USA Oil Groups React to Biden Measures

Several U.S. oil and gas associations have reacted after the Biden administration revealed that it was taking additional energy measures.

American Petroleum Institute (API) President and CEO Mike Sommers said, “at a time when American energy can be a stabilizing force at home and abroad, we urge caution in continuing to rely on short-term efforts that are no substitute for sound long-term policies that enable American energy leadership”.

“The administration should instead focus on addressing the fundamental economic and security challenges we face by spurring more investment in American energy, infrastructure and markets that enable U.S. consumers to benefit from America’s reliable energy resources,” Sommers added.

American Exploration and Production Council (AXPC) CEO Anne Bradbury said, “the American people need real solutions to address rising energy prices as we face continued inflation”.

“Pulling more crude from the Strategic Petroleum Reserve will only artificially lower prices for the short term and should not be a substitute for long-term policies to increase domestic crude supplies. The SPR was established to reduce the impacts of short-term market disruptions, not serve as a long-term solution or tool to manipulate energy markets,” Bradbury added. 

“What the American people need is a collaborative approach from this administration that is focused on supporting domestic production of oil and natural gas,” Bradbury continued.

Energy Workforce & Technology Council (EWTC) CEO Leslie Beyer said, “the president’s actions again miss the point and leave out the obvious plan of action that would increase the energy security of the United States and our allies, increasing domestic production of oil and gas”.

Rigzone has asked the U.S. Department of Energy (DOE) for comment on the API, AXPC and EWTC statements. At the time of writing, the DOE has not yet responded to Rigzone’s request.

In remarks made at the White House on Wednesday, Biden noted that the U.S. is on track for record oil production in 2023 and said the U.S. is the largest producer of oil and petroleum products in the world.  

To contact the author, email andreas.exarheas@rigzone.com