On February 28, 2022, promised to introduce legislation that will restore energy production in the United States “full throttle” as oil costs continue surging during Russia’s military conflict with Ukraine. This is all taking place during a time of rising inflation — rates that haven’t been seen in decades.
According to a report by stated that the bill will “reverse President Biden’s shutdown of the American energy sector and return American energy to full production.”This legislation is called The American Energy Independence Act of 2022. On Twitter, Hawley
“Tomorrow, I will introduce legislation in the Senate to reopen American energy production full throttle and reverse Joe Biden’s disastrous capitulation to our enemies,” Hawley added.
The bill was introduced when oil prices climbed up above the $100 on February 23 following Russian President Vladimir Putin’s announcement that military operations would commence in Ukraine. 2014 was the last time oil prices went over $100 per barrel.
Overall, gas and energy prices have gradually risen. The Russian invasion of Ukraine compelled President Joe Biden to sanction the company building the Nord Stream 2 pipeline following Germany’s announcement to put the project on hold.
The European Union has pursued “massive and targeted” sanctions against, which singles out Russia’s country, energy, financial, oil, and transport sectors.
According to certain experts, these sanctions could potentially raise energy prices even more. For Western Europe, this could put them in an uncomfortable situation. NATO countries such as Germany depend heavily on Russian oil to stay running. According to a report by Eurostat, Russia was still the largest supplier of natural gas and petroleum oils to the EU last year.
Russia is a heavyweight when it comes to the production of oil and natural gas. It is responsible for 17% of the world’s natural resources and 12% of its oil production.
Hawley claims his bill would guarantee that the United States attains “full energy independence and low energy costs for its citizens.”
The Missouri Senator’s bill would also “instruct federal agencies to identify and rescind existing regulations that have the effect of reducing American energy independence,” and ban new rules that diminish energy security or hike energy prices, in addition to instructing agencies to take steps towards achieving “energy independence” by 2024.
Hawley’s bill also puts forward the idea of defunding US contributions to the Paris Climate Agreement’s provisions, relaxing regulatory burdens on energy companies that conduct fracking, and reduce the “social cost of carbon” to $0 per ton to concentrate government standards on increasing domestic energy production instead of prioritizing the U.N.’s climate change goals.
Last but certainly not least, Hawley’s bill would “rescind the Biden Administration’s moratorium on oil and natural gas leases on public lands,” and bring back the permit for the Keystone XL Pipeline. This pipeline goes through Canada and the United States. The Biden administration torpedoed the pipeline in 2021 on the grounds that it could exacerbate global warming.
“The Biden Administration’s energy priorities are completely backwards and now working Americans are paying the price,” Hawley declared in a statement. “The United States cannot afford to be energy dependent on our enemies. We must reopen domestic energy production full throttle, restore our energy independence, and reverse this policy of American energy surrender.”
Hawley is on the mark by focusing on American energy independence. Instead of trying to saber-rattle with Russia, a nuclear power, America should secure itself by becoming fully energy independent. It can do so by destroying regulations that inhibit oil production and considering nuclear energy alternatives. In that way, the country will have energy sovereignty and not have to contribute to authoritarian countries’ rise.