GAIN Spokesman Craig Stevens recently wrote a piece in The Washington Times expressing the significance of domestic oil in the American economy. He asserts that the U.S. must continue safely extracting and transporting its valuable natural resources in order to continue economic growth. As he writes:
As economies and demand for energy grow, U.S. consumers are already seeing a price impact as the average price for a gallon of gas is up about 60 cents in the past year. Not surprisingly, this led to Senate Democrats blaming the president and demanding he call on foreign producers to open their spigots — instead of looking to reform their own policies that would shutter U.S. energy resources. But that view is myopic and fraught with peril as this would leave the U.S., its neighbors and other allies only more reliant on imported oil.
The role of domestic oil cannot be understated. Reliance on foreign oil poses a great risk for the future of the U.S. economy and will undoubtedly be felt by the ordinary consumer. As energy companies invest millions of dollars into new projects, offer thousands of jobs, and continue to propel the American economy, our government must do more. As Mr. Stevens concludes:
This attempt by fringe-environmentalists to “kill the heart by cutting the veins” is the new normal for companies seeking to invest in energy development and related infrastructure across our energy-rich continent. But, in order to limit our reliance on foreign energy, it’s imperative that governments provide private investment with the regulatory certitude it needs to work.
Read the full article here.