Fallon: President Biden’s Anti-American Energy Policies Drove Increased Costs for Americans

WASHINGTON—Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs Chairman Pat Fallon (R-Texas) opened today’s hearing by examining how the Biden Administration’s energy policies have stifled American-made energy, ignited inflation, and raised energy prices on American workers and families. Subcommittee Chairman Fallon warned that the Biden Administration’s push for an unreliable Green New Deal agenda would only increase American dependence on foreign oil and harm our ability to address supply shortages and rising energy prices in the future.

Subcommittee Chairman Fallon’s remarks as prepared for delivery appear below.

In the 118th Congress, the Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs has taken its mission seriously to conduct oversight over the federal government.

This subcommittee has already held two hearings examining the Biden Administration’s misuse of government power.

We have explored how this Administration continues to erode our country’s energy security by depleting the Strategic Petroleum Reserve.

And we have looked into the Administration’s abuse of the administrative state, burdening the second amendment rights of law-abiding gun owners.

Today, we will turn to the Biden Administration’s policies on inflation and energy prices.

Every American is suffering from inflation and rising energy prices. But Americans with low or fixed incomes are being hit hardest.

This focus stands in stark contrast to last Congress, where Democrats’ work in this hearing room focused on investigating flea and tick collars and NFL football teams.

In fact, last year, the Democratic Majority held only two hearings in their Economic Growth and Consumer Policy Subcommittee.

I am proud to lead our third committee hearing just a few months into this Congress, and look forward to more important hearings on issues that matter to the American people. 

As I stated, today we are examining inflation’s effect on energy prices.

Americans should be able to rely on stable prices for their monthly utility bills.

But under the Biden Administration, the price of utilities, goods, and services have jumped from month to month, burdening household budgets and increasing economic uncertainty.

When President Trump left office, inflation sat at 1.4 percent. Under President Biden, inflation shot to 9.1 percent last summer.  When inflation was at its highest levels, the energy index alone rose by nearly 42 percent.

It’s no surprise that energy price volatility is directly tied to the rapid retirement of fossil fuel power plants, lags in domestic natural gas pipeline construction, and over-reliance on expensive green energy alternatives without any planning for a smooth transition from traditional energy sources. 

Even before Russia’s invasion of Ukraine, the Biden Administration had already implemented a whole-of-government attack on American energy production that had restricted supply and driven up prices.

This began when President Biden cancelled the Keystone XL pipeline hours after taking office—a decision that eliminated over one thousand jobs and vital fuel infrastructure instantaneously.  

The Biden Administration’s march towards unreliable green energy and environmental justice initiatives adds further red tape to slow the fossil fuel industry’s ability to respond to supply shortages and lower global prices.

Unfortunately, Americans with low and fixed incomes most harshly feel the immediate impact of these skyrocketing energy prices.

As a result of higher prices, larger portions of take-home income must go to daily necessities—forcing Americans to choose between feeding their families, fueling their cars, receiving healthcare, or heating their homes.  

Americans’ hopes of home ownership, freedom from debt, and economic opportunity are in jeopardy due to increasing prices and energy insecurity.

This hearing will examine the relationship between the Biden Administration policies, energy production, and supply as price drivers and, ultimately, the share of overall inflation attributable to rising energy prices.

I thank our witnesses for their participation today and look forward to hearing your testimony.