tasked with estimating the cost of all existing federal regulations. Congress would then be directed to set a ceiling on the amount each agencyâs regulations would be allowed to cost the economy. If a proposed regulation took the agency over its budget, it would have to find savings elsewhere by repealing old regulations. This would force federal agencies to enact only those regulations that serve an essential role. Under my plan there would be no more blank checks for regulators and the lawmakers who enable them.
One of the most promising examples of the power of American innovation is the energy revolution going on in our country today. The United States is now the fastest-growing producer of hydrocarbon energy in the world. We have been the worldâs largest producer of natural gas since 2010, and in 2014, thanks to the shale oil boom, we surpassed Saudi Arabia and Russia to become the worldâs number one oil producer. 7
This revolution is the product of innovations in energy extraction pioneered in America like fracking. Itâs important to note that these innovations, which have resulted in a tripling of our oil and natural gas production in a very short time, are due to both American technological know-how and free-market capitalism. Edward L. Morse, global head of commodities research at Citigroup, recently explained: âIn only a few other countries (such as Australia, Canada and the United Kingdom) is there a tradition of an energy sector featuring many independent entrepreneurial companies, as opposed to a few major companies or national champions. And in still fewer countries are there capital markets able and willing to support financially risky exploration and production.â 8
The American energy revolution is potentially good news for both consumers and job seekers, but only if we build the infrastructure necessary to catch up with the innovations in extraction that weâve pioneered. Production is up, but our construction of pipelines to move that energy to market hasnât kept up with the pace, largely due to government-created obstacles.
The Keystone Pipeline debacle is just the beginning. Well-paying construction and trucking jobs are being held up because of an ideological agenda that says energy extraction is always bad, despite the tremendous efforts that have been made to protect the environment. Unlike other necessary infrastructure projects, building pipelines doesnât involve any taxpayer funding. The private sector stands ready to create these jobs, but government is saying no by throwing up bureaucratic hurdles to the construction of new pipelines. Our regulatory review process produces lots of litigation and red tape, but little else. A case in point: A private company is interested in building a natural gas pipeline into Florida. But before it can even begin construction, it is being forced to spend months under the review of six different federal agencies.
We can do better than this and still protect our environment. We should explore ways to streamline the regulatory review process for natural gas pipelines. And we must eliminate the barriers that prevent us from exporting natural gas and oil abroad, such as the outdated ban on crude oil exports that dates back to the 1970s.
Beyond the production of hydrocarbons, itâs also critical that we remain a global pioneer in energy research. Here I will break with some of my more conservative friends and concede that the federal government has a limited but important role in supporting basic research. The Department of Energy operates a system of national labsâthink Los Alamos National Laboratory in New Mexico or the Oak Ridge National Laboratory in Tennesseeâthat have long been a leading source of basic research into things like alternative energy and the human genome. But they currently lack the ability to work with the private sector to translate this research into commercial products and services
One of the most promising examples of the power of American innovation is the energy revolution going on in our country today. The United States is now the fastest-growing producer of hydrocarbon energy in the world. We have been the worldâs largest producer of natural gas since 2010, and in 2014, thanks to the shale oil boom, we surpassed Saudi Arabia and Russia to become the worldâs number one oil producer. 7
This revolution is the product of innovations in energy extraction pioneered in America like fracking. Itâs important to note that these innovations, which have resulted in a tripling of our oil and natural gas production in a very short time, are due to both American technological know-how and free-market capitalism. Edward L. Morse, global head of commodities research at Citigroup, recently explained: âIn only a few other countries (such as Australia, Canada and the United Kingdom) is there a tradition of an energy sector featuring many independent entrepreneurial companies, as opposed to a few major companies or national champions. And in still fewer countries are there capital markets able and willing to support financially risky exploration and production.â 8
The American energy revolution is potentially good news for both consumers and job seekers, but only if we build the infrastructure necessary to catch up with the innovations in extraction that weâve pioneered. Production is up, but our construction of pipelines to move that energy to market hasnât kept up with the pace, largely due to government-created obstacles.
The Keystone Pipeline debacle is just the beginning. Well-paying construction and trucking jobs are being held up because of an ideological agenda that says energy extraction is always bad, despite the tremendous efforts that have been made to protect the environment. Unlike other necessary infrastructure projects, building pipelines doesnât involve any taxpayer funding. The private sector stands ready to create these jobs, but government is saying no by throwing up bureaucratic hurdles to the construction of new pipelines. Our regulatory review process produces lots of litigation and red tape, but little else. A case in point: A private company is interested in building a natural gas pipeline into Florida. But before it can even begin construction, it is being forced to spend months under the review of six different federal agencies.
We can do better than this and still protect our environment. We should explore ways to streamline the regulatory review process for natural gas pipelines. And we must eliminate the barriers that prevent us from exporting natural gas and oil abroad, such as the outdated ban on crude oil exports that dates back to the 1970s.
Beyond the production of hydrocarbons, itâs also critical that we remain a global pioneer in energy research. Here I will break with some of my more conservative friends and concede that the federal government has a limited but important role in supporting basic research. The Department of Energy operates a system of national labsâthink Los Alamos National Laboratory in New Mexico or the Oak Ridge National Laboratory in Tennesseeâthat have long been a leading source of basic research into things like alternative energy and the human genome. But they currently lack the ability to work with the private sector to translate this research into commercial products and services
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