05.12.22

Hoeven: Record-High Gasoline Prices, Inflation Result of Biden Administration's Harmful Energy Policies

WASHINGTON – Senator John Hoeven this week delivered remarks on the Senate floor outlining the harmful impact of the Biden administration’s policies on U.S. domestic energy production, which has resulted in record-high gas prices, rising inflation and increased costs across the economy for American families and individuals.

“Yesterday, gasoline prices hit an all-time high of $4.37 a gallon nationwide, gas is up to an average $4.06 in my home state of North Dakota, and today, gas prices are even higher. That’s about an 80 percent increase since President Biden was inaugurated, and the vast majority of that increase occurred before Russia invaded Ukraine.

“President Biden’s Green New Deal policies and hostile approach to American oil and gas have curtailed production, and Americans are paying for it every day. It began with the administration’s moratorium on new energy leases, closing off access to our abundant taxpayer-owned energy reserves. And the administration continues to hold up our ability to move more oil and gas across the country by blocking pipelines, like Keystone XL. In 2015, the Senate and House passed my bill, S. 1, 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 have stranded natural gas resources in North Dakota, and other gas-rich reserves in places like West Virginia and Pennsylvania, because we can’t get the permits to build the gathering systems and pipelines to get it to market, let alone to our allies. We need more LNG facilities to help our allies in Western Europe and help Ukraine as they continue their valiant fight against Russian aggression.

“It’s long-past time for the Biden administration to get out of the way and take the handcuffs off American energy. Producing more energy here at home is the solution to help lower energy costs and provide hardworking families with relief from rising inflation.”

Hoeven stressed the need to pass legislation like his American Energy Independence from Russia Act, which would take immediate action to increase U.S. energy production and reduce reliance on Russian energy. This includes:  

  • 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 4 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. 

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