As Russia’s invasion of Ukraine highlights the problem with the United States and our allies buying Russian energy, U.S. Senate Banking Committee Republicans are calling on President Biden and his administration to pause all financial regulatory efforts targeting America’s energy security. The senators’ request comes as reports indicate the Securities and Exchange Commission (SEC) plans to propose its climate risk rule as early as next week.
In a letter to U.S. Department of the Treasury Secretary Janet Yellen, the senators wrote:
“We write to express concern about the potential damaging effects to national security from the unprecedented efforts of federal financial agencies to develop regulations that some intend to use for limiting U.S. energy producers’ access to credit and capital. Such actions would begin to curtail the supply of domestic energy, leading to higher costs for American households and making our country and allies more vulnerable to the consequences of Russian aggression. The economic toll, as well as the destruction, casualties, and instability from Russia’s energy-based warfare are so significant that we urge you to immediately pause the development of all climate- and energy-related regulations within the Treasury Department and to urge all other federal financial regulators to follow suit.”
Meanwhile, the Biden administration has discussed easing sanctions on hostile oil nations run by brutal dictators, including Russian ally Venezuela, in order to replace Russian oil and gas imports. The senators specifically called on President Biden and Treasury Secretary Yellen to instruct federal financial regulatory agencies to delay all regulatory initiatives on climate change until the Biden administration develops a detailed plan to protect America’s energy security.
“Most importantly, these efforts by financial regulators, coupled with the Russian invasion of Ukraine, jeopardize the need for energy security, both domestically and for our allies and trading partners. Accordingly, we call on you and President Biden to instruct the federal financial regulatory agencies, including FSOC, to delay any regulatory initiatives on climate change and sustainability until the development of a detailed, comprehensive plan by the administration on energy security that takes into account the threat to global energy supplies from Russia and similar repressive regimes.”
To read the senators’ full letter, click here.
Senator John Hoeven engaged with The Crude Life and made these comments. Senator Hoeven, along with fellow Senators, introduced the Preempting Misguided Appeasement and Financing of Destabilizing Regimes Act to prohibit the U.S. from importing Iranian and Venezuelan crude oil, petroleum, petroleum products and liquified natural gas.
“The Biden administration’s willingness to do business with Iran and Venezuela is troubling, and just as we are banning imports of Russian oil, we should not bring oil online from these two adversaries,” said Hoeven. “Iran is the world’s foremost sponsor of terrorism, and Venezuela is still under the rule of an illegitimate and violent regime. As such, the U.S. needs to maintain pressure on these two nations, not ease sanctions on their primary source of revenue, especially when we can and should produce that energy here at home.”
In addition to Hoeven and Rubio, today’s legislation is cosponsored by Senators Dan Sullivan (R-Alaska), Steve Daines (R-Mont.), Kevin Cramer (R-N.D.), Roger Marshall (R-Kans.) and Thom Tillis (R-N.C.).
Click here for the full text of the legislation.
Congressman Kelly Armstrong (R-ND) engaged with The Crude Life and made the following statement after votes yesterday on the omnibus appropriations bill, banning oil imports from Russia, and a short-term government funding bill through March 15th. The omnibus appropriations bill was spilt into two divisions: a Security Division and a Non-Security Division. Armstrong voted in favor of the ban on oil imports from Russia and the Security Division. He voted against the Non-Security Division.
“Putin’s ruthless, unprovoked, and unjust invasion of Ukraine deserves a swift and severe reaction. While I support the ban on Russian oil imports, the Democrats advanced a watered-down measure that misses the opportunity to fully hold Russia accountable and doesn’t promote American made energy. We must put aside polices that hamper American energy independence and advance those that remove a critical funding source for the Russian war machine.
With a war raging in Europe against a democratic nation, it is crucial we support our armed forces and Ukraine’s ability to defend itself. I support the Security Division with provisions including a 2.7% pay raise for our servicemembers, replenishment of arms sent to Ukraine, and an increase in funding for Customs and Border Protection.
Unfortunately, Democrats haven’t missed the opportunity to include more reckless spending in a 2,741-page bill released less than 24 hours before a vote. This includes more funding for the IRS to report on the accounts of ordinary Americans and doubling down on green energy subsidies. The American people are tired of congressional games that saddle future generations of Americans with more debt. Our national debt has risen to more than $30 trillion. We need to reign in out-of-control spending from Washington,” said Congressman Armstrong.
From the breadbasket of America, U.S. Senator Kevin Cramer (R-ND) and Representative Adrian Smith (R-NE) wrote an op-ed on the agricultural implications of Vladimir Putin’s unprovoked and unwarranted war on Ukraine.
“Vladimir Putin’s shameful invasion of Ukraine has an undeniable geopolitical and economic ripple effect around the world. In addition to supporting Ukraine as they defend their sovereignty and holding Russia accountable through economy-crippling sanctions, we must take practical action to mitigate the impact this attack has on the global supply of energy and agriculture commodities.
“The impact on energy has garnered significant international attention, and understandably so. Russia is a major supplier of natural gas across Europe, and because of recent domestic energy production policies, Russia is the United States’ fourth-largest supplier of crude oil. The need to unleash America’s energy resources is clearer than ever, but another important consideration, which many have not considered, is Ukraine’s role as ‘the Breadbasket of Europe.’
“According to Commerzbank AG, Russia and Ukraine together account for almost a third of the world’s wheat exports and almost 20% of its corn exports. Just like energy, food touches everything and is something everyone needs to survive. The unfortunate reality, however, is the food sector is already being extremely disrupted by Putin’s war on Ukraine. Just this week the UN Global Food and Agriculture Organization reported global food prices have hit an all-time high.
