The Biden Administration has a habit of draining our resources.
The latest example: drawing down more than 250 million barrels of oil from our Strategic Petroleum Reserve in less than 2 years—dropping it to the lowest levels since 1984. Luckily, Republicans (once again) have a plan to fix their mistakes: the Strategic Production Response Act. We passed it out of the House today.
Unsurprisingly, the Biden Administration is threatening to veto it, and promoting lies about what the bill actually does. Let’s talk facts.
Last spring, Biden announced that he would be draining 180 million barrels of oil from the Strategic Petroleum Reserve—the largest number ever—to “lower gas prices.” There’s no proof that the SPR releases had any significant impact on gas prices.
This threatened national and economic security. You can’t drain a reserve—intended for real emergencies—and not replenish it, without making us a target. And right now the U.S. is producing well-below its peak production of 13M barrels a day in 2019, at about 11.7M barrels per day.
Why is it down? This admin’s quiet war on fossil fuels—be it through EPA overreach, delaying the nation’s offshore leasing plan, or SEC climate disclosure rules—affects investment sentiment. Why deploy capital towards these projects if the government is working against your bottom line? You don’t, which is why there is underinvestment in the sector to the tune of $400 billion+.
If the President wanted to drain the SPR for a non-emergency reason, then Energy Secretary Granholm would have to create plans to increase domestic energy production. This should be a no-brainer. That’s the framework which the Strategic Production Response Act creates.
The solution is simple: unleash America’s full energy potential. Restore and replenish our SPR. Stop the war on American oil and gas.