Following the news that President Biden is outsourcing oil production, including restricting gas drilling, an American petroleum executive reveals this move could cost 50,000 jobs.
At a glance
- American Petroleum Institute Senior Vice President, Frank Macchiarola, stated that President Biden’s oil outsourcing plan will cost thousands of American jobs. It may also restrict the gas supply in the U.S.
- Macchiarola also says a study showed just how President Biden’s plan will impact American jobs.
- President Biden announced plans to release one million barrels of oil per day from the nation’s strategic petroleum reserve.
While making an appearance on “Mornings with Maria” on Thursday (March 31st), American Petroleum Institute Senior Vice President, Frank Macchiarola criticized President Biden for his plan to outsource U.S. oil. The executive said the U.S. leader’s policies are going to cost thousands of American jobs. And even restrict gas supply.
“We did a story on this,” Macchiarola also confirmed. “That showed if they continue the policy of restricting development on the outer continental shelf, the Gulf of Mexico, it can cost up to 50,000 jobs; and half-a-million barrels of oil production per day.”
Macchiarola also explained the amount that the U.S. was importing from Russia before the conflict with Ukraine. “That type of production could move us away from relying on foreign sources like Russia. And being ore energy secure her in the United States.”
Oil Expert Offers Advice to President Biden About Production
Macchiarola then speaks about President Biden’s offshore oil and gas programs that are set to expire on June 30th. “If the administration really wants to be strategic here, they’ll promote the production of oil and gas in the United States. Through the development on federal lands and waters. They’ll stop restricting access to pipeline infrastructure. They’ll cancel these proposals to increase taxes on American producers. Those are the things that are going to provide relief for Americans at the pump.”
In regards to the U.S. not depending on OPEC’s decisions regarding production, Macchiarola also said the country should take advantage of the resources the country has on its lands. “For generations, we’ve had bipartisan agreement across administrations of both parties that we need to be more energy independent. More energy secure. For the first time, we have an administration that doesn’t promote energy development. That restricts access to areas for production and cancels pipelines.”
Meanwhile, the criticism from Maccihiarola comes just as President Biden announced plans to release one million barrels of oil per day from the nation’s strategic petroleum reserve. Fox News noted that in reaction to the move, crude oil prices fell more than $5. The goal is to hopefully lower record-high gas prices.
“Our prices are rising because of (Russian President Vladimir) Putin’s actions,” President Biden stated while confirming the news about the oil barrels. “There isn’t enough supply. And the bottom line is if we want lower gas prices we need to have more oil supply right now. Your family budgets to fill a tank. None of it should hinge on whether a dictator declares war.”