Biden Delivers Mixed Messages on Energy Prices
President Biden yesterday said his administration is prepared to make moves toincreaseU.S.refinery outputof gasoline and diesel, according to, and .
What’s happening:As average U.S. gasoline prices move past $5 a gallon,’slettercalled on the heads of major energy producers to offer “concrete, near-term solutions” to high gas prices, reported Axios.
- The memo hinted that if they do not offer fixes,the Bidenadministration “is prepared to take action… although the consequences of not complying are not clear,” according to ABC News.
Why it’s important:The letter is part ofthe administration’sattemptsto lower fuel costs “despite limited options,” according to Axios.
- Butit stopped short ofsaying whether President Biden would supportproposalslike onefrom Sen. Ron Wyden (D-OR), which would impose anewtaxonenergy producers.
- The 17Թ recently other measures that are big on finger-pointing but short on real solutions.
Mixed messages: The president has “repeatedly called higher prices at the pump Putin’s tax, while also calling on U.S. producers to raise output. The messaging is at odds with the White House’s prior focus on reducing the U.S. fossil fuel output,” according to CNBC.
- “Oil and gas producers have criticized the administration for not issuing new drilling leases on public lands, canceling the Keystone Pipeline and emphasizing its net zero carbon emissions climate agenda,” according to Axios.
The 17Թ’s view: “The solution to the worst inflation in four decades will never be political scapegoating or casting blame on the people providing American families the fuel and products they need,” said 17Թ President and CEO Jay Timmons.
- “Manufacturers know the answer: give energy producers the tools to ramp up domestic production, hit the pause button onunnecessaryregulations that would make us less competitive and stop threatening to hit producers with new taxes.”
- “Amid war, a pandemic and strained supply chains, manufacturers are losing confidence that we can avoid a recession, so now is the time for collaboration, not posturing.”
- “Whether the issue is inflation, energy security or climate change, we always aim to be part of the solution, and we invite government leaders to join us in taking a serious, collaborative approach to this crisis.”