U.S. on Verge of Energy Crisis?
The U.S. has seen its energy independence plummet under the Biden administration. At the same time, gas prices have soared. Now, we could be on the verge of an energy crisis.
From Fox Business: The United States is on the verge of an energy crisis of its own making.
The price of oil recently hit a seven-year high on the back of rising geopolitical tensions in Europe and the Middle East. With tensions rising between Ukraine and Russia, and no end in sight to existing supply chain disruptions, industry analysts expect prices to soar to over $100 a barrel before the end of the year.
If they are correct, inflation and economic uncertainty will be driven even higher than they are today, as will the dollar value of our energy imports from strategic adversaries. Unfortunately for the United States, this is a crisis of its own making…
Oil and gas pipelines serve the same function as the body’s circulatory system, carrying the compounds that heat our homes and fuel our economy across the country. Although alternative transportation methods exist, in most situations pipelines are the safest and most efficient means of moving energy from Point A to Point B…
For a pipeline to be built, the U.S. Army Corps of Engineers, a nonpartisan organization tasked with evaluating public works, must first determine that 1) it can be constructed and operated safely without significant environmental impact and 2) no superior alternative exists. If a comprehensive review of the project by the Corps cannot verify that these and other requirements are met, then construction is not allowed to proceed….
Given that energy infrastructure is essential to controlling prices and mitigating supply challenges, it is crucial that its construction is protected from interference. To that end, the Supreme Court should reverse the lower court decision requiring additional environmental review of DAPL and bring six years of undue controversy to a close…
Instead of allowing activists to hijack America’s judicial system in a misguided attempt to force a premature transition to renewables, President Biden should use this moment to revert to an “all-of-the-above” energy strategy like the one endorsed by his Democratic predecessor that affirms the importance of oil, natural gas and their essential infrastructure. At a minimum, current regulatory processes should be insulated against activist litigation. Otherwise, $100 a barrel may soon seem like a bargain. And with all the challenges before us, let’s not add to that list unnecessarily.
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