Hoeven: Solution to High Energy Costs is Clear; Biden Administration Needs to Take Handcuffs off U.S. Oil & Gas Producers

WASHINGTON – During remarks delivered on the Senate floor this week, Senator John Hoeven outlined how the Biden administration’s policies are undermining U.S. energy security and causing persistent record-high inflation for American consumers and businesses. The senator called on the administration to empower greater domestic energy production, utilizing all of the nation’s abundant energy resources, including coal, oil and natural gas.

“North Dakotans are paying 60 percent more for gasoline since January 2021, and diesel remains nearly $5.00 per gallon,” said Hoeven. “Our friends and allies in Europe are facing an even worse energy supply crisis, and unless the Biden administration changes its approach, American families and businesses will continue to face these inflationary pressures. Fortunately, the solution is clear – more energy supply means consumers pay less.

“Recent analysis by The Wall Street Journal shows that the Biden administration leased only 130,000 acres for new oil and gas production in its first 19 months. For comparison, President Reagan leased 47.6 million acres during the same time period. We need to take the handcuffs off U.S. producers if we are going to produce more energy here at home, and nobody produces energy better, more cost-effectively, more dependably and with better environmental stewardship than America. New energy leases are needed to grow oil production and supply for the long-term, otherwise production will continue to fall and that means higher energy costs for consumers.

“The Biden administration’s policies are undermining our energy security, and because the cost of energy is built in to our entire economy, inflation has been driven to record highs. Despite these challenges, President Biden and Congressional Democrats doubled down by passing their partisan tax and spend bill that will make it more expensive to produce energy in the United States.

“Instead of higher taxes and fees, more mandates, and less energy development, we need to take the handcuffs off our domestic energy producers to lower energy costs and help reduce the burden of inflation, which harms every American, but particularly those low income Americans, who are struggling with the higher cost of everything from putting food on the table, to gas at the pump, to anything and everything they buy.”