House Majority Leader Steny H. Hoyer (MD) released the following statement today following President Biden's actions to address Vladimir Putin's price hike on oil and gas, including releasing 1 million barrels of oil a day from the Strategic Petroleum Reserve:
"I welcome President Biden's announcement today that his Administration will take bold and beneficial steps to bring down gas prices that have resulted from Vladimir Putin's price hike. Already, thanks to the Biden-Harris Administration's actions, domestic industry is preparing to ramp up oil production by 1 million barrels per day by the end of the year. As a bridge to reach that point, President Biden has ordered the release of 1 million barrels a day from the Strategic Petroleum Reserve for the next six months, which should help bring gas prices down in the near term. At the same time, the President and his team are continuing to work in close coordination with our allies to stabilize global oil prices.
"While our country moves to address the immediate challenge of rising gas prices, it is essential that we redouble our efforts to transition our economy away from dependence on foreign fossil fuels and make the United States less vulnerable to the whims of autocrats like Putin. That means making dramatic strides toward a clean-energy economy by investing in electric vehicles, wind, solar, efficiency measures, and other sustainable energy sources that are produced right here in America. Already, we are seeing more electric vehicles deployed on our roads and solar panels being installed on rooftops in our communities. But we must accelerate this transition. That's why the House passed legislation last November that would hasten the transition of our economy away from foreign fossil fuels and toward clean energy. That legislation is expected to save the average American family $500 a year on its energy costs and dramatically reduce our dependence on imported oil. Putin's price hike has made it clear that we must see that effort through.
"At the same time, I join the President in calling on American oil and gas businesses to demonstrate their commitment to patriotism over profiteering. I agree with the President that those companies sitting on unused leases or idled wells should produce or pay a fee. Standing up to Vladimir Putin's criminal aggression against Ukraine and his attempt to sow economic havoc means we must all work together as Americans to do our part in the fight for democracy against despotism. Our House Majority will continue working with the President and with the Senate to ensure that we can prevail in this fight and to limit the financial consequences for Americans as much as possible with actions to bring prices down at the gas pump and across our economy."