House GOP probing Biden’s oil release
WASHINGTON — House Republicans are launching an investigation into what they say could be the “potential misuse” by the Biden administration of the nation’s emergency oil reserves to lower gasoline prices, as well as White House deliberations over a fuel export ban.
The move by the Republicans on the House Committee on Oversight and Reform previews a more robust probe if the GOP takes control of the chamber after the November midterm elections, a development that would grant them the power to subpoena key administration officials of
President Joe Biden.
Committee Republicans, in a letter Wednesday, said they were examining the use of the Strategic Petroleum Reserve by the administration amid a historic 180 million barrel release that began in the spring on the heels of Russia’s invasion of Ukraine and culminated last week when the White House announced it was offloading the final tranche of 15 million barrels.
The Republicans also said in the letter to Energy Secretary Jennifer Granholm that it was seeking information about a possible export ban of refined petroleum products.
“We are concerned that the president may soon impose an oil and gas export ban that will result in even higher gas prices, supply chain issues, global market upheaval, and reduced energy security for the U.S. and our allies,” said the letter, which was led by Rep. James Comer, the committee’s top Republican, and South Carolina Rep. Nancy Mace.
The Department of Energy didn’t immediately respond to a request for comment.
The letter comes amid Republican ire over the administration’s use of the SPR to tame high gasoline prices ahead of the Nov. 8 midterm elections that will decide control of Congress. The latest release followed OPEC+’S decision this month to slash production, which drew criticism from the White House and further soured U.s.-saudi Arabia relations. Biden has said further releases from the oil reserve are possible in the months ahead.
The administration has been weighing an export ban on petroleum products like gasoline and diesel, a move that would mark the most radical step yet by the White House to tackle gasoline prices. Although no time line has been set for a decision, which has sparked division within Biden’s team, it isn’t expected to happen before next month’s elections, according to a person familiar with the matter.
House Republicans, in their letter, requested documents and communications related to internal communications by Energy Department officials, as well between agency officials and White House staff and third-party groups on releases from the SPR to lower prices as well as in conjunction with export bans, among other documents.
Similar to U.S. oil producers and analysts, the committee members argue withholding exports of petroleum products will drive up global fuel prices and ultimately make it more expensive for the U.S. Northeast and West Coast, regions that are both heavily reliant on imports. The timing wouldn’t be ideal, as the East Coast is grappling with shortages of diesel and gasoline.