Republicans are arguing Russia’s invasion of Ukraine vindicates their criticism of the Biden administration‘s energy regulations, saying increased domestic production would have the United States in a better position to handle the fallout from the conflict.
President Joe Biden started preparing drivers for higher fuel prices over a week ago on account of expectations an invasion by Russia, the top-three oil producer and global exporter, would disrupt oil markets. Traders have been pricing that in on Thursday, with crude oil sailing up past $105 per barrel before falling back down to double digits.
Lawmakers said the war and strain on energy markets illustrate the necessity to displace fossil fuels from Russia, the No. 3 exporter of petroleum products to the U.S. in November and the European Union’s top supplier of natural gas.
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“We need to learn lessons from this, and that is we are too dependent on China for our supply chain, we’re too dependent on Russia and the rest of the world for our energy,” said Sen. Marco Rubio of Florida, a member of the Foreign Relations Committee. “We need to be able to make more things in this country, produce more of our energy, or we could be held hostage the way [Putin’s] going to hold Europe hostage.”
Sen. Bill Cassidy, who sits on the Energy and Natural Resources Committee, criticized Biden’s energy policies, which have involved a monthslong pause on new oil and gas leases on federal lands and the cancellation of the Keystone XL crude oil pipeline.
“The indictment of the Biden administration is that they’ve been doing everything to increase the price of oil and gas internationally and, frankly, to the American people,” Cassidy told the Washington Examiner.
Cassidy, who just introduced a bill with Rubio designed to facilitate more U.S. natural gas exports, said increased domestic production would ease strains on domestic energy markets and those of allied nations, as well as deter Russia.
“The degree to which we see their market share is the degree in which they can better finance their war machine,” Cassidy said of Russia. “We’d better start now going after their petrol economy if we’re going to do something about their ability to wage war.”
Minority Leader Mitch McConnell said separately in response to the Russian incursion that the U.S. must “get serious about energy independence.” Meanwhile, Rep. August Pfluger of Texas said Biden “must vocally commit to unleashing American energy producers to secure our country and our allies.”
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U.S. producers are drilling more oil and natural gas now that demand has fully recovered from its pandemic lows, and more of that gas is going to allied Europe and positions the U.S. to lead the world in LNG exports this calendar year.
But there is still a strong demand for foreign-sourced petroleum products, and the Energy Information Administration projects the U.S. will relinquish its status as a net exporter of petroleum this year.
