The Russia-Ukraine conflict is bringing home the lessons of U.S. foreign energy dependence, at a time of rising energy prices.
Energy could again become a Russian political weapon amid armed conflict.
And not just a weapon against Europe, says top Senate Energy Republican Lisa Murkowski of Alaska. “For the last three-years, the United States has actually imported more oil from Russia, than we were allowed to produce in Alaska. If there was ever a moment for energy realism, it is right now.”
She’s arguing the Biden Administration needs to do more, not less oil and gas leasing.
Separately, Growth Energy’s Emily Skor at a Senate hearing, pushed back against oil interests blaming biofuels and ethanol credits for high gas prices.
Illinois Senator Tammy Duckworth asked; “Could you address the claim that RIN prices and biofuel production are somehow responsible for increasing retail gas prices?” Skor responded saying; “Those are false claims, so, the price of the RIN has no bearing on the price of fuel at the pump. Those are entirely separate markets, the dominant factor driving the price of fuel for consumers at the pump, is the price of crude oil, in addition to supply and demand.”
And barring more total U.S. energy production, Senate GOP Leader Mitch McConnell says everything will get harder for Americans and others amid military conflict. Said McConnell, on Tuesday; “You can’t have a major conflict in Europe, without having an adverse effect on all parts of the globe.”