President Biden Raises Energy Prices Intentionally

WASHINGTON DC (09/07/2023) – Despite rising gasoline prices, the Department of Interior canceled the seven remaining oil and gas leases in Alaska’s Arctic Wildlife Refuge (ANWR), estimated to hold over 10 billion barrels of oil. The leases were awarded to the Alaska Industrial Development and Export Authority, the state-owned economic development agency, in 2021 under President Trump. Additionally, the Administration will no longer allow new lease sales in Alaska’s National Petroleum Reserve (NPR-A).

AEA President Thomas Pyle issued the following statement:

If President Biden is truly concerned about the rising cost of energy, he should brush up on the basic laws of supply and demand. Canceling these leases, after Saudi Arabia and Russia announced production cuts this week, will only raise prices at the pump. President Biden says he cares about working-class Americans, but this move proves all he really cares about is appeasing his green donors.

Alaskans can be trusted to be good stewards of their environmental resources. They broadly support new development within their state. This federal overreach will stifle their economy and cost jobs. Senator Murkowski and Senator Sullivan should insist on reversing this action in the upcoming budget negotiations.

The Bureau of Land Management (BLM) and U.S. Fish and Wildlife Service (FWS) also released a draft supplemental environmental impact statement (SEIS) used as the basis for canceling the lease. The SEIS will have a 45-day public comment period.

After publication in the Federal Register, the NRP-A rule will have a 60-day public comment period.

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