American Oil and Gas Reporter - April 2022 - 18

IndustryDigest
efforts that are already underway to
improve consistency and comparability
of climate-related reporting. " ❒
Biden Announces
Record SPR Release
WASHINGTON-Noting the extent
to which Russia's attack on Ukraine had
disrupted world oil markets, President
Joe Biden announced in late March that
his administration would again tap the
U.S. Strategic Petroleum Reserve, this
time at an unprecedented level.
" Today, I'm authorizing the release
of 1 million barrels a day for the next six
months-over 180 million barrels-from
the Strategic Petroleum Reserve, " Biden
said on March 31. " This is a wartime
bridge to increase oil supply until
production ramps up later this year. And
it is by far the largest release from our
national reserve in our history. "
According to the president, the SPR
will provide a historic volume of crude
to serve as a six-month bridge to the
autumn. " And we will use the revenue
from selling the oil now to restock the
SPR when prices are lower so we will
be ready for future emergencies, "
Biden added. " I have coordinated this
release with allies and partners around
the world. Already, we have
commitments from other countries to
release tens of millions of additional
barrels into the market. "
Numerous analysts, commentators
and industry representatives suggest the
move falls short of a lasting solution to
high energy costs. Texas Alliance of
Energy Producers economist Karr
Ingham explains that the release should
offer consumers momentary relief but
fails to confront deeper issues.
" Current U.S. domestic production
is about 1.2 MMbbl/d lower than the
late 2019 peak in U.S. crude oil
production, " he says. " Filling most of
that gap for the next six months is
certain to help keep consumer prices in
check. However, this will be a pointless
exercise if the administration and
Congress do not do more to permit or
incentivize additional production in the
meantime that would return that 1
MMbbl/d to U.S. production. "
Instead, Biden's administration has
spent more than a year discouraging
investment in oil companies, according
to comments in media reports from
Louisiana Oil & Gas Association
President Mike Moncla. " I think (the
release is) something he's trying to do
to save face with the American public, "
Moncla is quoted. " His policies are a
large part of why we have had high oil
prices and gasoline prices.
" Now to get those rigs back to work
takes investment dollars, " he adds.
" Well, if you have banks that won't give
you investment dollars to put capital
back into your equipment, then you
can't go back out there. "
American Petroleum Institute
President and Chief Executive Officer
Mike Sommers concurs. " The best thing
the White House can do right now is to
remove barriers to investment in
American energy production and
infrastructure, " he suggests.
" Unfortunately, today we heard more
18 THE AMERICAN OIL & GAS REPORTER
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American Oil and Gas Reporter - April 2022

Table of Contents for the Digital Edition of American Oil and Gas Reporter - April 2022

Contents
American Oil and Gas Reporter - April 2022 - Intro
American Oil and Gas Reporter - April 2022 - Cover1
American Oil and Gas Reporter - April 2022 - Cover2
American Oil and Gas Reporter - April 2022 - Contents
American Oil and Gas Reporter - April 2022 - 4
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American Oil and Gas Reporter - April 2022 - Cover3
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