“As we move into the spring planting season – if we effectively address our current supply chain, regulatory, and inflation challenges – producers in the United States are in a strong position to help alleviate potentially devastating shortages and ensuing hunger around the world.
“For American farmers to be able to do what they do best – feed, fuel, and fiber the globe – the American government must do its part by focusing on alleviating supply chain challenges, which will go a long way in decreasing input costs and getting food to consumers around the world.
“According to the February ‘Purdue University-CME Group Ag Economy Barometer,’ 30% of crop producers in the United States expressed some difficulty purchasing 2022 crop inputs from suppliers. The survey also underscores farmers’ concerns with inflation, highlighting higher input costs as their number one concern for the last six months. Take fertilizer for example: Many farmers are easily spending triple to fertilize their land, and fertilizer prices could soar even higher as the situation in Ukraine worsens.
“One of Congress’s top priorities to ease the pressure being felt by the agricultural community should be to address the delays and bottlenecks which are making it difficult to get the supplies needed for planting season. Similarly, these supply chain disruptions also cause uncertainty on where and how agricultural goods can be moved efficiently to consumers.
“A great example of this can be found at U.S. ports. These bottlenecks and delays are disproportionately impacting agricultural exports as foreign ocean carriers are leaving ports completely empty rather than shipping American food to our global markets. Last week the Senate Commerce Committee held a hearing on legislation passed by the House of Representatives, the Ocean Shipping Reform Act. This bill, cosponsored by both of us, would update federal regulations for the global ocean shipping industry and make it more difficult for ocean carriers to refuse service to American exporters. This is a great first step.
“We should also address inflation by cutting red tape and removing overly burdensome barriers to domestic energy production. The Biden administration’s energy agenda has been a self-inflicted wound to the American economy and the environment. We should be tapping into our resources to become energy independent. We can reduce emissions by producing cleaner American energy and exporting it to the world. Increasing production would also lower costs for American consumers like farmers and ranchers who are seeing their fuel costs skyrocket.
“North Dakotans and Nebraskans already know farmers and ranchers are some of our most resilient neighbors. Through natural disasters and humanitarian crises – in times of war and in peace – they carry on and show up for our country and world. It’s time for the Biden administration to halt its assault on American energy, and show up for farmers, ranchers, and producers by addressing our supply chain crisis.”
If anyone would like to schedule an interview, meeting or news tip email studio@thecrudelife.com
Industrial Integrity and Energy Ethics are the new entry level expectations in oil and gas, and The Crude Life continues to create original Local, Boots-On-The-Ground Journalism while showcasing other environmentally conscious companies.
Communication is vital in today’s energy extraction and empowerment.
About The Crude Life
The Crude Life produces original content that focuses on industry, the people, energy innovations, community building and it’s proactive culture. Our custom content is non-polarizing, trusted and often news making.
The Crude Life promotes a culture of inclusion and respect through interviews, content creation, live events and partnerships that educate, enrich, and empower people to create a positive social environment for all, regardless of age, race, religion, sexual orientation, or physical or intellectual ability.
Part of our mission is to enable people, companies and communities to affect change, demonstrate their transformative actions and drive energy awareness through storytelling and access to resources.
Sponsors, Music and Other Show Notes
Studio Sponsor: The Industrial Forest
The Industrial Forest is a network of environmentally minded and socially conscious businesses that are using industrial innovations to build a network of sustainable forests across the United States.
Weekly Sponsor: Black Creek K-9 Pipeline Leak Detection
Disabled Veteran Owned Business in Decatur, TX. Servicing the K-9 industry with pipeline leak detection, detection services, dog training & K-9 consulting. Dwayne Farris served in the United States Marine Corps as a Military Police Officer, assigned to be a Military Working Dog Handler. Upon the honorable completion of active duty, he continued as a reservist for the U.S. Marine Corps Military Police Detachment located in Wahpeton, North Dakota as a squad leader. He was later promoted to the rank of Staff Sergeant.
As a civilian contractor, Dwayne operated for various high-profile U.S.-based security companies deployed to support Operation Enduring Freedom and Operation Iraqi Freedom. He served as a Combat Canine Tracking Handler, Trainer, Kennel Master, and Program Manager. His most recent experience was as the field-based Supervisory Subject Matter Expert working for TSA as the Regional Canine Coordinator for Region 5 based in Seattle, WA. In that position, he regionally oversaw all National Explosive Detection Canine Training Program assigned canine teams. For the Pacific Northwest area of operations, he served as a Regional Canine Training Instructor for the NEDCTP. Prior to joining the TSA, Dwayne was a Multi-Purpose Canine Trainer at Joint Base Lewis-McChord, Washington, for a special operations unit training and deploying K-9 teams in support of world-wide missions.
Weekly Sponsor: Great American Mining Co
Great American Mining monetizes wasted, stranded and undervalued gas throughout the oil and gas industry by using it as a power generation source for bitcoin mining. We bring the market and our expertise to the molecule. Our solutions make producers more efficient and profitable while helping to reduce flaring and venting throughout the oil and gas value chain.
Join Podcasters from across the world and all walks of life as they unite to bring civil solutions to life and liberty.
Studio Email and Inbox Sponsor: To Be Announced
Featured Music: Alma Cook
For guest, band or show topic requests, email studio@thecrudelife.com
Spread the word. Support the industry. Share the energy.
