- In President Biden’s first State of the Union speech, there was no change in the national energy policy in the light of $115 oil and soaring inflation, with prospects of much higher prices due to the cutoff of Russian supply.
- With the latest U.S. GDP estimate now at zero and headed into negative (recessionary) territory, the U.S. economy faces the prospect of stagflation, which is inflation combined with lackluster economic growth, for the first time since the Carter era.
- In that light, the Biden Administration’s stubborn political allegiance to the green energy push is a head-scratcher, since Russia is also a major supplier of nickel (for lithium-ion batteries), which continues to hit record high prices. A shortage of lithium-ion batteries persists and will continue to hinder the switch to electric vehicles.
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Political Business As Usual At Biden's First State Of The Union Speech