Manufacturers on Petroleum Release: “Today’s Action Is, Unfortunately, Just a Band-Aid”
Washington, D.C. — Following President Joe Biden’s decision to release 50 million barrels from the Strategic Petroleum Reserves, National Association of Manufacturers President and CEO Jay Timmons released the following statement:
“Today’s action is, unfortunately, just a band-aid. Tapping the Strategic Petroleum Reserve won’t solve the underlying problems. While we are pleased that President Biden is focusing on the rising cost of fuel, this is not a sustainable solution.
“A true energy strategy would strengthen our energy independence, enhance manufacturers’ competitiveness and alleviate many of the other supply chain challenges facing our nation. Instead of asking OPEC and Russia to fill the void, we should let American energy workers take the lead, setting an example with America’s high standards for protecting workers and the environment. Manufacturers call on the Biden administration to work toward real, longer-term solutions for the good of our families, industry and economy.”
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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 $2.5 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.