BELOW SUPERNAV drop zone ⇩

Why America’s energy crisis is bigger than Ukraine

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

maylen

https://digital-stage.newsnationnow.com/

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

(NewsNation Now) —  Vice President Kamala Harris has previously warned that if Russia attacked Ukraine, U.S. citizens would need to accept higher energy prices. But after Putin’s military advance Monday, market experts are saying the impending economic hit should not be a responsibility for Americans, but rather a chance to change the nation’s energy policy.. 

“We have an energy issue. That’s not going away if Russia and Ukraine go away,” commodities trader and RFD TV markets anchor Scott Shellady told NewsNation’s “Donlon Report” on Tuesday. 

Unlike Harris and President Joe Biden, who reiterated that “defending freedom will have costs” in his news conference outlining the U.S. sanctions against Russia on Tuesday, Shellady maintains that the European crisis is a sign to go energy independent and that instead of demanding more from it’s citizens, the government should “step up and start using some fossil fuels.”

“It’s all of our own doing,” Shellady says. “Interest rate hikes (are not) gonna make it go away. What’s going to make it go away is going back to using fossil fuels for the time being so we can get on our feet,” he continued.

While the notion of using fossil fuels is a hot-button topic in it’s own right, it’s true that economic turmoil did not start and will not end with Russia’s aggression in Ukraine.  

Prior to Putin recognizing the two separatist-held regions in Ukraine as independent states Monday and sending, as he calls them, “peacekeepers” to the contested region, America had been facing stressed supply chains, a tight labor market and high inflation.  

Additionally, gas prices are up 39% over the past year and 50% during the Biden administration, with 8-year highs on gasoline averages. That’s why Shellady says the Ukraine crisis is merely exacerbating an issue that has been looming. 

In the meantime, Biden has pledged to use “every tool” at his administration’s “disposal” to limit the effect on gas prices, including coordinating with oil producers to secure stability in global energy supplies and tapping into the oil reserves. In fact, they’ve already authorized the release of 50 million barrels of crude from the Strategic Petroleum Reserve. 

Additionally, Democrats suggest suspending the federal gas tax to give Americans some badly needed alleviation, but even that plan has not received the necessary congressional support. 

Shellady says the U.S. should look at Germany as a case study in what could happen should we completely abandon fossil fuels.  

“When granny starts to freeze herself to death and she can’t eat anymore, watch how that energy situation turns around in Germany,” he told Donlon when asked about Germany’s decision to end the Nord Stream 2 natural gas pipeline with Russia. 

The marketing TV isn’t a pessimist when it comes to the overall markets, though. With Wall Street down, Shellady says now’s the time to go all in. 

“If you’ve got some stocks, you’d like to own it, you see the stock market start to crash, you got to rush out and buy those things just like you would a pair of pants or a new car or anything else that’s gone on sale and has been heavily discounted,” he said

The Donlon Report

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Clear

la

55°F Clear Feels like 55°
Wind
2 mph E
Humidity
62%
Sunrise
Sunset

Tonight

Clear to partly cloudy. Low 46F. Winds light and variable.
46°F Clear to partly cloudy. Low 46F. Winds light and variable.
Wind
2 mph NNE
Precip
2%
Sunset
Moon Phase
Waning Gibbous