Lamenting Leftism

State Sen. Blames Russia for Gas Price Surge

State Senator shocked that a year into Biden Administration, oil companies are throwing in the towel.

New Mexico Sen. Carrie Hamblen recently penned a letter to the editor lambasting the greed of oil companies and the war in Ukraine as primary culprits for the surge in gas prices.

In “Don’t be fooled by oil and gas industry,” Hamblen writes: 

“Like many, I’ve been closely following the senseless invasion of Ukraine by Vladimir Putin — a war that, among other issues, includes oil and gas.

Unfortunately, the oil and gas industry and its allies have been using the invasion of Ukraine to advance misleading, ‘drill more’ rhetoric that provides no tangible steps to provide sustainable relief or solutions for New Mexicans.

To be sure, gasoline prices are hitting our wallets right now, and it hurts. But let’s not be fooled it is the oil and gas companies that need some sort of ‘relief’ right now from state and federal policies in order to increase production.”

— New Mexico Sen. Carrie Hamblen (D-Las Cruces)

First of all, calling the invasion of Ukraine “senseless” is itself senseless. Russia’s justifications for invading Ukraine were clear: they didn’t want a NATO military presence on their border, which, for a sovereign nation, is perfectly reasonable. Had Ukraine, and the globalists who control it, conceded to Russia’s request for security guarantees, war could have been averted. 

Secondly, it’s neither unreasonable nor nefarious for oil companies to respond to global hostilities against their industry by curbing investment. When governments — including the leader of free world — declare unabashedly that they will “end fossil fuels,” politicians can’t feign surprise when oil companies act accordingly.

It would be no different than if avocado farmers curbed avocado production in the face of a market backlash that vilified avocado farming. 

This is Economics 101. 

If world leaders announced plans to kill the avocado industry, the avocado industry would be insane to increase investment. In fact, decreasing its footprint would actually constitute an acquiescence to what world powers claim they want.

After years of being demonized for polluting the earth (never mind fueling the global economy), oil companies are now pulling back. Yes, it’s hurting constituents —“To be sure, gasoline prices are hitting our wallets right now, and it hurts,” Hamblen admits—but the pain is a direct result of governments failing to plan for the end they so adamantly sought. 

Hamblen has accused the “drill more” crowd of using “rhetoric that provides no tangible steps to provide sustainable relief or solutions for New Mexicans.” The exact same thing can be said of the “drill less” crowd.

As an elected member of the New Mexico legislature, Hamblen ought to be smart enough to realize that the reality of high gas prices is no more a failure of business than it is a result of war. It’s a failure of leadership.

As the saying goes, “Be careful what you wish for.”

2 replies »

  1. Good editorial. There are grandfathered leases in the Permium basin that are not being worked. That’s partially because of changes in producer boards (Exxon was forced to accept a green lobby onto it’s board, as were others controlled by Backrock ESG efforts). Banks were told that loans for well investment were ‘risky’. All that prior to Biden’s arrival. Biden policy has been to discourage investment and the recent reversal comes with poison pills. Southern NM is not seeing a hiring boom suggesting the lack of investment because of risk. Company profits are headed overseas instead.

    As far as Ukraine goes, I don’t buy Russia’s reasons. The encroachment of NATO has been going on a long time and Russia as a nuclear power can’t really believe NATO has invasion plans.

    • Most don’t understand (or care to) that drilling is a financially high risk endeavor that takes years to establish.

      There’s an odd parallel between big oil and Russia. They’re both treated like the Great Satan, and the West has continued to operate as if that sort of rhetoric doesn’t have consequences.

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