During an appearance Sunday on ABC’s This Week, Treasury Secretary Janet Yellen claimed that the Biden administration’s policies are not responsible for record-high gas prices, and the only way to fix the energy crisis in the “medium-term” is to move towards “renewables to address climate change.”
Yellen was asked to respond to a statement Wednesday by the American Petroleum Institute, which said the Biden administration’s “misguided policy agenda shifting away from domestic oil and natural gas has compounded inflationary pressures and added headwinds to companies’ daily efforts to meet growing energy needs while reducing emissions.”
“Well, I don’t think that policies are responsible for what’s happening in the oil market,” she continued. “Actually, consumption of gas and fuels are currently at lower levels than pre-pandemic, and what’s happened is the production has gone down. Refinery capacity is declined in the United States and oil production has declined. I think that producers were partly caught unaware by the strength of the recovery in the economy and weren’t ready to meet the needs of the economy. High prices should induce them to increase supplies over time.”
“And look, as a medium-term matter, the way in which we can assure reasonable energy expenses for households is to move to renewables to address climate change, as a medium-term matter,” she added. “That’s the way to free us from geopolitical movements in oil prices.”
Translation: Sure, skyrocketing inflation, supply chain shortages, oil dependency, and record gas prices look bad, but people just don’t understand how good the Biden administration has been for the economy. In any case, our agenda is to bankrupt the fossil fuel industry and kickstart our Great Green Reset, and once the people get that through their thick heads and transition to electric cars, we will have achieved utopia.