Perspectives; Thoughts; Comments; Opinions; Discussions

Posts tagged ‘joe biden strategic petroleum reserve’

Joe Manchin Again Urges Biden To Reinstate Keystone XL Pipeline


Reported by THOMAS CATENACCI | ENERGY & ENVIRONMENT REPORTER | November 23, 2021

Read more at https://dailycaller.com/2021/11/23/joe-manchin-energy-independence-joe-biden-keystone-xl-pipeline/

Sen. Joe Manchin Makes A Statement On Reconciliation Bill
Pete Marovich/Getty Images

Democratic West Virginia Sen. Joe Manchin redoubled his efforts to convince President Joe Biden to reinstate the Keystone XL pipeline, arguing that it would bolster U.S. energy independence. Manchin, the chairman of the Senate Energy and Natural Resources Committee, made the comments following Biden’s decision to tap into the U.S. emergency oil stockpile. The federal government will release approximately 50 million barrels of oil from its Strategic Petroleum Reserve, the White House said Tuesday.

“I continue to call on President Biden to responsibly increase energy production here at home and to reverse course to allow the Keystone XL pipeline to be built which would have provided our country with up to 900,000 barrels of oil per day from Canada, one of our closest allies,” Manchin said in a statement.

“To be clear, this is about American energy independence and the fact that hard working Americans should not depend on foreign actors, like OPEC+, for our energy security and instead focus on the real challenges facing our country’s future,” he continued. 

Sen. Joe Manchin stands next to Sen. Mitt Romney as they arrive before President Joe Biden takes part in a signing ceremony for the bipartisan infrastructure bill on Nov. 15. (Mandel Ngan/AFP via Getty Images)

Sen. Joe Manchin stands next to Sen. Mitt Romney as they arrive before President Joe Biden takes part in a signing ceremony for the bipartisan infrastructure bill on Nov. 15. (Mandel Ngan/AFP via Getty Images)

Shortly after Biden revoked Keystone XL’s federal permit, Manchin urged the president to reconsider. Pipelines are the nation’s “safest mode to transport our oil,” the West Virginia Democrat stated at the time.

But the president has continued to pursue an aggressive, anti-fossil fuel agenda that includes nixing pipelines importing crude oil, ditching oil drilling projects and banning new oil and gas leases on federal lands. Biden has vowed to set the U.S. on course to having a carbon-free electric grid by 2035 and net zero emissions by 2050.

“This is the decade that will determine the answer. This decade,” Biden said during an international climate summit on Nov. 1. “The science is clear: We only have a brief window left before us to raise our ambitions and to raise — to meet the task that’s rapidly narrowing.”

Manchin, however, has stood in the way of Biden’s climate agenda, causing Democrats to strike the $150 billion Clean Electricity Performance Program from the Build Back Better Act. It remains unclear whether he will vote in favor of the current form of the spending package which includes a tax on methane emissions.

Oil Prices Rise After Biden Announces Emergency Action

Reported by THOMAS CATENACCI | ENERGY & ENVIRONMENT REPORTER | November 23, 2021

Read more at https://dailycaller.com/2021/11/23/crude-oil-prices-joe-biden-strategic-petroleum-reserve/

President Biden Receives Covid-19 Booster Shot At The White House
Anna Moneymaker/Getty Images

Domestic and international oil price indices rose Tuesday, even after President Joe Biden and other world leaders coordinated a release of emergency reserves.

The West Texas Intermediate (WTI) crude oil index, which measures U.S. prices, increased more than 2% to $78.44 per barrel while the European Brent Crude index ticked up nearly 3%, hitting $82 per barrel. But, in an effort to knock down high gasoline prices, which are tied to the cost of oil, Biden joined several nations, including China, Japan and the U.K., in releasing tens of millions of barrels of oil from emergency reserves.

The White House said the U.S. would withdraw 50 million barrels from its Strategic Petroleum Reserve (SPR), established in the 1970s for future energy crises and currently holding about 604 million barrels in inventory. The U.S. consumes 18-19 million barrels of oil per day, and the world consumes nearly 100 million total barrels per day, according to the International Energy Agency.

“Joe Biden is going to release 50 million barrels of oil from the Strategic Petroleum Reserve. That is less than three days of U.S. oil consumption,” Steve Milloy, a former member of the Trump transition team, tweeted. “The release will have no meaningful impact on gas prices. Ridiculous.”

“Biden could collapse the price of oil today and create an economic boom by simply ending his war against fracking and returning to the Trump policy of energy dominance,” Milloy continued. “Instead, we get this trivial release of oil and a false accusation so price gouging.” 

Indigenous environmental activists march through Black Lives Matter Plaza on their way to the White House as part of a protest against oil pipelines on April 1. (Chip Somodevilla/Getty Images)

Indigenous environmental activists march through Black Lives Matter Plaza on their way to the White House as part of a protest against oil pipelines on April 1. (Chip Somodevilla/Getty Images)

Energy industry experts and Republican lawmakers echoed Milloy’s comments Tuesday, arguing the move was driven by politics rather than a desire to lower prices over the long term. Democratic Sen. Joe Manchin, the chairman of the Senate Energy and Natural Resources Committee, shared in the criticism, saying Biden should do more than apply a “band-aid” to fix the issue.

“Historic inflation taxes and the lack of a comprehensive all-of-the-above energy policy pose a clear and present threat to (Americans’) economic and energy security that can no longer be ignored,” Manchin said in a statement.

The president previously acknowledged that releasing emergency reserves would have a limited impact.

The price of oil is likely to stay elevated since the market has already reacted to the emergency reserve release, according to a recent Goldman Sachs industry report. Investors expected such a move, the report added.

“It’s going up because it’s not more, and (investors are) reading no changes in the US policies towards oil and gas production,” Dan Kish, a senior fellow at the Institute for Energy Research, told the Daily Caller News Foundation.

Biden has pursued an aggressive climate agenda, attacking the U.S. oil and gas industry by nixing pipelines, ditching drilling projects and introducing broad regulations. He also accused the industry of price gouging in a letter to the Federal Trade Commission.

Tag Cloud

%d bloggers like this: