The Wall Street Journal reported this week that Russia and Saudi Arabia are getting rich off the rise of the global oil price to nearly $100 a barrel. Gee, we wonder how that happened. We’ve only said 100 times on these pages that the Biden war on American energy is a strategy that only Vladimir Putin and Arab oil Sheiks could love.
Now we have the evidence to confirm that.
The chart below shows that since Biden took office, Putin’s oil revenues tripled by early 2022 and are now about double their levels during the Trump era domestic drilling. We should be 2 million barrels a day higher.
The best way to crush Putin’s war machine in Ukraine is by returning to a drill baby drill policy here at home. That will require a regime change here at home.