Hoeven: Americans Feeling the Pain of More Expensive, Less Reliable Energy Due to Biden Administration's Policies

Senator Outlines Impact of 9.1% Inflation, Skyrocketing Energy Prices

WASHINGTON – During remarks delivered on the Senate floor recently, Senator John Hoeven outlined the impact of the Biden administration’s harmful energy agenda, which is resulting in skyrocketing energy prices and fueling record-high inflation. The senator stressed that inflation hit 9.1 percent in June and called on the Biden administration to reverse course on its burdensome regulatory policies.

“Americans are continuing to take a financial hit due to more expensive, less reliable energy resulting from the Biden administration’s harmful energy agenda,” said Hoeven. “Just a few years ago, our country was producing almost 13 million barrels per day of oil, and consumers benefitted from historically low energy prices. Production has remained down under this administration, at only 11.6 million barrels of production per day.  

“President Biden’s energy crisis began with the administration’s moratorium on new energy leases, closing off access to our abundant taxpayer-owned energy reserves. And for the leases that energy companies have for federal lands, they’re either being held up by regulatory red tape that prevents them from getting the permits they need or by litigation in the courts. And this administration continues to hold up our ability to move more oil and gas across the country by blocking pipelines, like Keystone XL.

“In 2015, I led the bipartisan effort in Congress to approve the Keystone XL pipeline. If the Obama-Biden administration hadn’t vetoed our bill, this pipeline would be bringing over 800,000 barrels of oil per day from our closest friend and ally, Canada. We need to unleash more of our vast oil and natural gas reserves, our nation’s most critical economic and national security assets.

“Each additional barrel of oil we produce here at home replaces production from Russia and other adversaries, countries that also have little to no environmental standards. Each additional barrel of oil we produce here at home helps reduce prices and lowers inflation. Instead of asking Saudi Arabia for help, or going to our adversaries in Iran and Venezuela, President Biden should be empowering our domestic producers to restore and grow supply. The solution is simple, the Biden administration needs to take the handcuffs off domestic energy production, because more supply is needed to bring down prices.”

Hoeven continues to push back on the Biden administration’s burdensome regulations on energy development and is working to advance legislation like his American Energy Independence from Russia Act, which would take immediate action to increase U.S. energy production, including:   

  • Authorizing the construction and operation of the Keystone XL pipeline.
  • Removing regulatory hurdles to increase liquefied natural gas exports.
  • Prohibiting any presidential moratoria on new energy leases.
  • Requiring the U.S. Department of the Interior to hold a minimum of four oil and natural gas lease sales in each state with land available for leasing in fiscal year 2022.
  • Prohibiting the Secretary of the U.S. Department of Energy from drawdowns of the Strategic Petroleum Reserve (SPR) until the Secretary of the Interior issues a plan to increase oil and gas production on federal lands and waters.