SANTA FE – Oil prices are determined by market forces of supply and demand, not by individual companies. The world price of crude oil is the primary determinant of the price we all pay at the pump.
Yet President Biden continues to blame oil and natural gas producers for the high price Americans are paying at the pumps. These accusations have no basis. The president’s comments only continue to unload investment at a time when Americans and the world need more supply to meet today’s energy demands.
Federal Trade Commission investigations, today and throughout history, have not produced a single instance of “price pricing” or “war profiteering” as the President now declares, and the American people seeks solutions, not accusations and politics.
The only solution to high energy prices, pending diesel fuel shortages and increased winter heating demand, is to increase supply.
Oil prices are currently high due to increased demand, a global supply crisis, dependence on foreign producers, labor constraints, instability growing geopolitics in Eastern Europe and the uncertainty of Washington’s and Europe’s energy policy.
Tapping into strategic reserves is a quick fix attempt that only weakens American security.
This administration needs an energy policy reset. We need look no further than the situation in Europe to see what happens when nations depend on energy production from foreign sources with unstable governments that have their own agendas.
This administration and policymakers can do more to ensure access to reliable and affordable energy, starting with prioritizing our generation, workforce, and energy infrastructure in the United States, especially here in New Mexico.
The Permian Basin in southeastern New Mexico is one of the most prolific energy basins in the world. New Mexico producers are scrambling to meet growing energy demand as supply continues to slow, but political and legal uncertainty is complicating market challenges.
The solution to America’s energy crisis is right here in New Mexico, and through technology, innovation and our ability to exceed standards, our producers are delivering safe, reliable and cleaner energy that improves lives. and communities of all Americans.
President Biden, we are your solution to truly lower the price at the pump, control heating costs this winter, and keep our supply chains moving for all Americans. We are ready to keep America safe and strong. We are ready to play an important role in the transition to cleaner energy in the United States.