During the Trump administration, the Strategic Petroleum Reserve (SPR) was built up when President Trump added 30 million barrels of oil in 2020. Now, the Biden administration is weighing a plan to release roughly a million barrels of oil a day from U.S. reserves, for months on end. The total release could be as much as 180 million barrels, the largest ever draw from our emergency oil reserve and 25 percent of the total SPR reserves when at peak capacity.
MAKE NO MISTAKE: This move is dangerous. The SPR is supposed to be used for national security emergencies and major weather events, not for Biden to use as a political Hail Mary when his policies fail. Drawing down our strategic reserves by over 25 percent poses a huge national security risk, and represents a large expense to American taxpayers because it will be refilled under skyrocketing gas prices.
BIDEN’S ANTI-ENERGY AGENDA:
- In March 2020, President Trump, directed the Department of Energy (DOE) to purchase 30 million barrels to begin filling the SPR.
- On day one of Joe Biden’s presidency, he launched his war on American energy when he killed the Keystone XL pipeline, which could be supplying 830,000 thousand barrels of oil from Canada to U.S. refineries.
- In his first week in office, President Biden issued an executive order suspending all oil and gas leasing on federal lands and waters.
- While a federal judge ruled the leasing bans to be illegal, Biden’s administration has issued ZERO new leases on federal lands.
- In May 2021, President Biden removed sanctions against Nord Stream 2, which were previously put in place by former President Trump.
- In February 2022, President Biden reversed course and reimposed the Trump sanctions, noting the “overwhelming incentive to move away from Russian gas…”
- President Biden’s Far-Left Socialist agenda, Build Back Better, was an effort to cripple domestic energy by increasing oil and gas production payments to 20%, increasing bonding and surety requirements to more than 15 times their current levels, imposing a new severance tax, and establishing new annual fees of $10,000 per mile for offshore pipelines.
- President Biden’s FY22 Budget request explicitly opposed funding the construction or maintenance of projects that would lower the cost of gas, diesel, or energy derived from fossil fuels
- Biden’s Department of Energy has slow walked liquefied natural gas (LNG) exports that could reduce Europe’s dependence on Russia.
- Last week, the Securities and Exchange Commission (SEC) proposed extensive new rules that would require companies to disclose “climate-related risks” in an attempt to push Democrats’ environmental agenda through the inappropriate vehicle of securities law. This is a blatant move to starve American energy companies of capital and to publicly shame businesses not politically favored by Democrats.
WHAT BIDEN SHOULD BE DOING:
- End Biden’s federal freeze on all new oil and gas projects
- Fast-track pending LNG export permits
- Expedite approval of all pipeline and energy development
- Stop the regulatory assault on U.S. energy development and financing
IT’S SIMPLE: The Biden administration’s complete failure on energy has resulted in unaffordable costs to fuel our cars, skyrocketing electricity bills, and higher greenhouse gas emissions. Drawing on our Strategic Petroleum Reserve is like using Flex Seal to plug a hole on the Hoover Dam. This action is not a substitute for American energy production, and could have dangerous consequences to our national security.