World Oil
Eighteen U.S. Senators urge Biden to ease energy prices before winter
11/7/2021
WASHINGTON – U.S. Sen. Ted Cruz (R-Texas) and 18 of his Senate colleagues this week sent a letter to President Biden describing the actions that the administration can take to ease energy prices and reduce energy shortages this winter. Solutions proposed by the senators include lifting the ban on oil and gas lease sales on Federal lands and waters, accelerating Federal Energy Regulatory Commission (FERC) and Army Corps permitting and interagency coordination to approve pipeline projects, and ending the regulatory uncertainty that is stifling investments in energy.
Co-signers of the letter include Sens. John Barrasso (R-Wyo.), Mike Braun (R-Ind.), Bill Cassidy (R-La.), Josh Hawley (R-Mo.), Cynthia Lummis (R-Wyo.), Jerry Moran (R-Kan.), James Risch (R-Idaho), Roger Marshall (R-Kan.), Thom Tillis (R-N.C.), Jim Inhofe (R-Okla.), Cindy Hyde-Smith (R-Miss.), John Kennedy (R-La.), Kevin Cramer (R-N.D.), Mike Lee (R-Utah), John Hoeven (R-N.D.), Roger Wicker (R-Miss.), James Lankford (R-Okla.), and Todd Young (R-Ind.).
In the letter, the members wrote:
“Even before colder temperatures set in, natural gas inventories around the nation are 5.5% below the five-year average, and demand has ramped up as the economy continues to recover. Due to lower supply and higher demand, natural gas prices are more than 250% higher than they were this time last year and the Energy Information Agency (EIA) expects natural gas prices to climb even higher this winter due to supply projections.”
“After numerous conversations over the last year with domestic energy producers, the number one reason they cite for these higher and increasing prices is depressed investment in our production due to regulatory uncertainty. Business leaders are reluctant to make complex, long-term investments in expensive new wells, pipelines, and other infrastructure critical to increasing production and keeping American energy prices low if these projects will be delayed or overly burdened by new, expansive regulations or taxes.”