Former CEO: Biden surrendered US energy independence on day one
Former Home Depot and Chrysler CEO Bob Nardelli says the Biden administration made the country vulnerable with its energy policies.
Former Home Depot and Chrysler CEO Bob Nardelli discussed the state of the American economy and the Biden administration's policies Friday on "The Brian Kilmeade Show." Nardelli, who now heads the investment firm XLR-8 LLC, said he expects price increases to worsen as the year goes on, pinning the blame on the Biden administration for its energy policies.
BOB NARDELLI: This administration decided on day one to surrender our energy independence and make us vulnerable and more dependent on supply from Saudi Arabia and other countries that we kind of held at arm's length, because of some of their political issues and humanitarian issues. But I think supply chain, on a broader scale, is inseparably linked to inflation. And again, I heard what Brian [Deese] said about prices coming down.
I just spent an hour this morning with one of our portfolio companies. Again, I deal with Fortune 500 midcaps and we're seeing 20% increases regularly. I was in L.A. last week and I saw a 4% price increase for a health and happiness charge for the restaurant. I don't see this going down at all. Price increases are almost like COVID, it's spreading like crazy and everybody is rushing to increase prices because they think the door might close as we get into a further decline in the second half of this year.
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