President Joe Biden’s administration has taken more than 200 actions against the U.S. oil and gas industry, according to a report from the Institute for Energy Research (IER). The report highlights the administration’s efforts to make it harder to produce energy in America and increase the cost of purchasing it. These actions include revoking permits, canceling leases, and implementing new regulations.
One of President Biden’s first actions was revoking the permit for the Keystone Pipeline and canceling all oil and gas leasing activities in the Arctic National Wildlife Refuge. He also revoked former President Donald Trump’s executive orders aimed at expanding domestic production by decreasing regulations. In his second week, President Biden canceled new oil and gas leases on public lands and offshore waters and issued new regulations for permitting and leasing practices.
The Biden administration has blamed the oil and gas industry for excessive pricing, accusing them of profiteering. The president even proposed $110 billion in tax hikes on oil, gas, natural gas, and coal. This move has been met with opposition from a coalition of senators who expressed concern over the administration’s hostility towards American energy production. They argued that these actions would threaten access to affordable and reliable energy for American families while giving an advantage to global energy markets.
The IER report also points out that President Biden depleted the Strategic Petroleum Reserve (SPR) by about half since taking office. Critics argue that this decision was driven by political reasons rather than rational energy policies. They believe that the government will now have to spend more taxpayer money to refill the SPR.
Despite these challenges, Texas leads the nation in oil and gas production. The state produced a record 1.99 billion barrels of oil and 12.2 trillion cubic feet of gas in 2023. Most of this production occurs on private land, and Texas enjoys bipartisan support from elected officials and regulatory agencies. Texas LNG exports have been a lifeline for European countries during times of geopolitical uncertainty, such as when Russia invaded Ukraine.
However, industry leaders in Texas argue that federal policies are undermining progress and posing a risk to the economy and energy security. They point to delayed permits, canceled pipeline projects, closed federal leasing programs, and incoherent regulations as factors that hurt American consumers and hinder the industry’s ability to deliver energy freedom and security worldwide.
The IER report sheds light on the Biden administration’s actions against the domestic oil and gas industry. While the administration has aimed to make it harder to produce energy in America and increase the cost of purchasing it, Texas continues to lead the nation in oil and gas production. The state’s industry faces challenges from federal policies but remains resilient in delivering reliable and responsibly produced energy.
