Urging Biden to Unleash American Energy
As we head into winter, I continue to hear from many of you concerned about high energy prices. Unfortunately, since taking office, President Biden has shut down American oil and gas production leaving families struggling to keep up with skyrocketing costs.
President Biden should be focused on bringing down energy costs by fully embracing an all-of-the-above American energy strategy. Instead, he continues to drain the Strategic Petroleum Reserve (SPR) — now at its lowest point since 1984 — to make up for his failed policies, leaving our country more dependent on foreign oil and less prepared for potential national emergencies.
I have continued to advocate for unleashing American energy production. I recently joined my colleagues to strongly urge President Biden to take immediate action to reverse his policies, including issuing an offshore energy leasing plan as has been done historically. The letter requests President Biden and U.S. Department of the Interior Secretary Deb Haaland to reverse course on their current war on American energy and invest in America’s energy independence by issuing a five-year offshore leasing plan that includes regular annual lease sales in America’s offshore areas that have been traditionally utilized.
Driving more investment into the United States' energy sector would put downward pressure on the price of gas, electricity and other utility costs for struggling families and guarantee a steady flow of American energy into the future. You can read the full letter here.
Record-High Inflation
In a since deleted social media post, the White House took credit for an automatic cost-of-living increase in seniors’ Social Security checks. The reality: The White House and Congressional Democrats are the cause of the historic inflation triggering the automatic increase of Social Security payments. The annual cost of living adjustment is based on a formula that adjusts payments according to inflation increases – the same record-high inflation rate created by President Biden and Congressional Democrats' disastrous economic policies.
Additionally, to try to combat the President’s inflation crisis, the Federal Reserve is raising interest rates, most recently by 75 basis points. This is the sixth rate increase since March. In total, the federal funds rate has risen by 3.75 percent, the fastest rate hike in 40 years and larger than the last 15 years combined.
Signs of a Recession
The October jobs report from the Bureau of Labor Statistics showed an increase to 3.7 percent unemployment and a decline in labor force participation. The workforce is shrinking, job growth is slowing, and unemployment is rising – these are all signs of a looming recession. Meanwhile, President Biden and Washington Democrats are promising more of the same inflationary policies.
Capital and investment goes where it is welcome; it does not go where it is unwelcome. Higher taxes, price caps and burdensome regulations are not welcoming. These policies discourage investment and productivity, which you need more of to help get inflation back under control and generate strong economic growth.
