Aug. 30, 2022

Recommended Remedies Include Ending Ban on Oil and Gas Exploration on Federal Land and Waters

Gas prices may be falling from their peak earlier this summer, but high energy costs remain a stranglehold on businesses and a leading cause of inflation. Mixed signals from the Biden administration are only exacerbating uncertainty and are discouraging the investments in expanding oil and natural gas production needed to address the energy market’s supply-demand disparity.

FEDA has joined other business and trade organizations in calling on the Biden administration to strengthen the country’s energy security by removing roadblocks to increased domestic energy production.

“Climate change is a serious challenge requiring action, but pursuing climate progress and energy security are not mutually exclusive,” the letter states. “We must both increase domestic production of oil and natural gas and accelerate the energy transition. The benefits of more U.S. energy production include curbing the flow of cash funding the Russian war machine, bringing relief to U.S. businesses and households, and boosting confidence for investors. Also, Russian oil is among the dirtiest in the world, so displacing it with cleaner, less carbon intensive U.S. production would bring obvious environmental benefits.”

The letter recommends three remedies to bolster U.S. energy production:

  • Ending the ban on new oil and gas exploration on federal lands and waters
  • Restoring canceled oil and gas lease sales
  • Adopting a five-year plan for oil and gas development that allows the United States to maximize offshore potential

The full letter is available here.