State treasurers to Biden: Prioritize U.S. energy production

April 6, 2022

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Treasurers and other financial officers from 22 states on Tuesday warned President Joe Biden about the need for U.S. energy independence as gas prices remain near record highs and the Russian war in Ukraine continues, impacting global oil supplies.

In a letter from the State Financial Officers Foundation (SFOF) to Biden, the 27 state officers urged the president to prioritize energy production in the U.S.

“The Biden Administration seems hell-bent on destroying American domestic energy while boosting reliance on adversaries like Russia, Iran, and Venezuela,” John Murante, Nebraska’s state treasurer and SFOF National Chair, said in a statement. “It’s time for the Biden Administration to step up and prioritize America’s energy interdependence for the sake of our economy and our national security.”

U.S. gas prices began rising shortly after Biden took office last year when he began placing new restrictions on the oil and gas industry, including halting new production leases on federal lands and shutting down the Keystone Pipeline project.

Gas prices rose further after Russia invaded Ukraine in February and the U.S., Canada, Australia, and some other countries banned imports of Russian oil. As gas prices have risen, overall inflation reached 40 year highs as food and other costs also have increased significantly.

“As Americans across the country are grappling with rising inflation and paying more for gas than ever before, the time for action from President Biden and his administration is now,” Derek Kreifels, CEO of SFOF, said in a statement. “Americans should not have to bear the burden of Biden’s anti-energy agenda.”

The financial officers warned that U.S. security is at stake.

“The depth and breadth of American innovation are unparalleled globally, including the development of green technologies,” the letter said. “However, oil, gas, coal, and nuclear are currently the most reliable and plentiful baseload power sources for America and much of the rest of the world. Striving to change this fact ahead of the free market’s ability to adapt and during a time of international unrest threatens our national security.”

The letter was signed by officials from Arizona, Arkansas, Alaska, Georgia, Florida, Indiana, Idaho, Kentucky, Louisiana, Mississippi, Missouri, North Dakota, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Texas, Utah, West Virginia, and Wyoming.

Tuesday, April 5, 2022

President Joe Biden

The White House

1600 Pennsylvania Ave NW

Washington, DC 20500

Dear

President Biden

As State Treasurers, Auditors, and financial officers, we join together with many others urging the

Administration to implement policies to promote American energy production. Energy is a critical

component of every business

and

service

provided

in our

eco

nomy

as well

as foundational

to every

American’s

quality

life.

As energy costs rise, its impact is felt throughout society. Businesses experience

increased costs, which must often be passed onto consumers, while many Americans are forced to decide

between various necessities of life, simply to keep the lights on and their vehicles powered.

Policies implemented during the last year thwart the

vitality

of American energy production.

Consequently, Americans are paying more for gas than ever before.

The rising cost of fuel, coupled with

precipitous inflation has, and will, continue to result in dire consequences for working-

class families.

Long before Russia’s invasion of Ukraine, gas prices in the U.S. had been on a rapid upswing as

a result of

decisions

to cancel

the Keystone

Pipeline,

freeze new oil

and

gas

leases

federal lands, order the

cessation of drilling in Alaska, and

promulgate anti-oil and gas rulemaking

from the highest levels of

government. Russia’s invasion of Ukraine has only intensified the consequences of already failing energy

policies and highlighted the need to re-

establish American energy independence.

Freedom is the key to addressing climate change. The depth and breadth of American innovation is

unparalleled globally, including the development of green technologies. However, oil, gas, coal, and

nuclear

are currently the most reliable and plentiful baseload power sources for America and much of the

rest of the world. Striving to change this fact ahead of the free market’s ability to adapt and during a time

of international unrest threatens our national security. Forcing markets to restructure at a pace faster than

that of technological innovation drives up the cost of commodities like energy and, by extension, other

goods and services, hurting the poore

st Americans most. The State Financial Officers Foundation and state

leaders support policies

to expand energy

production

and

development, encourage conserving,

and

urge

this

Administration

to change

its policies toward American reliable

energy sources in order to protect the

U.S. economy, and provide energy security for American families.

