After announcing a ban on American imports of Russian energy, President Biden’s decision to turn to Venezuela, Saudi Arabia, and even Iran as potential substitutes to fill the void in the global marketplace has raised a question within the U.S. oil and gas industry: Why not look to domestic producers first?
“You have two options,” said Tim Stewart, president of the U.S. Oil and Gas Association. “One, you import from the Iranians and the Venezuelans, two terrorism-sponsoring states. Or you open up the U.S. domestic production. And for whatever reason, the [Biden] administration seems to think that the Iranian and Venezuelan option is better than the Texas, Oklahoma, Wyoming, North Dakota, and New Mexico option.”