In the midst of the ongoing Israel-Hamas conflict, the consequences of President Biden’s green energy policies are being brought into focus. Fox News host Stuart Varney, in his segment “My Take” on “Varney & Co.,” discussed how the war in the Middle East is impacting Biden’s initiatives and potentially leading to a decline in the stock market.
Varney highlighted the fact that despite the global turmoil, the stock market has remained resilient and even rallied. However, the looming issue is oil. With the Biden administration’s decision to forgo U.S. energy independence, control over oil prices has been relinquished. Now, as a wider conflict in the Middle East unfolds, the market is at risk of decline.
The significance of fossil fuels to our well-being and prosperity is often overlooked in these “green times.” Biden’s abandonment of energy independence has left the United States vulnerable to the impact of rising oil prices. As tensions escalate with Iran’s aggression at the center, the oil patch becomes a potential casualty of the fighting, leading to further price increases and market instability.
Israel, facing a barrage of rockets from Hezbollah, could retaliate by targeting Iran’s oil industry. However, Saudi Arabia is unable to compensate by increasing its oil production, and the strategic petroleum reserve has been depleted under Biden’s administration. Additionally, domestic production cannot be quickly ramped up due to a lack of capital investment.
The decision to prioritize green energy on day one of his presidency now appears to be undermined by the Middle East conflict. The oil industry continues to hold significant sway over the economy, market stability, and overall prosperity, making it a critical factor in evaluating the success of the Biden presidency.
As the situation unfolds, the potential implications of Biden’s green energy policies and their impact on the economy will be closely monitored. Oil prices remain a destabilizing force that could have far-reaching consequences not only for the United States but also for global markets.
