My Take: Joe Biden faces economic challenge as energy prices go up

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My Take: Joe Biden faces economic challenge as energy prices go up

When the president shuts down pipelines during his My Take Tuesday, the host of Varney Co. discusses Biden's next challenge as inflation targets the energy sector.

It is a political problem for the president. It is a problem for us all.

A cold snap hit the Northeast and upper Midwest this week, and electricity prices went up.

Utilities are having to pay up for more scarce natural gas. That is what happens when you shut off pipelines as the president did.

Two days ago, Iranian-backed rebels attacked the big oil facility in Abu Dhabi. That is right at the centre of the Mideast oil patch.

The highest level of oil in years has been reached by the fact that it has gone up to $85 a barrel. This is part of the pressure the Iranians are putting on President Biden in the nuke talks.

Gas prices are high now, and they're going up with $85 oil.

Biden has no answer to the inflation spike. He blames oil companies, gas stations. He blames meat conglomerates for $5 a pound hamburger.

We pay for bad policy. It started already. Your monthly payments are up because of the mortgage rates.

Your 401k is going down because the stock market is selling off.

It's time for the president to change his course. The Democrat party is led by the socialists and the climate crowd. The voters do.

The president should hope for a little global warming this winter.