[Congressional Record Volume 169, Number 143 (Wednesday, September 6, 2023)]
[Senate]
[Pages S4221-S4222]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
Energy
Mr. HOEVEN. Mr. President, I rise today to discuss the high cost of
energy and the high cost of gasoline prices that are the direct result
of the Biden administration's harmful energy policies.
As Americans hit the road over the recent holiday weekend, many
noticed something that has become all too familiar under the Biden
administration, and that is continued high prices at the gas pump. The
average cost of a gallon of gas was about $2.40 on January 20, 2021.
Today, consumers are paying at the pump about $3.80 a gallon for
gasoline, on average. That is 60 percent higher than when President
Biden took office. That hits every one of them right in the pocketbook,
particularly those who can afford it the least.
Now, gasoline is like any commodity, wherein prices are high because
demand exceeds supply. President Biden's energy policy is the problem.
There can be no doubt about that. The main problem is that President
Biden's Green New Deal policies are stifling domestic energy
production--that is the main problem--but President Biden has literally
taken action to put America behind the barrel. It is not just that he
is restricting domestic supply; he has also increased our dependence on
foreign oil, and our adversaries know it. Let me tell you what I mean.
Since the Biden administration started, it has released 260 million
barrels from the Strategic Petroleum Reserve, bringing our Reserve to
its lowest level since 1983. Approximately, 350 million barrels remain
in the Reserve--350 million barrels. That is down from the alltime high
of more than 700 million barrels. So our Reserve, our Strategic
Petroleum Reserve, is at less than half of its capacity.
You might have noticed that on Tuesday, September 5, Saudi Arabia and
Russia extended a 1.3-million-barrel-a-day cut through December. So
they extended a reduction through the end of the year. Saudi Arabia is
voluntarily cutting 1 million barrels per day of production while
Russia is reducing 300,000 barrels per day of exports. Following that
announcement, the price of Brent crude rose to over $90 a barrel, and
the price of WTI--West Texas Intermediate--crude rose to almost $87 a
barrel. Today, they are up again.
Basically, President Biden has weakened our ability to respond just
when we need to. As I say, our adversaries are well aware of it. That
is why they are reducing supply--to push the price up.
The real problem is that he has put handcuffs on our producers and is
restricting supply here at home, which is the real solution. To add
insult to injury, he has also depleted the Reserve because he was
trying to keep prices down earlier. Our adversaries know it, and now
they are taking advantage of it. Unbelievable. Unbelievable.
Every successful economy depends on having access to low-cost,
dependable sources of energy, and our vast supply of Federal oil, gas,
and coal resources is one of our Nation's most strategic assets. Yet,
instead of harnessing our abundant, taxpayer-owned energy reserves, the
Biden administration is taking every imaginable step to curtail new
production.
[[Page S4222]]
The Interior Department is failing to hold quarterly lease sales
onshore and is reducing available acreage both onshore and offshore for
leasing. Just today, it was reported that the Biden administration is
canceling a congressionally mandated lease sale in Alaska that was
awarded in 2021.
Alongside restricting lands available for leasing, the Biden
administration is imposing new costs and burdens on Federal energy
leases. Maximizing access to new leasing today is directly tied to
growing production and supply not only for today but for the long
term. Otherwise, production will continue to fail to meet demand, and
that means higher prices for American consumers.
Also, our Nation's refining capacity has fallen from 19 million
barrels per day in 2020 to about 18 million barrels a day now. We have
not built a new refinery in the United States since 1977, and the Biden
administration's regulatory onslaught and rush to electric vehicle
mandates only drives those gas prices higher.
Instead of empowering more U.S. energy production and encouraging
much needed new investment, President Biden drained our strategic
petroleum reserve to its lowest level in 40 years, while begging
countries like Venezuela and Saudi Arabia to produce more. And as I
just said, Russia and OPEC know it, and they are restricting their
production to push oil prices higher.
It makes no sense to increase our reliance on Russia and OPEC for
energy. These are foreign producers that have little or no regard for
environmental stewardship. So think about it. The Biden administration
is doing this in the name of environmental stewardship? So they want
oil produced in a way that is not environmentally friendly rather than
the best environmental standards, which we have here in the United
States?
Again, it defies common sense, and it hurts every American consumer.
The United States is a global energy powerhouse, and it is time we act
like one. Simply put, increasing U.S. energy production and refining
capacity is the ultimate solution to bringing more supply, thereby
lowering prices at the pump and providing hard-working families and
businesses the relief from high energy prices they need and they
deserve. That is why President Biden needs to take the handcuffs off
and unleash the full potential of America's vast energy reserves.
With that, Mr. President, I yield the floor.
The PRESIDING OFFICER. The Senator from Kansas.