Markets have rallied big time since Biden’s speech yesterday in response to the invasion. The Dow was down pivoted from down 800 points to up 300 points in 24 hours.
A major reason is that Biden did not include in his list of sanctions any meaningful controls on Russian energy exports. Hello! That’s the financial lifeline for the Russian economy.
Our friends at the WSJ editorial page put it well: Biden’s absence of energy sanctions “is a sign of weakness. Mr. Putin’s windfall from $100 a barrel oil offsets any sanctions hit.”
Meanwhile, Biden’s war on U.S. produced oil and gas continues. Last week, Biden appointees at the Federal Energy Regulatory Commission erected new barriers that highly discourage building new LNG export terminals. Democratic Senator Joe Manchin of West Virginia correctly called the move “reckless.”
Meanwhile, no Biden reversal of the cancellation of the Keystone XL pipeline or the drilling bans in Alaska and elsewhere.
This is a president that is so hyper- obsessed with climate change radicalism that he can’t act in America’s economic and security interests at a deeply precarious time.