U.S. government should subsidize frackers and consider a minimum pump price, strategist says

U.S. government should subsidize frackers and consider a minimum pump price, strategist says

U.S. President Joe Biden's administration should step in to subsidize fracking operations, according to Michael Harris of Cribstone Strategic Macro, as oil prices climb to their highest levels since 2008 . Russia's military forces on Monday continued to attack some Ukrainian cities as Moscow's invasion of Ukraine entered its twelfth day. have soared more than 60% since the start of the year due to the crisis, and the prospect of the U.S. and Western allies has lent further support to crude futures. "We need a government policy response that is effectively going to address this. And this is where I feel really, really strongly that the U.S. needs to step up and say we're going to do something which seems very, very outrageous and we're going to subsidize frackers," Harris told CNBC's "Squawk Box Europe" on Monday. "The reason I think it seems outrageous is in the context of what's going on with climate but in a geopolitical context, it would make perfect sense. If it were 20 years ago, this might be very, very natural," he added. His comments come just one week after the world's leading climate scientists on the real-world impacts of the climate emergency. In an