A top investment banker pointed out one major failure that left Joe Biden seething

Joe Biden’s problems keep piling up with no end in sight.

He never expected to get called out for this blunder.

And a top investment banker pointed out one major failure that left Joe Biden seething.

America is in the midst of its biggest energy crisis in decades thanks in large part to Joe Biden’s radical environmental agenda.

Biden is a card-carrying member of the climate change cult that’s taken over the Democrat Party.

Gas prices have doubled from Biden’s war on American energy, with even more pain at the pump expected, as leading industry analysts are predicting that gas prices are headed to over $6 a gallon before the end of the summer.

Biden’s Energy Secretary, Jennifer Granholm, reluctantly admitted that $4 a gallon gas is here to stay.

This is becoming a major political problem for Biden, as high gas prices grind away at his approval ratings like a millstone.

While Biden’s actions like canceling pipelines and leases are well known, there’s another major problem causing high gas prices.

After decades of under investment, refineries that turn oil into gas have reached their limits.

The global head of commodities at Goldman Sachs, Jeff Currie, explained the toll that decades of environmental regulations and threats have taken on the refinery industry.

“The global slowdown, let’s say it’s Fed-induced,” Currie said about the Federal Reserve increasing rates to combat inflation. “It may create a pullback in [oil] prices, but it’s not a long term fix.”

“I want to emphasize that demand destruction or demand slowdowns is not a fix to this problem,” Currie stated.

The Federal Reserve is raising interest rates with the hopes of slowing down rampant inflation and high gas prices by driving down demand.

Currie explained that, for decades, the country hasn’t invested in oil refineries and oil production capacity.

While demand for gas has grown exponentially, the U.S. hasn’t built a new oil refinery since 1976.

Refineries require billions of dollars and years of development to bring online.

Environmental regulations have crippled the ability of companies to build new refineries, and the increasing threat of more devastating regulations made them reluctant to make the substantial investment required to build new facilities.

Since the last American refinery was built, more than a hundred have closed or been repurposed to produce green friendly fuels.

While Joe Biden is demanding that refineries up their production, he’s simultaneously threatening to put oil companies out of business by the time this new capacity comes online.

“There is only one longterm fix to this problem, and that is investment, harnessing large amounts of capital into this space to debottleneck it,” Currie said.

“What are the reasons for the lack of capital investment?” Currie asked.

In addition to the threats of government regulation, he explained that anti-oil left-wing investment strategies from Wall Street focus on green energy while avoiding fossil fuels.

High gas prices are a problem that is here to stay thanks to decades of leftist hostility to fossil fuels.

Renewed Right will keep you up-to-date on any new developments in this ongoing story.