received Up To $36 Million In Bonuses Days After BoE-Orchestrated Bailout

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    Zero Hedge

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    Bankers at the London branch of Silicon Valley Bank reportedly received tens of millions of dollars in bonuses just days after the Bank of England orchestrated a rescue package that led to Europe’s largest lender, HSBC, buying the failed bank’s subsidary for just £1Sky News reports.

    Sources described the bonus pool as “modest”, and said it totalled between £15m and £20m.

    It was unclear on Saturday how much had been awarded to Erin Platts, the UK bank’s chief executive or her senior colleagues.

    One insider said the bonus payments were a signal of HSBC’s confidence in the talent base at its new subsidiary and that the buyer had been keen to honour previously agreed payments in order to help retain key staff. –Sky

    What’s more, bonuses were reportedly doled out to US staff just hours before the Santa Clara, California-based bank collapsed. The bank was taken into FDIC ownership, while SVB Financial Group has filed for Chapter 11 bankruptcy protection as it looks to find buyers for their remaining assets.

    The UK arm of (formerly) SVB employs around 700 people. The London branch’s ‘guided demolition’ was coordinated with UK Prime Minister Rishi Sunak, who played a pivotal role in an emergency auction that drew interest from several challenger banks, including the Bank of London and Oaknorth.

    According to insiders, if HSBC hadn’t stepped up, the bonuses wouldn’t have been paid, while another insider pointed out that stock held by senior executives and other employees had been rendered worthless amid the implosion.

    “The UK’s tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs,” said chancellor Jeremy Hunt. “We have worked urgently to deliver on that promise and find a solution that will provide SVB UK’s customers with confidence.”

    “[This] ensures customer deposits are protected and can bank as normal, with no taxpayer support.”

    The government had been lobbied intensively last weekend by hundreds of tech entrepreneurs about the parlous state of SVB UK.

    They warned of “an existential threat to the UK tech sector”, adding: “The Bank of England’s assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy, both today and in the future.”

    The founders warned Mr Hunt that the collapse of SVB UK would “cripple the sector and set the ecosystem back 20 years”. -Sky

    “Many businesses will be sent into involuntary liquidation overnight,” were SVB UK not rescued, wrote the entrepreneurs.

    This post was originally published at Zero Hedge

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