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Kudlow: That is the important thing to assist Europe scale back their dependency on Russian gasoline

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Larry Kudlow mentioned how the Biden administration can work to assist Europe out with oil and gasoline and scale back their dependency on Russian oil and gasoline on “Hannity.”

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LARRY KUDLOW: Yeah. It is a very unusual story. I imply, that is about as a lot. We do not have sufficient particulars. However a few of these strategic petroleum reserves have been exported to Europe after which by buying and selling firms made their approach to India and maybe China. We do not know all that we have to know. I do not actually perceive. Look, there’s a few issues right here, Jason. Let’s type of break this down. First level is, I do not know why we now have to export strategic petroleum reserves. What we needs to be doing is exporting LNG. Okay. That is the important thing to assist Europe out and scale back their dependency, notably on Russian gasoline, but in addition Russian oil. That is what we needs to be doing. However, you realize, no leases and no permits has stopped all that. In order that’s level primary. Level quantity two. Oil is fungible and that does not actually have an effect on the worth, you realize, whether or not it is right here or abroad. It is a world market. 

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