Sen. Joe Manchin III urged the U.S. energy industry on Thursday to focus less on the profits it’s likely raking in amid record-high gasoline prices and prioritize pumping new oil into a market that is being overpowered by demand.
“I’m calling on the industry — and the shareholders — to invest and put production before profits,” the West Virginia Democrat and chairman of the Senate Energy Committee said during a hearing on Russia weaponizing its energy.
Russia’s war against Ukraine and the U.S. decision to ban Russian energy imports have sent prices at the pump soaring into record territory. The cost of unleaded regular fuel continues to set records every day, with the national average at $4.32 per gallon on Thursday, according to the automobile owners club AAA.
Seeking to blunt criticism, the Biden administration has pointed to some 9,000 onshore drilling permits for federal leases on public land that have not yet been tapped into by private drilling companies.
“We need you to ramp up on those existing leases and with those existing permits because that’s the fastest thing we can do,” Mr. Manchin said, directing his remarks at oil companies.
However, the centrist Democrat said that President Biden plays a vital role in the process. Mr. Manchin called on Mr. Biden to lift a pause on issuing new permits and leases amid a legal battle over the cost of climate change.
SEE ALSO: Inflation soars to highest point in 40 years as Biden, Democrats sink lower in polls
“But the industry also needs signals from the administration that they will support oil and gas development and production,” he said.
Mr. Manchin also urged the Biden administration to turn its attention toward oil production in the Gulf of Mexico and a global investment in fossil fuel infrastructure, such as pipelines and export terminals.
• Ramsey Touchberry can be reached at rtouchberry@washingtontimes.com.
Please read our comment policy before commenting.