Attacks on Reliable U.S. Energy Sources Lead to Dependence on Adversaries
The world is at a critical moment when it comes to energy policy. Europeans have returned to the pre-industrial era of burning wood chips to heat their homes.
The Democrats’ energy agenda is crushing American families. Price spikes of 8.3% in August were even worse than expected, and largely due to the extreme rise in energy prices. Compared to a year ago, gas utilities are up 33% and electricity is 15.8% more expensive. It’s no wonder 1 in 6 families can’t afford to pay their utility bills. The dire situation in Europe and growing financial turmoil for American families shows in real time what happens when governments choose to go after reliable sources of energy.
Instead of heeding the warning signs, Democrats are recklessly pursuing their unrealistic energy transition mission and punishing reliable staples to appease Green New Deal fanatics. The so-called “Reduction of Inflation Act” pumped nearly $400 billion into nascent clean energy projects while including another punitive and illogical tax on energy producers. It seems the president’s immediate solution is to subsidize projects that will be slow to come online rather than providing affordable and abundant energy to consumers today.
Unfortunately, the crowning glory of President Biden’s energy policy will not be the transition he wants; it will be increased dependence on foreign adversaries and high costs for global consumers. We will become dependent on the Middle East for oil and gas and on China for critical minerals that are essential inputs for modern technology. Domestic manufacturing and jobs will likely move overseas, and the economic prosperity seen before 2020 will not return.
President Biden’s ignorance of market realities will crush the American economy and the workers who fuel it. Oil demand is expected to reach a record high in 2022 and again in 2023. Oil and gas will continue to play a dominant role in the economy well beyond 2050, and the United States must encourage investment in these companies that do it better than anyone. elsewhere in the world.
I am fortunate to represent the Permian Basin, the world’s largest secure supply of crude oil and an essential tool for American national security. The region supplies more than 40% of the oil and 16% of the natural gas produced in the United States. The Permian is the world’s largest secure supply of crude oil and serves as a key geopolitical tool for America and our allies.
Since President Biden is obviously trying to appease the unapologetic environmental left, he should know that our domestic production is the cleanest in the world. In fact, the intensity of methane emissions in the Permian alone has fallen nearly 70% between 2011 and 2020, even as oil and natural gas production in the region has increased by more than 320%.
This progress in reducing emissions is not the result of heavy-handed punitive measures by Washington. It is the result of free market dynamics that have encouraged private investment in technology and innovation that drives industry forward. Companies are doing their part by investing in projects, like direct air capture, that will continue to revolutionize emissions reductions and industry standards. It is high time for Washington to work with producers in the Permian and across the United States, not against them.
The Republicans have a plan to restore American energy dominance. From day one, we will take steps to provide regulatory certainty for producers, encourage increased production and export of American-made energy, and unravel our growing dependence on Chinese supply chains and foreign adversaries. .
A successful energy policy should not lead to energy transition but to energy expansion. If the United States is to lead the world in energy dominance, we must produce and export more American-made energy to the world, not less.
• US Representative August Pfluger, a Republican from Texas, represents the state’s 11th congressional district, which includes most of the Permian Basin, the largest oil and gas producing region in the United States. He is a member of the House Foreign Affairs Committee and is a member of the Intelligence and Counterterrorism Subcommittee of the Homeland Security Committee.