Hagerty: Biden’s Radical Nominee Isn’t Sure Whether Higher Gas Prices Are Bad for Americans

November 18, 2021

WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, today questioned Dr. Saule Omarova, the law professor who President Joe Biden has nominated to regulate American banks as Comptroller of the Currency, over her past statements that she wants oil and gas businesses to go bankrupt and wants to cut off their sources of capital in order to achieve her green-energy goals.

Dr. Omarova struggled to tepidly acknowledge that higher gas prices are bad for the American people, calling it a “tricky question” and demonstrating a shockingly out-of-touch perspective considering that the average price of gasoline in Tennessee is more than $1.00-higher per gallon than it was a year ago. Dr. Omarova stated earlier this year that oil and gas companies will need to go bankrupt in order to combat climate change, a position recently echoed by White House Press Secretary Jen Psaki, who stated that rising gas prices boost their case for the Green New Deal policies included in their so-called Build Back Better legislation.

A partial transcript and video of Hagerty’s questioning is below.

*Click the photo above or here to watch*

Hagerty: Dr. Omarova, you spent your career coming up with proposals that are designed to radically transform America’s financial sector, even though America’s financial markets are the envy of the free world. So your nomination to a senior government role underscores that President Biden and the Democrats are driving America full speed down the collapse road toward socialism. I have some basic questions to ask you, Dr. Omarova. Do you accept the basic economic principles of supply and demand? A yes or no answer will be fine.

Omarova: Yes, I do.

Hagerty: Thank you. In general, when something costs more, all else being equal do people tend to buy less of it? Again, a yes or no answer would be fine.

Omarova: It’s hard to tell.

Hagerty: When something costs more, all else being equal, do people tend to buy less of it?

Omarova: If it’s something without which you cannot survive, or if your child needs it, you’re going to pay whatever you have to pay.

Hagerty: I think that the design of the administration here is pretty clear. When President Biden was elected, regular gas cost an average across the United States $2.10 cents a gallon. Now, the price has been driven up to $3.40 cents a gallon on average across the United States. In many places, it’s much more expensive and those prices are rising. Again, putting pressure on people’s ability to purchase gasoline, to purchase fuel. Dr. Omarova, do you think that higher gas prices are good for America or bad for America? Yes or no answer would be fine thank you.

Omarova: Senator, that’s a tricky question …

Hagerty: Are gas prices good for America or bad for America, Doctor?

Omarova: It’s probably bad for America. It’s not my expertise. I’m not sure exactly what you’re asking.

Hagerty: Mr. Chairman, I’d let the record reflect that this witness is having a hard time acknowledging that higher gas prices are bad for America.