CNBC’s Cramer explodes over Biden’s economic policies: ‘He’s not in touch with business!"
CNBC host Jim Cramer slammed the Biden administration energy policies and claimed the White House’s numbers touting their work on the economy 'are not true.'
CNBC host Jim Cramer slammed the Biden administration energy policies and claimed the White House’s numbers touting their work on the economy "are not true."
He also called out the president directly, actually shouting, "He’s not in touch with business!"
During the Friday episode of Squawk on the Street, Cramer appeared to have had enough with the Biden administration’s economic policies and its talking points about overseeing an economic recovery.
He claimed that President Biden’s people simply "hate fossil fuels" and they’re not willing to work with oil companies to lower gas prices because that would look bad to their voters. He also admitted that the U.S. produced more oil under Trump.
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Jim Cramer rails against Biden energy policy on Friday's episode of Squawk on the Street.
Prior to Cramer's condemnation of the administration's energy plan, White House Director of the National Economic Council Brian Deese appeared on the CNBC program and touted Biden’s efforts to combat inflation. Deese claimed that fighting inflation is Biden’s current "top economic priority."
Deese also claimed that the White House has been working with oil companies to lower the cost of gas, and cited the "facts," including that the "Highest natural gas production in the United States ever, happening right now under President Biden. We’re about to hit the highest oil production levels ever under President Biden."
Deese then blamed current shortages on the oil companies, saying, "We have real challenges, and part of it is that the oil industry, the refinery industry, took 800 million barrels a day of refinery capacity offline before this president took office, during the pandemic."
After Deese’s appearance, Cramer slammed Biden official’s talking points. He began by criticizing the administration’s environmental agenda, stating, "Look, they hate fossil fuels. And a lot of the numbers — I think Brian’s really good – but a lot of numbers he talked about are not true. I mean, we’re not producing as much as we did under President Trump."
Jim Cramer claims Biden is not "in touch with business" during the latest episode of CNBC's Squawk on the Street. (Photo by Noam Galai/Getty Images)
"The idea that it’s European — that it’s the Europeans that are causing the natural gas to go up a lot isn’t true," he claimed, adding, "We just were unprepared for this particular moment and we don’t have enough pipelines."
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Cramer reiterated that the White House simply wants to stay away from fossil fuels. "But look, they hate fossil fuels. They don’t want — they don’t want to go to the Permian, be seen with Scott Sheffield from Pioneer, they just don’t want to do it. They think it’s a really bad thing for the election," he said, implying that Biden’s voters would disapprove of the administration working with oil companies.
The anchor claimed that it might look bad to work closely with these "dirty companies," as he called them, but he admitted that doing so would make it so that "oil would drop."
Cramer then slammed Biden for not even trying to foster a dialogue with these oil companies. "But did you ever hear Biden say that? Have you heard Biden say ‘You know what? They’re doing things and I want to break bread with them.’ Have you heard him say that?" he asked co-anchor David Faber.
CNBC's Cramer accused Biden's energy policies of not helping lower inflation.
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Faber responded, "No." Cramer hit Biden even harder, "No! No! It’s like they’re doing nothing! It’s like companies from the 70s. He is not in touch with business!"