Richard Fisher, the former president of the Dallas Federal Reserve, criticized President Biden’s energy agenda, which he described as an attempt to “beg others” to produce more oil rather than produce it in the U.S. on CNBC’s “Squawk Box” Monday.
CNBC reporter Steve Liesman asked Fisher for his take on the diplomatic effort to get gas from Venezuela and Saudi Arabia and other countries with the ability to produce oil to then reduce the prices of gas in America. Fisher reflected on his experience with the Carter administration, in which he served as assistant to the Secretary of Treasury in the late 1970s.
President Joe Biden delivers remarks on the debt ceiling during an event in the State Dining Room of the White House, Monday, Oct. 4 in Washington. (AP Photo/Evan Vucci)
Quick asked Fisher if the U.S. Federal Reserve would do the same or if they were going to raise rates “very quickly” knowing that it would mean a “much sharper dollar” when the European Central Bank would likely not be doing the same.
“It’s that complicated,” Fisher said, adding that the Fed can’t do anything about the “supply constraints.”
Hanna Panreck is an associate editor at Fox News.
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