Weekly Washington Update

Op-Ed

Weekly Washington Update

From Congressman Jeb Hensarling

When you turn on the evening news tonight, you will undoubtedly be overwhelmed with stories of families and small businesses that are being affected by the high price of oil.

The number one factor causing high-energy prices is our failure as a nation to permit America's energy to be made in America. Right now we are twice as dependent on foreign oil today as when we were at the height of the Arab oil embargo back in the early 70s. At that time we were producing almost 2/3 of our energy and importing 1/3. Now those numbers are reversed.

We have plenty of energy to produce in the U.S. - unfortunately, it is illegal to produce it. Congress has taken 75% of our onshore energy resources off the table, making them illegal to produce. We have even greater energy offshore in our deep sea resources, but 85 percent of that area is also illegal to develop.

If demand is increasing and supply is decreasing, it only makes sense to produce more energy. That is why I support legislation that would allow increasing the exploration and production from our deep sea resources and in places like arctic Alaska.

When the American people are pinching pennies so they can buy gasoline at $4 a gallon, we need to do whatever it takes to bring the cost of energy down.

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