As Turmoil Grips the Middle East, Biden Raises Prices on American Oil Production

April 16, 2024

This weekend brought more chaos and uncertainty in the Middle East. Just a couple of days earlier, President Joe Biden issued a new rule increasing the costs of American oil production. Biden also recently announced the cancellation of plans to replenish the Strategic Petroleum Reserve (SPR). With continued instability in the Middle East, the SPR remains at 364 million barrels — nearly half of what it was when President Biden took office.

“It is painstakingly simple: refill the SPR and use American oil to do it. Instead, Joe Biden is embracing insanity by putting the green agenda ahead of our families and our national security,” said Daniel Turner, Founder and Executive Director for Power The Future. “Only in Joe Biden’s head does it make sense to lower costs by raising fees. It’s never been more clear that the world and our allies need a strong America that is fully utilizing our energy strength. Instead, the only things Joe Biden wants to strengthen is Iranian oil and Washington’s tax revenue.”

While the Biden Administration imposes larger fees on American oil producers, Iran has raised billions in export sales of their oil despite sanctions. Additionally, American oil production fell by nearly 800,000 barrels a day from December to January of this year, which are the most recent reports available. President Biden has left the United States vulnerable in a time of crisis. Instead of playing political games, he should get out of the way of America’s domestic energy producers so that they can reverse the damage of his reckless decisions.