It is shockingly "ignorant" for President Joe Biden to go "begging and bowing" to Saudi Arabia for increased oil production, Sen. Rand Paul, R-Ky., lamented Sunday.
"Rather than traveling to Saudi Arabia, [Biden] should be traveling to Texas or North Dakota, and he should be talking about asking our country to ramp up supply instead of begging and bowing down to the Saudis and asking them to bump up their supply," Paul told Sunday's "The Cats Roundtable" on WABC 770 AM-N.Y. "It's shocking that these people are so ignorant, but the price of something is based on the supply and the demand.
"Everything the Biden administration has done has been to reduce the supply. They've banished pipelines. They've banished drilling permits. They've banished drilling leases. They've stopped the expansion of drilling into ANWR (Artic National Wildlife Refuge), which is a portion of Alaska, which has enough oil to make us completely energy independent, for probably 100 years."
Biden's "all-out attack" on the supply of oil and gas in the U.S. "shouldn't shock anyone" in resulting in higher prices and inflation.
"It's not only bad economics, but it's embarrassing for him to be over there bowing down to the Saudis and begging them for more oil," Paul told host John Catsimatidis. "I couldn't be more opposed to what he's doing."
The answer to Biden's problems is right here at home, and he should "immediately start encouraging production" in America, Paul said, noting the majority of Americans are not on board with Biden's green energy agenda.
"This is a craziness that, I think if you talk to the American people, that the American people aren't particularly excited about this," Paul said. "This is a few quacks on the far left that have the power."
Paul, one of the staunchest fiscal conservatives in Congress, said Democrats are reaping what they have sewn.
"One thing Democrats can't escape is they control all of government now, and they have for a couple of years, and inflation is through the roof – and people are seeing it at the grocery store, and people are seeing at the pump, and it's getting worse," Paul said.
"The latest report was 9.1%. I think it actually may get worse until the election, so we'll see what happens there, but it's something that we can't avoid. They seem to have no clue as to what even causes it.
"And it's important for your listeners to know that inflation is caused when government spends money they don't have, borrows money, then they sell the debt to the Federal Reserve. The Federal Reserve buys the debt, but when the Federal Reserve doesn't have any money, they simply create the money, so that expands the money supply.
"When you expand the money supply, that expands generalized demand. That's why prices go up."
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