Stronger Energy Supply Offers Economic and National Security Benefits
Domestic energy production can stabilize prices and enhance national security, according to recent polling.
2 min read
A recent shift from a plug-in electric hybrid to a pickup truck with 22 miles per gallon has led to a greater awareness of the cost of an ordinary life. While gas prices remain a concern, the focus has turned to broader energy policy solutions that can provide long-term economic and national security benefits.
Energy Prices and Global Factors
According to the U.S. Energy Information Administration, the price of crude oil is the largest factor in determining U.S. retail gasoline prices. In the previous 10 years, crude oil used at U.S. refineries accounted for slightly more than 50%, on average, of the retail average gasoline price. Energy prices drove 60% of the price increases seen in one month, largely due to geopolitical tensions, including actions by Iran.
Support for Domestic Energy Production
Recent polling indicates strong public support for increasing domestic energy production. According to the survey, 89% of those surveyed agree that the U.S. should produce more energy to keep prices stable and maintain more control over its economy. Additionally, 78% are in favor of domestic oil production and refinery reform.
Free Market and Energy Policy
The free market plays a crucial role in stabilizing and often reducing energy prices. When the government steps back from direct intervention, innovation, and competition can lead to more affordable, reliable energy. The America First Policy Institute highlights that reasonable safety and environmental standards, followed by a hands-off approach, can drive supply, reliability, and controlled costs.
Policy Recommendations for Energy Resilience
The America First Policy Institute outlines 10 initiatives that could significantly impact energy prices and resilience. Even achieving one or two of these could make a substantial difference. However, such bold goals require a Congress that is willing to act audaciously, prioritize the free market, and innovate.
Energy Security and National Resilience
Increasing domestic energy production and refining capacity strengthens the U.S. energy supply, making the nation less vulnerable to foreign disruptions. This is not just an economic issue but also a matter of national security and resilience. Consumers can benefit from lower energy prices, but the broader implications extend to building a more robust and secure nation.
Source: PJ Media
