As President Obama lands in Columbus tomorrow morning, he’ll find soaring gas prices on the minds of most Buckeyes and headlines similar to the one in today’s Toledo Blade: “Local gas price flirting with $4 a gallon and up.”
While the price of gas has nearly doubled on the president’s watch, he’ll try to give a false impression that he supports the GOP’s “all-of-the-above” energy strategy. But from blocking the job-creating Keystone energy pipeline to regulatory roadblocks, the Obama administration has consistently stood in the way of more American-made energy – and that’s hurting job-creation and economic growth, as David Holt in National Journal recently highlighted:
“Today rising prices hurt the American consumer and business community and threaten to derail our fledging economic recovery. A 25-cent jump in gasoline prices, if sustained over a year, would cost the economy about $35 billion, due in part to the direct impact of higher gas prices on many family’s budgets as well as the rising cost of several commodities – such as food – that rise when the cost of transportation increases. We all know that when gas prices rise, consumers cut back in other areas and the whole economy suffers.”
Congressman Boehner believes that we need a real “all-of-the-above” approach - and there are some things the president could do right now to speed up the development of American-made energy, as David Holt noted:
“Approval of the Keystone XL Pipeline – This project would deliver as much as 700,000 barrels of Canadian and American crude oil each day to refineries in the Gulf region. Increasing supply to the Gulf Coast refineries will help displace as much as 40 percent of the crude these refineries import from Venezuela and Mexico.
“Expand access to offshore resources – The Bureau of Ocean Energy Management estimates that the Gulf of Mexico alone holds proven reserves of 20.43 billion barrels of oil and 184.6 trillion cubic feet of natural gas … as well as unproven reserves of 4.12 billion barrels of oil and 7.3 trillion cubic feet of gas It also predicted that both figures would grow as drilling technology improves in the future. Not to be outdone, the Chukchi and Beaufort Seas off the northern coast of Alaska hold an estimated 27 billion barrels of oil and 132 trillion cubic feet of gas. Make no mistake, the quantities of oil and gas under the waters off our coasts are vast and policies that promote more leasing and swifter approvals of new projects can make a big difference in our domestic energy supply.
“Ensure regulatory certainty for all on and offshore energy projects - When oil producers are subject to constantly shifting regulations covering their projects, they tend to produce less. Consider the 2010 moratorium on deepwater drilling in the Gulf of Mexico when several rigs left the region for places like Angola, Egypt and Vietnam as a result. Policies can be changed easily and often, but the producers that must follow these polices are slowed down by an uncertain regulatory environment. All of the above actions can be summed up in three words: improve domestic supply.”
Americans can't wait for Washington to address our nation’s growing energy crisis. The Republican-led House has acted to expand energy production; now the Democrats in charge of Washington must follow suit.