With President Trump’s Energy Policies, Energy Independence Day Isn’t Far Away
As we reflect on Independence Day, we should remember that the future of our country was not pre-ordained. Our country was made great, yes, by the grace of God but also by the wisdom of our Founders and the hard work and sacrifices of the many generations who came before us.
The Founders understood that the independence and security of the new nation depended on domestic industries. It is clear to me that an “America First” energy policy will help ensure our economic and national security for years to come.
The United States will achieve GDP growth in 2018 of well above 3 percent because President Donald J. Trump has rescinded many Obama-era policies and regulations that stymied growth. All the citizens of our country have benefitted tremendously, with over four million new jobs, a stock market that has hit all-time highs, and tax cuts that have leveled the playing field with other countries and has put more money in the pockets of ordinary Americans.
This economic growth has driven up demand for oil, resulting in higher price for crude and ultimately gasoline, plastics, home building materials, etc.
OPEC nations in 2014 increased production in order to cause higher cost producers around the world to cut back their CapEx budgets and create a higher long-term global price for oil.
While many producers around the world quit drilling and producing, the U.S. shale producers continued to invest in new technology and drilling which have enabled a spectacular American energy renaissance.
As Texans, we are often accused of being our own biggest cheerleaders. Nonetheless, it’s notable that according to research by Simmons & Company, Texas alone by 2020 will produce over 6.5 million barrels per day — enough to be one of the top five largest producers in the world.
As a Texan, I am proud to be on the front line of our fight for energy independence with President Trump.
Texas enjoys a pro-business regulatory environment. That has allowed our state’s economy to thrive over the last generation even when the nation’s economy stagnated. More job opportunities and low housing costs have attracted a growing population.
Washington needs to take a page from the Texas playbook. Policies and regulations left over from the Obama era have made it more difficult to develop energy resources on federal lands and bring our energy resources to market. This has helped drive up prices for consumers.
Congress urgently needs to work with the president this summer to address the infrastructure and regulatory bottlenecks that prevent getting crude oil out of the ground, refined and sold to Americans in all its many forms, from gasoline and oil to plastics and fertilizer.
That’s how we can ensure ordinary American families will continue to enjoy the broader American Renaissance President Trump’s America First policies.
-- Thomas Hicks, Jr., Chairman of the Board of America First Policies