Washington, D.C. – Following President Joe Biden’s order to release 1 million barrels of oil per day from the Strategic Petroleum Reserve and to secure American production of critical materials, National Association of Manufacturers President and CEO Jay Timmons released the following statement:
“Manufacturers are encouraged to see President Biden’s continued focus on taming inflation and addressing the energy concerns stoked by Vladimir Putin’s war on Ukraine and supply chain disruptions around the world.
“Manufacturers strongly support President Biden’s actions to secure American production of critical minerals and materials. This has the potential to be a game-changer, not only for developing clean energy but also for other uses that will help to address the supply chain challenges precipitated by the COVID-19 pandemic and further compounded by the war in Ukraine. Yesterday, I also met with Commerce Secretary Raimondo, Australian Trade Minister Tehan and leading manufacturers to discuss strategies for supporting critical mineral supply chains. Manufacturers know there is not a quick solution, and we need more of this type of bold, collaborative, long-term leadership to strengthen our energy security.
“The release from the Strategic Petroleum Reserve may provide relief at a time when manufacturers and American families are all coping with higher energy prices, but this is only a very temporary fix. It doesn’t deliver the long-term energy security that America deserves—the confidence that comes from producing more energy from all sources here in the United States.
“Manufacturers are pleased to hear the President call for increasing domestic oil and gas production and are counting on him to follow through on his support. However, the ‘use it or lose it’ provision may sound catchy and even be well-intentioned, but it fundamentally misunderstands the way that energy exploration, extraction and production works in reality. It would instead undermine our ability to produce American energy.
“We remain committed to working with the administration and leaders in both parties to help lead America through these ongoing crises—and deliver for the American people.”
The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.57 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.