Kudlow: This is madness
https://www.youtube.com/watch?v=LpJ5RbXuXWE
Buttigieg on Drilling to Lower Gas Prices: We’re Engaging in Diplomacy to Increase Global Production, We’re in Transformation Away from Oil
During an interview with CBS on Monday, Transportation Secretary Pete Buttigieg responded to a question on whether the administration believes the U.S. should drill for more oil to deal with high gas prices by stating that President Biden has taken steps like “diplomatic efforts to increase global oil production” and that while every option should be considered, “we are in the middle of a long-term transformation that is already fast underway” away from oil.
Co-host Tony Dokoupil asked, “Prices are up a dollar in the last year, 25% — 25 cents in the last month, and one of the ideas that has been brought up to fix the situation is to — and this is, granted, being pushed by the American Petroleum Institute, is to drill more, open up more U.S. land to drilling. What’s the administration’s response to that idea?”
Buttigieg responded, “Well, look, the president has laid out and taken a number of steps, including addressing the Strategic Petroleum Reserve, including diplomatic efforts to increase global oil production, and other ideas that have been raised that are on the table. Because everything deserves to be considered. But let’s also be clear, that we are in the middle of a long-term transformation that is already fast underway, especially when it comes to vehicles. Making electric vehicles more affordable for Americans is something that the president has proposed and is hoping Congress will pass. … We want them to be American-made electric vehicles, creating American jobs on American soil. And that’s going to continue to be a policy priority for this department and administration, even as we’re acting to provide more short-term relief.”
Follow Ian Hanchett on Twitter @IanHanchett
Bidenflation: Texas Factory Output Loses Momentum While Prices Jump
Texas factory output slowed in February compared with the prior month, while inflationary pressures increased, a survey from the Federal Reserve Bank of Dallas showed on Monday.
The production index of the Dallas Fed’s Texas Manufacturing Outlook Survey fell to 14.5 from 16.6 in January. That indicates a slowdown in the growth of output. A positive reading on the index signals growth, while a negative reading signals a decline.
The index of prices paid for raw materials jumped 11.3 points to 73.4, the highest reading since November. The share of manufacturers reporting paying more for materials rose to 77.3 percent.
The index for prices charged by manufacturers for finished goods rose to 44.6 from 37.1 a month ago, the highest reading since October.
The outlook for prices, however, showed an easing of inflationary pressures. The index for raw materials prices six months from now fell to 51.1 from 59.6 in January. The index for finished goods prices six months from now fell to 45.4 from 50.6.
The index for general business activity increased to 14 from two in January. Econom9ists had forecast the index would decline to a reading of one.
New orders picked up, with the index rising to 23.1 and the growth of new orders index holding steady at 12.6.
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