'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.'
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.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,"
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 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 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.
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