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Treasury Secretary Janet Yellen, who recently admitted to being wrong about inflation concerns, says the Biden administration is not responsible for rising gas prices and the only way to fix the crisis is to “move to renewables to address climate change.”
Her comments are an inadvertent PSA on the dangers of putting unqualified people in prominent roles of power.
Yellen, during an appearance on ABC’s “This Week,” was asked to respond to a statement by The American Petroleum Institute (API) which said the administration’s rhetoric on ‘ending fossil fuels’ and their subsequent policies doing so has hampered the industry significantly.
They claimed the Biden administration’s “misguided policy agenda shifting away from domestic oil and natural gas has compounded inflationary pressures and added headwinds … to meet growing energy needs while reducing emissions.”
The American Petroleum Institute came up with a list of ten things the Biden admin could do to save the economy. Biden won’t do any of this. pic.twitter.com/LY8c2YhvlK
— Ian Miles Cheong (@stillgray) June 15, 2022
Janet Yellen: Gas Crisis Solved By Moving To Renewables
Secretary of the Treasury Janet Yellen fired back at the statement indicating the administration’s policies have little to do with gas prices.
“Well, I don’t think that policies are responsible for what’s happening in the oil market,” she said. “Actually, consumption of gas and fuels are currently at lower levels than pre-pandemic, and what’s happened is the production has gone down.”
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In fact, she added, oil production is down because companies were caught flat-footed because the economic recovery has been utterly spectacular.
“I think that producers were partly caught unaware by the strength of the recovery in the economy and weren’t ready to meet the needs of the economy,” added Yellen. “High prices should induce them to increase supplies over time.”
Treasury @SecYellen says only way to fix energy crisis is to ‘move to renewables.’ 🙄
Uh… ‘renewables’ caused the energy crisis we’re in.
— Steve Milloy (@JunkScience) June 20, 2022
Yellen suggested a shift in focus to renewable energy and addressing climate change were more important to solve the energy crisis.
“And look, as a medium-term matter, the way in which we can assure reasonable energy expenses for households is to move to renewables to address climate change, as a medium-term matter,” she insisted.
“That’s the way to free us from geopolitical movements in oil prices.”
It’s an argument Yellen has repeatedly championed throughout her tenure.
.@SecYellen: “To rid ourselves of dependance on a global oil market where dictators in many places really control the price and availability of our energy supplies and moving away from fossil fuels and toward renewables is critical for energy security.” pic.twitter.com/1COGp331V1
— The Hill (@thehill) April 24, 2022
“Climate change is an existential threat that absolutely must be addressed,” Treasury Secretary @SecYellen says. President Biden’s “proposed a clean electricity plan that would by 2035, shift entirely the electricity sector to reliance on renewables.” pic.twitter.com/ANmvpDoHZj
— Yahoo Finance (@YahooFinance) September 28, 2021
Biden Administration Trying To Force You Away From Oil
With Janet Yellen pushing for renewables for nearly two years, you’d think a pivot would be in order now that there is a realization that what the administration is doing isn’t working.
She’s certainly not the only Biden administration official telling you that gas prices bankrupting your checking and savings accounts are actually a good thing because it means you’ll be forced to move to renewables.
Vice President Kamala Harris urged Americans to “imagine a future” with electric vehicles while Transportation Secretary Pete Buttigieg suggested everyone should just buy electric vehicles if they don’t like the current gas prices.
“The president and I know, that families are stretched thin. And we take that seriously,” Kamala says
“So we are lowering the price of electric cars…”🚗 pic.twitter.com/0NWLuXDHI3
— Joni Job (@jj_talking) January 14, 2022
Earlier this month, Senator Debbie Stabenow (D-MI) was on the hot seat after telling a grinning story about why she is unconcerned about the skyrocketing gas prices that are crushing Americans.
Sen. Debbie Stabenow (D-MI):
“On the issue of gas prices, I drove my electric vehicle from Michigan to here last weekend and went by every gas station and it didn’t matter how high it was.”
— Greg Price (@greg_price11) June 7, 2022
We warned you. They don’t mind the high gas prices because they don’t have to pay for them and it means you’ll ditch the only vehicle you can afford in favor of a $60,000+ electric vehicle made by a company they likely have stock in.
Janet Yellen’s track record at this point should provide you with a healthy dose of skepticism when she declares ‘renewables’ are the way to go.
Yellen recently admitted to being wrong about inflationary concerns that she had predicted would be a “small risk.”
Instead, they’ve been a major risk.
Janet Yellen on inflation being transitory: “I was wrong”..
What was your first clue?pic.twitter.com/xDVzh0GNsH
— Benny Johnson (@bennyjohnson) June 1, 2022
She was also taken to task after commenting during a Senate Banking Committee hearing that poor black women need access to abortion and suggesting denying access would harm the economy.
And here’s Yellen explaining to @SenatorTimScott, the black son of a single mother who grew up in poverty, that it’s especially important for black women to have abortion access because they are often poor.
Scott responds powerfully: “I am thankful to be here as a U.S. Senator” pic.twitter.com/Ab3Miw7gfW
— Dylan Housman (@Dylan_Housman) May 10, 2022
Republicans have urged Yellen to resign for not foreseeing the inflation crisis throttling Americans.
“If you actually didn’t understand this most fundamental economic principle then why are you there?” wrote Nevada GOP congressional candidate Noah Malgeri.
Now she’d like you to trust her – a long, painful shift to renewables is just the remedy to soothe pain at the pump.