Energy Sec Granholm: Biden Will Veto GOP Bill Restricting Strategic Petroleum Reserve Releases
President Biden will vote against a House Republican bill to restrict oil imports from the U.S. Strategic Petroleum Reserve (SPR) emergency reserve, Energy Secretary Jennifer Granholm said on Jan. 23.
“If Congress were to pass H.R. 21, the president would veto it. He will not allow the American people to suffer because of the backwards agenda that House Republicans are advancing,” Granholm said this to reporters during a White House meeting press briefing.
House Republicans, led by Rep. Cathy McMorris Rodgers (R-Wash.), introduced the legislation, known as the Strategic Production Response Act or HR21, earlier this month.
The bill would require the Biden administration to develop a plan to boost the percentage of federal lands leased for oil and gas production if it wants to release oil from the SPR. This exception is in the case “severe energy supply” interruptions.
Following Russia’s invasion of Ukraine in February 2022, the Biden administration, which has consistently blamed soaring energy prices on “Putin’s price hike” while not backing policies to support greater domestic oil production, announced a 30-million-barrel release and another 180-million-barrel release in March 2022.
SPR levels have fallen to just over 400 million barrels under Biden, down about 40 percent The reserve levels are the same as before, but they have been lower than ever since 1984.
Bill Would Impeach ‘Unnecessary, Unhelpful Restrictions’
Republicans have long criticised Biden’s decision to release SPR reserves in a time when energy prices are rising and supplies are decreasing. They hope H.R. 21 will encourage domestic drilling and improve energy security.
However, Granholm said during Monday’s press briefing that the bill risks raising gas prices further and would “impose unnecessary, unhelpful restrictions on when the SPR can be used to help provide supply.”
“It would require these arbitrary reports regarding energy production on federal lands before waiving any new restrictions. It would not offer any tangible benefits to the American people,” Granholm said.
“Instead, it would interfere with our ability to be responsive to release oil during an international emergency, helping Putin’s war aims. It would potentially delay allowing oil to be released for domestic emergencies following a natural disaster or a pipeline outage at home, leaving, again, prices at risk of rising in the wake of a market shock because of emergencies due to extreme weather events,” Granholm added.
Granholm also referenced a letter she wrote last week to the House energy panel warning that the bill would undermine national security, cause crude shortages, and lead to higher prices at the pump.
“This bill would significantly weaken this critical energy security tool, resulting in more oil supply shortages in times of crisis and higher gasoline prices for Americans,” she wrote.
White House Cites ‘Lower’ Gas prices
Rodgers (chair of the House Energy and Commerce Committee) responded to that email by noting the clearly defined exceptions for emergencies in the legislation.
“If the President declares an emergency resulting from an energy supply disruption, the Secretary has full authority to utilize the SPR—HR 21 will not change or hamper that,” Rodgers made the following statement in writing: The Hill reportsThe bill will be completed by adding? “simply addresses the politically-motivated use of the SPR.”
Separate statement The White House stated Monday that it has used the SPR. “essential to protecting our energy security and to lowering gas prices for Americans.”
The statement cited today’s gasoline prices, which the administration said are “$1.60 per gallon lower than their peak this summer and below their pre-invasion levels,” in reference to Russia’s invasion of Ukraine.
While gas prices have fallen from their peak of over $5 per gallon in June last year, they are still up by more than 35 percent compared to late January 2021, when Americans were paying $2.478 per gallon.
Today’s national average is $3.423 AAA: Per gallon
A vote on H.R. H.R. 21 will be up for a vote as early as next week. It remains to be seen if the bill will pass Congress, as the Senate is controlled largely by Democrats.
This report was compiled by Reuters
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