US needs to ‘unlock’ its energy sector: Ex-hedge fund CEO
Former Bridgewater Associates CEO David McCormick says Biden’s regulatory blanket has stopped capital investment and domestic production.
Reversing President Biden’s energy policies could be the key to unlocking America’s sector and solving record-high oil prices, according to the ex-CEO of the world’s largest hedge fund.
U.S. Senate Republican candidate for Pennsylvania and former Bridgewater Associates CEO David McCormick detailed the path for U.S. energy independence on "Mornings with Maria" Wednesday.
"The regulatory blanket and the uncertainty has stopped capital investment," McCormick told FOX Business’ Maria Bartiromo. "As a matter of economic renewal, but also as a matter of national security, we need to really unlock our energy sector."
McCormick’s comments come as global oil prices surged over $110 per barrel Wednesday while Russian forces continue attacks on Ukraine. The U.S. Senate candidate put the blame for record-high prices on Biden and his ban against domestic drilling on federal land.
ENERGY EXPERT WARNS OIL PRICES COULD GET EVEN HIGHER
"We need to streamline the pipeline permitting process, which is one of the big constraints in Pennsylvania," McCormick said. "We need to pull back on the regulatory blanket."
McCormick further asserted that inflation is driven by Biden’s regulations causing high oil and gas prices, and urged that the administration work to reverse anti-American energy legislation.
"That would be a huge boon for our economy and a huge boon for Pennsylvania," he explained.