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Reports have emerged that the Biden Administration is expected to tap emergency oil supplies from the Strategic Petroleum Reserves (SPR) for the third time in six months. The Biden Administration previously announced they would tap our Strategic Petroleum Reserve earlier this month.
The Administration is expected to release one million barrels of oil a day, for six months, which ends right before the midterm elections. The United States consumes approximately 20 million barrels a day. A release of one million barrels a day represents nearly 5 percent of daily U.S. domestic consumption. The alleged 180 million barrels total over six months is comparable to less than two days of global demand.
“Releasing additional oil from the Strategic Petroleum Reserve must be accompanied by a plan to increase production and backfill the supply,” said U.S. Senator Bill Cassidy, M.D. (R-LA), member of the Senate Energy and Natural Resources Committee. “The Biden administration must not put our future energy security at risk for a short-term attempt to salvage the president’s plummeting poll numbers.”
While the Biden administration says it is doing nothing to halt the development of oil and gas development, this week the president’s own budget proposal for the Department of Interior forecast a $370M decline in offshore energy revenue as a result of not conducting lease sales.
In response to the Biden administration’s misguided energy policies, Cassidy released a landmark energy & climate policy outline on how the U.S. can successfully reset energy and climate policy and create a global Russia-free energy future. This outline included Cassidy’s plan for an Operation Warp Speed for U.S. energy production and exports.
U.S. Congressman Garret Graves immediately released the following statement:
“We are in an energy crisis. Gas and electricity prices have skyrocketed. It is true that our Strategic Petroleum Reserve was established to respond to emergencies; however, it is not for self-imposed crises resulting from stupid energy policies. The gasoline and electricity prices that all Americans are paying right now aren’t the fault of the bonehead in Russia, but the boneheads running our federal government’s energy policies. As we stated in November, tapping energy reserves is not a long-term solution to solving the skyrocketing prices at the pump. This Administration has not issued a single energy lease since they have been in office – a first. Schoolchildren running lemonade stands across America have better backfill and economic strategies than we are seeing out the energy team in the Biden Administration,” Graves said. “Their ‘None-of-the-Above’ energy strategy is costing us all. When you add their inflation problems, supply chain problems, worker shortage – we simply can’t afford this Administration.”
