Balderson Cosponsors Bill Ensuring Petroleum Reserve Drawdowns Coincide with Production Boost

Press Release

Congressman Troy Balderson joined House colleagues today to introduce legislation requiring the Administration to develop a plan to increase oil and gas production on federal lands before they can tap the Strategic Petroleum Reserve for political purposes.

"This legislation puts common-sense guardrails in place, ensuring steps are taken to boost energy production to meet the needs of consumers," said Congressman Balderson. "Releasing a 3-day supply from the nation's emergency petroleum reserve is not a serious long-term solution to America's energy needs. It's a distraction from the misguided actions taken by this Administration that are contributing to skyrocketing prices."

Last month, President Biden announced the release of 50 million barrels - what amounts to a 3-day supply - from the Strategic Petroleum Reserve (SPR) in an effort to alleviate skyrocketing energy prices. Established in 1975, the SPR was intended to respond to national emergencies and to address severe supply disruption, not to manipulate gasoline prices. This legislation provides exemptions for legitimate severe energy supply interruptions.

Immediately after announcing its intent to tap into the SPR, the Biden Administration released a report calling for an increase to permit fees on companies drilling for oil and gas on public lands. Increased fees would ultimately be felt by consumers as they fill up their cars and heat their homes.

Earlier this year, the Organization of the Petroleum Exporting Countries and 10 other oil-exporting nations (OPEC+) ignored President Biden's pleas to increase their production of oil. In response, Congressman Balderson joined 141 House colleagues in a letter calling on the President to refocus his efforts on meeting American energy needs with American-produced energy, rather than calling on OPEC+ and adversaries to increase production.

"The Administration's refusal to take meaningful steps to address skyrocketing energy prices and continued actions aimed at shutting down domestic production hurts everyday Ohioans," added Congressman Balderson. "It's past time for the Biden Administration to reverse course, address rising prices long-term, and restore the United States' leadership in energy production."

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