[Congressional Record Volume 167, Number 212 (Wednesday, December 8, 2021)]
[Senate]
[Pages S9004-S9005]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              THE ECONOMY

  Mr. THUNE. Mr. President, Americans are currently dealing with the 
worst inflation in more than 30 years--high grocery prices, high rent 
prices, high gas prices, high car prices, increases in the price of 
household goods, and the list goes on. Inflation is so bad that it has 
outstripped wage growth,

[[Page S9005]]

resulting in a de facto pay cut for many Americans.
  One of the price hikes hitting Americans hard is the increase in the 
price of gas. Gas prices have risen 40 percent since President Biden 
took office--40 percent. That takes a tremendous toll on family 
budgets. And, of course, high gas prices and other energy costs 
contribute to price increases on a whole host of other goods. 
Manufacturers facing higher transportation costs thanks to high gas 
prices, for example, are likely to pass on at least some of those 
increased costs to consumers in the form of price hikes.
  In my home State of South Dakota, families are facing an increase in 
home heating costs as high as 50 to 100 percent, depending on how 
severe of a winter we face.
  Nationwide, concerns over high heating costs this winter have been 
tempered by mild weather so far, but predictions of huge energy bills 
could return with a period of sustained harsh weather. And that would 
be another financial blow for families whose budgets are already 
severely stretched by our current inflation crisis.
  It is easy for, say, a wealthy Democrat politician to dismiss the 
consequences of inflation, but for families living paycheck to 
paycheck, an increase in the grocery bill or heating costs or the cost 
of a tank of gas could mean tough decisions, like choosing between 
adequately heating the house or filling the car to get to a job.
  So what has President Biden been doing to help alleviate rising 
energy prices and inflation? Well, the answer is not much. First, he 
pleaded with the OPEC cartel to increase oil production and increase 
global supply, which is the single most influential factor when it 
comes to gas prices. OPEC was unmoved.
  Then the President recently announced the release of 50 million 
barrels of oil from the Strategic Petroleum Oil Reserve, a move that 
Congress had, in part, already mandated.
  Unfortunately, this is nothing more than a short-term relief measure, 
if that, as it will do little to give our energy sector the certainty 
it is seeking to bring production and American energy jobs back online.
  While Democrats helped create the inflation crisis that we are 
experiencing by flooding the economy with unnecessary government money 
earlier this year, the President is not solely to blame for high energy 
prices, which have also been driven up by COVID-related issues. 
However, the President is certainly to blame for the hostile attitude 
his administration has displayed toward conventional energy production. 
And he is certainly to blame for the reckless tax-and-spending spree he 
is pushing, which would further drive up energy prices for American 
families.
  The President made clear that his attitude toward conventional energy 
production on day 1 of his administration, when he canceled the 
Keystone XL Pipeline, an environmentally responsible pipeline project 
that was already underway and that would have delivered more than 
10,000 construction jobs and helped decrease energy costs by increasing 
regional energy supply, all while being offset with a $1.7 billion 
investment in renewable energy.
  The President also almost immediately banned new oil and gas leases 
on Federal lands, sending a clear signal to oil and gas producers that 
his administration would be reluctant to work with them to increase 
American energy production.
  Then, of course, there was the release of the first outlines of the 
President's reckless tax-and-spending plan, which displayed a clear 
hostility to conventional energy.
  Given this record, it is no surprise that many energy producers have 
been less than enthusiastic about coming fully back online as we emerge 
from the pandemic. The market signals to increase production are being 
muted by this administration's burdensome policies and clear intent of 
sidelining American energy development.
  Then there is the current version of the reckless tax-and-spending 
spree, which Democrats are pushing to pass in the very near future. 
This legislation will not only likely worsen our current inflation 
situation, it will also make our energy less reliable and more 
expensive.
  If Democrats succeed in passing their legislation, American families 
will have to brace themselves for even higher energy bills. One major 
driver of those higher energy bills will be the bill's new fee--or 
tax--on methane, which is targeted at crippling the natural gas sector 
that spurred America's recent energy renaissance and has actually been 
the largest driver of coal displacement.
  The American Gas Association says the proposed fee could add as much 
as 34 percent to natural gas bills. And that is on top of any increases 
Americans may already be facing.
  As I mentioned earlier, home heating bills are already projected to 
rise as much as 50 to 100 percent in my State this winter--and that is 
without the reckless tax-and-spending spree piling on.
  And if progressive Democrats have their way, Democrats' tax-and-
spending spree could also penalize our oil and gas sector by ending 
longstanding tax provisions like the percentage depletion deduction, 
which underpins an overwhelming number of independent producers 
representing roughly 90 percent of wells drilled in the United States.
  Simply put, this administration wants to make it more expensive and 
more difficult to develop our abundant energy resources in favor of 
their preferred energy technologies and electric vehicles, with 
predictable consequences for Americans' pocketbooks.
  And just a word about those electric vehicles. The President's 
Transportation Secretary recently suggested that families feeling the 
pinch of high gas prices could solve their problem by buying an 
electric vehicle, which would allow them to ``never have to worry about 
gas prices again.''
  Well, I have news for the President's Transportation Secretary. A lot 
of Americans can't afford to replace their car with an electric 
vehicle, not to mention that electric cars and trucks are still not a 
practical option for many Americans for other reasons. Secretary 
Buttigieg's statement shows just how far out of touch Democrats have 
become with ordinary Americans.
  I know Democrats are deeply invested in their Green New Deal 
fantasies of an instant, mostly electric energy regime. But the reality 
is that American consumers will need to use liquid fuels and 
electricity and heat for natural gas well into the future. And 
punishing or discouraging responsible energy development in oil and 
natural gas will do nothing--nothing--but drive up energy prices for 
consumers and force our Nation to rely more on oil and gas imports from 
unstable areas of the world.
  We should be encouraging American energy development of every kind--
from oil and natural gas to wind, solar, and biofuels--not artificially 
picking winners and losers and discouraging essential energy 
production.
  And with American consumers struggling with long-term inflation, the 
last thing we need to be doing right now is passing legislation that 
will drive up energy prices. Unfortunately, if Democrats have their way 
and succeed in passing their tax-and-spending legislation, Americans 
will soon be able to add even higher energy bills to the list of 
challenges that they are currently facing.
  So much for building back better for the American people.

                          ____________________