On Monday’s broadcast of the Fox News Channel’s “Faulkner Focus,” Rep. Chip Roy (R-TX) stated that the inflation that has required the interest rate hikes that have caused the collapse of Silicon Valley Bank and issues around banking “is being driven up in significant part by the assault on American oil and gas by the Biden administration” and now Biden is trying to “throw out crumbs with a bit of production” by approving a smaller version of the Willow Project in Alaska.
Roy said, “Look, everything you’re seeing this morning in the news, they’re all tied together. What we’re dealing with with respect to the bank situation is a product of massive inflation and then the Fed acting to ratchet up interest rates, causing the very problem that we’re seeing right now. This is all a product of failed policies. This inflation is being driven up in significant part by the assault on American oil and gas by the Biden administration. And now, the Biden administration wants to throw out crumbs with a bit of production…the banking crisis is a result of massive spending and the regulations by climate fetish agenda that this administration is promoting to the radical left.”
Follow Ian Hanchett on Twitter @IanHanchett