State treasurers to Biden: Prioritize U.S. power manufacturing

(The Heart Sq.) – Treasurers and different monetary officers from 22 states on Tuesday warned President Joe Biden concerning the want for U.S. power independence as gasoline costs stay close to report highs and the Russian warfare in Ukraine continues, impacting world oil provides.

In a letter from the State Monetary Officers Basis (SFOF) to Biden, the 27 state officers urged the president to prioritize power manufacturing within the U.S.

“The Biden Administration appears hell-bent on destroying American home power whereas boosting reliance on adversaries like Russia, Iran, and Venezuela,” John Murante, Nebraska’s state treasurer and SFOF Nationwide Chair, stated in an announcement. “It’s time for the Biden Administration to step up and prioritize America’s power interdependence for the sake of our economic system and our nationwide safety.”

U.S. gasoline costs started rising shortly after Biden took workplace final yr, when he started inserting new restrictions on the oil and gasoline trade, together with halting new manufacturing leases on federal lands and shutting down the Keystone Pipeline challenge.

Gasoline costs rose additional after Russia invaded Ukraine in February and the U.S., Canada, Australia and another international locations banned imports of Russian oil. As gasoline costs have risen, total inflation reached 40 yr highs as meals and different prices even have elevated considerably.

“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,” Derek Kreifels, CEO of SFOF, stated in an announcement. “Individuals shouldn’t must bear the burden of Biden’s anti-energy agenda.”

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The monetary officers warned that U.S. safety is at stake.

“The depth and breadth of American innovation is unparalleled globally, together with the event of inexperienced applied sciences,” the letter stated. “Nonetheless, oil, gasoline, coal, and nuclear are presently probably the most dependable and plentiful baseload energy sources for America and far of the remainder of the world. Striving to alter this reality forward of the free market’s capability to adapt and through a time of worldwide unrest threatens our nationwide safety.”

The letter was signed by officers from Arizona, Arkansas, Alaska, Georgia, Florida, Indiana, Idaho, Kentucky, Louisiana, Mississippi, Missouri, North Dakota, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Texas, Utah, West Virginia and Wyoming.