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A Better Way to Strengthen Our Energy Sector
Energy is not only critical for U.S. national security, economic well-being, and stability, but also to the folks who live in our part of Texas where distances between communities are significant and our agricultural economy depends on energy intensive equipment.
Texas leads the nation in the production of crude oil and natural gas, and our petroleum refineries account for more than one-fourth of our nation’s refining capacity. The 13th district is also home to many small and independent producers that make up the back-bone of our domestic energy supply. We also have numerous wind farms and developers of other types of energy that are an important part of the mix.
No matter where I travel in North Texas one of the top concerns that comes up, especially for our energy producers, is all the red tape and regulations that are coming out of Washington.
Whether it is the EPA trying to regulate ponds and puddles on private property or the Department of Labor setting a one-size fits all rule for overtime pay, the heavy-handed approach this administration has taken has harmed everyone from small business owners down to the part-time workers. The “A Better Way” would eliminate excessive, burdensome regulations while making the rules that we do need more efficient and effective.Our plan also focuses on policies that will help unleash the full force of our domestic energy sector:
It is important to remember that not everything that comes out of Washington is bad. In the past several years, we have been able to take some significant steps toward strengthening our domestic energy sector.
Lifting the oil export ban
As a part of the 2015 Omnibus budget bill, which I voted for, the 1973 oil export ban was lifted. Removing this ban on oil exports benefits our local oil workers and producers. Creating jobs in the oil field and lowering prices at the gas pump is simply good energy policy.
According to IHS, lifting the restrictions on exports will support nearly one million additional jobs and increase domestic crude oil prices and production. The non-partisan energy analysis company also estimates that “it [will] cut the U.S. oil import bill by an average of $67 billion per year” and increase the average disposable income per household by $391 in 2018. In addition, IHS estimates that removing the oil export restriction will reduce U.S. gasoline prices by as much as 12 cents per gallon.
Leveling the playing field for LNG
To read more about energy production in Texas, click here.