The skyrocketing gas prices that strained our communities and our economy throughout the summer have forced Americans to recognize that our energy supplies may not always be abundant, affordable or reliable. Now that oil prices have dropped below $100-a-barrel for the first time in recent memory and gas prices are declining, it is tempting to think that our energy crisis is nearing an end. Unfortunately, these trends will not last. If we abandon our goal of greater energy independence, we can be certain that an even more painful and widespread energy crisis lies ahead.
In recent weeks, key developments have occurred that could improve our nation’s energy outlook. On October 1st, two longstanding bans on offshore drilling and oil shale production in the United States expired. Also in early October, Congress finally passed several energy-related tax incentives that will encourage the expansion of renewable energy technology.
While these developments have potential, it represents the same haphazard approach our country has taken towards energy policy for too long. Unfortunately, some members of Congress have already forecast that the bans on offshore drilling and oil shale production could be restored by Democrats in 2009. As a nation, we need a new direction on energy policy that embraces an “all of the above” strategy to increase domestic production of energy.
Such a strategy would begin by taking advantage of the resources here in America by allowing responsible exploration in Alaska and off our coasts. It must make real investments in both alternative fuels, like oil shale and coal-to-liquid, and renewable energy, like wind, solar and biomass. Furthermore, it needs to include provisions that promote refinery expansion, nuclear technology, electricity infrastructure and new technology to make burning coal cleaner. Finally, a new positive strategy for energy in America must include support for research and development of the next generation of energy, like hydrogen.
Adopting a new strategic energy policy will help to improve both our national security and our economy. If done correctly, such a policy will effectively use American engineering, ingenuity and entrepreneurship to overcome our energy challenges. A new “all of the above” energy strategy will help us attain greater energy independence, reinvigorate our economy and create thousands of new jobs, right here at home.
We must stop sending billions of our dollars to unstable foreign regimes for our energy needs; instead, it is time to invest in our own infrastructure, create more American jobs and build a more prosperous future for our children. It is time to move in a new direction and adopt an “all of the above” strategy that will help us meet our energy demand while rebuilding our lagging economy. Failure to address our reliance on foreign energy now will inevitably leave our families and our economy more vulnerable to the inevitable energy price spikes in the future.