Varney: Here’s what happens when you shut down pipelines

Varney & Co. host Stuart Varney discusses Biden’s next challenge as inflation targets the energy sector, saying that’s what happens when the president closes pipelines during his “My Take” on Tuesday.

STUART VARNEY: Energy price inflation has arrived.

You can see it. You can feel it. This is a huge political problem for the president. This is a problem for all of us.

A cold spell hit the Northeast and upper Midwest this week, and electricity prices soared.

Utilities must pay for increasingly scarce natural gas. That’s what happens when you shut down pipelines like the president did.

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Two days ago, rebels backed by Iran attacked the major oil facility in Abu Dhabi. It’s right in the center of the Middle East oil zone.

That’s why oil soared to $85 a barrel, the highest in years. This is part of the pressure the Iranians are putting on President Biden in the nuclear talks.

Gasoline prices are high now, and they’re still rising with oil at $85.

Biden has no answer to this spike in inflation. He blames the oil companies, the service stations. Laughably, he blames “meat conglomerates” for a $5-a-pound burger.

But we are paying for bad politics. Inflation causes interest rates to rise. It has already started. Mortgage rates are up, so your monthly payments are up.

The stock market is selling, so your 401k is down.

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It’s time for the president to change course. Stop the crazy spending. Increase energy production! But he won’t – he can’t.

Socialists and the climate mob run the Democratic Party these days. They don’t care about inflation. But voters yes.

The president should hope for a bit of global warming this winter.

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