Home Depot co-founder Bernie Marcus says 40-year-high inflation levels would come down if the Biden administration made it easier for oil companies to drill in the country.
“We have a president who just doesn’t believe in that [oil drilling]’ Marcus said on a new episode of Yahoo Finance Presents. “We’re sitting on tons of oil and gas and he’s not allowing us to drill. It’s basically stupid. I can’t come up with another word. It’s stupid. And we will continue to suffer from this inflation. And our people will continue to struggle with high prices as long as he keeps up this facade of climate control instead of allowing us to do the things we should be doing.
Marcus — a longtime Republican supporter — is in many ways following the popular party line on the president and oil drilling. Republicans in Congress have consistently condemned the Biden administration’s efforts to curb new oil drilling in the US and focus on growing the economy — such as building electric vehicle (EV) charging infrastructure.
Critics of the Republican view note that oil majors like ExxonMobil and Chevron remain focused on drilling from proven sources rather than prospecting for new reservoirs. This camp would also add that the ongoing impact of the COVID-19 pandemic on the supply chain and the war between Russia and Ukraine are the main causes of increased oil and natural gas prices.
In any case, consumers are in a precarious financial situation in the face of inflation.
CPI inflation is hovering around a 40-year high even as the US Federal Reserve aggressively hikes interest rates to cool the economy. And at an average of $3.87 per gallon nationwide, prices at the pump are more than 50 cents higher than a year ago.
Almost half of U.S. households that use natural gas to heat their homes could see a 28% year-over-year price increase this winter, according to the U.S. Energy Inflation Administration in a recent report.
“Humans live on another planet, I think,” Marcus added. “I feel like one day, I wake up in the morning and I’m like, ‘Where the hell are they from?’ I don’t get it, why are they defending not drilling when you could actually delay climate change over a period of time and do it over the next 30 years, 40 years, and do it smartly, but don’t strike down and kill everyone today, so do it it all hurt today. Not good.
Brian Soci is a freelance editor and Anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and further LinkedIn.
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