December 3rd, 2021

And we’re back!

In case you missed it during the lead up to Thanksgiving, West Virginia’s treasurer, Riley Moore is pushing back against the “growing economic boycott of traditional energy production industries by U.S. financial institutions.” Treasurer Moore launched a coalition of 15 state treasurers (or equivalent state financial officers) asking “financial institutions to award financing based on an unbiased, non-political basis.” Note, the coalition is not asking for special treatment for the energy industry, they are simply asking for financial institutions to be unbiased in their assessments.

This bold action to defend the jobs and livelihoods of hard working Americans is a common sense approach that will benefit the whole country by defending against the Biden Administration’s pressure on the banking industry to cut off investments to legally operating U.S. businesses. Treasurer Moore went on to say, “the overarching objective of our actions will be the same — to protect our states’ economies, jobs, and energy independence from these unwarranted attacks on our critical industries.”

The Bottom Line: In the name of affordable energy, WV State Treasurer Riley Moore is leading the charge against Biden’s pressure on Wall St. to cut ties with the oil and gas industry.

The recent price drop at the pump — driven by market worries about the Omicron variant — may be brief. Last week, President Biden’s Department of the Interior released a report recommending “to limit areas available for energy development and raise costs for oil and gas companies to drill on public land and water.” As anyone with a little common sense would know, increasing the cost-to-operate for the energy industry only makes supply more expensive which will inevitably be passed on to consumers by way of higher prices.

The administration has been relentless in its efforts to dismantle America’s energy independence by cancelling pipeline development, placing a moratorium on lease sales and restricting access to natural resources. These short-sighted actions have made access to affordable energy less certain and have added to inflationary pressures across the economy. The impacts are being felt across the country, especially among families who are already facing tough decisions as their bills continue to rise month after month. Americans simply can’t afford this ever-growing Biden Bill.

The Bottom Line: Just as gasoline prices are beginning to decrease (even if artificial), the Biden Administration calls for raising fees on oil producers. The logic just doesn’t make sense.

This week, in response to the Biden Administration’s release from the Strategic Petroleum Reserve, Senator Barasso (R-WY) and nearly a dozen other senators introduced a piece of legislation that, “prohibits the secretary of Energy from tapping the Strategic Petroleum Reserve for reasons other than a severe energy supply interruption until the secretary of the Interior issues a plan to increase oil and gas production on federal lands and waters.”

Senator Barasso stated, “Before tapping the Reserve for political reasons, our bill requires the administration to issue a plan to boost federal oil and natural gas production. The Strategic Production Response Act provides a real solution to the Biden administration’s reckless policies. America is stronger and safer when we are energy independent.” (emphasis added)

Senator Daines (R-MT) continued, “These desperate moves are not the solution—investing in American energy production is, which includes oil and gas. Instead of tapping into emergency reserves, we need to boost domestic production.”

The Bottom Line: Before tapping into the emergency supply of oil, we should use all available (domestic) tools at our disposal, right? Senator Barasso’s legislation would make sure that rational approach is applied in the future.

Hearing on Pipeline Security: On Tuesday, December 7, the House Energy and Commerce Subcommittee on Energy will hold a hearing on “Securing our Energy Infrastructure: Legislation to Enhance Pipeline Reliability.”