Grassley and Miller-Meeks Discuss Biden’s Decision to Release Oil from Strategic Oil Reserve

DES MOINES, Iowa – President Joe Biden announced Tuesday that his administration would release 50 million barrels of crude oil from the strategic oil reserve.

“Today, the price of gasoline in the United States, on average, is $ 3.40 a gallon; in California, it is much higher. The impact is real, ”the president said Tuesday afternoon. “But the fact is that we have faced even the worst peaks in the last decade. We saw it in 2012 when the price of gasoline hit $ 3.90. We saw it in 2014 when it hit $ 3.69. And as recently as 2019, we saw it go over $ 3 in a lot of places. “

Biden noted that India, Japan, South Korea, and the United Kingdom also agreed to release additional oil from their reserves to try to lower the price of oil.

Biden is the fourth president to release crude oil from the reserve. President George HW Bush released oil due to the Gulf War, and President George W. Bush did so after invading Iraq. President Barack Obama was the third president to do so in response to rising gasoline prices.

Republicans pointed out that gasoline prices are the result of the policies of the Biden administration.

US Senator Chuck Grassley, R-Iowa, called the move “spit in the ocean” during his public affairs show Tuesday.

“It’s a spit in the ocean compared to the problem he created almost immediately when he took office,” he said. “He brought a lot of uncertainty to the oil and gas industry by taking the actions that he did. I do not know the impact of that uncertainty, but less future for fossil fuels will inhibit investment ”.

Grassley noted that the Biden administration closed the Keystone XL pipeline, considering closing the Line 5 pipeline that runs through Michigan and supplies light oil and propane to the upper Midwest and Ontario and Quebec in Canada, placing restrictions on drilling. on public land, even offshore. drilling in Alaska and the addition of restrictions on fracking.

“The United States could be, and for a couple of years was, the biggest producer of natural gas and oil, and then go to OPEC and want them to replace it. And then the inconsistency of closing gas pipelines in North America and then encouraging the completion of the gas pipeline from Russia to Germany for its natural gas, ”argued Grassley.

He then noted the Biden Administration’s focus on electric vehicle development.

Grassley said these actions send “a bad signal” to anyone looking to make future investments in natural gas and oil.

He said reversing his current policies will do more to help lower gas prices than to free oil from the strategic oil reserve that is destined for a national emergency or national defense.

U.S. Representative Mariannette Miller-Meeks, R-Iowa, called the decision the wrong approach.

“Taking advantage of the emergency Strategic Petroleum Reserve will not solve the current energy crisis and is the wrong approach. If the Administration is serious about solving the current energy crisis, we must begin by repealing the Executive Order that stopped American energy exploration. We must begin to aggressively pursue an energy strategy that includes all of the above, including oil, natural gas, biofuels, solar, wind, hydro, electric, and nuclear power. A strategy that includes all of the above will allow us to reduce our dependence on foreign energy sources such as Iran, Russia, Venezuela, and the rest of OPEC +. This is critical to our economic, energy, and national security and must be addressed immediately, “he said in a statement issued.

Miller-Meeks joined 30 of her colleagues in the US House of Representatives in sending a letter to Biden and US Secretary of Energy Jennifer Granholm, opposing the president’s decision to release oil from the US. strategic oil reserve.