Biden’s Ukraine Crisis
This week, millions of people around the globe watched in disbelief as Russian President Vladimir Putin declared an unprovoked war on Ukraine. This marks the first major full-scale invasion by a major power in Europe since World War II. While the tragic events are just beginning, the impacts – both economic and human – will be felt immediately.
As one of the world’s top oil and gas suppliers, Russia’s decision to invade Ukraine is already having devastating impacts on America’s energy prices. Remember, on Day One of his Administration, Joe Biden canceled the Keystone XL Pipeline, halted oil and gas leasing on federal lands, and enacted burdensome regulations to make domestic energy production much more difficult and make us more reliant on foreign sources of oil. Instead of being insulated from a crisis like this, Joe Biden’s policies are directly resulting in more American suffering through pain at the pump.
Consider this: under President Trump, the U.S. was producing more oil and gas than Russia or any of the Arab nations. In fact, in 2020, the U.S. was a net exporter for the first time in 50 years. But just this month, the U.S. Energy Information Administration released a report projecting that the U.S. will become a net importer of petroleum in 2022. And thanks to President Biden’s reckless policies, America is now importing an additional 239,000 barrels per day over President Trump’s average for his four years in office. That is directly funding Putin’s war, to the tune of an additional $22 million per day, based on the last price of crude oil.
What’s especially outrageous about this administration’s policies is that they were working to kill the Keystone XL Pipeline and stop oil and gas drilling here at home, they were simultaneously working to ensure Germany could get the Nord Stream 2 pipeline online, which brings Russian oil directly to Germany. As part of the sanctions that are being put in place in response to Russian aggression, the Nord Stream 2 pipeline is being shuttered, and it should be. But because it’s been completed, Putin has reason to believe it will be allowed to operate again at some point in the future. Republicans fought the administration over the past year to prevent completion of the pipeline, but the Biden administration strategy of appeasement has now led to yet another crisis.
If Biden weren’t completely beholden to his wealthy environmentalist friends, there are actions we could be taking right now that would help Americans and put more pressure on Russia. For example, the governor of South Dakota, Kristi Noem, outlined a commonsense, six-point plan. First, we could cut the red tape and get the Keystone XL Pipeline up and running – which would have the capacity to deliver 830,000 barrels per day, more than we currently import from Russia on average. Second, the president should rescind his executive order and reopen federal lands and the Outer Continental Shelf to oil and gas lease, drilling and exploration. Third, with an executive order, the president could eliminate needless red tape that prevents energy production, refinement, and transport. Fourth, we should work with Europe to replace their Russian energy with American energy. Fifth, we should enact significant and painful sanctions on the Russian energy sector. And finally, our other Western allies need to step up and stop Russia from participating in the Western economy – whether it’s banking, access to capital or whatever. Joe Biden has options, but the bottom line is he needs to embrace American energy for any of them to succeed.
Putin’s aggression absolutely needs to be dealt with, but it’s very clear he is only acting this way because he doesn’t think Joe Biden has the strength, courage, or will to push back on Putin’s actions. Regardless, I’ll continue fighting this Administration’s reckless agenda that has devastated hardworking American families and left us more vulnerable to tyrannical foreign governments.
