Now that the prices of crude oil and gasoline have sunk to reasonable levels, many in Congress are calling for the recently lifted ban on offshore drilling to be reinstated after the new administration takes office in January. In my opinion, this would be a huge mistake.
Sure, gas prices are relatively low at the moment, especially when compared with the $4 per gallon we were paying back in July. But don’t look for that to be the case forever. OPEC and Russia are conspiring as we speak to make drastic cuts in crude oil production in the hopes of raising prices back to their previously inflated levels. The only thing that brought about these lower oil prices in the first place was the current glut of world oil supplies caused by reduced demand and a faltering world economy. Both of these factors will eventually change. Prices WILL go back up, probably in the not-so-distant future.
Right now is the perfect time to begin building new oil drilling platforms in the Gulf of Mexico as well as several new refineries to go along with them. We also need to immediately begin laying the groundwork for new wells in Alaska, most notably inside the Arctic National Wildlife Refuge (ANWR). Utilizing our own domestic supplies of oil and natural gas will go a long way towards helping ensure that energy costs are reasonable and affordable for the entire world, not just the United States. And reducing our nation’s dependence on foreign oil will make us stronger and more secure as well.
Many Americans want to explore and develop alternative sources of energy, and I do as well. I truly believe that the future of our nation and the world depends heavily on our eventual “weaning” from fossil fuels altogether. But we must work hard towards that goal while simultaneously exploiting the fuels that we have an abundance of today: Oil, natural gas, and coal. Like the swing of a pendulum, our goal must be a steady, but gradual shift from using mostly fossil fuels to using mostly renewable, environmentally friendly forms of energy such as solar and wind. But regardless of what we do in regards to oil, developing a large enough supply of affordable alternative energy sources to keep our economy growing and our defense capabilities strong will take years, if not decades.
Now is not the time to go backwards in regards to our energy policy. While the world market for oil is flush with supply and weak in price is the best possible time to begin our push towards energy independence. If we make some bold moves now, they will help keep our energy prices low and boost our flagging economy. Sure, it will take a few years to really see the benefits from our new oil infrastructure investments, but we have to start some time – and there is no better time than today.