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BISMARCK – On Tuesday, Sen. Kevin Cramer (R-ND), a member of the Senate Environment and Public Works (EPW) Committee, appeared on Fox Business with Larry Kudlow, Steve Moore, and Taylor Riggs. They discussed the Federal Reserve’s potential interest rate policy and the Environmental Protection Agency’s recent efforts to effectively mandate a transition from vehicles with internal combustion engines to battery-powered electric vehicles (EVs). Excerpt and full video can be found below.
Regarding inflation and supply chain demand:
“It gets to the very heart of what is making this inflation so persistent. Energy prices, high.Energy prices accelerate the inflation of everything we grow, produce, manufacture, and move from one place to another. It doesn’t matter whether you receive the energy or send it to another market. This is a direct result of bad public policy. The Fed can’t fix bad energy policy. We can see that demand is increasing all over the world. By the way, as you’ve probably noticed, the U.S. is seeing a decline in supply despite having a record production month. […] It’s still probably 2 million, 3 million, 4 million barrels below what it should be, or what it would be if we increased supply and brought prices down to meet global market demand, but that’s because everyone “I should have an electric car” doesn’t apply. This administration’s routine of “putting the car in the garage” [is] I got stuck.As long as it lasts, it will always be confusing [Biden] It’s the president. ”
Regarding the possibility of interest rate cuts by the Federal Reserve:
“The Fed’s objectivity is already under some scrutiny for good reason. There are many questions about how independent the Fed actually is. Remember, it’s always a little different. Overall, I think Jay Powell did a pretty good job. We’re trying to achieve this soft landing. I don’t think he’ll make it, and that’s exactly how it is. The worst outcome for the Federal Reserve would be to be perceived as leaning. Because that perception can become reality. Will either side have an advantage in the next election? That’s an additional factor they should consider. ”
Regarding the Biden administration’s EV mandate:
” [EV] Even with heavy subsidies, only the wealthy can afford to buy electric cars, and there aren’t that many of them, so this model is broken. In places like North Dakota, it’s not worth all the fuss. There is also no power grid that can provide electricity. There is not enough electricity transmission or generation. All efficient electricity supply facilities are closed. Domestic power plants. It’s so upside down and messed up that Donald Trump can’t get into the White House fast enough. ”
