[Congressional Record Volume 169, Number 143 (Wednesday, September 6, 2023)]
[Senate]
[Pages S4221-S4222]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                                 Energy

  Mr. HOEVEN. Mr. President, I rise today to discuss the high cost of 
energy and the high cost of gasoline prices that are the direct result 
of the Biden administration's harmful energy policies.
  As Americans hit the road over the recent holiday weekend, many 
noticed something that has become all too familiar under the Biden 
administration, and that is continued high prices at the gas pump. The 
average cost of a gallon of gas was about $2.40 on January 20, 2021. 
Today, consumers are paying at the pump about $3.80 a gallon for 
gasoline, on average. That is 60 percent higher than when President 
Biden took office. That hits every one of them right in the pocketbook, 
particularly those who can afford it the least.
  Now, gasoline is like any commodity, wherein prices are high because 
demand exceeds supply. President Biden's energy policy is the problem. 
There can be no doubt about that. The main problem is that President 
Biden's Green New Deal policies are stifling domestic energy 
production--that is the main problem--but President Biden has literally 
taken action to put America behind the barrel. It is not just that he 
is restricting domestic supply; he has also increased our dependence on 
foreign oil, and our adversaries know it. Let me tell you what I mean.
  Since the Biden administration started, it has released 260 million 
barrels from the Strategic Petroleum Reserve, bringing our Reserve to 
its lowest level since 1983. Approximately, 350 million barrels remain 
in the Reserve--350 million barrels. That is down from the alltime high 
of more than 700 million barrels. So our Reserve, our Strategic 
Petroleum Reserve, is at less than half of its capacity.
  You might have noticed that on Tuesday, September 5, Saudi Arabia and 
Russia extended a 1.3-million-barrel-a-day cut through December. So 
they extended a reduction through the end of the year. Saudi Arabia is 
voluntarily cutting 1 million barrels per day of production while 
Russia is reducing 300,000 barrels per day of exports. Following that 
announcement, the price of Brent crude rose to over $90 a barrel, and 
the price of WTI--West Texas Intermediate--crude rose to almost $87 a 
barrel. Today, they are up again.
  Basically, President Biden has weakened our ability to respond just 
when we need to. As I say, our adversaries are well aware of it. That 
is why they are reducing supply--to push the price up.
  The real problem is that he has put handcuffs on our producers and is 
restricting supply here at home, which is the real solution. To add 
insult to injury, he has also depleted the Reserve because he was 
trying to keep prices down earlier. Our adversaries know it, and now 
they are taking advantage of it. Unbelievable. Unbelievable.
  Every successful economy depends on having access to low-cost, 
dependable sources of energy, and our vast supply of Federal oil, gas, 
and coal resources is one of our Nation's most strategic assets. Yet, 
instead of harnessing our abundant, taxpayer-owned energy reserves, the 
Biden administration is taking every imaginable step to curtail new 
production.

[[Page S4222]]

  The Interior Department is failing to hold quarterly lease sales 
onshore and is reducing available acreage both onshore and offshore for 
leasing. Just today, it was reported that the Biden administration is 
canceling a congressionally mandated lease sale in Alaska that was 
awarded in 2021.
  Alongside restricting lands available for leasing, the Biden 
administration is imposing new costs and burdens on Federal energy 
leases. Maximizing access to new leasing today is directly tied to 
growing production and supply not only for today but for the long 
term. Otherwise, production will continue to fail to meet demand, and 
that means higher prices for American consumers.

  Also, our Nation's refining capacity has fallen from 19 million 
barrels per day in 2020 to about 18 million barrels a day now. We have 
not built a new refinery in the United States since 1977, and the Biden 
administration's regulatory onslaught and rush to electric vehicle 
mandates only drives those gas prices higher.
  Instead of empowering more U.S. energy production and encouraging 
much needed new investment, President Biden drained our strategic 
petroleum reserve to its lowest level in 40 years, while begging 
countries like Venezuela and Saudi Arabia to produce more. And as I 
just said, Russia and OPEC know it, and they are restricting their 
production to push oil prices higher.
  It makes no sense to increase our reliance on Russia and OPEC for 
energy. These are foreign producers that have little or no regard for 
environmental stewardship. So think about it. The Biden administration 
is doing this in the name of environmental stewardship? So they want 
oil produced in a way that is not environmentally friendly rather than 
the best environmental standards, which we have here in the United 
States?
  Again, it defies common sense, and it hurts every American consumer. 
The United States is a global energy powerhouse, and it is time we act 
like one. Simply put, increasing U.S. energy production and refining 
capacity is the ultimate solution to bringing more supply, thereby 
lowering prices at the pump and providing hard-working families and 
businesses the relief from high energy prices they need and they 
deserve. That is why President Biden needs to take the handcuffs off 
and unleash the full potential of America's vast energy reserves.
  With that, Mr. President, I yield the floor.
  The PRESIDING OFFICER. The Senator from Kansas.