On Monday, I attended the Kansas Independent Oil and Gas convention in Wichita to discuss energy policy on the national level, as well as the state and local level. Our panel discussion with Sen. Pat Roberts, Sen. Jerry Moran, Rep. Mike Pompeo and Rep. Tim Huelskamp consisted of the need for comprehensive tax reform, how to eliminate unnecessary and burdensome regulations, and how to reduce uncertainty for businesses, especially those in oil and gas, so they can help boost economic growth.
Developing our own energy creates jobs, helps local, state and federal government with revenue, decreases our reliance on oil-cartels like OPEC, and creates and keeps wealth in our country. We currently import roughly half of our oil and with it export tremendous amounts of U.S. wealth. We can either do as President Obama has encouraged and pay the Brazilians for their oil, or we can instead pay hard-working American families. We need to get serious about developing our resources here at home and working toward lower gas prices and long-term energy independence.
According to the AAA's Daily Fuel Gauge the national average is $3.73 for a regular gallon of gasoline, which is higher than the average this time last year of $3.57. In Kansas, the average price is $3.66 for a regular gallon of gasoline, which is also higher than last year's average of $3.53. The price of crude oil accounts for about two-thirds of the retail price of gasoline, while refining costs, distribution and marketing costs, and state and federal taxes make up the rest of the retail gasoline price.
Under the Obama administration, 2010 had the lowest number of onshore leases issued since 1984. The President's disastrous moratorium of off-shore drilling has cost hundreds of thousands of American jobs and even more barrels of oil per day. A recent study shows that easing regulations could create as many as 230,000 jobs and 150 million barrels of oil. The House has passed seven bills to boost energy production from the vast supply of resources in the United States, including legislation to ensure construction of the Keystone pipeline. Unfortunately, these bills are being held up by the Senate and the administration who are more concerned about playing election-year politics than decreasing our reliance on Middle Eastern oil, stabilizing gas prices, increasing American security, and creating hundreds of thousands of good American jobs.