American energy, an untold story of innovation sustainability, and economic growth.
With the recent release of the June economic numbers, we have yet again seen another record be set. This time it’s a resounding 41.6% year-on-year increase in energy prices, representing the largest increase since 1980.
In a country like the United States, record high-energy prices are not due to a lack of access to energy resources, but a lack of desire to access them.
For decades, the Louisiana Gulf Coast has been synonymous with energy development and has been a major factor in driving the energy economy of our country and that of the world. During this time we’ve seen our economy flourish as the industry’s activities grew to create nearly $73 billion in GDP and help sustain 250,000 jobs for our state in 2020.
However, since the first day the current administration came into power the tables have turned as restriction after restriction has been placed on our country’s energy industry, effectively crippling our nation’s energy security.
Here in Louisiana, we’ve witnessed the federal government drag out the announcement of a new five-year leasing plan for the Gulf of Mexico, one of our state’s most precious energy resources. Without this new 5-year leasing plan, we could effectively be cutting off access to an area that is responsible for nearly 15% of our nation’s total oil production.
Now, the federal government and the Environmental Protection Agency (EPA) are going through a review process, looking to add a new set of restrictions on American energy by potentially tightening the National Ambient Air Quality Standards (NAAQs).
Dating back to the 1970s, we’ve seen NAAQs pollutants reduced by 78%, proving that our air quality is indeed getting cleaner.
If the EPA moves forward with further tightening these regulations, this could force businesses of all sizes to invest more money into meeting these standards, creating an additional financial burden at the cost of trying to achieve little to no public health benefits.
If our nation is serious about getting energy prices under control, we need to take a deep look at the path our nation’s energy security is heading.
As we look into the future, oil and gas are still going to make up 50% of our global energy mix into 2050. If the United States refuses to utilize its vast energy resources, countries like Venezuela and Saudi Arabia whose energy industries’ operating standards are significantly lower than ours will be there to meet the global demands.
Instead of taking actions that will continue to impede our country’s ability to access the energy we need and driving up energy prices, we should be focusing our attention on promoting advancements in new energy technologies that help us access these resources in a more sustainable manner.
Over the last decade, our nation has seen great success with technological advancements driving down greenhouse gas emissions related to the production of oil and gas by 60%. It is constructive efforts like these that we should be investing our time and resources in.
American energy has a unique and largely unknown story of innovation, sustainability, and economic growth that is waiting to be told. Now it is our responsibility to make sure that we are doing everything in our power to make it heard.