Reported by ALEX NITZBERG | April 12, 2022
Democratic Sen. Kyrsten Sinema of Arizona called Tuesday for raising U.S. oil production to offset the loss of imported Russian oil, according to the Associated Press.
“The reasonable way to address what is going to be an oil shortage in America is for us to responsibly increase our own domestic oil production,” the senator remarked during a luncheon for the Arizona Chamber of Commerce and Industry, according to the outlet.
Americans have been getting slammed by high gas prices — as of Tuesday, the AAA national average for a gallon of regular gas was $4.098.
Last month, President Joe Biden issued an executive order banning the import of crude oil and other products from Russia, a country that has been waging a devastating invasion in Ukraine.
“We can help our European allies do the same, but it is incumbent on us to help fill that gap,” Sinema said, according to the AP.
High fuel costs directly hurt American drivers each time they fill up their vehicle, but the financial pain does not necessarily stop there since high gas prices can also drive up the costs associated with transportation and lead to higher prices across the board.
On March 31, President Biden announced plans to release oil from the Strategic Petroleum Reserve at the rate of one million barrels each day over the span of six months.
The U.S. Bureau of Labor Statistics released new consumer price index data on Tuesday which showed that rising prices are continuing to hammer Americans hard. “The gasoline index rose sharply in March, increasing 18.3 percent after rising 6.6 percent in February. (Before seasonal adjustment, gasoline prices rose 19.8 percent in March.),” the BLS noted.
Democratic Sen. Joe Manchin issued a statement about the nation’s rapidly rising inflation.
“Here is the truth, we cannot spend our way to a balanced, healthy economy and continue adding to our $30 trillion national debt. Getting inflation under control will require more aggressive action by a Federal Reserve that waited too long to act. It demands the Administration and Congress, Democrats and Republicans alike, support an all-the-above energy policy because that is the only way to bring down the high price of gas and energy while attacking climate change,” Manchin said in the statement.