Lubbock Times

The House Budget Committee convened a member roundtable today to examine how enhancing American energy independence could contribute to a sustainable fiscal future. The session aimed to provide committee members with insights into the domestic energy industry's potential for fostering economic growth.

Chairman Arrington addressed the roundtable, emphasizing the importance of the energy economy. "Today, we focus on the energy economy because one of the biggest challenges with overspending is supply and demand, and then the regulatory policies on the supply side make a perfect storm for record inflation. Oil and gas are the lifeblood of our economy, and they've been under government assault. $1.3 trillion in regulatory costs have been accrued during the Biden-Harris Administration. Their 175 executive actions have basically hamstrung and hogtied the oil and gas industry."

Arrington further highlighted the implications of these policies: "You cannot give our country, our fellow Americans, the quality of life we've had and the opportunities and prosperity for our children with this kind of government assault on the oil and gas industry."

Underlining concerns about current administrative policies, it was noted that consumers have been adversely affected by measures that favor high-income earners, banks, private equity, and foreign energy importers. The U.S. oil and gas sector supports approximately 10.8 million jobs and contributes over $1.8 trillion to the national GDP annually. However, actions taken by Biden's Department of Energy (DOE) and Environmental Protection Agency (EPA) have resulted in over 175 executive actions imposing more than $1.3 trillion in new regulations on the energy sector.

The committee underscored that addressing these issues requires supporting energy investment, eliminating development barriers, and removing unnecessary regulations hindering economic growth.

For further information from the House Budget Committee on related topics:

- Read more about the cost of the Biden-Harris green agenda.

- Read more about the cost of Biden-Harris executive actions.

- Read more about what nationalizing California’s economic policies would entail for the country.