During his "My Take," Monday, "Varney & Co." host Stuart Varney explained how the Israel-Hamas war is upending Biden's green energy initiatives, arguing that when the president "threw away" U.S. energy independence, he gave up control of oil prices – and with a wider Middle East war looming, the stock market will likely sink.
STUART VARNEY: So here we are on a Monday morning.
The world is on fire and the stock market barely blinks. In fact, it's rallying.
A LOOK AT PAST OIL SHOCKS, ISRAEL'S WAR AND IRAN AS WILD CARD
On Friday, October 6th, the day before the war in Israel began, the Dow Industrial Average closed at 33,400.
After more than a week of fighting, which has upended what's called the geopolitical world, the Dow Industrials are quoted at 33,600. Stocks are up despite it all.
Here's the problem going forward: oil.
In these "green times," we forget the centrality of fossil fuels to our well-being and our prosperity.
President Biden threw away our energy independence and, with it, our control of oil prices.
Now a wider mid-east war is looming, with Iranian aggression at its center.
SKIRTING US SANCTIONS, IRAN EARNING BILLIONS FROM OIL EXPORTS WHILE RUSSIA, CHINA CASH IN
The oil patch may so easily be consumed in the fighting. The price will go up, and odds are, the market will go down.
Think about it. Israel would retaliate against Iran's oil industry if they were overwhelmed by an onslaught of rockets from Hezbollah.
Don't look to Saudi Arabia to pump more and don't look to our strategic petroleum reserve. Biden has depleted it.
And don't look to domestic production. It can't be quickly ramped up because Biden has starved it of capital.
Going green on day one of his presidency was a bold move. Now, the war in the Middle East has upset all those green dreams.
US OIL INDUSTRY GIANTS WARNS DEMOCRATS' GREEN ENERGY PUSH FUELS A ‘DOOMED’ ECONOMY
Oil can still shake the economy, the market, our prosperity, and the Biden presidency.
That's what we're looking at now.
