Biden economic adviser pressed on 'war' against fossil fuels
White House economic adviser Jared Bernstein joins 'The Story' to discuss U.S. production, Saudi trip, transition to green power.
One of President Biden's top economic advisers was pressed Friday on his campaign pledge to go to war with the American oil industry as he now calls on them to produce more and self-reduce their "exorbitant profits."
During a brief gaggle, Biden told reporters that if "you just base it on what a barrel of oil costs then actually it should not be this high … they're making exorbitant profits."
"They could drill, but they're not doing it," he said. "I think we're going to be in a position where --" he began to conclude before first lady Jill Biden appeared, and he turned away.
Biden economic adviser Jared Bernstein told Fox News on "The Story" Friday that Biden has indeed reached out to oil executives as he seeks cooperation: "He is fighting for the middle class at the pump and that's exactly what he should."
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President Biden has blamed Putin and others for inflation and high gas prices. (Drew Angerer/Getty)
However, the adviser was later pressed on Biden's past pledges to confront the oil industry, including an exchange with a woman in New Castle, N.H., where he said, "Kiddo, I want you to just take a look at my eyes – I guarantee you we're going to end fossil fuels and I'm not going to cooperate…"
In a debate, Biden pledged to end subsidies for the industry, drilling on federal lands or offshore areas, adding "…no ability for the oil industry to continue to drill, period."
On the first day of his administration, he also ended the Keystone XL pipeline, which would have transported oil from Alberta, Canada to Port Arthur, Texas.
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A sticker of President Joe Biden is placed on a gas pump at an Exxon Station (Photo by RJ Sangosti/MediaNews Group/The Denver Post via Getty)
"The policies that have led to that -- We have not built a new refinery in this country since 1970. It goes back a long way on the war against this industry – So now the president is saying do more, refine more, get more product to the market," Fox News host Martha MacCallum said.
Citing a response to the administration from Chevron, MacCallum reported the oil industry wants sensible retraction of recently-imposed regulations on their work so that they can produce more in the United States and bring down costs that way.
Chevron said in a statement the Biden administration had been messaging its intent to place "obstacles" in the way of its mission to provide for global energy needs.
Bernstein replied Biden rightly wants to negotiate with energy executives, while also keeping his eye on what the administration considers the future of American energy – green power.
"I think when it comes to policy, we've got to walk and chew gum at the same time. We have to make sure that these companies have the support they need right now," Bernstein said. "And frankly, the fact that they're pumping more than they ever had before and they have so many leases available to them, suggests that they have the ability to pump more."
He added that people who don't believe the green energy sector is the right way to ostracize foreign "petro-states" and their "toxic impact on global politics" are not paying proper attention.