We also believe the White House should be spearheading a call to invest in American energy instead of

pursuing

ESG

initiatives

that

divide

American

ene

rgy

businesses

and

discourage

investment

in these

reliable energy industries.

Instead of asking Americans to purchase electric vehicles

—which is simply not an option for a great

number of Americ

an families

—government leaders should eliminate barriers to and expand development

of these critical resources, bringing down the price of gas at the pump. Most Americans cannot afford to

purchase an electric

vehicle or equip

their

home

with

a full

set of

solar

panels, and

many

in rural

America

need

traditional fuel to run the trucks that service their farms and help feed their communities. The

American people urgently

need

cheaper

oil

and

gas

and

this

Administration

has

the power

to make

this

happen.

SFOF state leaders urge you to support traditional energy industries in their desire to ramp up

production in the U.S. by providing certainty on oil and natural gas leasing by compelling the Department

of Interior (DOI) to meet deadlines and honor its obligation to lease on federal lands and waters.

Finally,

it is critical

to global

stability

that

America

regain

energy

independence.

In 2019,

America

was

net exporter of reliable energy resources

, p

roducing more energy than we used. Yet, many European

countries today stand frozen in the face of Russian aggression, unable to implement bans on Russian oil

and gas, because

Russia

is the

largest supplier of oil and gas in Europe

As America watches these events

unfold on the world stage, we should be preparing our nation to become a beacon of hope by tapping into

our vast resources, helping supply our allied nations.

Replacing Russian natural gas with U.S. natural gas

that burns 40% cleaner would provide America with a major win economically and environmentally.

The Russian invasion of Ukraine exposed just how detrimental international dependence on oil and gas

has been

for

countries

Germany, whose commitment

to green

energy

resulted

in significant

reliance

Russian

oil

and gas

This type of energy dependence culminates in weak foreign policy—where nations

are dependent on oppressive, expansionist foreign powers just to keep their lights on.

War is a brutal reminder that we cannot afford to become dependent on despotic leaders for our energy

needs. America cannot make the mistake

of seeking to supplement Russian oil with oil f

rom

other

oppressive

regimes like Venezuela and Iran

We urge you

to support, promote,

and

incentivize

traditional

energy

production

in the United States, thereby strengthening global stability and prioritizing the needs of

American families over partisan special interest g

roups.

Sincerely,

John Murante

Derek Kreifels

Nebraska State Treasurer

Chief Executive Officer

2022 SFOF National Chair

State Financial Officers Foundation

Scott Fitzpatrick

Dennis Milligan

Missouri State Treasurer

Arkansas Treasurer of State

2022 SFOF National Vice Chair

2022 SFOF Past National Chair

John Dougall

John Schroder

Utah State Auditor

Louisiana State Treasurer

2022 SFOF Auditor At

-Large

2022 SFOF National Policy Committee Chair

Lucinda Mahoney

Kimberly Yee

Alaska Commissioner of Revenue

Arizona State Treasurer

Andrea Lea

Jimmy Patronis

Arkansas Auditor of State

Florida CFO

Steve M

cCoy

Julie Ellsworth

Georgia State Treasurer

Idaho State Treasurer

Kelly Mitchell

Allison Ball

Indiana State Treasurer

Kentucky State Treasurer

Mike Harmon

David McRae

Kentucky State Auditor

Mississippi State Treasurer

Dale Folwell, C.P.A.

Thomas Beadle

North Carolina State Treasurer

North Dakota State Treasurer

Robert Sprague

Randy McDaniel

Ohio State Treasurer

Oklahoma State Treasurer

Stacy Garrity

Curtis Loftis, Jr.

Pennsylvania State Treasurer

South Carolina State Treasurer

April 6, 2022

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