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| Rep. Adrian Smith |
Affordable energy is an essential ingredient for economic growth. The more businesses and families have to pay for electricity and fuel, the less they will be able to grow their businesses, hire employees, purchase goods, pay their bills, or save. Thankfully, new drilling techniques combined with oil and natural gas discoveries are quickly expanding American energy production. This revolution has the potential to make America energy independent, and generate economic growth through lower prices.
While many have embraced the ongoing energy revolution as part of an all-of-the above strategy to lower the price of power and fuel and grow our economy, others have embraced a more cynical approach based on the assumption we cannot both develop North American energy and preserve our natural resources. This week, bills passed by the House of Representatives and a speech by President Obama displayed two very different visions for America’s energy future and economy.
In a speech at Georgetown University in Washington, D.C., President Obama announced he will use executive powers to cap carbon emissions – a plan which failed to pass through the Democrat-controlled Congress in 2009. The President’s plan includes ordering the Environmental Protection Agency (EPA) to implement new regulations on power plants, and providing loan guarantees for energy efficiency.
The decision to impose these new energy rules could devastate an already-struggling economy by arbitrarily reducing America’s most abundant and efficient fuel sources, before adequate alternatives are available. According to a new report from the Heritage Foundation, dramatically reducing the share of fossil fuels in America’s energy portfolio before 2030, could increase electricity prices by 20 percent. The President himself even stated in 2008, capping carbon emissions would make “electricity rates necessarily skyrocket.” These regressive new regulations will hardest hit the Americans who can least afford it.
The manner in which the President proposed implementing these new rules also is misguided. The Administration cannot continue to use the regulatory process and executive orders to subvert the legislative branch and the will of the American people. Congress should approve such changes in policy, especially given the enormous impact these regulations will have on the American economy.
We are taking a very different approach in the House of Representatives. This week, the House passed the Continental Shelf Transboundary Hydrocarbon Agreements Authorization Act, and the Offshore Energy and Jobs Act. Both of these bills are part of our plan to increase American energy production from all sources to boost our economy and to keep energy affordable for American families and businesses.
After nearly five years of recession and minimal economic growth we cannot afford to attack affordable energy. Coal, nuclear, hydro, wind, solar, geothermal, biofuels, and other forms of power can all be part of a long-term solution. We must continue to capitalize on innovation and responsibly develop our nation’s abundant natural resources to keep our economy competitive and growing. After all, the President and I do agree in one regard – we must enact energy policies with the next generation in mind.
Sincerely,
ADRIAN SMITH
Member of Congress
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