State Monetary Officers Urge Biden to Prioritize American Power

President Joe Biden ought to prioritize American power independence and finish reliance on adversaries resembling Russia, Venezuela, and Iran, 27 state monetary officers say in a letter Tuesday to the president. 

Of their letter, they urge Biden to think about the results of overseas power dependence for U.S. companies and shoppers.

“Insurance policies carried out over the last yr thwart the vitality of American power manufacturing,” the monetary officers’ letter to Biden reads. “The rising value of gasoline, coupled with precipitous inflation has, and can, proceed to end in dire penalties for working-class households.” 

The 27 state-level officers are a part of the State Monetary Officers Basis, a nonprofit that promotes free-market, fiscally accountable public coverage via its community of economic officers, auditors, and treasurers.

Among the many signatories are state monetary officers representing Georgia, Florida, Pennsylvania, Arizona, Ohio, Missouri, North Carolina, Texas, Louisiana, and Indiana. 

Biden’s failed power insurance policies had been wreaking havoc on Individuals nicely earlier than Russia invaded Ukraine on Feb. 24, they write:

Lengthy earlier than Russia’s invasion of Ukraine, gasoline costs within the U.S. had been on a speedy upswing because of selections to cancel the Keystone XL pipeline, freeze new oil and gasoline leases on federal lands, order the cessation of drilling in Alaska, and promulgate anti-oil and gasoline rulemaking from the very best ranges of presidency. Russia’s invasion of Ukraine has solely intensified the results of already failing power insurance policies and highlighted the necessity to re-establish American power independence.

The state monetary officers’ letter denounces Biden for his calls for to counter local weather change, which they are saying would drive markets to vary quicker than innovation permits. 

The Biden administration ought to encourage and spend money on conventional power industries resembling oil, gasoline, coal, and nuclear power as a substitute of focusing solely on inexperienced power choices that many American households can’t afford, the monetary officers argue.

“Most Individuals can’t afford to buy an electrical car or equip their house with a full set of photo voltaic panels, and plenty of in rural America want conventional gasoline to run the vans that service their farms and assist feed their communities,” they write. “The American folks urgently want cheaper oil and gasoline and this administration has the facility to make this occur.”

Derek Kreifels, CEO of the State Monetary Officers Basis, known as on Biden to behave as inflated power prices hit Individuals.

“As Individuals throughout the nation are grappling with rising inflation and paying extra for gasoline than ever earlier than, the time for motion from President Biden and his administration is now,” Kreifels mentioned in a press launch. “Individuals shouldn’t need to bear the burden of Biden’s anti-energy agenda.” 

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