From below:
Detractors of the Republican view note that big oil companies like
ExxonMobil and Chevron remain focused on drilling from proven wells
rather than searching for new deposits. This camp would also add that
the ongoing supply chain effects of the COVID-19 pandemic and war
between Russia and Ukraine are the primary drivers of elevated oil and
natural gas prices.
AND
"People live on a different planet, I think," Marcus added. "I feel one
day, I wake up in the morning, and I say, 'Where the hell are they
coming from?' I don't understand it. Why are they defending not drilling
when, in fact, climate change, you could put off over a period of time
and do it over the next 30 years, 40 years, and do it intelligently, but
not slam down on it and kill everybody today. So it's hurting everybody
today. Not good."
End excerpts.
NB: The statement that the planet has 30 or 40 years at the current (or
an increased) rate of CO2 deposit into the atmosphere is either because
Marcus (below) is delusional or an outright liar. Revealed data and
analysis by the fossil fuel primary supplier profiteer corporations
support this reality, despite the disinformation from these same
corporations that is what Marcus is repeating.
https://finance.yahoo.com/news/home-depot-co-founder-bernie-marcus-president-biden-oil-110259529.html
Yahoo Finance
'He doesn't allow us to drill': Home Depot Co-Founder Bernie Marcus
blames President Biden for oil supply issues
Brian Sozzi
Anchor, Editor-at-Large
Tue, October 18, 2022 at 4:02 AM
Home Depot Co-Founder Bernie Marcus says 40-year high levels of
inflation would come down if the Biden administration makes it easier
for oil companies to drill in the country.
"We have a president that just doesn't believe in that [oil drilling],"
Marcus said on a new episode of Yahoo Finance Presents. "We are sitting
on tons of oil and gas, and he doesn't allow us to drill. It's basically
stupid. I can't come with another word. It's stupid. And we will
continue to suffer this inflation. And our people will continue to
struggle with high prices as long as he maintains this facade of climate
control versus allowing us to do the things we should be doing,"
[Diving into crypto? Our coverage runs deep.]
Marcus — a long-time Republican supporter — in many respects is toeing
the popular party line on the president and oil drilling. Republicans in
Congress consistently decry the Biden administration's efforts to curb
new oil drilling in the U.S. and focus on growing the economy — such as
building electric vehicle (EV) charging infrastructure.
U.S. President Joe Biden calls for a federal gas tax holiday as he
speaks about gas prices during remarks in the Eisenhower Executive
Office Building's South Court Auditorium at the White House in
Washington, U.S., June 22, 2022. REUTERS/Kevin Lamarque
U.S. President Joe Biden calls for a federal gas tax holiday as he
speaks about gas prices during remarks in the Eisenhower Executive
Office Building's South Court Auditorium at the White House in
Washington, U.S., June 22, 2022. REUTERS/Kevin Lamarque
Detractors of the Republican view note that big oil companies like
ExxonMobil and Chevron remain focused on drilling from proven wells
rather than searching for new deposits. This camp would also add that
the ongoing supply chain effects of the COVID-19 pandemic and war
between Russia and Ukraine are the primary drivers of elevated oil and
natural gas prices.
In any case, consumers are in a precarious financial position when it
comes to inflation.
Consumer price inflation is hovering around a 40-year high despite the
Federal Reserve aggressively raising interest rates to cool the economy.
And at $3.87 per gallon on average nationally, prices at the gas pump
are more than 50 cents higher than a year ago.
Nearly half of U.S. households that use natural gas to heat their homes
may see prices surge 28% year over year this winter, according to the
U.S. Energy Inflation Administration in a recent report.
"People live on a different planet, I think," Marcus added. "I feel one
day, I wake up in the morning, and I say, 'Where the hell are they
coming from?' I don't understand it. Why are they defending not drilling
when, in fact, climate change, you could put off over a period of time
and do it over the next 30 years, 40 years, and do it intelligently, but
not slam down on it and kill everybody today. So it's hurting everybody
today. Not good."
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance.
