US oil producers say it’s a ‘miracle’ domestic drilling is happening at all
FOX Business’ Lauren Simonetti reports from Pecos, Texas, where oil permits are taking up to 12 months to get approved.
FIRST ON FOX: Republican state financial officers from 27 states are demanding President Biden bolster domestic energy production as gas prices rise above $4 and $5 per gallon across the United States.
The 27 financial officers, who make up the State Financial Officers Foundation (SFOF) nonprofit along with the group's CEO Derek Kreifels, note in their Tuesday letter that policies the Biden administration implemented last year have contributed to record-high energy prices that will have "dire consequences for working-class families."
BIDEN ADMINISTRATION TO RELEASE 1M BARRELS OF OIL DAILY FROM US RESERVES
"Long before Russia’s invasion of Ukraine, gas prices in the U.S. had been on a rapid upswing as a result of decisions to cancel the Keystone XL Pipeline, freeze new oil and gas leases on federal lands, order the cessation of drilling in Alaska, and promulgate anti-oil and gas rulemaking from the highest levels of government," the financial officers wrote. "Russia’s invasion of Ukraine has only intensified the consequences of already failing energy policies and highlighted the need to re-establish American energy independence."
The letter authors encouraged the president to bolster American oil, gas, coal and nuclear production – as well as American energy investments – rather than rely on other countries' energy production to power American cars, homes and businesses.
ENERGY GROUPS TARGET BIDEN ADMINISTRATION OVER UNWILLINGNESS TO EXPAND DOMESTIC OIL PRODUCTION
They note that the United States was a net exporter of energy resources in 2019. Three years later, as many European countries rely on Russian oil, the United States "should be preparing our nation to become a beacon of hope by tapping into our vast resources, helping supply our allied nations" by "[r]eplacing Russian natural gas with U.S. natural gas that burns 40% cleaner."