Energy Independence Now

[Geee]

American Spectator:

The United States currently suffers from three deficits: a fiscal deficit, a defense deficit, and an energy independence deficit. While current political discussions focus on our weak economy and drastically underfunded military, the debate on energy independence has stalled. This is a critical problem. America cannot grow its economy or build up its military to meet current and future threats unless it develops resources for energy independence.

With oil prices climbing steadily and the ever-volatile Middle East experiencing political turmoil, proponents of different energy independence strategies nevertheless promote their own plans and technologies to the detriment of other solutions. This is unacceptable. We need to consider every option for energy independence. And we need to start close to home, with more domestic drilling.

The United States actually possesses vast oil and natural gas reserves, but the Obama administration has prevented our country from tapping into them, strangling energy corporations with excessive regulations, drilling bans, and permit denials. Dr. Joseph Mason, an economist at Louisiana State University, claims that as many as 20,000 sorely-needed jobs in this down economy have been lost due to drilling moratoriums in the Gulf of Mexico. Not only do Obama's policies kill jobs, they also fly in the face of public opinion. According to a Rasmussen poll, 76% of Americans think our country isn't doing enough to develop our oil and gas resources. Clearly, Obama's energy-killing policies need to be reversed and domestic production must begin anew to realize America's energy potential.

While government subsidies have long been an important facet of any energy independence strategy, the current state of our nation's finances and economy has rendered them unaffordable. In their absence, the United States should lower all corporate taxes and reduce industry regulation across the board. This move would ultimately increase tax revenues, and effectively spur private growth and innovation in energy independence.