Senator John Hoeven today issued the following statement after President Biden's speech threatening to raise taxes on domestic energy producers:
"President Biden continues to take the U.S. in the wrong direction with more regulations and higher taxes. Energy prices and inflation have skyrocketed because the Biden administration is stifling American energy production and we don't have enough supply to meet demand. President Biden has placed a moratorium on new oil and gas leases on federal lands, blocked energy infrastructure like pipelines, and drained our nation's strategic reserves to a 40-year low, once again increasing our reliance on foreign energy. Now, the Biden administration is threatening to impose new taxes on energy producers. The Biden administration needs to take the handcuffs off and work with us to increase domestic production and refining capacity in the United States. That's the right approach to lowering prices for hardworking families and businesses."
In 2019, the U.S. produced 13 million barrels per day of oil, including 1.5 million barrels per day from North Dakota. Today, under the Biden administration, U.S. production remains down at 12 million barrels per day and North Dakota production is just about 1 million barrels per day.