Release Reserves? No, permitting reform is the key to bring gas prices down
In May, President Biden announced the release of million barrels from the Northeast Gasoline Supply Reserve to decrease gas prices ahead of the 4th of July.
This decision is not only unstrategic but unnecessary.
America already has the resources and technology needed to get supply up and gas prices down. We do not need to risk our national security and future economic prosperity to pay less at the pump. We need to make it easier to put our resources and technology to use to produce more energy, we need permitting reform.
Regretfully, Washington has built barrier after barrier to block American energy. Now, they try to cover the holes in their policies with millions of barrels from our strategic energy reserves.
Besides the million gasoline barrels from the Northeastern reserve, Washington has also sold around half of our strategic petroleum reserves, which is supposed to protect the American economy from unexpected shocks, wars, or disasters.
Our strategic oil stockpile went from 638 million barrels to less than 370 million in less than four years.
Depleting our strategic reserves to get gas prices down is a temporary, half-baked policy—one that can cost us a lot in the future.
Affordable energy is within our reach
The federal government actively stymies the American energy industry: It traps energy projects in a maze of endless regulation, jeopardizes businesses by canceling oil leases, and kills pipelines that would make energy cheaper.
Americans pay for these delays at the pump and home.
If Washington wants to get energy prices down, it should just get out of the way and let the American energy industry work its magic.
Here’s a few ways how to do it:
- Reform the National Environment Policy Act: Congress should simplify the arcane environmental review process and make it easier for energy companies to build new projects. This will bring energy costs down for millions of American families.
- Pass the RESTART Act: Businesses must navigate an intricate jungle of regulations to build a new energy project. The RESTART Act will trim down most red tape, allow companies to set up shops, and bring affordable energy to millions.
- Treat all energy sources equally: In energy policy, Washington is a government for the cronies and by the cronies, in which Americans pay the tab. We must stop this. Americans, not the government, should be free to choose the energy source that better suits them.
- Hold politicians to their signature: Whenever Washington politicians cancel oil leases, disregarding the law and their word, Americans pay the price at the pump. This must stop.
Abundant energy is key for the American Dream
The history of America shows that every time we believe in people, they will build prosperity for themselves and their neighbors.
Time after time, Americans show extreme resilience, impressive entrepreneurship, and a drive that is the world’s envy.
Like before, Americans today are capable and willing to bring a new era of potential and prosperity. We need to take down the barriers that keep us down.
Abundant, affordable, and reliable energy will bring down many hurdles that keep us from our full potential.
The saying goes that nations are doomed to repeat their history. In the case of America, we are destined to repeat the success that built the country—if we want to.
America has all it needs to make this a reality. Let’s do it.
