Peterson Column on Energy
CONGRESS' PUMP TAX
By JOHN E. PETERSON
June 16, 2008 -- AMERICA is in an energy crisis - not because of OPEC, but thanks to the policies of Congress and the last three presidents.
Since 1982, Congress has passed laws banning the production of oil and natural gas on our Outer Continental Shelf; the last three presidents went along. But the US Minerals Management Service estimates (conservatively) that the OCS holds 86 billion barrels of oil and 420 trillion cubic feet of natural gas - the equivalent of 35 years of imported oil from OPEC and an 18-year supply of natural gas.
The United States is the only country in the world that prohibits exploitation of such offshore resources.
A recent Gallup poll found that nearly 60 percent of Americans support increased production of offshore oil and natural gas - but Congress has yet to get that message.
Access to our own energy shouldn't be a partisan issue. Yet last week, when I tried in a House committee to start opening up our vast offshore reserves, I lost on a party-line vote. Nine Democrats on the Interior Appropriations Subcommittee voted against the measure; six Republicans backed it.
I'll offer the same amendment when the full committee meets, and again on the House floor, in the weeks ahead. I want every member of Congress on record on the issue.
High energy prices are draining our wallets at an alarming rate. By pushing US companies overseas, where energy costs are lower, they also threaten our jobs.
Make no mistake, this mess is the result of Washington's foolish policy of restricting domestic energy production and discouraging investment in it.
All too often, Washington's energy debate revolves around the notion that support for increased domestic production of oil and natural gas means opposing renewable energy, conservation and sound environmental policy.
In fact, these shouldn't be competing priorities, but complimentary ones: America must produce more, conserve more and invest more in renewables.
For this country to remain a world leader in the global economy, Congress must develop a national energy policy that considers all means - including increased domestic production of oil and natural gas, on and offshore.
America depends on fossil fuels for 86 percent of our energy needs; wind, solar and geothermal power cover less than 1 percent. Renewable energy won't be available in sufficient quantity and at affordable prices for decades - so we have no other choice than to produce more of our own oil and natural gas - or further increase our dependence upon foreign sources.
And producing our own energy will create tens of thousands of jobs - and bring in hundreds of billions of dollars in royalties. That cash can be dedicated to renewable fuels R&D, carbon sequestration and environmental cleanup of our waters - as well as programs such as weatherization and energy assistance for those most in need. Billions more would go to the coastal states for their own use and to the US Treasury.
Gasoline prices now average over $4 a gallon; natural gas is trading at nearly double last year's price. The time for Congress to act is now.
Solving our energy crisis should be the No. 1 priority of Congress and the present and future occupant of the White House. As of today, it is not.
(Thanks to Patrick J. Creighton, Communications Director, Congressman John E. Peterson, for passing this along.)
By JOHN E. PETERSON
June 16, 2008 -- AMERICA is in an energy crisis - not because of OPEC, but thanks to the policies of Congress and the last three presidents.
Since 1982, Congress has passed laws banning the production of oil and natural gas on our Outer Continental Shelf; the last three presidents went along. But the US Minerals Management Service estimates (conservatively) that the OCS holds 86 billion barrels of oil and 420 trillion cubic feet of natural gas - the equivalent of 35 years of imported oil from OPEC and an 18-year supply of natural gas.
The United States is the only country in the world that prohibits exploitation of such offshore resources.
A recent Gallup poll found that nearly 60 percent of Americans support increased production of offshore oil and natural gas - but Congress has yet to get that message.
Access to our own energy shouldn't be a partisan issue. Yet last week, when I tried in a House committee to start opening up our vast offshore reserves, I lost on a party-line vote. Nine Democrats on the Interior Appropriations Subcommittee voted against the measure; six Republicans backed it.
I'll offer the same amendment when the full committee meets, and again on the House floor, in the weeks ahead. I want every member of Congress on record on the issue.
High energy prices are draining our wallets at an alarming rate. By pushing US companies overseas, where energy costs are lower, they also threaten our jobs.
Make no mistake, this mess is the result of Washington's foolish policy of restricting domestic energy production and discouraging investment in it.
All too often, Washington's energy debate revolves around the notion that support for increased domestic production of oil and natural gas means opposing renewable energy, conservation and sound environmental policy.
In fact, these shouldn't be competing priorities, but complimentary ones: America must produce more, conserve more and invest more in renewables.
For this country to remain a world leader in the global economy, Congress must develop a national energy policy that considers all means - including increased domestic production of oil and natural gas, on and offshore.
America depends on fossil fuels for 86 percent of our energy needs; wind, solar and geothermal power cover less than 1 percent. Renewable energy won't be available in sufficient quantity and at affordable prices for decades - so we have no other choice than to produce more of our own oil and natural gas - or further increase our dependence upon foreign sources.
And producing our own energy will create tens of thousands of jobs - and bring in hundreds of billions of dollars in royalties. That cash can be dedicated to renewable fuels R&D, carbon sequestration and environmental cleanup of our waters - as well as programs such as weatherization and energy assistance for those most in need. Billions more would go to the coastal states for their own use and to the US Treasury.
Gasoline prices now average over $4 a gallon; natural gas is trading at nearly double last year's price. The time for Congress to act is now.
Solving our energy crisis should be the No. 1 priority of Congress and the present and future occupant of the White House. As of today, it is not.
(Thanks to Patrick J. Creighton, Communications Director, Congressman John E. Peterson, for passing this along.)
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