Senator Cornyn Op-Ed

America today is in the midst of unprecedented inflation. Thanks to massive spending blowouts by the Democrats, and a lax monetary policy by the federal reserve, inflation today is at 8.5% and shows no signs of returning to our 2% goal. The price of gas is an average of $3.86 a gallon nationwide, which is over 20% higher than a year ago. Gas prices in deep blue California, the land of carbon mandates and voodoo environmentalism, sit at an average of $6.42 a gallon.

The issue of gas prices affects more than just prices at the pump, which has caused serious pain for many Americans. Higher gas prices mean higher transportation costs, which fuels inflation. Higher oil prices will translate to higher prices for lifesaving medical equipment, fertilizers, and other essential goods where fossil fuels are a primary input. This will mean higher costs for consumers and businesses and cause more economic uncertainty in the future.

What has the Biden White House done to solve this issue? Not much. He along with Senator Sanders and other prominent progressives blame U.S. oil companies for not drilling more. They say this while ignoring the fact few of the permits that are granted lead to the discovery of an oil reserve and fewer find reserves that are accessible, and the Biden administration has granted a fraction of these permits than his predecessor did. This has been the most hostile administration to oil and gas in American history, which has driven capital and investment away from the sector.

Instead, he floats the idea of lifting sanctions on the dictator of Venezuela to ease gas prices. Instead, President Biden goes to Saudi Arabia, a dictatorship with a dubious human rights record and an even poorer environmental one, and asks them to drill for more oil even when he turns around and calls them a “pariah” and vows to punish them. Even when the French president warned Biden that the Saudis do not have more capacity to drill in the near future, he decided to go ahead. As expected, they ignored his pleas and decided to cut production, which will lead to even higher oil prices. Tell me, President Biden, why do you continue to suppress drilling in the United States while asking dictators to drill more?

There is a solution to these woes: drill right here in the USA! My home state of Texas has long been a juggernaut in the oil and gas industry, remaking it entirely by pioneering hydraulic fracturing and horizontal drilling. This gives us more access to oil and gas than ever and has unleashed a massive boom that raised incomes for millions of Americans. The solution to our problems lies under our feet, Mr. Biden, and the American people want you to drill more here to create jobs and opportunities for Americans while lowering fuel costs for all of us.

This isn’t rocket science, it is basic logic and economics. This has been done successfully before and it can be done again. With some common sense changes, we can increase investment in the United States and ease inflation. We can cut regulations, increase the number of permits being distributed, and stop the hostile rhetoric against oil companies that provide vital services for millions and good jobs for hundreds of thousands. This has done wonders for my home state of Texas, which has been the engine of economic growth for the United States over the past two decades. It can be done, we just need to believe in our people.

Senator John Cornyn Republican (TX)