Economist warns Biden's energy policies are empowering our enemies: 'Makes no sense'

Biden's policies are 'dramatically reducing' the amount of oil and gas the US could be producing, Stephen Moore argued

Consumers and national security are the top casualties of President Biden's 'war against American oil and gas,' according to Committee to Unleash Prosperity co-founder Stephen Moore.

"You may recall that Joe Biden's first act as president when he came into the Oval Office, remember, that it was killing the Keystone XL pipeline, and ever since then, it has been a war against American oil and gas," Moore said on "Fox & Friends Weekend," Sunday.

Moore explained the impact of the president's energy policies on the American consumer, with the example of axing the Keystone XL pipeline or recently taking offline gas and oil lands in Alaska. 



Oil pump jacks are seen next to a strawberry field in Oxnard, California February 24, 2015. REUTERS/Lucy Nicholson (REUTERS/Lucy Nicholson / Reuters Photos)

"There's a reason that the price of gasoline was only $2.49 a gallon when Trump was president, and now in many markets, is as high as $4 a gallon, because these policies are dramatically reducing the amount of oil and gas that we could be producing in this country," Moore said. 

He referenced a Committee to Unleash Prosperity study on the $250 billion loss in oil output and production from 2021 to 2023, highlighting loss in production under the Biden administration policies and what the U.S. could be producing with a strategy focusing on drilling. 

"In this study that I did with University of Chicago economist Casey Mulligan, [it] shows a dramatic reduction in what we could be producing. We think we could be producing, and the evidence is pretty clear on this, about 2 to 3 million more barrels a day, if we just have the drill baby drill strategy that Trump put in place," he said. 

With the reduction in oil and gas production under Biden administration energy policies, Moore stressed that consumers, jobs and the trade deficit are taking a "big hit."

"Fox & Friends Weekend" co-host Rachel Campos-Duffy asked Moore why the Biden administration would empower our adversaries when it comes to energy.


Power plant during the day

With the reduction in oil and gas production under Biden administration energy policies, Moore stressed that consumers, jobs and the trade deficit are taking a "big hit." (REUTERS/Ernest Scheyder / Reuters Photos)

Moore responded wishing that he had a good answer, and brought up questions that he'd been asked regarding the national security impact of American oil production with the Biden administration at the helm.  

"You know, when I give speeches around the country about what Biden has done the hard way, he's kind of wrecked our economy. People always ask me, you know, do you think this is intentional? Do you think they're trying to hurt America? And I say, no, I think they're misguided. But then you look at a policy like this, Rachel, and you say, why in the world and who are the big beneficiaries of not producing enough energy in America? Well, there's Iran, there's Russia, there's China, there's OPEC," he said. 

The economist explained the lower output in American oil and gas production allows U.S. adversaries to capitalize on oil production.

"We're empowering and putting money into the hands of our enemies," he continued. "There's no way in hell that Putin would have even rolled his tanks into Ukraine if it had not been for all the money that they're getting from these higher world oil prices, because we're not producing it here at home. It makes no sense." 


Moore concluded by guaranteeing that American energy policy and oil production will change under a possible Trump administration, benefiting the economy and hurting adversaries.

"If Trump is reelected president, we're going to be producing every single barrel we can. It's going to create jobs here at home, and it's going to hurt our enemies. What's wrong with that?," he said.