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.
Editor’s note: We now have the room to run syndicated commentary by some of our favorite and most provocative thinkers on the Right. That only happens because of the support of our readers, who ensure that we have the resources to keep providing an independent platform and independent voices in a sea of Protection Racket Media domination.
Help us maintain that fight! Join Hot Air VIP and use promo code FIGHT to get 60% off your membership.
