Rather than unleash American energy and end his anti-energy policies, Biden said he “can't do much right now” about skyrocketing prices. He is, however, choosing to release even more oil from the Strategic Petroleum Reserve (SPR). This move follows an SPR release of 50 million barrels of oil in November of 2021, which did nothing to prevent a spike in energy prices. The SPR is supposed to be used for national security emergencies and major weather events, not for Biden to use as a political Hail Mary when his policies fail.
Biden is also reportedly asking Venezuela, Saudi Arabia, and even Iran to replace Russian oil. He began fulfilling his anti-energy promise on his first day in office, when he launched his war on American energy when he killed the Keystone XL pipeline, which could be supplying 830,000 thousand barrels of oil from Canada to U.S. refineries. In his first week in office, President Biden issued an executive order suspending all oil and gas leasing on federal lands and waters. While a federal judge ruled the leasing bans to be illegal, Biden’s administration has issued ZERO new leases on federal lands.
In May 2021, President Biden removed sanctions against Nord Stream 2, which were previously put in place by former President Trump. In February 2022, President Biden reversed course and reimposed the Trump sanctions, noting the “overwhelming incentive to move away from Russian gas...”
President Biden’s FY22 Budget request explicitly opposed funding the construction or maintenance of projects that would lower the cost of gas, diesel, or energy derived from fossil fuels. Biden's Department of Energy has slow-walked liquefied natural gas (LNG) exports that could reduce Europe’s dependence on Russia.
President Biden imported an average of 198,000 barrels of crude oil per day from Russia in 2021 - a 160% increase from the previous year. After banning Russian energy imports, Biden wants us to believe that begging other dictators is better than American energy – even though the U.S. has 38 billion barrels of proven oil reserves.
Europe currently gets 41% of its natural gas from Russia. The Biden administration should immediately approve the six pending liquified natural gas (LNG) export applications - in addition to unleashing more of our proven reserves of natural gas (473.3 trillion cubic feet) - to help our allies.
Banning U.S. imports of Russian energy isn’t enough. America must increase energy production and exports to displace Russian energy in the market and provide our allies with affordable, reliable, and secure energy.
To end Russian energy leverage we need to:
- End Biden’s federal freeze on all new oil and gas projects
- Fast-track pending LNG export permits
- Expedite approval of all pipeline and energy development
- Stop the regulatory assault on U.S. energy development and financing
Biden first blamed Russia’s invasion for prices. Now, the administration is falsely blaming the oil and gas industry for the consequences of their own failed agenda. Biden’s Far-Left, anti-American energy policies drove up prices for Americans and destroyed American energy dominance. This is Biden’s price hike - no one else’s.
CLICK HERE for background on the American Energy Independence from Russia Act, courtesy of the House Energy and Commerce and Natural Resources Committee Republicans.
