BUCSHON ON ENERGY INDEPENDENCE

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WASHINGTON–You are likely, with a few exceptions, paying north of $4 per gallon of gas, and oil experts said this week they expect that to go up with Europe considering sanctions on Russia. Rep. Larry Bucshon (R-Ind.), said he believes gas prices could be relieved if the U.S. were energy independent.

“Prior to the pandemic and prior to this administration we essentially had the ability to be energy independent. That’s not only natural gas, but oil,” he said, in an interview from Washington Wednesday, ahead of a hearing of the Energy and Commerce Committee, where oil executives were expected to attend.

“That creates a lot of leverage, when the United States has the ability to independently not rely on foreign sources of energy.”

Bucshon said that in addition to affecting what you pay for gas, the U.S. would be able to help allies in eastern Europe, helping them lessen their reliance on Russian oil.He said that energy costs also drive inflation.

But, Bucshon, as many Republicans have, said the stumbling blocks are coming from the Biden administration itself, and the policies that control how federal agencies regulate and control what oil companies can do. The president contends that oil and gas leases for private land are ready to go, but the companies are refusing to use them to drill more.

“It’s not only the leases. Then you have Fish and Wildlife. Then you have the EPA. You have all other federal agencies that are involved in finalizing the ability of the oil companies to do their job,” he said.

Bucshon said oil companies are also having a tough time getting the money to drill.

“The Biden administration, through other federal agencies, is doing everything they can to discourage the banking industry from financing and allowing companies to access capital,” he said.

He said there’s not much Congress can do about the policies of the executive, and that the onus is on the administration. Part of Biden’s solution to high gas prices has been to release oil from the strategic national reserve, a solution that doesn’t seem like a proper one to Bucshon.

“It’s not to help him politically to get gas prices down, because his polling numbers are down. It’s in case of a national emergency.”

Bucshon, who represents southwest Indiana, said he believes Congress will be able to help when Republicans are in the majority, which he believes could happen with the 2022 mid-term elections in November. Until then, he said Republicans will not support any more plans like the American Rescue Plan, which he describes as having flooded the market with federal dollars.

“All that does is help drive up inflation and help drive up fuel prices.”