Given the energy disruptions in the Middle East and the topsy-turvy fluctuation in the price of crude oil in recent weeks, here are a few facts about the energy scene.
First, “drill, baby, drill” is working. America today is producing more oil and gas than ever. Over the past six years, we’ve produced more than any other nation, including Saudi Arabia. The best way to inoculate ourselves from foreign supply disruptions is to generate every barrel of oil we can here at home. And we have many decades of abundant supply given ever-improving shale drilling techniques.
Second, the Green New Deal was and continues to be an energy belly-flop. Even after spending $400 billion of taxpayer subsidies on wind and solar power, these remain fringe and non-scalable forms of energy. We get 80% of our power from fossil fuels. Same as it ever was. Nuclear and hydro provide most of the rest.
Third, the Middle East has ALWAYS been an unreliable source of energy for the U.S. Since the 1970s, prices have always spiked when there is turmoil in the Middle East. This means that every barrel of oil that we drill reduces our vulnerability to Middle East disruptions.
Fourth, the U.S. is now a net exporter of oil and gas, with by far the largest increases in production. Along with Canada and Mexico, North America can be the new Middle East.
Finally, for those concerned about climate change and rising CO2 emissions, there are two obvious solutions – and they aren’t wind and solar power. The first is natural gas.
And the second is nuclear power. These two sources emit virtually no pollution, and rising natural gas production here at home explains why the U.S. has reduced its carbon emissions more than any nation.
If Donald Trump is right that these oil supply-chain disruptions are temporary, the oil price will head back to the $40-to-$60 range almost assuredly, and we are headed for an era of great energy abundance. This couldn’t come at a better time, as the amazing and soon-arriving technologies in the digital and robotics age will require multiple times more energy.
Stephen Moore is a former Trump senior economic adviser and the cofounder of Unleash Prosperity, which advocates for education freedom for all children.
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Oil companies like any business are profit driven, it’s always the bottom line, but unlike other commodities their prices are visible when costs go up or down. No other consumer product ever goes down after the price goes up. That being said, oil refineries are really a national treasure but treated like the evil empire we’ve all come to condemn.
The investment refineries represent are beyond the capabilities most people can fathom. The sheer cost of keeping one on line is the real reason refineries are critical to keeping the nations commerce moving. The refining process is so complicated that no one gives a thought of what keeps them operating. Not only do they have to comply with environmental regulations, they also have to have an uninterruptable supply chain, a skilled workforce, a transportation network and a maintenance organization to stay reliable and safe, plus shareholders to keep happy. Once a refinery is shutdown, that’s it. There’s no going back, no restart buttons and no undo. Each refinery location is totally unique to itself. Politicians could care less if our nations life blood stops until it does. California is a great example, billions of infrastructure abandoned when government thought oil companies would never leave. Well it’s happening and the skilled labor that once took decades to perfect is also gone. With no one to operate these abandoned factories, all you have left is rusting pipes and equipment. No domestic fuel means you have to import it. That means outside countries really have this nation over a barrel. Politicians did this, you think fuel is expensive? It’s going to get worse. Blame politiciansandbureaucrats, not the oil companies.
Expand LNG CNG Nuclear
I know most citizens are blaming the current Iranian war for the rise of oil/gas prices. Upon further research — GUESS WHAT? — oil companies are disappointed with their bottom line of “PROFITS”, so they are the ones that are possibly the cause of the current price rise at the pump.
If we have our own oil and gas in abundance, then why did our gas prices jump from $3.04 to $3.85 per gallon since 3/1/26 in Show Low, AZ. And they are using the reason that the Strait of Hormez is blocked!!! What’s going on here???
They need to stop exports until the oil companies return to pre war prices and then only allow excess oil to be exported at world prices. There has to be a 2 tier system of pricing.