‘They Hate Fossil Fuels’: Jim Cramer Blasts Biden Administration For Treating Saudi Arabia Better Than Texas
CNBC’s Jim Cramer said Friday that a lot of what the Biden administration is saying about the economy and inflation is “not true,” and that the administration’s hatred of fossil fuels has put the country in an economic lurch — not to mention treating the Saudis as better friends to the U.S. than west Texas.
After Director of the National Economic Council Brian Deese talked with the hosts of CNBC’s Squawk on the Street, co-host David Faber pointed out that Deese’s answers on energy had left them unsatisfied, but added that there are a lot of “moving parts” to account for.
“Right. But look, they hate fossil fuels,” said Cramer. “And a lot of the numbers – I think Brian’s really good, but a lot of the numbers he talked about are not true.”
Cramer said the idea that European problems are driving the price of natural gas higher isn’t true, and said that the talking point that we are producing as much energy domestically as during Donald Trump’s presidency is not so. “We just were unprepared for this particular moment and don’t have enough pipelines,” he said.
“But look, they hate fossil fuels,” Cramer reiterated. He said the administration doesn’t “want to be seen with” people like Scott Sheffield, CEO of Pioneer Natural Resources.
“They just don’t want to do it, they think it’s a really bad thing for the election,” he said.
He then said the current policy is “a little backward” and suggested working the energy companies would make the biggest difference.
“If they made a deal with the so-called devil to be able to move the forward curve, to say, ‘you guys got to start producing much, much more,’ oil would drop, they’d work with refiners to try to figure how to get much more production. But David, these are dirty companies, and they don’t want to be seen with them.”
When Faber suggested that energy companies are making efforts to be carbon neutral, Cramer asked, “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?”
“No,” said Faber.
“No,” emphasized Cramer. “No, it’s like they’re doing nothing. It’s like they’re little companies from the 70s. He is not in touch with business!”
When Faber said that there should be a “more robust dialog,” Cramer responded “maybe if it was more unionized, maybe he’d talk to them.”
Faber then said the Biden administration doesn’t consider the energy sector a “trusted partner.”
“So the Saudis are better?” Cramer demanded.
Faber said, no it’s not better, but climate change is a serious issue.
“So make a deal with the devil!” said Cramer.
After a pause he said with no small sarcasm, “Saudi Arabia and not Permian. So the Saudis are better friends to the United States than west Texas. Alright, fine.”
Watch the clip above via CNBC.
